Front Yard Residential (RESI) 10-K 28 Feb 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Feb. 21, 2020	Jun. 28, 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
Entity Small Business	false
Entity Emerging Growth Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		53,943,326
Entity Shell Company	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 461.9

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real estate held for use:
Land	$ 398,840	$ 395,532
Rental residential properties	1,707,043	1,667,939
Real estate owned	16,328	40,496
Total real estate held for use	2,122,211	2,103,967
Less: accumulated depreciation	(206,464)	(137,881)
Total real estate held for use, net	1,915,747	1,966,086
Real estate assets held for sale	14,395	146,921
Mortgage loans at fair value	0	8,072
Cash and cash equivalents	43,727	44,186
Restricted cash	34,282	36,974
Accounts receivable, net	9,235	11,591
Goodwill	13,376	13,376
Prepaid expenses and other assets	22,360	43,045
Total assets	2,053,122	2,270,251
Liabilities:
Repurchase and loan agreements	1,644,230	1,722,219
Accounts payable and accrued liabilities	64,619	72,672
Payable to AAMC	5,014	3,968
Total liabilities	1,713,863	1,798,859
Commitments and contingencies
Equity:
Common stock, $0.01 par value, 200,000,000 authorized shares; 53,933,575 and 53,630,204 shares issued and outstanding as of December 31, 2019 and 2018, respectively	539	536
Additional paid-in capital	1,189,236	1,184,132
Accumulated deficit	(830,602)	(700,623)
Accumulated other comprehensive loss	(19,914)	(12,653)
Total equity	339,259	471,392
Total liabilities and equity	$ 2,053,122	$ 2,270,251

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 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	53,933,575	53,630,204
Common stock, shares outstanding	53,933,575	53,630,204

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Rental revenues	$ 207,010
Rental revenues		$ 183,013	$ 123,597
Change in unrealized gain on mortgage loans			(190,856)
Net realized gain on mortgage loans	(6,912)	(938)	84,024
Net realized gain on sales of real estate	42,854	33,177	76,913
Interest income			493
Total revenues	207,010	183,013	94,171
Expenses:
Residential property operating expenses	77,775	63,987	62,759
Property management expenses	15,364	13,189	8,982
Depreciation and amortization	82,249	80,961	61,601
Acquisition and integration costs	3,131	33,607	778
Impairment	4,458	12,734	40,108
Mortgage loan servicing costs	902	1,521	10,683
Interest expense	84,137	77,035	59,582
Share-based compensation	5,926	3,024	4,139
General and administrative	25,829	13,817	10,994
Management fees to AAMC	14,299	14,743	17,301
Total expenses	314,070	314,618	276,927
Net gain (loss) on real estate and mortgage loans	12,856	(145)	(29,919)
Operating loss	(94,204)	(131,750)	(182,756)
Casualty losses, net	(978)	(552)	(6,021)
Insurance recoveries	730	588	3,349
Other (expense) income	(10,772)	925	0
Loss before income taxes	(105,224)	(130,789)	(185,428)
Income tax expense	167	46	26
Net loss	$ (105,391)	$ (130,835)	$ (185,454)
Loss per share of common stock – basic:
Loss per basic share (usd per share)	$ (1.96)	$ (2.44)	$ (3.47)
Weighted average common stock outstanding – basic (in shares)	53,772,094	53,552,109	53,493,523
Loss per share of common stock – diluted:
Loss per diluted share (usd per share)	$ (1.96)	$ (2.44)	$ (3.47)
Weighted average common stock outstanding – diluted (in shares)	53,772,094	53,552,109	53,493,523
Dividends declared per common share (usd per share)	$ 0.45	$ 0.60	$ 0.60

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net loss	$ (105,391)	$ (130,835)	$ (185,454)
Other comprehensive loss:
Change in fair value of interest rate caps designated as cash flow hedging derivatives	(12,297)	(13,028)	0
Losses from interest rate caps reclassified into earnings from accumulated other comprehensive loss	5,036	375	0
Net other comprehensive loss	(7,261)	(12,653)	0
Comprehensive loss	$ (112,652)	$ (143,488)	$ (185,454)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance, shares at Dec. 31, 2016		53,667,631
Beginning balance at Dec. 31, 2016	$ 863,068	$ 537	$ 1,182,245	$ (319,714)	$ 0
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, including stock option exercises, shares		150,613
Issuance of common stock, including stock option exercises	105	$ 1	104
Repurchases of common stock, shares		(370,294)
Repurchases of common stock	(5,165)	$ (4)	(5,161)
Dividends on common stock	(32,091)			(32,091)
Share-based compensation	4,139		4,139
Change in fair value of cash flow hedging derivatives in other comprehensive loss	0
Net loss	(185,454)			(185,454)
Ending balance, shares at Dec. 31, 2017		53,447,950
Ending balance at Dec. 31, 2017	644,602	$ 534	1,181,327	(537,259)	0
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, including stock option exercises, shares		212,219
Issuance of common stock, including stock option exercises	108	$ 2	106
Repurchases of common stock, shares		(29,965)
Repurchases of common stock	(325)	$ 0	(325)
Dividends on common stock	(32,529)			(32,529)
Share-based compensation	3,024		3,024
Change in fair value of cash flow hedging derivatives in other comprehensive loss	(12,653)				(12,653)
Net loss	$ (130,835)			(130,835)
Ending balance, shares at Dec. 31, 2018	53,630,204	53,630,204
Ending balance at Dec. 31, 2018	$ 471,392	$ 536	1,184,132	(700,623)	(12,653)
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, including stock option exercises, shares		379,079
Issuance of common stock, including stock option exercises	67	$ 3	64
Repurchases of common stock, shares		(75,708)
Repurchases of common stock	(886)	$ 0	(886)
Dividends on common stock	(24,684)			(24,684)
Share-based compensation	5,926		5,926
Change in fair value of cash flow hedging derivatives in other comprehensive loss	(7,261)				(7,261)
Net loss	$ (105,391)			(105,391)
Ending balance, shares at Dec. 31, 2019	53,933,575	53,933,575
Ending balance at Dec. 31, 2019	$ 339,259	$ 539	$ 1,189,236	$ (830,602)	$ (19,914)

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends declared per common share (usd per share)	$ 0.45	$ 0.60	$ 0.60

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Operating activities:
Net loss	$ (105,391)	$ (130,835)	$ (185,454)
Adjustments to reconcile net loss to net cash used in operating activities:
Net (gain) loss on real estate and mortgage loans	(12,856)	145	29,919
Depreciation and amortization	82,249	80,961	61,601
Impairment	4,458	12,734	40,108
Share-based compensation	5,926	3,024	4,139
Amortization of deferred financing costs and loan discounts	5,353	6,099	7,443
Casualty losses, net	978	552	6,021
Insurance recoveries	(730)	(588)	(3,349)
Change in fair value of interest rate cap derivatives in profit or loss	5,036	1,311	0
Changes in operating assets and liabilities:
Accounts receivable, net	5,571	2,498	(2,024)
Deferred leasing costs	(2,756)	(4,964)	(2,802)
Prepaid expenses and other assets	11,873	(19,416)	(2,073)
Accounts payable and accrued liabilities	(3,564)	12,732	(565)
Payable to AAMC	1,046	(183)	(1,115)
Net cash used in operating activities	(2,807)	(35,930)	(48,151)
Investing activities:
Investment in real estate	(49,112)	(475,760)	(135,101)
Investment in renovations	(30,693)	(32,790)	(38,067)
Investment in HavenBrook (Note 3)	0	(11,399)	0
Payment of real estate tax advances	(74)	(283)	(4,233)
Proceeds from mortgage loan resolutions and dispositions	4,343	6,045	527,195
Receipt of mortgage loan payments	224	307	7,238
Proceeds from dispositions of real estate	190,973	81,739	264,174
Proceeds of casualty insurance	1,697	2,588	0
Net cash provided by (used in) investing activities	117,358	(429,553)	621,206
Financing activities:
Proceeds from exercise of stock options	151	108	243
Payment of tax withholdings on share-based compensation plan awards	(84)	0	(138)
Repurchase of common stock	(886)	(325)	(5,165)
Dividends on common stock	(32,526)	(32,261)	(32,162)
Repayments of other secured debt	0	0	(144,971)
Proceeds from repurchase and loan agreements	91,467	1,116,000	112,317
Repayments of repurchase and loan agreements	(173,161)	(659,381)	(462,808)
Payment of deferred financing costs and loan discounts	(1,648)	(10,656)	(8,106)
Principal repayments of finance leases	(1,015)	0	0
Premium paid for interest rate cap derivatives	0	(28,330)	0
Net cash (used in) provided by financing activities	(117,702)	385,155	(540,790)
Net change in cash, cash equivalents and restricted cash	(3,151)	(80,328)	32,265
Cash, cash equivalents and restricted cash as of beginning of the period	81,160	161,488	129,223
Cash, cash equivalents and restricted cash as of end of the period	78,009	81,160	161,488
Cash paid (received) for:
Interest	72,998	69,628	52,885
Income taxes	(50)
Income taxes		58	28
Non-cash investing and financing activities:
Seller financing of assets acquired	0	0	401,211
Transfer of mortgage loans to real estate owned, net	4,131	4,935	40,436
Change in accrued capital expenditures	(1,549)	526	2,245
Changes in receivables from mortgage loan dispositions, payments and real estate tax advances to borrowers, net	(225)	(333)	(6,152)
Changes in receivables from real estate owned dispositions	6,829	(2,341)	(13,456)
Change in other comprehensive loss from cash flow hedges	(7,261)	(12,653)	0
Right-of-use lease assets recognized - operating leases	1,527	0	0
Right-of-use lease assets recognized - finance leases	2,032	0	0
Operating lease liabilities incurred	1,527	0	0
Finance lease liabilities incurred	2,032	0	0
Dividends declared but not paid	$ 699	$ 8,541	$ 8,275

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 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 December 21, 2012, we became a stand-alone publicly traded company with an initial capital contribution of $100 million . We employ a diversified SFR property acquisition strategy that includes acquiring large portfolios and smaller pools of SFR properties from a variety of market participants. As of December 31, 2019 , our portfolio consisted of 14,748 homes. On August 8, 2018, we acquired a property management firm and commenced the internalization of our property management function. During the first quarter of 2019, we 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. 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 real estate owned (“REO”) properties. See Note 10 for a description of this related-party relationship. Prior to the acquisition of our internal property manager, we contracted with third-party service providers to provide, among other things, leasing and lease management, operations, maintenance, repair and property management in respect of certain of our REO and SFR properties until such properties were transitioned onto our internal property management platform or sold. In addition, we contracted with a mortgage servicer to provide servicing for the mortgage loans we previously owned. On February 17, 2020, Front Yard entered into an Agreement and Plan of Merger (the “Merger Agreement”) with BAF Holdings, LLC, a Delaware limited liability company (“Parent”), and BAF Sub, LLC, a Maryland limited liability company (“Merger Sub”), each affiliates of Amherst Single Family Residential Partners VI, LP (collectively, “Amherst”), providing for the acquisition of the Company by Parent. The Front Yard Board of Directors has unanimously approved the merger agreement and intends to recommend that Front Yard shareholders vote in favor of it at a Special Meeting of Stockholders, to be scheduled as soon as practicable. The transaction is expected to close in the second quarter of 2020, subject to the approval of the holders of a majority of Front Yard’s outstanding shares and the satisfaction of customary closing conditions. Under the terms of the Merger Agreement, Front Yard shareholders will receive $12.50 in cash per share. For further details of the Merger Agreement, refer to Note 17 , “ Subsequent Events ” of the consolidated financial statements. Basis of presentation and use of estimates The accompanying audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All wholly owned subsidiaries and variable interest entities (“VIEs”) of which we are the primary beneficiary are included, and all intercompany accounts and transactions have been eliminated. For more information on our consolidation policy, see Note 2 . Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. Recently issued accounting standards Adoption of recent accounting standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASC 842”). ASC 842 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. ASC 842, 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. ASC 842 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 . 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 adopted ASU 2017-04 effective June 30, 2019. Though it changed our goodwill impairment testing process, the adoption of ASU 2017-04 did not have a material impact on our consolidated financial statements. Recently issued accounting standards not yet adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021. While are currently evaluating the impact of the adoption of this standard, we do not expect the adoption of this standard to have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, which amends the guidance on measuring credit losses on financial assets held at amortized cost. The amendment is intended to address the issue that the previous “incurred loss” methodology was restrictive for an entity's ability to record credit losses based on not yet meeting the “probable” threshold. The new language will require these assets to be valued at amortized cost presented at the net amount expected to be collected with a valuation provision. This 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. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Cash, cash equivalents and restricted cash We consider highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Restricted cash represents cash deposits that are legally restricted or held by third parties on our behalf, such as security deposits from tenants and reserves for debt service established pursuant to certain of our repurchase and loan agreements. Certain account balances exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. To mitigate this risk, we maintain our cash and cash equivalents at large national or international banking institutions. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the consolidated balance sheets to the consolidated statements of cash flows: December 31, 2019 December 31, 2018 Cash and cash equivalents $ 43,727 $ 44,186 Restricted cash 34,282 36,974 Cash, cash equivalents and restricted cash per the consolidated statements of cash flows $ 78,009 $ 81,160 Consolidations The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries, which are comprised of voting interest entities in which we are determined to have a controlling financial interest, which consists entirely of our wholly owned subsidiaries. We also consider VIEs for consolidation where we are the primary beneficiary. We had no VIEs or potential VIEs as of December 31, 2019 or 2018 . Our former securitization trusts were determined to be VIEs and were consolidated in our financial statements prior to their termination, the last of which terminated in the second quarter of 2017. Derivative financial instruments We borrow funds at a combination of fixed and variable rates. Borrowings under certain of our repurchase and loan agreements bear interest at variable rates. Our interest rate risk management objectives are to limit the impact of changes in interest rates on earnings and cash flows and to lower our overall borrowing costs. To achieve these objectives, from time to time, we may enter into interest rate hedge contracts such as caps or swaps in order to mitigate our interest rate risk with respect to our various debt instruments. We do not hold or issue these derivative contracts for trading or speculative purposes. See Note 12 for further information on our derivative positions. We account for terminated derivative instruments by recognizing the related accumulated comprehensive income or loss balance in current earnings, unless the hedged forecasted transaction continues as originally planned, in which case we continue to amortize the accumulated comprehensive income or loss into earnings over the originally designated hedge period. Earnings per share Basic earnings per share is computed by dividing net income or loss by the weighted average common stock outstanding during the period. Diluted earnings per share is computed by dividing net income or loss by the weighted average common stock outstanding for the period plus the dilutive effect of stock options and restricted stock outstanding using the treasury stock method. Fees under the asset management agreement In accordance with the asset management agreement, we compensate AAMC, a related party, on a quarterly basis for its efforts in the management of our business. We recognize these fees in the fiscal quarter in which they are incurred by us and earned by AAMC. Refer to Note 10 for details of the fee structure under the asset management agreement. Fair value of financial instruments We designate fair value measurements into three levels based on the lowest level of substantive input used to make the fair value measurement. Those levels are as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Goodwill Goodwill represents the excess of the amount paid over the fair value of the identifiable tangible and intangible assets that were acquired in connection with the acquisition of our internal property manager and the corresponding internalization of property management beginning in August 2018. Goodwill has an indefinite life and is therefore not amortized. We test goodwill for impairment on an annual basis, or more frequently if circumstances indicate that the carrying value of goodwill exceeds its fair value. Income taxes We elected REIT status upon the filing of our 2013 income tax return. We believe that we have complied with the provisions of the federal income tax code applicable to REITs for each financial year commencing in the year ended December 31, 2013. As a REIT, we believe that we will not be subject to federal income tax on the portion of our REIT taxable income that was distributed to our stockholders for such years, nor do we expect to be taxed on future distributions of REIT taxable income as long as certain asset, income and share ownership tests continue to be met. If after electing to be taxed as a REIT, we subsequently fail to qualify as a REIT in any taxable year, we generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost. Our taxable REIT subsidiaries (each a “TRS”) are utilized to enter into transactions that do not qualify as REIT activities and are subject to federal and state income taxes. Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to our judgment, we reduce a deferred tax asset by a valuation allowance if it is “more likely than not” that some or all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Judgment may be required in evaluating tax positions, and we recognize tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority. 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 year with potential extensions, including month-to-month leases after the initial term. These leases are classified as operating leases. Rental revenues, net of any concessions and uncollectible amounts, consist primarily of rents collected under lease agreements related to our single-family residential properties. We adopted the provisions of ASC 842 effective January 1, 2019. Accounting for leases by lessors is substantially unchanged from the prior lease guidance under ASC 840; however, ASC 842 fundamentally changed the definition of a lease. Upon adoption of ASC 842, we elected the practical expedient not to separate the lease and non-lease components of the operating leases with our residents. Our lease components consist primarily of rental income and pet rent. Non-lease components consist of variable lease payments, including resident reimbursements and various other fees, including late fees and lease termination fees, among others. The lease component is the predominant component in these arrangements, and as such, we recognize rental revenues and other property income in accordance with ASC 842 for the year ended December 31, 2019 , and in accordance with previous GAAP for years prior to this adoption. Front Yard as Lessee We lease office space under various operating leases. Prior to our adoption of ASC 842, our operating leases were not recognized in our consolidated balance sheets. Effective with our adoption of ASC 842, we now recognize right-of-use assets and lease liabilities related to our operating leases, except for short-term operating leases. Our office leases are generally for terms of one to five years and typically include renewal options, which we consider 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, property taxes and insurance, each of which vary from period to period and are therefore expensed as incurred. We lease a fleet of vehicles under finance leases. Our accounting for finance leases remains substantially unchanged with the adoption of ASC 842. Each vehicle lease has 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. 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. Mortgage loans, at fair value At December 31, 2019 , we no longer held any mortgage loans. We liquidated our portfolio through a variety of resolution activities, including short sales, foreclosure sales to third party purchasers, REO conversions, full debt pay-offs of the mortgage loan by the borrower, negotiated settlements and loan portfolio sales. We initially recorded our mortgage loans at fair value, which generally equaled the purchase price we paid for the loans on the acquisition date. Mortgage loans were subsequently accounted for at fair value under the fair value option election with unrealized gains and losses recorded in current period earnings. Such changes in fair value occurred as a result of servicing efforts, restructuring, changes in the condition of the underlying collateral or other factors. We concluded that mortgage loans accounted for at fair value timely reflected the results of our investment performance. We determined the purchase price for mortgage loans at the time of acquisition by using a discounted cash flow valuation model and considering alternate loan resolution probabilities, including modification, liquidation or conversion to rental property. Observable inputs to the model included interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model included discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. AAMC’s capital markets group determined the fair value of mortgage loans monthly and developed procedures and controls governing the valuation process relating to these assets. The carrying value of each loan was adjusted in each reporting period to the estimated fair value, which may have been based on (i) market information, to the extent available and as adjusted for factors specific to individual mortgage loans, or (ii) as determined by AAMC's proprietary discounted cash flow model. Under this model, as a loan approached resolution (i.e., modification or conversion to real estate owned), the resolution timeline for that loan decreased and costs embedded for loan servicing, foreclosure costs and property insurance were incurred and removed from future expenses. The shorter resolution timelines and reduced future expenses each increased the fair value of the loan. The change in the value of the loan was recognized in our consolidated statements of operations as a component of change in unrealized gain on mortgage loans, which was included in net realized gain (loss) on real estate and mortgage loans beginning in 2018 as described below. We also recognized unrealized gains and losses in each reporting period when our mortgage loans are transferred to real estate owned. The transfer to real estate owned occurred when we obtained title to the property through completion of the foreclosure process. The fair value of these assets at the time of transfer to real estate owned was estimated using broker price opinions (“BPOs”). Net gain (loss) on real estate and mortgage loans Net gain (loss) on real estate and mortgage loans consists of three components: change in unrealized gains on mortgage loans, net realized gains on mortgage loans and net realized gains on sales of real estate. Prior to 2018, we reported these components separately in the consolidated statements of operations within revenues. With our adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) effective January 1, 2018, we present these three components as a single line outside of revenues in the consolidated statement of operations as our mortgage loan and related REO activities were no longer a core part of our operations at that time due to our continued disposition of these asset classes. In accordance with the Securities and Exchange Commission's elimination of Rule 3-15(a) of Regulation S-X as part of Release No. 33-10532; 34-83875; IC-33203, which had required REITs to present gains and losses on sales of properties outside of continuing operations in the income statement, we classify net gain (loss) on real estate and mortgage loans as a component of operating loss. Change in unrealized gains or losses on mortgage loans We recognized changes in unrealized gains or losses on mortgage loans from three sources: conversions of mortgage loans to REO, changes in the fair value of mortgage loans and reclassifications of accumulated unrealized gains or losses to realized upon the sale of mortgage loans or REO. • Upon conversion of loans to REO, we marked the properties to the most recent market value. The difference between the carrying value of the asset at the time of conversion and the most recent market value, based on BPOs, was recorded in our statement of operations as change in unrealized gain on mortgage loans. • The carrying value of each loan was adjusted in each reporting period to the estimated fair value, which may have been based on (i) market information, to the extent available and as adjusted for factors specific to individual mortgage loans, or (ii) as determined by AAMC's proprietary discounted cash flow model. • Upon the liquidation of a mortgage loan or REO property, we reclassify previously accumulated unrealized gains or losses to realized gains or losses. Net realized gain or loss on mortgage loans We recorded net realized gains or losses, including the reclassification of previously accumulated net unrealized gains, upon the liquidation of a loan. We collected proceeds of loan liquidations in cash and, thereafter, had no continuing involvement with the asset. Net realized gain or loss on sale of real estate Certain former rental properties identified and REO properties that do not meet our investment criteria are sold out of our TRS. The realized gain or loss recognized in the financial statements, including the reclassification of previously accumulated net unrealized gains, reflects the net amount of realized and unrealized gains on sold properties from the time of acquisition to sale completion. We sell real estate generally for cash at the time of closing and have no continuing involvement thereafter. Real estate assets Our real estate assets consist of (i) residential properties held as rental units, (ii) residential properties that we acquired through the conversion of mortgage loans to REO that have not yet been placed in service as a rental or that do not meet the criteria to be classified as held for sale and (iii) residential properties that are held for sale. Rental residential properties We record rental residential properties at historical cost less accumulated depreciation. The cost basis of residential rental properties is depreciated using the straight-line method over an estimated useful life of three to 27.5 years based on the nature of the components. Certain of our rental residential properties may require renovation before being placed in service. Interest and other carrying costs incurred during the renovation period are capitalized until the property is ready for its intended use. Expenditures for ordinary maintenance and repairs are charged to expense as incurred. Purchases of residential properties are evaluated to determine whether they meet the definition of an asset acquisition or of a business combination under U.S. GAAP. For asset acquisitions, we capitalize the pre-acquisition costs to the extent such costs would have been capitalized had we owned the asset when the cost was incurred and capitalize closing and other direct acquisition costs. We then allocate the total cost of the property, including the acquisition costs, between land; building; site improvements; furniture, fixtures and equipment and any identified intangible assets and liabilities (including in-place leases). For acquisitions that meet the definition of a business combination, we expense the acquisition costs in the period in which the costs were incurred and allocate the cost of the property among land; building; site improvements; furniture, fixtures and equipment and any identified intangible assets and liabilities. In-place lease intangibles are recorded at the estimated fair value, which is the estimated costs that would have been incurred to lease the property, and are amortized on a straight-line basis over the remaining life of the related lease or, in the case of acquisitions of real estate pools, over the weighted average remaining life of the related pool of leases. Real estate owned Real estate owned includes properties that we identified for disposal that do not yet meet the criteria to be classified as held for sale, including (i) vacant rental properties that are non-strategic, underperforming or are in inefficient markets that are identified for future disposal and (ii) the remaining properties acquired through foreclosure of our previous mortgage loans that do not meet our rental profile. Once a property is ready to be marketed, we reclassify the asset to real estate assets held for sale. Upon the acquisition of real estate through the completion of foreclosure, we recorded the assets at fair value as of the acquisition date as a component of real estate owned based on information obtained from a BPO, a full appraisal or the price given in a current contract of sale of the property. For those REO properties that met our rental profile, we reclassified the property to rental residential property and allocated the carrying value between land and rental residential properties in our consolidated balance sheet once the property was placed in rental service. Real estate assets held for sale Residential properties are classified as real estate assets held for sale when sale of the assets has been formally approved, the sale is expected to occur in the next twelve months and the property has been listed for sale. We record residential properties held for sale at the lower of the accumulated costs, net of depreciation, or estimated fair value less costs to sell. The fair value of real estate assets held for sale is determined as the lesser of the BPO or the expected selling price (which we consider to be Level 3 inputs). The expected selling price may be based on the current listing price of the property. Real estate impairment We perform an impairment analysis of our real estate assets if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or manner of use, significant deterioration in physical condition or indications that the market value of a property has declined to an amount less than the carrying amount. For our SFR portfolio, we perform a quantitative analysis to determine if any of these indicators of impairment exist, which may require a cash flow analysis on a property-level basis. For our real estate assets held for sale and properties identified for future disposition, we perform a cash flow analysis at the property level. These analyses are based on a number of assumptions that are subject to economic and market uncertainties, including, among others, demand for rental properties, competition for customers, changes in market rental rates, the estimated fair value of the property (based on BPOs), costs to operate each property and expected ownership periods. If the carrying amount of a property exceeds the sum of its undiscounted future operating and residual cash flows, an impairment loss is recorded for the excess of the carrying amount over the estimated fair value (in the case of rental residential properties and real estate owned) or the estimated fair value less costs to sell (in the case of real estate assets held for sale). For rental residential properties and real estate owned, we are not able to recover any previously recognized impairments should the estimated fair value subsequently improve. For real estate assets held for sale, we are able to recover impairments to the extent previously recognized in the event that the estimated fair value of impaired properties held for sale subsequently improves. We generally estimate the fair value of real estate assets by using BPOs, and, for real estate assets held for sale, we also consider the expected selling price, which may be based on the current listing price of the property. In some instances, appraisal information may be available and is used in addition to BPOs. We engage third party vendors to obtain and evaluate BPOs prepared by other third party brokers for our ultimate use. BPOs are subject to judgments of a particular broker formed by visiting a property, assessing general home values in an area, reviewing comparable listings and reviewing comparable completed sales. These judgments may vary among brokers and may fluctuate over time based on housing market activities and the influx of additional comparable listings and sales. Our results could be materially and adversely affected if the judgments used by brokers in providing BPOs prove to be incorrect or inaccurate. We have established validation procedures to confirm the values we receive from third party vendors are consistent with our observations of market values. These validation procedures include establishing thresholds to identify changes in value that require further analysis. Our current policies require that we update the fair value estimate of each held-for-sale property at least every six months by obtaining a new BPO, and we obtain new BPOs for a portion of our held-for-use properties each year. These BPOs are subject to the review processes of our third party vendors. In addition, we generally perform further analysis when the value of the property per the new BPO varies from the old BPO by 25% or $75,000 per property. If a newly obtained BPO varies from the old BPO by this established threshold, we perform additional procedures to ensure the BPO accurately reflects the current fair value of the property. These procedures include engaging additional third party vendors to compare the old BPOs to the new BPOs and to assist us in evaluating the appropriateness of comparable properties and property-specific characteristics used in the valuation process. As part of this evaluation, our third party vendors often discuss the differing BPOs with the providing brokers to ensure that proper comparable properties have been identified. These third party vendors also compare the BPOs to past appraisals, if any, of the property to ensure the BPOs are in line with those appraisals. Following the consideration and reconciliation of the BPOs, the third party provider may provide us with a new property value reflecting the analysis they performed or confirm the BPO value we received, in which case we use the new property value or the validated BPO, respectively, for our fair value estimate of the property. Leasing costs Expenditures directly related to successful leasing efforts, such as lease commissions, are capitalized as a leasing cost and are included in prepaid expenses and other assets on the accompanying consolidated balance sheet at amortized cost. Such expenditures are part of our operations and, therefore, are classified as operating activities in our consolidated statement of cash flows. Capitalized leasing costs are amortized on a straight-line basis over the lease term of the respective leases, which generally are for one year. Casualty losses and insurance recoveries Losses incurred as a result of casualty events, including natural disasters, are included in casualty losses in the consolidated statement of operations in the period in which we identify and are able to estimate the loss. We carry insurance, subject to deductibles, to reimburse us for losses related to property damage and business interruption. We recognize insurance recoveries for property damage to the extent of losses incurred for expected insurance proceeds that are reasonably certain of payment in the consolidated statements of operations in the same period as the related loss. Insurance recoveries in excess of property losses incurred or for business interruption are recognized upon receipt of funds from the insurer. In September 2017, Hurricanes Harvey and Irma impacted certain of our properties in Texas and Florida, respectively, all of which are covered by wind, flood and business interruption insurance. During the year ended December 31, 2017, our consolidated statement of operations reflects estimated gross casualty losses of $6.0 million , partially offset by estimated insurance recoveries of $3.3 million as a result of these hurricanes. We reversed $1.0 million of these estimated casualty losses as we completed property inspections and finalized repair work orders during the year ended December 31, 2018. Share-based compensation With our adoption of ASU 2018-07, Compensation - Stock Compensation (Topic 718) effective April 1, 2018, the grant date fair value of share-based awards is recorded as expense on a straight-line basis over the vesting period for the award with an offsetting increase in stockholders' equity. For service-based restricted stock awards, the grant date fair value is determined based upon the closing share price on the grant date as reported on the New York Stock Exchange. For stock options and restricted stock awards with market-based vesting requirements, we use a Monte Carlo simulation until each market hurdle is met. Prior to our adoption of ASU 2018-07 on April 1, 2018, our awards to non-employees were revalued each reporting period. For restricted stock grants to non-employees, the fair value was based on the closing share price on the date that the shares vest, which required the amount to be adjusted in each reporting period based on the fair value of the award at the end of the reporting period until the award vested. For stock options issued to non-employees, we used a Monte Carlo simulation until each market hurdle was met. Subsequent to the market hurdle being met, we calculated the fair value of non-employee stock options issued based on the Black-Scholes model. Subsequent to our adoption of ASU 2018-07, the fair value of these awards is fixed as of the adoption date. Forfeitures of share-based awards are recognized as they occur.

Asset Acquisitions and Disposit

Asset Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2019
Real Estate And Mortgage Loans On Real Estate Acquisitions And Disposals [Abstract]
Asset Acquisitions and Dispositions	3. Asset Acquisitions and Dispositions Real estate assets HavenBrook Acquisition in 2018 On August 8, 2018, we acquired all of the equity interests of HavenBrook Partners, LLC, a full-service property management company and a Delaware limited liability company (“HavenBrook” or “internal property manager”), and three real estate investment trusts owned by Rental Home Associates, LLC, a Delaware limited liability company (“RHA”), for an aggregate purchase price of $485.0 million . The purchase was accounted for as a business combination because it included the acquisition of a property management company as well as the 3,236 single-family rental properties that it managed (collectively the “HB Acquisition”). The following table presents the components acquired ($ in thousands): Purchase price allocable to RHA entities, including underlying properties $ 471,400 Purchase price allocable to HavenBrook 13,600 Gross purchase price 485,000 Less: net purchase price adjustments at closing (1) (3,644 ) Net purchase price $ 481,356 __________________ (1) Purchase price adjustments at closing relate primarily to (i) properties sold by RHA subsequent to negotiation of the purchase price and prior to closing and (ii) working capital balances of each acquired entity. The HB Acquisition was completed using the following sources of funds ($ in thousands): Cash $ 88,489 Net proceeds of borrowings 462,794 Less: financing related to assets previously acquired (69,927 ) Net purchase price $ 481,356 We incurred $7.2 million of acquisition costs related to the HB Acquisition during the year ended December 31, 2018, which are included in acquisition and integration costs in the consolidated statement of operations. In addition, our acquisition and integration costs for the year ended December 31, 2018 include fees of $18.0 million to Altisource S.à r.l. (“ASPS”) and $5.3 million to Main Street Renewal, LLC (“MSR”) in relation to the transition of our externally managed SFR properties to our internal property management platform. We recognized $20.3 million of revenues and $10.6 million of net loss related to the operations of HavenBrook and the RHA Acquired Properties in our consolidated statements of operations for the year ended December 31, 2018. In accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations , we performed an allocation of the purchase related to the assets acquired and liabilities assumed in the HB Acquisition. The assets and liabilities of HavenBrook and RHA were recorded at their respective estimated fair values at the acquisition date. The allocation of the purchase consideration is as follows ($ in thousands): Land $ 82,739 Rental residential properties 282,914 Real estate assets held for sale 94,946 Cash and cash equivalents 9,255 Restricted cash 4,780 Accounts receivable, net 1,778 Goodwill 13,376 In-place lease intangible assets (1) (2) 6,462 Other assets (2) 1,784 Total assets acquired 498,034 Accounts payable and accrued liabilities 16,678 Total liabilities assumed 16,678 Total allocation of purchase price $ 481,356 __________________ (1) The value of in-place leases was amortized over the weighted average remaining life of the leases, which was approximately eight months as of the acquisition date. (2) Included in prepaid expenses and other assets in the consolidated balance sheet. Supplemental pro forma financial information of the HB Acquisition (unaudited) The following supplemental pro forma financial information summarizes our results of operations as if the HB Acquisition occurred on January 1, 2017 ($ in thousands, except per share amounts): Year ended December 31, 2018 2017 Unaudited pro forma revenues $ 213,307 $ 141,977 Unaudited pro forma net loss $ (137,695 ) $ (212,990 ) Pro forma loss per basic common share $ (2.57 ) $ (3.98 ) Weighted average common stock outstanding - basic 53,630,204 53,493,523 Pro forma loss per diluted common share $ (2.57 ) $ (3.98 ) Weighted average common stock outstanding - diluted 53,630,204 53,493,523 The following table presents the adjustments included in the above pro forma financial information for the period indicated ($ in thousands): Year ended December 31, 2018 2017 Revenues from consolidated statements of operations $ 183,013 $ 94,171 Add: historical revenues not reflected in consolidated statements of operations 30,294 47,806 Unaudited pro forma revenues $ 213,307 $ 141,977 Net loss from consolidated statements of operations $ (130,835 ) $ (185,454 ) Plus: historical net loss not reflected in consolidated statements of operations (9,785 ) (18,825 ) Adjustment for pro forma depreciation and amortization 9,016 3,531 Adjustment for pro forma interest expense (6,091 ) (12,242 ) Unaudited pro forma net loss $ (137,695 ) $ (212,990 ) The supplemental pro forma financial information for all periods presented was adjusted to reflect depreciation and amortization on the acquired properties and related intangible assets and interest expense on the related financing. The supplemental pro forma financial information is for informational purposes only and is not necessarily indicative of the actual results of operations that would have been achieved if the acquisition had taken place on January 1, 2017, nor does it purport to represent or be indicative of the results of operations for future periods. HOME Flow Transaction in 2017 On March 30, 2017, we entered into an agreement to acquire up to 3,500 SFR properties (the “HOME Flow Transaction”) from entities sponsored by Amherst Holdings, LLC (“Amherst”) in three separate closings. These acquisitions were accounted for as purchases of assets pursuant to our adoption of ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, effective January 1, 2017. • In the first closing on March 30, 2017, our wholly owned subsidiary, HOME SFR Borrower II, LLC (“HOME Borrower II”), acquired 757 SFR properties for an aggregate purchase price of $106.5 million . The purchase price was initially funded with approximately $79.9 million in a seller financing arrangement (the “HOME II Loan Agreement,” see Note 8 ), representing 75% of the aggregate purchase price, as well as $26.6 million of cash on hand. We capitalized $1.5 million of acquisition costs related to this portfolio acquisition. The value of in-place leases was estimated at $2.4 million and was amortized over the weighted average remaining life of the leases of approximately seven months as of the acquisition date. • In the second closing on June 29, 2017, our wholly owned subsidiary, HOME SFR Borrower III, LLC (“HOME Borrower III”), acquired 751 SFR properties for an aggregate purchase price of $117.1 million . The purchase price was initially funded with approximately $87.8 million in a seller financing arrangement (the “HOME III Loan Agreement,” see Note 8 ), representing 75% of the aggregate purchase price, as well as $29.3 million of cash on hand. We capitalized $1.3 million of acquisition costs related to this portfolio acquisition. The value of in-place leases was estimated at $2.0 million and was amortized over the weighted average remaining life of the leases of approximately nine months as of the acquisition date. • In the third and final closing on November 29, 2017, our wholly owned subsidiary, HOME SFR Borrower IV, LLC (“HOME Borrower IV”) acquired 1,957 SFR properties for an aggregate purchase price of $305.1 million . The purchase price was funded with approximately $228.8 million in two separate seller financing arrangements (the “HOME IV Loan Agreements,” see Note 8 ), representing 75% of the aggregate purchase price, as well as $76.3 million of cash on hand. We capitalized $1.9 million of acquisition costs related to this portfolio acquisition. The value of in-place leases was estimated at $5.9 million and was amortized over the weighted average remaining life of the leases of approximately seven months as of the acquisition date. In accordance with the related purchase and sale agreement, certain of the properties were subject to potential purchase price adjustments, which was based on the rental rates achieved for the properties within 24 months after the closing date. The ultimate adjustments that were made to the initial aggregate purchase price was not material. For each closing under the HOME Flow Transaction, we allocated the purchase price, including capitalized acquisition costs, based on the relative fair value of the properties acquired as follows ($ in thousands): HOME Borrower II HOME Borrower III HOME Borrower IV Land $ 20,668 $ 22,549 $ 58,957 Rental residential properties (1) 84,942 93,802 242,110 Prepaid expenses and other assets (2) 2,380 2,018 5,894 Total allocation of purchase price $ 107,990 $ 118,369 $ 306,961 ________ (1) Includes building, site improvements and furniture, fixtures and equipment. (2) Represent estimated lease-in-place intangible asset. Other Acquisitions During the years ended December 31, 2019 , 2018 and 2017 , we acquired 251 , 70 and 27 SFR properties, respectively, under our other acquisition programs for an aggregate purchase price of $49.6 million , $8.7 million and $2.7 million , respectively. Acquisition and integration costs We incurred $3.1 million , $33.6 million , and $0.8 million of acquisition and integration costs during the years ended December 31, 2019 , 2018 and 2017 , respectively, which were expensed as incurred. Integration costs consist of incremental or duplicative costs incurred post-acquisition as a result of efforts to integrate and combine the businesses, including legal, due diligence, professional fees, technology costs, duplicative property management fees and severance-related compensation costs. The following table presents the detail of acquisition and integration costs for the years ended December 31, 2019 , 2018 , and 2017 ($ in thousands): Year ended December 31, 2019 2018 2017 Acquisition costs $ 86 $ 7,209 $ 778 Integration costs 3,045 3,148 — ASPS transition fee (1) — 18,000 — MSR transition fee (1) — 5,250 — Total acquisition and integration costs $ 3,131 $ 33,607 $ 778 ________ (1) Represents fees in relation to the transition of our externally managed SFR properties to our internal property management platform. These transition fees have been paid prior to December 31, 2019 except for $3.0 million of the ASPS transition fee, which is payable on the earlier to occur of (i) a change of control of us or (ii) August 8, 2023 and is therefore included in accounts payable and accrued liabilities in our consolidated balance sheets. Real estate dispositions During the years ended December 31, 2019 , 2018 and 2017 , we sold 954 , 448 , and 1,710 REO properties, respectively. In connection with these sales, we received proceeds of $197.8 million , $79.4 million , and $250.7 million , respectively. Mortgage loans Mortgage loan dispositions and resolutions During the years ended December 31, 2019 , 2018 and 2017 , we liquidated 70 , 27 and 3,115 mortgage loans, respectively. In connection with these sales and resolutions, we received proceeds of $4.2 million , $3.2 million and $521.2 million , respectively. Transfers of mortgage loans to real estate owned When we foreclose upon a home, we take title in lieu of payment to settle the mortgage. At that time, we record the home as an REO property. During the years ended December 31, 2019 , 2018 and 2017 , we transferred an aggregate of 4 , 10 and 248 mortgage loans to REO at an aggregate fair value based on BPOs of $4.1 million , $4.9 million and $40.4 million , respectively. Such transfers occur when the foreclosure sale is complete; however, subsequent to a foreclosure sale, we may be notified that the foreclosure sale was invalidated for certain reasons. Net gain (loss) on real estate and mortgage loans The following table presents the components of net gain (loss) on real estate and mortgage loans during the periods indicated ($ in thousands): Year ended December 31, 2019 2018 2017 Change in unrealized gain (loss) due to: Conversion of mortgage loans to REO, net $ 769 $ 2,344 $ 15,067 Change in fair value, net 210 313 1,514 Reclassification to realized gain or loss (24,065 ) (35,041 ) (207,437 ) Total change in unrealized gain (loss) on mortgage loans (23,086 ) (32,384 ) (190,856 ) Net realized (loss) gain on mortgage loans (1) (6,912 ) (938 ) 84,024 Net realized gain on sales of real estate 42,854 33,177 76,913 Net gain (loss) on real estate and mortgage loans $ 12,856 $ (145 ) $ (29,919 ) _____________ (1) The year ended December 31, 2019 includes downward purchase price adjustments on prior loan sales of $3.5 million .

Real Estate Assets

Real Estate Assets	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Real Estate Assets	4. Real Estate Assets The following table presents the number of real estate assets held by the Company by status as of the dates indicated: December 31, 2019 Held for Use Held for Sale Total Portfolio Rental Properties: Leased 13,711 — 13,711 Listed and ready for rent 371 — 371 Unit turn 369 — 369 Renovation 94 — 94 Total rental properties 14,545 Previous rentals identified for sale 94 87 181 Legacy REO 10 12 22 14,649 99 14,748 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 years ended December 31, 2019 , 2018 and 2017 , we recognized $0 , $0.6 million and $3.0 million , respectively, of valuation impairment on real estate held for use, which primarily related to our properties identified for future sale or under evaluation for rental strategy. During the years ended December 31, 2019 , 2018 and 2017 , we recognized $4.5 million , $12.1 million and $17.3 million , respectively, of valuation impairment on our real estate held for sale. In addition, for the year ended December 31, 2017, we recognized valuation adjustments related to estimated selling costs upon disposition of held-for-sale real estate of $18.4 million .

Mortgage Loans at Fair Value

Mortgage Loans at Fair Value	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Mortgage Loans at Fair Value	5. Mortgage Loans at Fair Value During the year ended December 31, 2019, we sold the last of our remaining mortgage loans. The following table sets forth information related to our mortgage loans at fair value, the related unpaid principal balance and market value of underlying properties by delinquency status as of December 31, 2018 ($ in thousands): Number of Loans Fair Value and Carrying Value Unpaid Principal Balance Market Value of Underlying Properties (1) December 31, 2018 Current 20 $ 1,827 $ 2,701 $ 4,353 60 1 115 148 180 90 17 649 6,019 5,418 Foreclosure 36 5,481 12,376 16,097 Mortgage loans at fair value 74 $ 8,072 $ 21,244 $ 26,048 ________ (1) The market value of the underlying properties were estimated based on BPOs.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	6. Fair Value of Financial Instruments The following table sets forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of December 31, 2019 and 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 December 31, 2019 Recurring basis (assets) Interest rate cap derivatives (1) $ 2,070 $ — $ 2,070 $ — Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase and loan agreements 1,644,230 — 1,653,720 — 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 consolidated balance sheets. We transferred our mortgage loans at fair value from Level 3 to Level 2 during the third quarter of 2019 due to the contract price being the primary input to the fair value of the mortgage loans prior to the sale of the remaining loans on October 7, 2019. Prior to transferring the mortgage loans from Level 3 to Level 2, the fair value of our mortgage loans was 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. Except as described above, we have not transferred any assets from one level to another level during the years ended December 31, 2019 and 2018 . The following table sets forth the changes in our Level 3 assets, which consisted solely of mortgage loans at fair value, for the years ended December 31, 2019 and 2018 ($ in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Year ended December 31, 2019 2018 Mortgage loans at fair value based on Level 3 inputs, beginning balance $ 8,072 $ 11,477 Net gain on mortgage loans 12 3,157 Mortgage loan dispositions, resolutions and payments (405 ) (1,774 ) Real estate tax advances to borrowers 65 230 Selling costs on loans held for sale — (83 ) Transfer of mortgage loans to real estate owned, net (4,131 ) (4,935 ) Transfers out of Level 3 (1) (3,613 ) — Mortgage loans at fair value based on Level 3 inputs, ending balance $ — $ 8,072 Change in unrealized gain on mortgage loans held at the end of the period (2) n/a $ (358 ) _____________ (1) Transferred from Level 3 to Level 2 because observable market data became available and was the primary valuation input. These mortgage loans were sold on October 7, 2019. (2) Included in net gain (loss) on real estate and mortgage loans in the consolidated statements of operations. The significant unobservable inputs used in the fair value measurement of our mortgage loans were 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 have resulted in a significant change to the fair value measurement. A decline in the discount rate in isolation would have increased the fair value. A decrease in the housing pricing index in isolation would have decreased the fair value. Individual loan characteristics such as location and value of underlying collateral affected the loan resolution probabilities and timelines. An increase in the loan resolution timeline in isolation would have decreased the fair value. A decrease in the value of underlying properties in isolation would have decreased the fair value. The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of certain of our mortgage loans: Input December 31, 2018 Equity discount rate 17.0% Debt to asset ratio 65.0% Cost of funds 3.5% over 1 month LIBOR Annual change in home pricing index -0.55% to 16.79% Loan resolution probabilities — modification 0% to 5.9% Loan resolution probabilities — liquidation 38.8% to 100% Loan resolution probabilities — paid in full 0% to 61.2% Loan resolution timelines (in years) 0.1 to 6.1 Value of underlying properties $50,000 to $2,500,000

Leases

Leases	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Leases	7. Leases Front Yard as Lessor Future minimum rental revenues under existing leases for the 13,711 properties that were leased as of December 31, 2019 are as follows ($ in thousands): Contractual Rents 2020 $ 106,780 2021 2,852 2022 121 2023 — 2024 — Thereafter — $ 109,753 For the year ended December 31, 2019 , rental revenues included $7.3 million of variable lease payments. Front Yard as Lessee Operating Leases As of December 31, 2019 , we applied a weighted average discount rate of 4.70% to our office leases. We determine the discount rate for each lease to be either the discount rate stated in the lease agreement or the rate that we would be charged to finance real estate assets. Our weighted average remaining lease term was 1.9 years . During the year ended December 31, 2019 , our operating leases resulted in rent expense related to long-term leases of $0.6 million , which is allocated amongst residential property operating expenses, property management expenses and general and administrative expenses. At December 31, 2019 , we had operating lease right-of-use assets of $0.9 million . The following table presents a maturity analysis of our operating leases as of December 31, 2019 ($ in thousands): Operating Lease Liabilities 2020 $ 608 2021 242 2022 121 2023 — 2024 — Thereafter — Total lease payments 971 Less: interest 42 Lease liabilities $ 929 Finance Leases At December 31, 2019 , the weighted average discount rate applied to our vehicle leases was 6.87% based on the rates implied in the individual lease agreements, and our weighted average remaining lease term was 3.7 years . During the year ended December 31, 2019 , our finance leases resulted in $0.7 million of amortization of our lease right-of-use assets, which is allocated amongst residential property operating expense, property management expenses and general and administrative expenses. At December 31, 2019 , we had net finance lease right-of-use assets of $2.9 million . The following table presents a maturity analysis of our finance leases as of December 31, 2019 ($ in thousands): Finance Lease Liabilities 2020 $ 981 2021 875 2022 370 2023 92 2024 18 Thereafter — Total lease payments 2,336 Less: interest 184 Lease liabilities $ 2,152
Leases	7. Leases Front Yard as Lessor Future minimum rental revenues under existing leases for the 13,711 properties that were leased as of December 31, 2019 are as follows ($ in thousands): Contractual Rents 2020 $ 106,780 2021 2,852 2022 121 2023 — 2024 — Thereafter — $ 109,753 For the year ended December 31, 2019 , rental revenues included $7.3 million of variable lease payments. Front Yard as Lessee Operating Leases As of December 31, 2019 , we applied a weighted average discount rate of 4.70% to our office leases. We determine the discount rate for each lease to be either the discount rate stated in the lease agreement or the rate that we would be charged to finance real estate assets. Our weighted average remaining lease term was 1.9 years . During the year ended December 31, 2019 , our operating leases resulted in rent expense related to long-term leases of $0.6 million , which is allocated amongst residential property operating expenses, property management expenses and general and administrative expenses. At December 31, 2019 , we had operating lease right-of-use assets of $0.9 million . The following table presents a maturity analysis of our operating leases as of December 31, 2019 ($ in thousands): Operating Lease Liabilities 2020 $ 608 2021 242 2022 121 2023 — 2024 — Thereafter — Total lease payments 971 Less: interest 42 Lease liabilities $ 929 Finance Leases At December 31, 2019 , the weighted average discount rate applied to our vehicle leases was 6.87% based on the rates implied in the individual lease agreements, and our weighted average remaining lease term was 3.7 years . During the year ended December 31, 2019 , our finance leases resulted in $0.7 million of amortization of our lease right-of-use assets, which is allocated amongst residential property operating expense, property management expenses and general and administrative expenses. At December 31, 2019 , we had net finance lease right-of-use assets of $2.9 million . The following table presents a maturity analysis of our finance leases as of December 31, 2019 ($ in thousands): Finance Lease Liabilities 2020 $ 981 2021 875 2022 370 2023 92 2024 18 Thereafter — Total lease payments 2,336 Less: interest 184 Lease liabilities $ 2,152
Leases	7. Leases Front Yard as Lessor Future minimum rental revenues under existing leases for the 13,711 properties that were leased as of December 31, 2019 are as follows ($ in thousands): Contractual Rents 2020 $ 106,780 2021 2,852 2022 121 2023 — 2024 — Thereafter — $ 109,753 For the year ended December 31, 2019 , rental revenues included $7.3 million of variable lease payments. Front Yard as Lessee Operating Leases As of December 31, 2019 , we applied a weighted average discount rate of 4.70% to our office leases. We determine the discount rate for each lease to be either the discount rate stated in the lease agreement or the rate that we would be charged to finance real estate assets. Our weighted average remaining lease term was 1.9 years . During the year ended December 31, 2019 , our operating leases resulted in rent expense related to long-term leases of $0.6 million , which is allocated amongst residential property operating expenses, property management expenses and general and administrative expenses. At December 31, 2019 , we had operating lease right-of-use assets of $0.9 million . The following table presents a maturity analysis of our operating leases as of December 31, 2019 ($ in thousands): Operating Lease Liabilities 2020 $ 608 2021 242 2022 121 2023 — 2024 — Thereafter — Total lease payments 971 Less: interest 42 Lease liabilities $ 929 Finance Leases At December 31, 2019 , the weighted average discount rate applied to our vehicle leases was 6.87% based on the rates implied in the individual lease agreements, and our weighted average remaining lease term was 3.7 years . During the year ended December 31, 2019 , our finance leases resulted in $0.7 million of amortization of our lease right-of-use assets, which is allocated amongst residential property operating expense, property management expenses and general and administrative expenses. At December 31, 2019 , we had net finance lease right-of-use assets of $2.9 million . The following table presents a maturity analysis of our finance leases as of December 31, 2019 ($ in thousands): Finance Lease Liabilities 2020 $ 981 2021 875 2022 370 2023 92 2024 18 Thereafter — Total lease payments 2,336 Less: interest 184 Lease liabilities $ 2,152

Borrowings

Borrowings	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Borrowings	8. 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 our SFR and REO properties. We have effective control of the assets associated with these agreements and therefore have concluded these are financing arrangements. We pay interest on all of our borrowings as well as certain other customary fees, administrative costs and expenses each month. As of December 31, 2019 , the weighted average annualized interest rate on borrowings under our repurchase and loan agreements was 4.10% , excluding amortization of deferred issuance costs and loan discounts. The following table sets forth data with respect to our repurchase and loan agreements as of December 31, 2019 and 2018 ($ in thousands): Maturity Date Interest Rate Amount Outstanding Maximum Borrowing Capacity Amount of Available Funding Book Value of Collateral December 31, 2019 CS Repurchase Agreement 2/15/2020 (1) 1-month LIBOR + 2.30% $ 109,002 $ 250,000 $ 140,998 $ 111,593 Nomura Loan Agreement 4/3/2020 1-month LIBOR + 2.30% 33,671 250,000 216,329 38,423 HOME II Loan Agreement 11/9/2020 (2) 1-month LIBOR + 2.10% (3) 83,270 83,270 — 98,150 HOME III Loan Agreement 11/9/2020 (2) 1-month LIBOR + 2.10% (3) 89,150 89,150 — 108,860 HOME IV Loan Agreement (A) 12/9/2022 4.00% 114,201 114,201 — 141,787 HOME IV Loan Agreement (B) 12/9/2022 4.00% 114,590 114,590 — 142,620 Term Loan Agreement 4/6/2022 5.00% 99,782 99,782 — 111,061 FYR SFR Loan Agreement 9/1/2028 4.65% 508,700 508,700 — 573,961 MS Loan Agreement 12/7/2023 1-month LIBOR + 1.80% (4) 504,986 504,986 — 595,650 1,657,352 $ 2,014,679 $ 357,327 $ 1,922,105 Less: unamortized loan discounts (3,632 ) Less: deferred debt issuance costs (9,490 ) $ 1,644,230 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 February 13, 2020, we extended the maturity date to May 15, 2020. (2) Represents current maturity date as of the reporting date. We have the option to extend the maturity date for up to three successive one -year extensions, the first of which we exercised on November 9, 2019. (3) The interest rate is capped at 4.40% under an interest rate cap derivative. See Note 12 . (4) The interest rate is capped at 4.30% under an interest rate cap derivative. See Note 12 . 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 real estate assets on our behalf. In the event the lender determines the value of the collateral has decreased, the lender has the right to initiate a margin call and require us, or the applicable trust subsidiary, to post additional collateral or to repay a portion of the outstanding borrowings. The price paid by the lender for each asset we finance under the CS Repurchase Agreement is based on a percentage of the market value of the asset. With respect to funds drawn under the CS Repurchase Agreement, our applicable subsidiary is required to pay the lender interest monthly and certain other customary fees, administrative costs and expenses to maintain and administer the CS Repurchase Agreement. We do not collateralize any of our repurchase facilities with cash. The CS Repurchase Agreement contains customary events of default and is fully guaranteed by us. Nomura Loan Agreement Nomura Corporate Funding Americas, LLC (“Nomura”) is the lender under a loan agreement dated April 10, 2015 (the “Nomura Loan Agreement”), which has been amended on several occasions. As of December 31, 2019 , the maximum funding capacity of the Nomura Loan Agreement was $250.0 million , all of which is uncommitted but available to us subject to our meeting certain eligibility requirements. Under the terms of the Nomura Loan Agreement, subject to certain conditions, Nomura may advance funds to us from time to time, with such advances collateralized by SFR properties and other REO properties. The advances paid under the Nomura Loan Agreement with respect to the applicable properties from time to time will be based on a percentage of the market value of the properties. We may be required to repay a portion of the amounts outstanding under the Nomura Loan Agreement should the loan-to-value ratio of the funded collateral decline. The Nomura Loan Agreement contains events of default (subject to certain materiality thresholds and grace periods), including payment defaults, breaches of covenants and/or certain representations and warranties, cross-defaults, certain material adverse changes, bankruptcy or insolvency proceedings and other events of default customary for this type of transaction. The remedies for such events of default are also customary for this type of transaction and include the acceleration of the principal amount outstanding under the Nomura Loan Agreement and the liquidation by Nomura of the SFR and REO properties then subject thereto. The Nomura Loan Agreement is fully guaranteed by us. Seller Financing Arrangements We have entered into the following seller financing arrangements: • In connection with the seller financing related to the first closing under the HOME Flow Transaction on March 30, 2017, HOME Borrower II entered into the HOME II Loan Agreement with entities sponsored by Amherst. On November 13, 2017, HOME Borrower II entered into an amended and restated loan agreement, which was acquired by Metropolitan Life Insurance Company (“MetLife”). HOME Borrower II has the option to extend the HOME II Loan Agreement beyond the initial maturity date for three successive one -year extensions (the first of which was exercised on November 9, 2019), 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. • In connection with the seller financing related to the second closing under the HOME Flow Transaction on June 29, 2017, HOME Borrower III entered into the HOME III Loan Agreement with entities sponsored by Amherst. On November 13, 2017, HOME Borrower III entered into an amended and restated loan agreement, which was acquired by MetLife. HOME Borrower III has the option to extend the HOME III Loan Agreement beyond the initial maturity date for three successive one -year extensions (the first of which was exercised on November 9, 2019), provided, among other things, that there is no event of default under the HOME III Loan Agreement on each maturity date. The HOME III Loan Agreement is cross-defaulted and cross-collateralized with the HOME II Loan Agreement. • In connection with the seller financing related to the third and final closing under the HOME Flow Transaction on November 29, 2017, HOME Borrower IV entered into the two separate loan agreements with entities sponsored by Amherst (collectively, the “HOME IV Loan Agreements”). The HOME IV Loan Agreements were acquired by MetLife on November 29, 2017. Under the terms of the HOME II Loan Agreement, the HOME III Loan Agreement and the HOME IV Loan Agreements, each of the facilities are non-recourse to us and are secured by a lien on the membership interests of HOME Borrower II, HOME Borrower III, HOME Borrower IV and the acquired properties and other assets of each entity, respectively. The assets of each entity are the primary source of repayment and interest on their respective loan agreements, thereby making the cash proceeds of rent payments and any sales of the acquired properties the primary sources of the payment of interest and principal by each entity to the respective lenders. Each loan agreement also includes customary events of default, the occurrence of which would allow the respective lenders to accelerate payment of all amounts outstanding thereunder. We have limited indemnification obligations for wrongful acts taken by HOME Borrower II, HOME Borrower III or HOME Borrower IV under their respective loan agreements in connection with the secured collateral. Even though the HOME II Loan Agreement, the HOME III Loan Agreement and the HOME IV Loan Agreements are non-recourse to us and all of our subsidiaries other than the entities party to the respective loan agreements, we have agreed to limited bad act indemnification obligations to the respective lenders for the payment of (i) certain losses arising out of certain bad or wrongful acts of our subsidiaries that are party to the respective loan agreements and (ii) the principal amount of each of the facilities and all other obligations thereunder in the event we cause certain voluntary bankruptcy events of the respective subsidiaries party to the loan agreements. Any of such liabilities could have a material adverse effect on our results of operations and/or our financial condition. Term Loan Agreement On April 6, 2017, RESI TL1 Borrower, LLC (“TL1 Borrower”), our indirect wholly owned subsidiary, entered into a credit and security agreement (the “Term Loan Agreement”) with American Money Management Corporation, as agent, on behalf of Great American Life Insurance Company and Great American Insurance Company as initial lenders, and each other lender added from time to time as a party to the Term Loan Agreement. We may be required to make prepayments of a portion of the amounts outstanding under the Term Loan Agreement under certain circumstances, including certain levels of declines in collateral value. The Term Loan Agreement includes customary events of default, the occurrence of which would allow the lenders to accelerate payment of all amounts outstanding thereunder. The Term Loan Agreement is non-recourse to us and is secured by a lien on the membership interests of TL1 Borrower and the properties and other assets of TL1 Borrower. The assets of TL1 Borrower are the primary source of repayment and interest on the Term Loan Agreement, thereby making the cash proceeds received by TL1 Borrower from rent payments and any sales of the underlying properties the primary sources of the payment of interest and principal by TL1 Borrower to the lenders. We have limited indemnification obligations for wrongful acts taken by TL1 Borrower and RESI TL1 Pledgor, LLC, the sole member of TL1 Borrower, in connection with the secured collateral for the Term Loan Agreement. FYR SFR Loan Agreement On August 8, 2018, FYR SFR Borrower, LLC (“FYR SFR Borrower”), our wholly-owned subsidiary, entered into loan agreement (the “FYR SFR Loan Agreement”) with Berkadia Commercial Mortgage LLC, as lender (“Berkadia”) secured by 2,798 of the RHA Acquired Properties as well as 2,015 other properties already owned by us and previously financed on our existing warehouse facilities with other lenders. The FYR SFR Loan Agreement was originated as part of the Federal Home Loan Mortgage Corporation’s (“Freddie Mac”) single-family rental pilot program and has been purchased from Berkadia by Freddie Mac. The FYR SFR Loan Agreement contains customary events of default and is secured by the equity interests of FYR SFR Borrower and mortgages on the collateral properties. In connection with the FYR SFR Loan Agreement, we maintained $0.6 million and $2.9 million in escrow for future payments of property taxes and repairs and maintenance as of December 31, 2019 and 2018 , respectively. MS Loan Agreement On December 7, 2018, HOME Borrower entered into a loan agreement (the “MS Loan Agreement”) among HOME Borrower, as borrower; Morgan Stanley Bank, N.A. (“Morgan Stanley”) and such other persons that may from time to time become a party to the MS Loan, as lenders; Morgan Stanley Mortgage Capital Holdings LLC, as administrative agent; and Wells Fargo Bank, N.A., as paying agent and calculation agent. The MS Loan Agreement can be prepaid without penalty at any time after December 7, 2021. The MS Loan Agreement contains customary events of default and is secured by the equity interests in HOME Borrower and mortgages on its 4,262 SFR properties. In connection with the MS Loan Agreement, we maintained $4.9 million and $8.2 million in escrow for future payments of property taxes, HOA dues and repairs and maintenance as of December 31, 2019 and 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. The following table presents the principal amount of our debt due at maturity by year, including applicable extensions ($ in thousands): 2020 $ 142,673 2021 — 2022 500,993 2023 504,986 2024 — Thereafter 508,700 $ 1,657,352

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Litigation, claims and assessments From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. Set forth below is a summary of legal proceedings to which we are a party as of December 31, 2019 or which settled during 2019: Martin v. Altisource Residential Corporation et al. On March 27, 2015, a putative stockholder class action complaint was filed in the United States District Court of the Virgin Islands by a purported stockholder of the Company under the caption Martin v. Altisource Residential Corporation, et al. , 15-cv-00024. The action names as defendants the Company, our former Chairman, William C. Erbey, and certain officers and a former officer of the Company and alleges that the defendants violated federal securities laws by, among other things, making materially false statements and/or failing to disclose material information to the Company's stockholders regarding the Company's relationship and transactions with AAMC, Ocwen 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 stockholders. The action seeks, among other things, an award of monetary damages to the putative class in an unspecified amount and an award of attorney’s and other fees and expenses. In May 2015, two of our purported stockholders filed competing motions with the court to be appointed lead plaintiff and for selection of lead counsel in the action. Subsequently, opposition and reply briefs were filed by the purported stockholders with respect to these motions. On October 7, 2015, the court entered an order granting the motion of Lei Shi to be lead plaintiff and denying the other motion to be lead plaintiff. On January 23, 2016, the lead plaintiff filed an amended complaint. On March 22, 2016, defendants filed a motion to dismiss all claims in the action. The plaintiff filed opposition papers on May 20, 2016, and the defendants filed a reply brief in support of the motion to dismiss the amended complaint on July 11, 2016. On November 14, 2016, the Martin case was reassigned to Judge Anne E. Thompson of the United States District Court of New Jersey. In a hearing on December 19, 2016, the parties made oral arguments on the motion to dismiss, and on March 16, 2017 the Court issued an order that the motion to dismiss had been denied. On April 17, 2017, the defendants filed a motion for reconsideration of the Court’s decision to deny the motion to dismiss. On April 21, 2017, the defendants filed their answer and affirmative defenses. Plaintiff filed an opposition to defendants’ motion for reconsideration on May 8, 2017. On May 30, 2017, the Court issued an order that the motion for reconsideration had been denied. Shortly thereafter, discovery commenced. On October 10, 2018, the lead plaintiff filed a second amended complaint, which added a second lead plaintiff to the case. The allegations and causes of action asserted by the plaintiffs were virtually identical to the prior complaint, except that they added what the plaintiffs claimed was additional detail in support of their allegations. On December 7, 2018, the Defendants moved to dismiss the second amended complaint in its entirety. Plaintiffs filed their opposition to the motion on December 31, 2018, and Defendants filed their reply brief on January 24, 2019. On February 21, 2019, Judge Thompson issued an order that granted Defendants’ motion and dismissed the second amended complaint in its entirety. On February 26, 2019, the Court granted Plaintiffs’ request for leave to file a Third Amended Complaint within 14 days. On March 12, 2019, Plaintiffs filed their Third Amended Complaint, and on April 12, 2019, Defendants moved to dismiss the Third Amended Complaint in its entirety. Plaintiffs filed their opposition to the motion to dismiss on May 13, 2019, and Defendants filed their reply in support of the motion on May 31, 2019. On June 12, 2019, Judge Thompson issued an Order granting in part and denying in part Defendants’ motion to dismiss the Third Amended Complaint. Specifically, Judge Thompson granted Defendants’ motion to dismiss any alleged misrepresentation made after each Plaintiff’s final purchase of securities. Judge Thompson denied Defendants’ motion to dismiss on the remaining grounds. On June 26, 2019, Defendants filed a motion to certify interlocutory appeal to the Third Circuit of Judge Thompson’s Order granting in part and denying in part Defendants’ motion to dismiss the Third Amended Complaint. Plaintiffs filed their opposition to the motion on July 10, 2019 and Defendants’ reply in support of the motion was filed on July 24, 2019. On August 6, 2019, Judge Thompson denied Defendants’ motion to certify interlocutory appeal. Separately, on July 5, 2019, Judge Thompson accepted the case schedule proposed by the parties, and discovery resumed. The deadline for the completion of fact discovery was November 8, 2019, the deadline for the completion of expert discovery was January 30, 2020, and the deadline to submit dispositive motions was February 27, 2020. On October 8, 2019, based on input from a mediator, we entered into a stipulation and agreement of settlement with Plaintiffs to settle the litigation for $15.5 million in exchange for, among various other terms, a full release of claims by Plaintiffs on behalf of the purported class of shareholders. On the same date, Plaintiffs filed their unopposed motion for preliminary approval of the settlement and ancillary documents, which included the stipulation and agreement of settlement. On October 17, 2019, the court issued an order granting preliminary approval of the settlement, approving the form and manner of notice and setting a hearing date for final approval of the settlement for January 30, 2020. The approval hearing was rescheduled to and occurred on February 5, 2020. Following the hearing, on February 13, 2020, Judge Thompson entered a final order and judgment approving the settlement and an order awarding attorneys’ fees and expenses. The settlement amount was paid in two installments: (i) a payment of $10 million on November 28, 2019; and (ii) a payment of $5.5 million on January 28, 2020. Proceeds from the directors' and officers' insurance policies will fund $5.5 million of the settlement. We have included the settlement amount, net of insurance coverage, as a component of other expense within the consolidated statement of operations for the year ended December 31, 2019. Potential purchase adjustments of certain properties sold In January 2020, we received notice regarding potential purchase price adjustment/indemnification claims of up to $1.2 million relating to certain real estate sold in January 2019. We are investigating these claims, and, if they are determined to be valid, we may be required to repay a portion of the sales proceeds to the purchaser, based on the terms of the purchase agreement. At this time, we are not able to predict the ultimate outcome of these claims, nor can we estimate the range of possible adjustment/indemnification obligation, if any.

Related-party Transactions

Related-party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related-party Transactions	10. Related-party Transactions We are externally managed by AAMC, an asset management company that provides portfolio management and corporate governance services. Pursuant to the asset management agreement, amongst other duties, AAMC provides the following services to us: (1) performing and administering certain of our day-to-day operations; (2) implementing the investment criteria in our investment policy approved by our Board of Directors; (3) sourcing, analyzing and executing asset acquisitions, including the related financing activities; (4) overseeing the renovation, leasing and property management of our SFR properties; (5) analyzing and executing sales of certain rental properties; (6) performing asset management duties and (7) performing corporate governance and other management functions, including financial, accounting and tax management services. AAMC provides us with a management team and support personnel who have substantial experience in the acquisition and management of residential properties. AAMC’s management also has significant corporate governance experience that enables it to manage our business and organizational structure efficiently. AAMC has agreed not to provide the same or substantially similar services without the prior written consent of our Board of Directors to any business or entity competing against us in (a) the acquisition or sale of SFR and/or REO properties, non-performing and re-performing mortgage loans or other similar assets, (b) the carrying on of an SFR business or (c) any other activity in which we engage. Notwithstanding the foregoing, AAMC may engage in any other business or render similar or different services to any businesses engaged in lending or insurance activities or any other activity other than those described above. Further, at any time following our determination and announcement that we will no longer engage in any of the above-described competitive activities, AAMC would be entitled to provide advisory or other services to businesses or entities in such competitive activities without our prior consent. Terms of the Amended AMA 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 25% 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, beginning in January 2020, four specified employees who provide direct property management services to Front Yard. 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 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). If the Amended AMA with AAMC were terminated, our financial position and future prospects for revenues and growth could be materially adversely affected. Terms of the Former AMA with AAMC On March 31, 2015, we entered into an asset management agreement (the “Former AMA”) with AAMC. The Former AMA, which became effective on April 1, 2015, provided for a management fee structure as follows: • Base Management Fee . AAMC was entitled to a quarterly base management fee equal to 1.5% of the product of (i) our average invested capital (as defined in the Former AMA) for the quarter multiplied by (ii) 0.25 , while we had fewer than 2,500 SFR properties actually rented (“Rental Properties”). The base management fee percentage increased to 1.75% of invested capital while we had between 2,500 and 4,499 Rental Properties and increased to 2.0% of invested capital while we had 4,500 or more Rental Properties; • Incentive Management Fee . AAMC was 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) exceeded an annual hurdle return rate of between 7.0% and 8.25% (or 1.75% and 2.06% per quarter), depending on the 10 -year treasury rate. To the extent we had an aggregate shortfall in its return rate over the previous seven quarters, that aggregate return rate shortfall was added to the normal quarterly return hurdle for the next quarter before AAMC is entitled to an incentive management fee. The incentive management fee increased to 22.5% while we had between 2,500 and 4,499 Rental Properties and increased to 25% while we had 4,500 or more Rental Properties. No incentive management fee under the Former AMA has been payable to AAMC because our return on invested capital (as defined in the Former AMA) did not exceed the cumulative required hurdle rate; and • Conversion Fee . AAMC was 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 had more than 4,500 Rental Properties, AAMC was 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 exceeded our then-required return on invested capital threshold. Under the Former AMA, we reimbursed AAMC for the compensation and benefits of the General Counsel dedicated to us and certain operating expenses incurred by AAMC on our behalf. The Former AMA required 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 was entitled to terminate the Former 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. Summary of related-party transactions The following table presents our significant transactions with AAMC, which is a related party, for the periods indicated ($ in thousands): Year Ended December 31, 2019 2018 2017 Base management fees (1) $ 14,270 $ 14,567 $ 16,010 Conversion fees (1) 29 176 1,291 Expense reimbursements (2) 1,463 1,183 859 _______________ (1) Included in management fees to AAMC in the consolidated statements of operations. (2) Included in general and administrative expenses in the consolidated statements of operations.

Share-based Payments

Share-based Payments	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-based Payments	11. Share-based Payments Our non-management directors each receive annual grants of restricted stock units. These restricted stock units are eligible for settlement in the number of shares of our common stock having a grant date fair market value of $80,000 for the 2019-2020 service year ( $75,000 for the 2018-2019 service year and $60,000 for the 2017-2018 service year). Subject to accelerated vesting in limited circumstances, the restricted stock units vest on the earlier of the first anniversary of the date of grant or the next annual meeting of stockholders, with distribution mandatorily deferred for an additional two years thereafter until the third anniversary of grant (subject to earlier distribution or forfeiture upon the respective director’s separation from the Board of Directors). The awards were issued together with dividend equivalent rights. In respect of dividends paid to our stockholders prior to the vesting date, dividend equivalent rights accumulate and are expected to be paid in a lump sum in cash following the vesting date, contingent on the vesting of the underlying award. During any period thereafter when the award vests but remain subject to settlement, dividend equivalent rights are expected to be paid in cash on the same timeline as underlying dividends are paid to our stockholders. We have also made grants of restricted stock units and stock options to certain employees of AAMC with service-based or market-based vesting criteria. Our service-based awards vest in equal annual installments on each of the first three anniversaries of the grant date, subject to acceleration or forfeiture. Our market-based awards vest in three equal annual installments on the later of (i) the first, second and third anniversary of the date of the award and (ii) the date of the satisfaction of certain performance criteria, subject to acceleration or forfeiture. The performance criteria is satisfied on the date on which the sum of (a) the average price per share for the consecutive 20 -trading-day period ending on such date plus (b) the amount of all reinvested dividends, calculated on a per-share basis from the date of grant through such date, shall equal or exceed 125% of the price per share on the date of grant (the “Performance Goal”); provided however that the Performance Goal must be attained no later than the fourth anniversary of the grant date. In the event that the Performance Goal is not attained prior to the fourth anniversary of the grant date, the stock options shall expire. 2012 Conversion Option Plan and 2012 Special Conversion Option Plan On December 21, 2012, as part of our separation transaction from ASPS, we issued stock options under the 2012 Conversion Option Plan and 2012 Special Conversion Option Plan to holders of ASPS stock options to purchase shares of our common stock in a ratio of one share of our common stock to every three shares of ASPS common stock. The options were granted as part of our separation to employees of ASPS and/or Ocwen solely to give effect to the exchange ratio in the separation, and we do not include share-based compensation expense related to these options in our consolidated statements of operations because they are not related to our incentive compensation. Stock Options During the years ended December 31, 2019 , 2018 and 2017 , we recorded $0.2 million , a nominal amount, and $1.4 million , respectively, of compensation expense related to our grants of stock options. As of December 31, 2019 and 2018 , we had a nominal amount and $0.2 million , respectively, of unrecognized share-based compensation cost remaining with respect to grants of stock options to be recognized over a weighted average remaining estimated term of 0.4 years and 0.8 years , respectively. The following table sets forth the activity of our outstanding options: Number of Options Weighted Average Exercise Price per Share December 31, 2016 862,977 $ 8.55 Granted 567,227 14.30 Exercised (1) (49,126 ) 2.16 December 31, 2017 1,381,078 11.14 Exercised (1) (40,722 ) 2.62 Forfeited or canceled (62,364 ) 5.05 December 31, 2018 1,277,992 11.71 Exercised (1) (29,165 ) 2.32 December 31, 2019 1,248,827 $ 11.93 ___________________ (1) The intrinsic value of stock options exercised during the years ended December 31, 2019 , 2018 and 2017 was $0.3 million , $0.3 million and $0.6 million , respectively. The total outstanding options issued under all of our share-based compensation plans as of December 31, 2019 had a weighted average remaining life of 4.0 years with total intrinsic value of $1.6 million . We have 681,600 options exercisable as of December 31, 2019 with a weighted average exercise price of $9.95 , weighted average remaining life of 3.6 years and intrinsic value of $1.6 million . Of these exercisable options, none had an exercise price higher than the market price of our common stock as of December 31, 2019 . We calculated the grant date fair value of stock options granted in 2017 using a Monte Carlo simulation and amortize the resulting compensation expense over the respective vesting or service period. The fair value of stock options granted during the period indicated was determined using the following assumptions: Year ended December 31, 2017 Risk free interest rate (1) 2.05% Common stock dividend yield 4.20% Expected volatility (2) 36.67% _____________ (1) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the stock option grants. (2) Based on our historical stock price volatility. Restricted stock We recorded $5.7 million , $3.0 million and $2.7 million of compensation expense related to our grants of restricted stock for the year ended December 31, 2019 , 2018 and 2017 , respectively. As of December 31, 2019 and 2018 , we had $4.7 million and $3.9 million , respectively, of unrecognized share-based compensation cost remaining with respect to our grants of restricted stock to be recognized over a weighted average remaining estimated term of 1.1 years and 1.2 years , respectively. The following table sets forth the activity of our restricted stock: Number of Shares Weighted Average Grant Date Fair Value December 31, 2016 266,898 9.97 Granted 271,633 14.30 Vested (1) (101,487 ) 9.96 Canceled (17,802 ) 11.80 December 31, 2017 419,242 12.70 Granted 555,454 9.78 Vested (1) (171,497 ) 12.41 Forfeited (36,708 ) 12.76 December 31, 2018 766,491 10.65 Granted 749,929 8.70 Vested (1) (349,914 ) 10.83 December 31, 2019 1,166,506 $ 9.34 ___________________ (1) The vesting date fair value of restricted stock that vested during the years ended December 31, 2019 , 2018 and 2017 was $4.1 million , $1.9 million and $1.3 million , respectively. We calculated the grant date fair value of the restricted stock with market-based vesting criteria using a Monte Carlo simulation and amortize the resulting compensation expense over the respective vesting or service period. The fair value of market-based restricted stock granted was determined using the following assumptions: Year ended December 31, 2019 2018 Risk free interest rate (1) 2.21% 2.72% Common stock dividend yield (2) 0.00% 0.00% Expected volatility (3) 34.03% 32.88% _____________ (1) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the grants. (2) Because the vesting of market-based restricted stock awards include accumulated dividends and the awards accrue dividend equivalent payments, no dividend yield assumption was included in the grant date fair value calculation. (3) Based on our historical stock price volatility. The following table sets forth the number of shares of common stock reserved for future issuance. We generally will issue new shares upon the exercise of stock options or the vesting of restricted stock. December 31, 2019 Stock options outstanding 1,248,827 Possible future issuances under share-based compensation plans 1,650,071 2,898,898 As of December 31, 2019 , we had 146,066,425 remaining shares of common stock authorized to be issued under our charter.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	12. Derivatives We may enter into derivative contracts from time to time in order to mitigate the risk associated with our variable rate debt. We do not enter into derivatives for investment or trading purposes. Derivatives are carried at fair value within prepaid expenses and other assets in our consolidated balance sheets. Upon execution, we may or may not designate such derivatives as accounting hedges. Designated Hedges We have entered into various interest rate cap agreements to mitigate potential increases in interest payments on our floating rate debt. Our interest rate caps have been designated as and are being accounted for as cash flow hedges with changes in fair value recorded in other comprehensive income or loss each reporting period. No gain or loss was recognized related to hedge ineffectiveness or to amounts excluded from effectiveness testing on our cash flow hedges during the years ended December 31, 2019 . Prior to the fourth quarter of 2018, none of our derivatives were designated as hedges. Amounts reported in accumulated other comprehensive income or loss related to derivatives will be reclassified to interest expense as interest payments are made on our variable rate debt. During 2020, we estimate that $5.7 million will be reclassified to interest expense. The table below summarizes our interest rate cap instruments as of December 31, 2019 ($ 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 the MSR Loan Agreement. The interest rate cap has a strike rate on the one-month LIBOR of 2.938% , a notional amount of $489.3 million and a termination date of November 15, 2018. On March 16, 2018, we paid a premium of $0.9 million to amend the strike rate to 1.80% . We did not designate the interest rate cap as an accounting hedge; therefore, changes in the fair value of the interest rate cap were recorded as a component of interest expense in our consolidated statements of operations. Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets Asset Derivatives Fair Value as of December 31, Balance Sheet Location 2019 2018 Derivatives designated as hedging instruments: Interest rate caps Other assets $ 2,070 $ 14,367 Total $ 2,070 $ 14,367 Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations Amount of Gain (Loss) Recognized in OCI on Derivative (effective portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Net Loss Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Loss (effective portion) Total Amount of Interest Expense Presented in the Consolidated Statements of Operations Year Ended December 31, Year Ended December 31, Year Ended December 31, 2019 2018 2017 2019 2018 2017 2019 2018 2017 Derivatives in cash flow hedging relationships Interest rate caps $ (7,261 ) $ (12,653 ) $ — Interest expense $ (5,036 ) $ (375 ) $ — $ 84,137 $ 77,035 $ 59,582 Location of Gain (Loss) Recognized on Derivative in Net Loss Amount of Gain (Loss) on Derivative Recognized in Net Loss Year Ended December 31, 2019 2018 2017 Derivatives not designated as hedging instruments Interest rate caps Interest expense $ — $ (936 ) $ —

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes As a REIT, we must meet certain organizational and operational requirements, including the requirement to distribute at least 90% of our annual REIT taxable income excluding capital gains to our stockholders. As a REIT, we generally will not be subject to federal income tax to the extent we distribute our REIT taxable income to our stockholders and provided we satisfy the REIT requirements, including certain asset, income, distribution and stock ownership tests. If we fail to qualify as a REIT, and do not qualify for certain statutory relief provisions, we will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which our REIT qualification was lost. As a REIT, we may also be subject to federal taxes if we engage in certain types of transactions. During 2019 , we paid cash distributions of $32.2 million to our stockholders, all of which is classified as a return of capital for tax purposes. For 2019 , given that we incurred a taxable loss, no aggregate minimum distribution to stockholders was required to maintain our REIT status. Our consolidated financial statements include the operations of our TRS, which is subject to federal, state and local income taxes on its taxable income. Our TRS had gross deferred tax assets of $52.6 million and $53.5 million as of December 31, 2019 and 2018 , respectively. From inception through December 31, 2019 , the TRS operated at a cumulative taxable loss, which has resulted in these deferred tax assets being fully offset by a valuation allowance. As of December 31, 2019 and 2018 , we did not accrue interest or penalties associated with any unrecognized tax benefits during the years ended December 31, 2019 and 2018 . We recorded nominal state and local tax expense along with nominal penalties and interest on income taxes for the years ended December 31, 2019 and 2018 . Our subsidiaries and we remain subject to tax examination for the period from January 1, 2016 to December 31, 2019 . The Company and its subsidiaries file income tax returns in the U.S. and various state and local jurisdictions.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings per Share	14. Earnings per Share The following table sets forth the components of diluted loss per share (in thousands, except share and per share amounts): Year Ended December 31, 2019 2018 2017 Numerator Net loss $ (105,391 ) $ (130,835 ) $ (185,454 ) Denominator Weighted average common stock outstanding – basic 53,772,094 53,552,109 53,493,523 Weighted average common stock outstanding – diluted 53,772,094 53,552,109 53,493,523 Loss per basic share $ (1.96 ) $ (2.44 ) $ (3.47 ) Loss per diluted share $ (1.96 ) $ (2.44 ) $ (3.47 ) We excluded the items presented below from the calculation of diluted loss per share as they were antidilutive for the periods indicated: Year Ended December 31, 2019 2018 2017 Denominator (in weighted-average shares) Stock options 80,045 71,430 157,214 Restricted stock 526,502 219,738 164,689 Pursuant to the Amended AMA and Former AMA, we have the flexibility to pay up to 25% of the Incentive Fee to AAMC in shares of our common stock. In addition, up to 50% of a Termination Fee, if payable, may be paid in shares of our common stock. Should we choose to make any such payments in shares of our common stock, our earnings available to common stockholders would be diluted to the extent of such issuance.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
Segment Information	15. 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.

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	16. Quarterly Financial Information (Unaudited) The following tables set forth our quarterly financial information (unaudited, $ in thousands except per share amounts): 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Total revenues $ 52,625 $ 51,553 $ 50,768 $ 52,064 $ 207,010 Net loss (18,508 ) (25,017 ) (36,368 ) (25,498 ) (105,391 ) Loss per basic share of common stock (0.35 ) (0.47 ) (0.68 ) (0.47 ) (1.96 ) Loss per diluted share of common stock (0.35 ) (0.47 ) (0.68 ) (0.47 ) (1.96 ) 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Total revenues $ 39,765 $ 40,906 $ 48,313 $ 54,029 $ 183,013 Net loss (27,350 ) (21,336 ) (47,933 ) (34,216 ) (130,835 ) Loss per basic share of common stock (0.51 ) (0.40 ) (0.89 ) (0.64 ) (2.44 ) Loss per diluted share of common stock (0.51 ) (0.40 ) (0.89 ) (0.64 ) (2.44 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events Management has evaluated the impact of all events subsequent to December 31, 2019 and through the issuance of these consolidated financial statements and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements, except as follows: Merger Agreement On February 17, 2020, the Company entered into the Merger Agreement with Parent and Merger Sub, each affiliates of Amherst, providing for the acquisition of the Company by Parent. The Merger Agreement provides that, among other things, upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (“Effective Time”), the Company will merge with and into Merger Sub (the “Merger”), with Merger Sub continuing as the surviving company and a wholly owned subsidiary of Parent. Pursuant to the Merger Agreement, each share of common stock, par value $0.01 per share, of the Company (the “Shares” and each, a “Share”) issued and outstanding immediately prior to the Effective Time (other than Shares owned by Parent, Merger Sub or any Company Subsidiary) shall be converted into the right to receive $12.50 per Share in cash without interest and subject to deduction for any required withholding tax (the “Merger Consideration”). At the Effective Time, with respect to each outstanding option to purchase Shares (a “Company Option”) granted under the Front Yard Residential Corporation Conversion Option Plan, the Front Yard Residential Corporation Special Conversion Option Plan, the Front Yard Residential Corporation 2016 Equity Incentive Plan or the Front Yard Residential Corporation 2019 Equity Incentive Plan (collectively, the “Company Stock Plans”), whether vested or unvested, (i) if the exercise price of such Company Option is equal to or greater than the Merger Consideration, such Company Option shall terminate and be canceled as of immediately prior to the Effective Time, without any consideration being payable in respect thereof, and have no further force or effect and (ii) if the exercise price of such Company Option is less than the Merger Consideration, such Company Option shall terminate and be canceled as of immediately prior to the Effective Time in exchange for the right to receive a lump sum cash payment in the amount equal to (A) the number of Shares underlying the Company Option immediately prior to the Effective Time (irrespective of whether the performance goals have been met), multiplied by (B) the Merger Consideration minus the applicable exercise price. Each outstanding restricted stock unit (a “Company Director-Granted RSU”) that was granted to the Company’s non-employee directors, each outstanding service-based restricted stock unit (a “Company Service-Based RSU”) and each outstanding market-based restricted stock unit (a “Company Market-Based RSU” and, together with each Company Director-Granted RSU and Company Service-Based, the “Company RSUs”), in each case, that was granted under the Company Stock Plans that is outstanding or payable as of immediately prior to the Effective Time, whether vested or unvested, shall terminate and be canceled as of immediately prior to the Effective Time in exchange for the right to receive a lump sum cash payment equal to (i) (A) the number of Shares underlying such Company RSU (in the case of each Company Market-Based RSU, irrespective of whether the performance goals have been met), multiplied by (B) the Merger Consideration plus (ii) the value as of the Effective Time of all accrued but unpaid dividend equivalents with respect to such Company RSU. The parties’ obligation to consummate the Merger is subject to the satisfaction or waiver of conditions set forth in the Merger Agreement, including: (i) the approval of the Merger by the holders of a majority of the outstanding Shares entitled to vote thereon, (ii) the absence of any law or governmental order prohibiting the Merger, (iii) the Company’s receipt of a tax opinion relating to the REIT status of the Company, (iv) each of the lender consents (the “Existing Lender Consents”) to the Merger under the Company’s existing credit facilities that will remain in effect following the Effective Time that are effective as of the date of the Merger Agreement shall remain in full force and effect, and each Existing Lender Consent (if any) that is in escrow pending consummation of the Merger shall be released from such escrow, and shall be effective not later than, substantially concurrently with the consummation of the Merger, (v) the absence of any event of default under certain of the Company’s existing credit facilities and the absence of any imminent event of default thereunder, (vi) no provisions of the Company’s existing credit facilities having been waived, amended, modified, supplemented or changed in a manner adverse to the Company, subject to certain exceptions, (vii) the Company will be in compliance with certain financial covenants in certain of its existing credit facilities that will remain outstanding after the Effective Time and (viii) certain other customary conditions relating to the parties’ representations and warranties in the Merger Agreement and the performance of their respective obligations. The Company has made customary representations and warranties in the Merger Agreement. The Merger Agreement also contains customary covenants and agreements, including covenants and agreements relating to the conduct of the Company’s business between the date of the signing of the Merger Agreement and the closing of the transactions contemplated under the Merger Agreement. The representations and warranties made by the Company are, subject to certain limited exceptions, qualified by disclosures made in its disclosure schedules and Securities and Exchange Commission filings. The Merger Agreement also contains covenants by the Company not to participate in any discussions or negotiations with any person making any proposal for an alternative transaction, and requiring the board of directors of the Company (the “Board”) to recommend to its stockholders that they approve the transactions contemplated by the Merger Agreement, in each case subject to certain exceptions. The Board may change its recommendation in certain circumstances specified in the Merger Agreement in response to an unsolicited proposal for an alternative transaction or following an intervening event. The Merger Agreement also contains covenants by the Company (i) to use commercially reasonable efforts to comply with the terms of each of the Continuing Credit Facilities and refrain from taking any action that would reasonably be expected to lead to a breach, violation or default under any of the Continuing Credit Facilities and (ii) except as otherwise permitted in the Merger Agreement, not to enter into any waiver, amendment or modification or otherwise supplement or change any of the Continuing Credit Facilities. The Merger Agreement also contains covenants by the Company not to take certain actions that would lead to the “internalization” of its asset management or corporate governance services. Under the Merger Agreement, each of the Company and Parent has also agreed to use reasonable best efforts to consummate the Merger. Parent has obtained equity and debt financing commitments for the transactions contemplated by the Merger Agreement, the proceeds of which will be used by Parent to pay the Merger Consideration and all related fees and expenses. Amherst has committed to capitalize Parent with an equity contribution and has provided the Company with a limited guarantee in favor of the Company guaranteeing the payment of certain monetary obligations that may be owed by Parent pursuant to the Merger Agreement, including any Parent Termination Fee (as defined below) that may become payable by Parent. Pursuant to the terms and conditions set forth in the debt commitment letter dated February 17, 2020 (the “Debt Commitment Letter”), the lender identified therein as the Commitment Lender (the “Lender”) has committed to provide Merger Sub with debt financing in an amount greater than or equal to the full amount of the new debt financing required to consummate the Merger on the terms contemplated by the Merger Agreement. The obligation of the Lender under the Debt Commitment Letter is subject to a number of customary conditions. The Merger Agreement contains certain termination rights for the Company and Parent, and provides that, upon termination of the Merger Agreement by the Company or Parent upon specified conditions, the Company will be required (i) to pay Parent a termination fee equal to $24,000,000 and (ii) to reimburse up to $8,200,000 of Parent’s reasonable and documented out-of-pocket fees and expenses. The Merger Agreement also provides that Parent will be required to pay the Company a reverse termination fee of $48,000,000 (the “Parent Termination Fee”) upon the termination of the Merger Agreement by the Company or Parent under specified conditions. Amherst Single Family Residential Partners VI, LP has entered into a limited guarantee with the Company to guarantee Parent’s obligation to pay the Company the Parent Termination Fee and make certain other specified payments to the Company, subject to the terms and conditions set forth in the limited guarantee. In addition to the foregoing termination rights, and subject to certain limitations, either party may terminate the Merger Agreement if the Merger is not consummated by August 14, 2020. In connection with the Merger Agreement, Parent has entered voting and support agreements (the “Voting Agreements”) with certain stockholders (collectively representing approximately 18% of the outstanding Shares) pursuant to which such stockholders have agreed to vote in favor of the Transaction. The Voting Agreements terminate upon termination of the Merger Agreement. The foregoing description of the Merger Agreement and the Merger does not purport to be complete and is qualified in its entirety by the terms and conditions of the Merger Agreement and any related agreements. The Merger Agreement contains representations, warranties and covenants that the respective parties made to each other as of the date of such agreement or other specific dates. The assertions embodied in those representations, warranties and covenants were made for purposes of the contract among the respective parties and are subject to important qualifications and limitations agreed to by the parties in connection with negotiating such agreement. The Merger Agreement has been attached to provide investors with information regarding its terms. It is not intended to provide any other factual information about the Company, Parent or any other party to the Merger Agreement or any related agreement. In particular, the representations, warranties, covenants and agreements contained in the Merger Agreement, which were made only for purposes of such agreement and as of specific dates, were for the benefit of the parties to the Merger Agreement, may be subject to limitations agreed upon by the contracting parties (including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to the Merger Agreement instead of establishing these matters as facts) and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors and security holders. Investors and security holders are not third-party beneficiaries under the Merger Agreement and should not rely on the representations, warranties, covenants and agreements, or any descriptions thereof, as characterizations of the actual state of facts or condition of any party to the Merger Agreement. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Merger Agreement, which subsequent information may or may not be fully reflected in the Company’s public disclosures.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	Schedule III - Real Estate and Accumulated Depreciation December 31, 2019 ($ in thousands) Initial Cost to Company Total Cost as of December 31, 2019 State Count Type Encum- brances Land Building and Improve-ments Total Capitalized Costs Subsequent to Acquisition Land Building and Improve-ments Total (2) Accum Depr and Reserves (2) Carrying Value WA Age (1) Date Acquired Life on which Depr is Calc Alabama 729 SFR $ 68,726 $ 15,032 $ 69,953 $ 84,985 $ 2,181 $ 15,032 $ 72,134 $ 87,166 $ (6,255 ) $ 80,911 36.0 2014 - 2019 3-27.5 years Arizona 46 SFR 7,873 1,773 6,954 8,727 1,195 1,773 8,149 9,922 (992 ) 8,930 42.8 2013 - 2017 3-27.5 years California 17 SFR 4,015 1,138 2,763 3,901 2,050 1,138 4,813 5,951 (532 ) 5,419 46.0 2014 - 2015 3-27.5 years Colorado 5 SFR 841 136 417 553 354 136 771 907 (172 ) 735 31.3 2014 - 2015 3-27.5 years Florida 2,120 SFR 276,811 77,143 220,024 297,167 45,659 77,143 265,683 342,826 (33,504 ) 309,322 41.3 2013 - 2018 3-27.5 years Georgia 4,404 SFR 416,278 96,286 376,637 472,923 61,680 96,286 438,317 534,603 (58,667 ) 475,936 35.7 2014 - 2019 3-27.5 years Illinois 155 SFR 19,182 3,415 12,444 15,859 9,368 3,415 21,812 25,227 (4,712 ) 20,515 49.6 2013 - 2017 3-27.5 years Indiana 667 SFR 68,870 10,405 74,247 84,652 9,326 10,405 83,573 93,978 (11,404 ) 82,574 23.3 2013 - 2017 3-27.5 years Kansas 19 SFR 2,493 376 2,546 2,922 452 376 2,998 3,374 (411 ) 2,963 40.8 2014 - 2017 3-27.5 years Kentucky 131 SFR 15,237 3,166 15,692 18,858 795 3,166 16,487 19,653 (1,673 ) 17,980 29.1 2013 - 2017 3-27.5 years Louisiana 2 SFR 241 45 191 236 79 45 270 315 (48 ) 267 22.9 2015 - 2015 3-27.5 years Maryland 111 SFR 15,739 4,887 6,426 11,313 10,584 4,887 17,010 21,897 (3,123 ) 18,774 38.9 2013 - 2017 3-27.5 years Massachusetts 4 SFR 638 69 339 408 116 69 455 524 (38 ) 486 80.0 2014 - 2016 3-27.5 years Michigan 3 SFR 256 38 250 288 107 38 357 395 (72 ) 323 42.9 2014 - 2015 3-27.5 years Minnesota 624 SFR 90,247 20,868 88,743 109,611 2,046 20,868 90,789 111,657 (4,748 ) 106,909 72.2 2014 - 2019 3-27.5 years Mississippi 271 SFR 30,456 9,367 31,503 40,870 750 9,367 32,253 41,620 (3,475 ) 38,145 19.7 2014 - 2017 3-27.5 years Missouri 485 SFR 54,151 10,599 61,005 71,604 2,347 10,599 63,352 73,951 (5,730 ) 68,221 38.3 2013 - 2019 3-27.5 years Nevada 4 SFR 317 7 317 324 167 7 484 491 (61 ) 430 18.3 2013 - 2016 3-27.5 years New Jersey 3 SFR 794 332 150 482 345 332 495 827 (36 ) 791 57.9 2015 - 2016 3-27.5 years New Mexico 1 SFR 112 26 52 78 40 26 92 118 (28 ) 90 14.0 2014 - 2014 3-27.5 years New York 3 SFR 1,041 77 539 616 814 77 1,353 1,430 (370 ) 1,060 119.9 2013 - 2017 3-27.5 years North Carolina 870 SFR 95,409 28,982 88,449 117,431 10,330 28,982 98,779 127,761 (12,935 ) 114,826 24.3 2013 - 2017 3-27.5 years Ohio 246 SFR 29,126 9,115 29,564 38,679 1,065 9,115 30,629 39,744 (2,818 ) 36,926 39.8 2013 - 2017 3-27.5 years Oklahoma 305 SFR 33,633 5,180 41,527 46,707 1,165 5,180 42,692 47,872 (5,083 ) 42,789 28.0 2014 - 2017 3-27.5 years Pennsylvania 26 SFR 2,664 647 1,923 2,570 2,219 647 4,142 4,789 (1,181 ) 3,608 71.5 2014 - 2016 3-27.5 years Rhode Island 4 SFR 415 123 308 431 354 123 662 785 (178 ) 607 57.7 2014 - 2016 3-27.5 years South Carolina 42 SFR 4,105 847 2,825 3,672 1,934 847 4,759 5,606 (996 ) 4,610 23.8 2013 - 2016 3-27.5 years Tennessee 1,475 SFR 177,761 57,711 158,517 216,228 8,856 57,711 167,373 225,084 (20,462 ) 204,622 23.5 2014 - 2017 3-27.5 years Texas 1,964 SFR 234,335 45,678 246,498 292,176 22,352 45,678 268,850 314,528 (34,992 ) 279,536 28.6 2013 - 2017 3-27.5 years Utah 1 SFR 211 81 53 134 95 81 148 229 (32 ) 197 40.0 2014 - 2014 3-27.5 years Virginia 9 SFR 1,153 375 799 1,174 652 375 1,451 1,826 (359 ) 1,467 40.1 2014 - 2015 3-27.5 years Washington 1 SFR 236 31 70 101 13 31 83 114 (19 ) 95 50.0 2014 - 2014 3-27.5 years Wisconsin 1 SFR 86 14 26 40 62 14 88 102 (24 ) 78 60.0 2014 - 2014 3-27.5 years Total (2) 14,748 $ 1,653,452 $ 403,969 $ 1,541,751 $ 1,945,720 $ 199,552 $ 403,969 $ 1,741,303 $ 2,145,272 $ (215,130 ) $ 1,930,142 35.1 __________ (1) Weighted average age is based on the age of the property weighted by gross amount at which carried at close of period. (2) The following table sets forth the activity of real estate assets and accumulated depreciation ($ in thousands): Year Ended December 31, 2019 2018 2017 Real estate assets: Beginning balance $ 2,269,288 $ 1,873,860 $ 1,604,648 Acquisitions through foreclosure 4,131 4,935 40,436 Other acquisitions 48,298 469,087 525,983 Improvements 29,144 33,316 40,312 Cost of real estate sold (205,589 ) (111,910 ) (337,519 ) Ending balance (1) $ 2,145,272 $ 2,269,288 $ 1,873,860 Accumulated depreciation and reserves: Beginning balance $ 156,281 $ 104,589 $ 62,601 Depreciation expense 75,729 67,175 48,989 Impairment 4,458 12,651 38,764 Casualty losses, net 978 552 3,564 Real estate sold (22,316 ) (28,686 ) (49,329 ) Ending balance $ 215,130 $ 156,281 $ 104,589 ___________ (1) The aggregate cost for federal income tax purposes is $2,188.9 million as of December 31, 2019 .

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	Front Yard Residential Corporation Schedule IV - Mortgage Loans on Real Estate December 31, 2019 ($ in thousands) We held no mortgage loans as of December 31, 2019 . The following table sets forth the activity of mortgage loans for the periods indicated ($ in thousands): Year Ended December 31, 2019 2018 2017 Beginning balance $ 8,072 $ 11,477 $ 568,480 Change in unrealized gain on mortgage loans (358 ) 3,157 7,684 Cost of mortgage loans sold (3,468 ) (1,450 ) (521,170 ) Mortgage loan payments and escrow recoveries (179 ) (324 ) (5,500 ) Real estate tax advances to borrowers 64 230 3,763 Selling costs on loans held for sale — (83 ) (1,344 ) Transfer of mortgage loans to real estate owned, net (4,131 ) (4,935 ) (40,436 ) Ending balance $ — $ 8,072 $ 11,477

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of presentation	The accompanying audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All wholly owned subsidiaries and variable interest entities (“VIEs”) of which we are the primary beneficiary are included, and all intercompany accounts and transactions have been eliminated.
Use of estimates	The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates.
Recently issued accounting standards	Adoption of recent accounting standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) (“ASC 842”). ASC 842 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. ASC 842, 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. ASC 842 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 . 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 adopted ASU 2017-04 effective June 30, 2019. Though it changed our goodwill impairment testing process, the adoption of ASU 2017-04 did not have a material impact on our consolidated financial statements. Recently issued accounting standards not yet adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021. While are currently evaluating the impact of the adoption of this standard, we do not expect the adoption of this standard to have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, which amends the guidance on measuring credit losses on financial assets held at amortized cost. The amendment is intended to address the issue that the previous “incurred loss” methodology was restrictive for an entity's ability to record credit losses based on not yet meeting the “probable” threshold. The new language will require these assets to be valued at amortized cost presented at the net amount expected to be collected with a valuation provision. This 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. 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.
Cash equivalents	Cash, cash equivalents and restricted cash We consider highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Restricted cash represents cash deposits that are legally restricted or held by third parties on our behalf, such as security deposits from tenants and reserves for debt service established pursuant to certain of our repurchase and loan agreements. Certain account balances exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. To mitigate this risk, we maintain our cash and cash equivalents at large national or international banking institutions.
Consolidations	Consolidations The consolidated financial statements include the accounts of the Company and its consolidated subsidiaries, which are comprised of voting interest entities in which we are determined to have a controlling financial interest, which consists entirely of our wholly owned subsidiaries. We also consider VIEs for consolidation where we are the primary beneficiary. We had no VIEs or potential VIEs as of December 31, 2019 or 2018 . Our former securitization trusts were determined to be VIEs and were consolidated in our financial statements prior to their termination, the last of which terminated in the second quarter of 2017.
Derivative financial instruments	Derivative financial instruments We borrow funds at a combination of fixed and variable rates. Borrowings under certain of our repurchase and loan agreements bear interest at variable rates. Our interest rate risk management objectives are to limit the impact of changes in interest rates on earnings and cash flows and to lower our overall borrowing costs. To achieve these objectives, from time to time, we may enter into interest rate hedge contracts such as caps or swaps in order to mitigate our interest rate risk with respect to our various debt instruments. We do not hold or issue these derivative contracts for trading or speculative purposes. See Note 12 for further information on our derivative positions. We account for terminated derivative instruments by recognizing the related accumulated comprehensive income or loss balance in current earnings, unless the hedged forecasted transaction continues as originally planned, in which case we continue to amortize the accumulated comprehensive income or loss into earnings over the originally designated hedge period.
Earnings per share	Earnings per share Basic earnings per share is computed by dividing net income or loss by the weighted average common stock outstanding during the period. Diluted earnings per share is computed by dividing net income or loss by the weighted average common stock outstanding for the period plus the dilutive effect of stock options and restricted stock outstanding using the treasury stock method.
Fees under the asset management agreement	Fees under the asset management agreement In accordance with the asset management agreement, we compensate AAMC, a related party, on a quarterly basis for its efforts in the management of our business. We recognize these fees in the fiscal quarter in which they are incurred by us and earned by AAMC.
Fair value of financial instruments	Fair value of financial instruments We designate fair value measurements into three levels based on the lowest level of substantive input used to make the fair value measurement. Those levels are as follows: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Goodwill	Goodwill Goodwill represents the excess of the amount paid over the fair value of the identifiable tangible and intangible assets that were acquired in connection with the acquisition of our internal property manager and the corresponding internalization of property management beginning in August 2018. Goodwill has an indefinite life and is therefore not amortized. We test goodwill for impairment on an annual basis, or more frequently if circumstances indicate that the carrying value of goodwill exceeds its fair value.
Income taxes	Income taxes We elected REIT status upon the filing of our 2013 income tax return. We believe that we have complied with the provisions of the federal income tax code applicable to REITs for each financial year commencing in the year ended December 31, 2013. As a REIT, we believe that we will not be subject to federal income tax on the portion of our REIT taxable income that was distributed to our stockholders for such years, nor do we expect to be taxed on future distributions of REIT taxable income as long as certain asset, income and share ownership tests continue to be met. If after electing to be taxed as a REIT, we subsequently fail to qualify as a REIT in any taxable year, we generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost. Our taxable REIT subsidiaries (each a “TRS”) are utilized to enter into transactions that do not qualify as REIT activities and are subject to federal and state income taxes. Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to our judgment, we reduce a deferred tax asset by a valuation allowance if it is “more likely than not” that some or all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Judgment may be required in evaluating tax positions, and we recognize tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority.
Leases, Front Yard as Lessor	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 year with potential extensions, including month-to-month leases after the initial term. These leases are classified as operating leases. Rental revenues, net of any concessions and uncollectible amounts, consist primarily of rents collected under lease agreements related to our single-family residential properties. We adopted the provisions of ASC 842 effective January 1, 2019. Accounting for leases by lessors is substantially unchanged from the prior lease guidance under ASC 840; however, ASC 842 fundamentally changed the definition of a lease. Upon adoption of ASC 842, we elected the practical expedient not to separate the lease and non-lease components of the operating leases with our residents. Our lease components consist primarily of rental income and pet rent. Non-lease components consist of variable lease payments, including resident reimbursements and various other fees, including late fees and lease termination fees, among others. The lease component is the predominant component in these arrangements, and as such, we recognize rental revenues and other property income in accordance with ASC 842 for the year ended December 31, 2019 , and in accordance with previous GAAP for years prior to this adoption.
Leases, Front Yard as Lessee	Front Yard as Lessee We lease office space under various operating leases. Prior to our adoption of ASC 842, our operating leases were not recognized in our consolidated balance sheets. Effective with our adoption of ASC 842, we now recognize right-of-use assets and lease liabilities related to our operating leases, except for short-term operating leases. Our office leases are generally for terms of one to five years and typically include renewal options, which we consider 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, property taxes and insurance, each of which vary from period to period and are therefore expensed as incurred. We lease a fleet of vehicles under finance leases. Our accounting for finance leases remains substantially unchanged with the adoption of ASC 842. Each vehicle lease has 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. 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.
Mortgage loans, at fair value	Mortgage loans, at fair value At December 31, 2019 , we no longer held any mortgage loans. We liquidated our portfolio through a variety of resolution activities, including short sales, foreclosure sales to third party purchasers, REO conversions, full debt pay-offs of the mortgage loan by the borrower, negotiated settlements and loan portfolio sales. We initially recorded our mortgage loans at fair value, which generally equaled the purchase price we paid for the loans on the acquisition date. Mortgage loans were subsequently accounted for at fair value under the fair value option election with unrealized gains and losses recorded in current period earnings. Such changes in fair value occurred as a result of servicing efforts, restructuring, changes in the condition of the underlying collateral or other factors. We concluded that mortgage loans accounted for at fair value timely reflected the results of our investment performance. We determined the purchase price for mortgage loans at the time of acquisition by using a discounted cash flow valuation model and considering alternate loan resolution probabilities, including modification, liquidation or conversion to rental property. Observable inputs to the model included interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model included discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. AAMC’s capital markets group determined the fair value of mortgage loans monthly and developed procedures and controls governing the valuation process relating to these assets. The carrying value of each loan was adjusted in each reporting period to the estimated fair value, which may have been based on (i) market information, to the extent available and as adjusted for factors specific to individual mortgage loans, or (ii) as determined by AAMC's proprietary discounted cash flow model. Under this model, as a loan approached resolution (i.e., modification or conversion to real estate owned), the resolution timeline for that loan decreased and costs embedded for loan servicing, foreclosure costs and property insurance were incurred and removed from future expenses. The shorter resolution timelines and reduced future expenses each increased the fair value of the loan. The change in the value of the loan was recognized in our consolidated statements of operations as a component of change in unrealized gain on mortgage loans, which was included in net realized gain (loss) on real estate and mortgage loans beginning in 2018 as described below. We also recognized unrealized gains and losses in each reporting period when our mortgage loans are transferred to real estate owned. The transfer to real estate owned occurred when we obtained title to the property through completion of the foreclosure process. The fair value of these assets at the time of transfer to real estate owned was estimated using broker price opinions (“BPOs”).
Net gain (loss) on real estate and mortgage loans	Net gain (loss) on real estate and mortgage loans Net gain (loss) on real estate and mortgage loans consists of three components: change in unrealized gains on mortgage loans, net realized gains on mortgage loans and net realized gains on sales of real estate. Prior to 2018, we reported these components separately in the consolidated statements of operations within revenues. With our adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) effective January 1, 2018, we present these three components as a single line outside of revenues in the consolidated statement of operations as our mortgage loan and related REO activities were no longer a core part of our operations at that time due to our continued disposition of these asset classes. In accordance with the Securities and Exchange Commission's elimination of Rule 3-15(a) of Regulation S-X as part of Release No. 33-10532; 34-83875; IC-33203, which had required REITs to present gains and losses on sales of properties outside of continuing operations in the income statement, we classify net gain (loss) on real estate and mortgage loans as a component of operating loss. Change in unrealized gains or losses on mortgage loans We recognized changes in unrealized gains or losses on mortgage loans from three sources: conversions of mortgage loans to REO, changes in the fair value of mortgage loans and reclassifications of accumulated unrealized gains or losses to realized upon the sale of mortgage loans or REO. • Upon conversion of loans to REO, we marked the properties to the most recent market value. The difference between the carrying value of the asset at the time of conversion and the most recent market value, based on BPOs, was recorded in our statement of operations as change in unrealized gain on mortgage loans. • The carrying value of each loan was adjusted in each reporting period to the estimated fair value, which may have been based on (i) market information, to the extent available and as adjusted for factors specific to individual mortgage loans, or (ii) as determined by AAMC's proprietary discounted cash flow model. • Upon the liquidation of a mortgage loan or REO property, we reclassify previously accumulated unrealized gains or losses to realized gains or losses. Net realized gain or loss on mortgage loans We recorded net realized gains or losses, including the reclassification of previously accumulated net unrealized gains, upon the liquidation of a loan. We collected proceeds of loan liquidations in cash and, thereafter, had no continuing involvement with the asset. Net realized gain or loss on sale of real estate Certain former rental properties identified and REO properties that do not meet our investment criteria are sold out of our TRS. The realized gain or loss recognized in the financial statements, including the reclassification of previously accumulated net unrealized gains, reflects the net amount of realized and unrealized gains on sold properties from the time of acquisition to sale completion. We sell real estate generally for cash at the time of closing and have no continuing involvement thereafter.
Real estate assets	Real estate assets Our real estate assets consist of (i) residential properties held as rental units, (ii) residential properties that we acquired through the conversion of mortgage loans to REO that have not yet been placed in service as a rental or that do not meet the criteria to be classified as held for sale and (iii) residential properties that are held for sale. Rental residential properties We record rental residential properties at historical cost less accumulated depreciation. The cost basis of residential rental properties is depreciated using the straight-line method over an estimated useful life of three to 27.5 years based on the nature of the components. Certain of our rental residential properties may require renovation before being placed in service. Interest and other carrying costs incurred during the renovation period are capitalized until the property is ready for its intended use. Expenditures for ordinary maintenance and repairs are charged to expense as incurred. Purchases of residential properties are evaluated to determine whether they meet the definition of an asset acquisition or of a business combination under U.S. GAAP. For asset acquisitions, we capitalize the pre-acquisition costs to the extent such costs would have been capitalized had we owned the asset when the cost was incurred and capitalize closing and other direct acquisition costs. We then allocate the total cost of the property, including the acquisition costs, between land; building; site improvements; furniture, fixtures and equipment and any identified intangible assets and liabilities (including in-place leases). For acquisitions that meet the definition of a business combination, we expense the acquisition costs in the period in which the costs were incurred and allocate the cost of the property among land; building; site improvements; furniture, fixtures and equipment and any identified intangible assets and liabilities. In-place lease intangibles are recorded at the estimated fair value, which is the estimated costs that would have been incurred to lease the property, and are amortized on a straight-line basis over the remaining life of the related lease or, in the case of acquisitions of real estate pools, over the weighted average remaining life of the related pool of leases. Real estate owned Real estate owned includes properties that we identified for disposal that do not yet meet the criteria to be classified as held for sale, including (i) vacant rental properties that are non-strategic, underperforming or are in inefficient markets that are identified for future disposal and (ii) the remaining properties acquired through foreclosure of our previous mortgage loans that do not meet our rental profile. Once a property is ready to be marketed, we reclassify the asset to real estate assets held for sale. Upon the acquisition of real estate through the completion of foreclosure, we recorded the assets at fair value as of the acquisition date as a component of real estate owned based on information obtained from a BPO, a full appraisal or the price given in a current contract of sale of the property. For those REO properties that met our rental profile, we reclassified the property to rental residential property and allocated the carrying value between land and rental residential properties in our consolidated balance sheet once the property was placed in rental service. Real estate assets held for sale Residential properties are classified as real estate assets held for sale when sale of the assets has been formally approved, the sale is expected to occur in the next twelve months and the property has been listed for sale. We record residential properties held for sale at the lower of the accumulated costs, net of depreciation, or estimated fair value less costs to sell. The fair value of real estate assets held for sale is determined as the lesser of the BPO or the expected selling price (which we consider to be Level 3 inputs). The expected selling price may be based on the current listing price of the property. Real estate impairment We perform an impairment analysis of our real estate assets if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or manner of use, significant deterioration in physical condition or indications that the market value of a property has declined to an amount less than the carrying amount. For our SFR portfolio, we perform a quantitative analysis to determine if any of these indicators of impairment exist, which may require a cash flow analysis on a property-level basis. For our real estate assets held for sale and properties identified for future disposition, we perform a cash flow analysis at the property level. These analyses are based on a number of assumptions that are subject to economic and market uncertainties, including, among others, demand for rental properties, competition for customers, changes in market rental rates, the estimated fair value of the property (based on BPOs), costs to operate each property and expected ownership periods. If the carrying amount of a property exceeds the sum of its undiscounted future operating and residual cash flows, an impairment loss is recorded for the excess of the carrying amount over the estimated fair value (in the case of rental residential properties and real estate owned) or the estimated fair value less costs to sell (in the case of real estate assets held for sale). For rental residential properties and real estate owned, we are not able to recover any previously recognized impairments should the estimated fair value subsequently improve. For real estate assets held for sale, we are able to recover impairments to the extent previously recognized in the event that the estimated fair value of impaired properties held for sale subsequently improves. We generally estimate the fair value of real estate assets by using BPOs, and, for real estate assets held for sale, we also consider the expected selling price, which may be based on the current listing price of the property. In some instances, appraisal information may be available and is used in addition to BPOs. We engage third party vendors to obtain and evaluate BPOs prepared by other third party brokers for our ultimate use. BPOs are subject to judgments of a particular broker formed by visiting a property, assessing general home values in an area, reviewing comparable listings and reviewing comparable completed sales. These judgments may vary among brokers and may fluctuate over time based on housing market activities and the influx of additional comparable listings and sales. Our results could be materially and adversely affected if the judgments used by brokers in providing BPOs prove to be incorrect or inaccurate. We have established validation procedures to confirm the values we receive from third party vendors are consistent with our observations of market values. These validation procedures include establishing thresholds to identify changes in value that require further analysis. Our current policies require that we update the fair value estimate of each held-for-sale property at least every six months by obtaining a new BPO, and we obtain new BPOs for a portion of our held-for-use properties each year. These BPOs are subject to the review processes of our third party vendors. In addition, we generally perform further analysis when the value of the property per the new BPO varies from the old BPO by 25% or $75,000 per property. If a newly obtained BPO varies from the old BPO by this established threshold, we perform additional procedures to ensure the BPO accurately reflects the current fair value of the property. These procedures include engaging additional third party vendors to compare the old BPOs to the new BPOs and to assist us in evaluating the appropriateness of comparable properties and property-specific characteristics used in the valuation process. As part of this evaluation, our third party vendors often discuss the differing BPOs with the providing brokers to ensure that proper comparable properties have been identified. These third party vendors also compare the BPOs to past appraisals, if any, of the property to ensure the BPOs are in line with those appraisals. Following the consideration and reconciliation of the BPOs, the third party provider may provide us with a new property value reflecting the analysis they performed or confirm the BPO value we received, in which case we use the new property value or the validated BPO, respectively, for our fair value estimate of the property. Leasing costs Expenditures directly related to successful leasing efforts, such as lease commissions, are capitalized as a leasing cost and are included in prepaid expenses and other assets on the accompanying consolidated balance sheet at amortized cost. Such expenditures are part of our operations and, therefore, are classified as operating activities in our consolidated statement of cash flows. Capitalized leasing costs are amortized on a straight-line basis over the lease term of the respective leases, which generally are for one year. Casualty losses and insurance recoveries Losses incurred as a result of casualty events, including natural disasters, are included in casualty losses in the consolidated statement of operations in the period in which we identify and are able to estimate the loss. We carry insurance, subject to deductibles, to reimburse us for losses related to property damage and business interruption. We recognize insurance recoveries for property damage to the extent of losses incurred for expected insurance proceeds that are reasonably certain of payment in the consolidated statements of operations in the same period as the related loss. Insurance recoveries in excess of property losses incurred or for business interruption are recognized upon receipt of funds from the insurer.
Share-based compensation	Share-based compensation With our adoption of ASU 2018-07, Compensation - Stock Compensation (Topic 718) effective April 1, 2018, the grant date fair value of share-based awards is recorded as expense on a straight-line basis over the vesting period for the award with an offsetting increase in stockholders' equity. For service-based restricted stock awards, the grant date fair value is determined based upon the closing share price on the grant date as reported on the New York Stock Exchange. For stock options and restricted stock awards with market-based vesting requirements, we use a Monte Carlo simulation until each market hurdle is met. Prior to our adoption of ASU 2018-07 on April 1, 2018, our awards to non-employees were revalued each reporting period. For restricted stock grants to non-employees, the fair value was based on the closing share price on the date that the shares vest, which required the amount to be adjusted in each reporting period based on the fair value of the award at the end of the reporting period until the award vested. For stock options issued to non-employees, we used a Monte Carlo simulation until each market hurdle was met. Subsequent to the market hurdle being met, we calculated the fair value of non-employee stock options issued based on the Black-Scholes model. Subsequent to our adoption of ASU 2018-07, the fair value of these awards is fixed as of the adoption date. Forfeitures of share-based awards are recognized as they occur.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents [Table Text Block]	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the consolidated balance sheets to the consolidated statements of cash flows: December 31, 2019 December 31, 2018 Cash and cash equivalents $ 43,727 $ 44,186 Restricted cash 34,282 36,974 Cash, cash equivalents and restricted cash per the consolidated statements of cash flows $ 78,009 $ 81,160
Restrictions on Cash and Cash Equivalents [Table Text Block]	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the consolidated balance sheets to the consolidated statements of cash flows: December 31, 2019 December 31, 2018 Cash and cash equivalents $ 43,727 $ 44,186 Restricted cash 34,282 36,974 Cash, cash equivalents and restricted cash per the consolidated statements of cash flows $ 78,009 $ 81,160

Asset Acquisitions and Dispos_2

Asset Acquisitions and Dispositions (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate And Mortgage Loans On Real Estate Acquisitions And Disposals [Abstract]
Schedule of Allocation of Real Estate Purchase Price	For each closing under the HOME Flow Transaction, we allocated the purchase price, including capitalized acquisition costs, based on the relative fair value of the properties acquired as follows ($ in thousands): HOME Borrower II HOME Borrower III HOME Borrower IV Land $ 20,668 $ 22,549 $ 58,957 Rental residential properties (1) 84,942 93,802 242,110 Prepaid expenses and other assets (2) 2,380 2,018 5,894 Total allocation of purchase price $ 107,990 $ 118,369 $ 306,961 ________ (1) Includes building, site improvements and furniture, fixtures and equipment. (2) Represent estimated lease-in-place intangible asset. The allocation of the purchase consideration is as follows ($ in thousands): Land $ 82,739 Rental residential properties 282,914 Real estate assets held for sale 94,946 Cash and cash equivalents 9,255 Restricted cash 4,780 Accounts receivable, net 1,778 Goodwill 13,376 In-place lease intangible assets (1) (2) 6,462 Other assets (2) 1,784 Total assets acquired 498,034 Accounts payable and accrued liabilities 16,678 Total liabilities assumed 16,678 Total allocation of purchase price $ 481,356 __________________ (1) The value of in-place leases was amortized over the weighted average remaining life of the leases, which was approximately eight months as of the acquisition date. (2) Included in prepaid expenses and other assets in the consolidated balance sheet. The following table presents the components acquired ($ in thousands): Purchase price allocable to RHA entities, including underlying properties $ 471,400 Purchase price allocable to HavenBrook 13,600 Gross purchase price 485,000 Less: net purchase price adjustments at closing (1) (3,644 ) Net purchase price $ 481,356 __________________ (1) Purchase price adjustments at closing relate primarily to (i) properties sold by RHA subsequent to negotiation of the purchase price and prior to closing and (ii) working capital balances of each acquired entity.
Schedule of Sources of Funds	The HB Acquisition was completed using the following sources of funds ($ in thousands): Cash $ 88,489 Net proceeds of borrowings 462,794 Less: financing related to assets previously acquired (69,927 ) Net purchase price $ 481,356
Business Acquisition, Pro Forma Information	The following supplemental pro forma financial information summarizes our results of operations as if the HB Acquisition occurred on January 1, 2017 ($ in thousands, except per share amounts): Year ended December 31, 2018 2017 Unaudited pro forma revenues $ 213,307 $ 141,977 Unaudited pro forma net loss $ (137,695 ) $ (212,990 ) Pro forma loss per basic common share $ (2.57 ) $ (3.98 ) Weighted average common stock outstanding - basic 53,630,204 53,493,523 Pro forma loss per diluted common share $ (2.57 ) $ (3.98 ) Weighted average common stock outstanding - diluted 53,630,204 53,493,523 The following table presents the adjustments included in the above pro forma financial information for the period indicated ($ in thousands): Year ended December 31, 2018 2017 Revenues from consolidated statements of operations $ 183,013 $ 94,171 Add: historical revenues not reflected in consolidated statements of operations 30,294 47,806 Unaudited pro forma revenues $ 213,307 $ 141,977 Net loss from consolidated statements of operations $ (130,835 ) $ (185,454 ) Plus: historical net loss not reflected in consolidated statements of operations (9,785 ) (18,825 ) Adjustment for pro forma depreciation and amortization 9,016 3,531 Adjustment for pro forma interest expense (6,091 ) (12,242 ) Unaudited pro forma net loss $ (137,695 ) $ (212,990 )
Schedule of acquisition and integration costs	The following table presents the detail of acquisition and integration costs for the years ended December 31, 2019 , 2018 , and 2017 ($ in thousands): Year ended December 31, 2019 2018 2017 Acquisition costs $ 86 $ 7,209 $ 778 Integration costs 3,045 3,148 — ASPS transition fee (1) — 18,000 — MSR transition fee (1) — 5,250 — Total acquisition and integration costs $ 3,131 $ 33,607 $ 778 ________ (1) Represents fees in relation to the transition of our externally managed SFR properties to our internal property management platform. These transition fees have been paid prior to December 31, 2019 except for $3.0 million of the ASPS transition fee, which is payable on the earlier to occur of (i) a change of control of us or (ii) August 8, 2023 and is therefore included in accounts payable and accrued liabilities in our consolidated balance sheets.
Schedule of Components of Change in Unrealized Gain on Mortgage Loans	The following table presents the components of net gain (loss) on real estate and mortgage loans during the periods indicated ($ in thousands): Year ended December 31, 2019 2018 2017 Change in unrealized gain (loss) due to: Conversion of mortgage loans to REO, net $ 769 $ 2,344 $ 15,067 Change in fair value, net 210 313 1,514 Reclassification to realized gain or loss (24,065 ) (35,041 ) (207,437 ) Total change in unrealized gain (loss) on mortgage loans (23,086 ) (32,384 ) (190,856 ) Net realized (loss) gain on mortgage loans (1) (6,912 ) (938 ) 84,024 Net realized gain on sales of real estate 42,854 33,177 76,913 Net gain (loss) on real estate and mortgage loans $ 12,856 $ (145 ) $ (29,919 ) _____________ (1) The year ended December 31, 2019 includes downward purchase price adjustments on prior loan sales of $3.5 million .

Real Estate Assets (Tables)

Real Estate Assets (Tables)	12 Months Ended
	Dec. 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: December 31, 2019 Held for Use Held for Sale Total Portfolio Rental Properties: Leased 13,711 — 13,711 Listed and ready for rent 371 — 371 Unit turn 369 — 369 Renovation 94 — 94 Total rental properties 14,545 Previous rentals identified for sale 94 87 181 Legacy REO 10 12 22 14,649 99 14,748 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 at Fair Value (T

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

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The following table sets forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of December 31, 2019 and 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 December 31, 2019 Recurring basis (assets) Interest rate cap derivatives (1) $ 2,070 $ — $ 2,070 $ — Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase and loan agreements 1,644,230 — 1,653,720 — 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 consolidated balance sheets.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table sets forth the changes in our Level 3 assets, which consisted solely of mortgage loans at fair value, for the years ended December 31, 2019 and 2018 ($ in thousands): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Year ended December 31, 2019 2018 Mortgage loans at fair value based on Level 3 inputs, beginning balance $ 8,072 $ 11,477 Net gain on mortgage loans 12 3,157 Mortgage loan dispositions, resolutions and payments (405 ) (1,774 ) Real estate tax advances to borrowers 65 230 Selling costs on loans held for sale — (83 ) Transfer of mortgage loans to real estate owned, net (4,131 ) (4,935 ) Transfers out of Level 3 (1) (3,613 ) — Mortgage loans at fair value based on Level 3 inputs, ending balance $ — $ 8,072 Change in unrealized gain on mortgage loans held at the end of the period (2) n/a $ (358 ) _____________ (1) Transferred from Level 3 to Level 2 because observable market data became available and was the primary valuation input. These mortgage loans were sold on October 7, 2019. (2) Included in net gain (loss) on real estate and mortgage loans in the consolidated statements of operations.
Fair Value Inputs, Assets, Quantitative Information	The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of certain of our mortgage loans: Input December 31, 2018 Equity discount rate 17.0% Debt to asset ratio 65.0% Cost of funds 3.5% over 1 month LIBOR Annual change in home pricing index -0.55% to 16.79% Loan resolution probabilities — modification 0% to 5.9% Loan resolution probabilities — liquidation 38.8% to 100% Loan resolution probabilities — paid in full 0% to 61.2% Loan resolution timelines (in years) 0.1 to 6.1 Value of underlying properties $50,000 to $2,500,000

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Lessor, Operating Lease, Payments to be Received, Maturity	Future minimum rental revenues under existing leases for the 13,711 properties that were leased as of December 31, 2019 are as follows ($ in thousands): Contractual Rents 2020 $ 106,780 2021 2,852 2022 121 2023 — 2024 — Thereafter — $ 109,753
Lessee, Operating Lease, Liability, Maturity	The following table presents a maturity analysis of our operating leases as of December 31, 2019 ($ in thousands): Operating Lease Liabilities 2020 $ 608 2021 242 2022 121 2023 — 2024 — Thereafter — Total lease payments 971 Less: interest 42 Lease liabilities $ 929
Finance Lease, Liability, Maturity	The following table presents a maturity analysis of our finance leases as of December 31, 2019 ($ in thousands): Finance Lease Liabilities 2020 $ 981 2021 875 2022 370 2023 92 2024 18 Thereafter — Total lease payments 2,336 Less: interest 184 Lease liabilities $ 2,152

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of debt	The following table sets forth data with respect to our repurchase and loan agreements as of December 31, 2019 and 2018 ($ in thousands): Maturity Date Interest Rate Amount Outstanding Maximum Borrowing Capacity Amount of Available Funding Book Value of Collateral December 31, 2019 CS Repurchase Agreement 2/15/2020 (1) 1-month LIBOR + 2.30% $ 109,002 $ 250,000 $ 140,998 $ 111,593 Nomura Loan Agreement 4/3/2020 1-month LIBOR + 2.30% 33,671 250,000 216,329 38,423 HOME II Loan Agreement 11/9/2020 (2) 1-month LIBOR + 2.10% (3) 83,270 83,270 — 98,150 HOME III Loan Agreement 11/9/2020 (2) 1-month LIBOR + 2.10% (3) 89,150 89,150 — 108,860 HOME IV Loan Agreement (A) 12/9/2022 4.00% 114,201 114,201 — 141,787 HOME IV Loan Agreement (B) 12/9/2022 4.00% 114,590 114,590 — 142,620 Term Loan Agreement 4/6/2022 5.00% 99,782 99,782 — 111,061 FYR SFR Loan Agreement 9/1/2028 4.65% 508,700 508,700 — 573,961 MS Loan Agreement 12/7/2023 1-month LIBOR + 1.80% (4) 504,986 504,986 — 595,650 1,657,352 $ 2,014,679 $ 357,327 $ 1,922,105 Less: unamortized loan discounts (3,632 ) Less: deferred debt issuance costs (9,490 ) $ 1,644,230 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 February 13, 2020, we extended the maturity date to May 15, 2020. (2) Represents current maturity date as of the reporting date. We have the option to extend the maturity date for up to three successive one -year extensions, the first of which we exercised on November 9, 2019. (3) The interest rate is capped at 4.40% under an interest rate cap derivative. See Note 12 . (4) The interest rate is capped at 4.30% under an interest rate cap derivative. See Note 12 .
Schedule of maturities of long-term debt	The following table presents the principal amount of our debt due at maturity by year, including applicable extensions ($ in thousands): 2020 $ 142,673 2021 — 2022 500,993 2023 504,986 2024 — Thereafter 508,700 $ 1,657,352

Related-party Transactions (Tab

Related-party Transactions (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	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% $7,000,000,000 The following table presents our significant transactions with AAMC, which is a related party, for the periods indicated ($ in thousands): Year Ended December 31, 2019 2018 2017 Base management fees (1) $ 14,270 $ 14,567 $ 16,010 Conversion fees (1) 29 176 1,291 Expense reimbursements (2) 1,463 1,183 859 _______________ (1) Included in management fees to AAMC in the consolidated statements of operations. (2) Included in general and administrative expenses in the consolidated statements of operations. 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.

Share-based Payments (Tables)

Share-based Payments (Tables)	12 Months Ended
	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity	The following table sets forth the activity of our outstanding options: Number of Options Weighted Average Exercise Price per Share December 31, 2016 862,977 $ 8.55 Granted 567,227 14.30 Exercised (1) (49,126 ) 2.16 December 31, 2017 1,381,078 11.14 Exercised (1) (40,722 ) 2.62 Forfeited or canceled (62,364 ) 5.05 December 31, 2018 1,277,992 11.71 Exercised (1) (29,165 ) 2.32 December 31, 2019 1,248,827 $ 11.93 ___________________ (1) The intrinsic value of stock options exercised during the years ended December 31, 2019 , 2018 and 2017 was $0.3 million , $0.3 million and $0.6 million , respectively.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	We calculated the grant date fair value of stock options granted in 2017 using a Monte Carlo simulation and amortize the resulting compensation expense over the respective vesting or service period. The fair value of stock options granted during the period indicated was determined using the following assumptions: Year ended December 31, 2017 Risk free interest rate (1) 2.05% Common stock dividend yield 4.20% Expected volatility (2) 36.67% _____________ (1) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the stock option grants. (2) Based on our historical stock price volatility.
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table sets forth the activity of our restricted stock: Number of Shares Weighted Average Grant Date Fair Value December 31, 2016 266,898 9.97 Granted 271,633 14.30 Vested (1) (101,487 ) 9.96 Canceled (17,802 ) 11.80 December 31, 2017 419,242 12.70 Granted 555,454 9.78 Vested (1) (171,497 ) 12.41 Forfeited (36,708 ) 12.76 December 31, 2018 766,491 10.65 Granted 749,929 8.70 Vested (1) (349,914 ) 10.83 December 31, 2019 1,166,506 $ 9.34 ___________________ (1) The vesting date fair value of restricted stock that vested during the years ended December 31, 2019 , 2018 and 2017 was $4.1 million , $1.9 million and $1.3 million , respectively.
Schedule of Share-based Payment Award, Other Than Stock Options, Valuation Assumptions	We calculated the grant date fair value of the restricted stock with market-based vesting criteria using a Monte Carlo simulation and amortize the resulting compensation expense over the respective vesting or service period. The fair value of market-based restricted stock granted was determined using the following assumptions: Year ended December 31, 2019 2018 Risk free interest rate (1) 2.21% 2.72% Common stock dividend yield (2) 0.00% 0.00% Expected volatility (3) 34.03% 32.88% _____________ (1) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the grants. (2) Because the vesting of market-based restricted stock awards include accumulated dividends and the awards accrue dividend equivalent payments, no dividend yield assumption was included in the grant date fair value calculation. (3) Based on our historical stock price volatility.
Schedule of Share-based Compensation, Shares Reserved for Future Issuance	The following table sets forth the number of shares of common stock reserved for future issuance. We generally will issue new shares upon the exercise of stock options or the vesting of restricted stock. December 31, 2019 Stock options outstanding 1,248,827 Possible future issuances under share-based compensation plans 1,650,071 2,898,898

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 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 December 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 Consolidated Balance Sheets Asset Derivatives Fair Value as of December 31, Balance Sheet Location 2019 2018 Derivatives designated as hedging instruments: Interest rate caps Other assets $ 2,070 $ 14,367 Total $ 2,070 $ 14,367
Schedule of Effect of Derivative Instruments on the Consolidated Statements of Operations	Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations Amount of Gain (Loss) Recognized in OCI on Derivative (effective portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Net Loss Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Loss (effective portion) Total Amount of Interest Expense Presented in the Consolidated Statements of Operations Year Ended December 31, Year Ended December 31, Year Ended December 31, 2019 2018 2017 2019 2018 2017 2019 2018 2017 Derivatives in cash flow hedging relationships Interest rate caps $ (7,261 ) $ (12,653 ) $ — Interest expense $ (5,036 ) $ (375 ) $ — $ 84,137 $ 77,035 $ 59,582 Location of Gain (Loss) Recognized on Derivative in Net Loss Amount of Gain (Loss) on Derivative Recognized in Net Loss Year Ended December 31, 2019 2018 2017 Derivatives not designated as hedging instruments Interest rate caps Interest expense $ — $ (936 ) $ —

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Schedule of components of diluted earnings per share	The following table sets forth the components of diluted loss per share (in thousands, except share and per share amounts): Year Ended December 31, 2019 2018 2017 Numerator Net loss $ (105,391 ) $ (130,835 ) $ (185,454 ) Denominator Weighted average common stock outstanding – basic 53,772,094 53,552,109 53,493,523 Weighted average common stock outstanding – diluted 53,772,094 53,552,109 53,493,523 Loss per basic share $ (1.96 ) $ (2.44 ) $ (3.47 ) Loss per diluted share $ (1.96 ) $ (2.44 ) $ (3.47 )
Schedule of antidilutive securities excluded from computation of earnings per share	We excluded the items presented below from the calculation of diluted loss per share as they were antidilutive for the periods indicated: Year Ended December 31, 2019 2018 2017 Denominator (in weighted-average shares) Stock options 80,045 71,430 157,214 Restricted stock 526,502 219,738 164,689

Quarterly Financial Informati_2

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following tables set forth our quarterly financial information (unaudited, $ in thousands except per share amounts): 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Total revenues $ 52,625 $ 51,553 $ 50,768 $ 52,064 $ 207,010 Net loss (18,508 ) (25,017 ) (36,368 ) (25,498 ) (105,391 ) Loss per basic share of common stock (0.35 ) (0.47 ) (0.68 ) (0.47 ) (1.96 ) Loss per diluted share of common stock (0.35 ) (0.47 ) (0.68 ) (0.47 ) (1.96 ) 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Full Year Total revenues $ 39,765 $ 40,906 $ 48,313 $ 54,029 $ 183,013 Net loss (27,350 ) (21,336 ) (47,933 ) (34,216 ) (130,835 ) Loss per basic share of common stock (0.51 ) (0.40 ) (0.89 ) (0.64 ) (2.44 ) Loss per diluted share of common stock (0.51 ) (0.40 ) (0.89 ) (0.64 ) (2.44 )

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details) $ in Millions	Dec. 21, 2012USD ($)	Dec. 31, 2019property	Dec. 31, 2018property
Organization and Basis of Presentation [Line Items]
Proceeds from contributed capital | $	$ 100
Number of properties | property		14,748	15,445

Summary of Significant Accoun_4

Summary of Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash and cash equivalents	$ 43,727	$ 44,186
Restricted cash	34,282	36,974
Cash, cash equivalents and restricted cash per the consolidated statements of cash flows	$ 78,009	$ 81,160	$ 161,488	$ 129,223

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Frequency fair value estimates updated	6 months
Threshold percentage of change in value subject to analysis	25.00%
Threshold amount of change in value subject to analysis	$ 75,000
Insurance recoveries	$ 730,000	$ 588,000	$ 3,349,000
Summary of significant accounting policies [Line Items]
Term of leases offered to lessees	1 year
Lessee, finance lease, term of contract	36 months
Casualty losses, net	$ 978,000	552,000	$ 6,021,000
Minimum
Summary of significant accounting policies [Line Items]
Real estate useful life	3 years
Term of leases offered to lessees	1 year
Lessee, operating lease, term of contract	1 year
Maximum
Summary of significant accounting policies [Line Items]
Real estate useful life	27 years 6 months
Lessee, operating lease, term of contract	5 years
Restatement Adjustment
Summary of significant accounting policies [Line Items]
Casualty losses, net		$ (1,000,000)

Asset Acquisitions and Dispos_3

Asset Acquisitions and Dispositions - Narrative (Details) $ in Thousands	Aug. 08, 2018USD ($)trustproperty	Nov. 29, 2017USD ($)property	Jun. 29, 2017USD ($)property	Mar. 30, 2017USD ($)property	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)loanproperty	Dec. 31, 2018USD ($)loanproperty	Dec. 31, 2017USD ($)loanproperty
Real Estate [Line Items]
Acquisition and integration costs													$ 3,131	$ 33,607	$ 778
Rental residential properties					$ 1,707,043				$ 1,667,939				1,707,043	1,667,939
Investment in real estate													49,112	475,760	135,101
Total revenues					52,064	$ 50,768	$ 51,553	$ 52,625	54,029	$ 48,313	$ 40,906	$ 39,765	207,010	183,013	94,171
Net loss					$ (25,498)	$ (36,368)	$ (25,017)	$ (18,508)	$ (34,216)	$ (47,933)	$ (21,336)	$ (27,350)	$ (105,391)	$ (130,835)	$ (185,454)
Number of real estate properties sold | property													(954)	(448)	(1,710)
Proceeds from dispositions of real estate													$ 190,973	$ 81,739	$ 264,174
Net realized gain on sales of real estate													42,854	33,177	76,913
Proceeds from sale and resolution of mortgage loans held-for-sale													4,200	3,200	521,200
Net realized gain on mortgage loans													(6,912)	(938)	84,024
Transfer of mortgage loans to real estate owned, net													$ 4,131	$ 4,935	$ 40,436
Residential mortgage | Loans receivable
Real Estate [Line Items]
Number of real estate properties acquired through foreclosure | loan													4	10	248
Transfer of mortgage loans to real estate owned, net													$ 4,100	$ 4,900	$ 40,400
Nonperforming financing receivable | Residential mortgage | Loans receivable
Real Estate [Line Items]
Number of mortgage loans liquidated | loan													70	27	3,115
Disposal group, disposed of by sale, not discontinued operations
Real Estate [Line Items]
Proceeds from dispositions of real estate													$ 197,800	$ 79,400	$ 250,700
Rental Home Associates LLC
Real Estate [Line Items]
Number of real estate investment trusts | trust	3
Gross purchase price	$ 471,400
HB Acquisition
Real Estate [Line Items]
Gross purchase price	$ 485,000
Acquisition and integration costs														7,200
Revenues														20,300
Net loss														10,600
Net loss														(130,835)	$ (185,454)
Altisource Portfolio Solutions
Real Estate [Line Items]
Acquisition and integration costs														18,000
Main Street Renewal, LLC
Real Estate [Line Items]
Acquisition and integration costs														$ 5,300
One-by-one acquisition program
Real Estate [Line Items]
Number of real estate properties directly acquired | loan													251	70	27
Investment in real estate													$ 49,600	$ 8,700	$ 2,700
HOME Flow Transaction
Real Estate [Line Items]
Purchase commitment, minimum quantity required | property				3,500
HOME Flow Transaction | HOME Borrower II
Real Estate [Line Items]
Number of real estate properties directly acquired | property				757
Rental residential properties				$ 106,500
Percentage of purchase price funded by selling financing arrangement				75.00%
Investment in real estate				$ 26,600
Business acquisition, transaction costs				1,500
HOME Flow Transaction | HOME Borrower III
Real Estate [Line Items]
Number of real estate properties directly acquired | property			751
Rental residential properties			$ 117,100
Percentage of purchase price funded by selling financing arrangement			75.00%
Investment in real estate			$ 29,300
Business acquisition, transaction costs			1,300
HOME Flow Transaction | HOME Borrower IV
Real Estate [Line Items]
Number of real estate properties directly acquired | property		1,957
Rental residential properties		$ 305,100
Percentage of purchase price funded by selling financing arrangement		75.00%
Investment in real estate		$ 76,300
Business acquisition, transaction costs		1,900
HOME II Loan Agreement | Secured debt | HOME Flow Transaction | HOME Borrower II
Real Estate [Line Items]
Amount borrowed pursuant to loan agreement				$ 79,900
HOME III Loan Agreement | Secured debt | HOME Flow Transaction | HOME Borrower III
Real Estate [Line Items]
Amount borrowed pursuant to loan agreement			$ 87,800
HOME IV Loan Agreements | Secured debt | HOME Flow Transaction | HOME Borrower IV
Real Estate [Line Items]
Amount borrowed pursuant to loan agreement		$ 228,800
Leases In-Place
Real Estate [Line Items]
Weighted average useful life of in-place leases	8 months
Leases In-Place | HOME Flow Transaction
Real Estate [Line Items]
Weighted average useful life of in-place leases		7 months	9 months	7 months
Acquired-in-place leases		$ 5,900	$ 2,000	$ 2,400
Single family | Rental Home Associates LLC
Real Estate [Line Items]
Number of real estate properties directly acquired | property	3,236

Asset Acquisitions and Dispos_4

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

Asset Acquisitions and Dispos_5

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

Asset Acquisitions and Dispos_6

Asset Acquisitions and Dispositions - Preliminary allocation of the purchase consideration (Details) - USD ($) $ in Thousands	Aug. 08, 2018	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill		$ 13,376	$ 13,376
HB Acquisition
Business Acquisition [Line Items]
Land	$ 82,739
Rental residential properties	282,914
Real estate assets held for sale	94,946
Cash and cash equivalents	9,255
Restricted cash	4,780
Accounts receivable, net	1,778
Goodwill	13,376
In-place lease intangible assets	6,462
Other assets	1,784
Total assets acquired	498,034
Accounts payable and accrued liabilities	16,678
Total liabilities assumed	16,678
Total preliminary allocation of purchase price	$ 481,356
Leases In-Place
Business Acquisition [Line Items]
Weighted average useful life of in-place leases	8 months

Asset Acquisitions and Dispos_7

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

Asset Acquisitions and Dispos_8

Asset Acquisitions and Dispositions - Pro forma adjustments (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Net loss from consolidated statements of operations	$ (25,498)	$ (36,368)	$ (25,017)	$ (18,508)	$ (34,216)	$ (47,933)	$ (21,336)	$ (27,350)	$ (105,391)	$ (130,835)	$ (185,454)
HB Acquisition
Business Acquisition [Line Items]
Revenues from consolidated statements of operations										183,013	94,171
Add: historical revenues not reflected in consolidated statements of operations										30,294	47,806
Unaudited pro forma revenues										213,307	141,977
Net loss from consolidated statements of operations										(130,835)	(185,454)
Plus: historical net loss not reflected in consolidated statements of operations										(9,785)	(18,825)
Adjustment for pro forma depreciation and amortization										9,016	3,531
Adjustment for pro forma interest expense										(6,091)	(12,242)
Unaudited pro forma net loss										$ (137,695)	$ (212,990)

Asset Acquisitions and Dispos_9

Asset Acquisitions and Dispositions - Allocation of Purchase Price (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
HOME Borrower II
Real Estate [Line Items]
Total allocation of purchase price	$ 107,990
HOME Borrower II | Land
Real Estate [Line Items]
Total allocation of purchase price	20,668
HOME Borrower II | Rental Residential Properties
Real Estate [Line Items]
Total allocation of purchase price	84,942
HOME Borrower II | Prepaid Expenses and Other Current Assets
Real Estate [Line Items]
Total allocation of purchase price	2,380
HOME Borrower III
Real Estate [Line Items]
Total allocation of purchase price	118,369
HOME Borrower III | Land
Real Estate [Line Items]
Total allocation of purchase price	22,549
HOME Borrower III | Rental Residential Properties
Real Estate [Line Items]
Total allocation of purchase price	93,802
HOME Borrower III | Prepaid Expenses and Other Current Assets
Real Estate [Line Items]
Total allocation of purchase price	2,018
HOME Borrower IV
Real Estate [Line Items]
Total allocation of purchase price	306,961
HOME Borrower IV | Land
Real Estate [Line Items]
Total allocation of purchase price	58,957
HOME Borrower IV | Rental Residential Properties
Real Estate [Line Items]
Total allocation of purchase price	242,110
HOME Borrower IV | Prepaid Expenses and Other Current Assets
Real Estate [Line Items]
Total allocation of purchase price	$ 5,894

Asset Acquisitions and Dispo_10

Asset Acquisitions and Dispositions - Schedule of acquisition and integration costs (Details) - USD ($) $ in Thousands	12 Months Ended			60 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Aug. 08, 2023
Business Acquisition [Line Items]
Acquisition costs	$ 86	$ 7,209	$ 778
Integration costs	3,045	3,148	0
Total acquisition and integration costs	3,131	33,607	778
Altisource Portfolio Solutions
Business Acquisition [Line Items]
Acquisition costs	0	18,000	0
Total acquisition and integration costs		18,000
Main Street Renewal, LLC
Business Acquisition [Line Items]
Acquisition costs	$ 0	5,250	$ 0
Total acquisition and integration costs		$ 5,300
Forecast | Altisource Portfolio Solutions
Business Acquisition [Line Items]
Payment for contingent consideration				$ 3,000

Asset Acquisitions and Dispo_11

Asset Acquisitions and Dispositions - Change in Unrealized Gain on Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Line Items]
Total change in unrealized gain (loss) on mortgage loans			$ (190,856)
Net realized (loss) gain on mortgage loans	$ (6,912)	$ (938)	84,024
Net realized gain on sales of real estate	42,854	33,177	76,913
Net gain (loss) on real estate and mortgage loans	12,856	(145)	(29,919)
Downward purchase price adjustment	3,500
Loans receivable | Residential mortgage
Real Estate [Line Items]
Conversion of mortgage loans to REO, net	769	2,344	15,067
Change in fair value, net	210	313	1,514
Reclassification to realized gain or loss	(24,065)	(35,041)	(207,437)
Total change in unrealized gain (loss) on mortgage loans	$ (23,086)	$ (32,384)	$ (190,856)

Real Estate Assets - Schedule o

Real Estate Assets - Schedule of Real Estate Properties (Details) - property	Dec. 31, 2019	Dec. 31, 2018
Rental Properties, Held For Use [Abstract]
Leased	13,711	13,546
Listed and ready for rent	371	434
Unit turn	369	428
Renovation	94	136
Total rental properties	14,545	14,544
Previous rentals identified for sale	94	158
Legacy REO	10	56
Held for Use	14,649	14,758
Rental Properties, Held For Sale [Abstract]
Leased	0	423
Listed and ready for rent	0	8
Unit turn	0	18
Renovation	0	2
Previous rentals identified for sale	87	188
Legacy REO	12	48
Held for Sale	99	687
Rental Properties [Abstract]
Leased	13,711	13,969
Listed and ready for rent	371	442
Unit turn	369	446
Renovation	94	138
Previous rentals identified for sale	181	346
Legacy REO	22	104
Total Portfolio	14,748	15,445

Real Estate Assets - Narrative

Real Estate Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
REO valuation impairment	$ 0	$ 0.6	$ 3
Impairment on our real estate held for sale	$ 4.5	$ 12.1	17.3
Valuation adjustments			$ 18.4

Mortgage Loans at Fair Value -

Mortgage Loans at Fair Value - Schedule of Mortgage Loans (Details) - Residential mortgage - Residential portfolio segment $ in Thousands	Dec. 31, 2018USD ($)loan
Number of Loans
Current | loan	20
Foreclosure | loan	36
Mortgage loans at fair value | loan	74
Fair Value and Carrying Value
Current	$ 1,827
Foreclosure	5,481
Mortgage loans at fair value	8,072
Unpaid Principal Balance
Current	2,701
Foreclosure	12,376
Mortgage loans at fair value	21,244
Market Value of Underlying Properties
Current	4,353
Foreclosure	16,097
Mortgage loans at fair value	$ 26,048
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	17
Fair Value and Carrying Value
Past Due	$ 649
Unpaid Principal Balance
Past Due	6,019
Market Value of Underlying Properties
Past Due	$ 5,418

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Repurchase and loan agreements	$ 1,644,230	$ 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	1,653,720	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		8,072
Interest rate cap derivatives	2,070	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
Interest rate cap derivatives	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
Interest rate cap derivatives	2,070	14,367
Fair value measurements, recurring | Level 3, Unobservable Inputs
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items]
Mortgage loans at fair value		8,072
Interest rate cap derivatives	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Fair Value, Assets Measure on Recurring Basis, Unobservable Inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers out of Level 3	$ (3,613)	$ 0
Level 3, Unobservable Inputs | Loans receivable | Mortgage loans at fair value and loans held for sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	8,072	11,477
Change in unrealized gain on mortgage loans	12	3,157
Mortgage loan dispositions, resolutions and payments	(405)	(1,774)
Real estate tax advances to borrowers	65	230
Selling costs on loans held for sale	0	(83)
Transfer of mortgage loans to real estate owned, net	(4,131)	(4,935)
Ending balance	$ 0	8,072
Change in unrealized gain on mortgage loans held at the end of the period		$ (358)

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Fair Value Inputs, Quantitative Information (Details) - Fair value measurements, recurring - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2018
Fair value inputs, assets, quantitative information [Line Items]
Value of underlying properties		$ 8,072,000
Level 1, Quoted Prices in Active Markets
Fair value inputs, assets, quantitative information [Line Items]
Value of underlying properties		0
Level 3, Unobservable Inputs
Fair value inputs, assets, quantitative information [Line Items]
Value of underlying properties		8,072,000
Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Cost of funds	1 month LIBOR
Minimum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loan resolution timelines (in years)	1 month 6 days
Value of underlying properties		50,000
Maximum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loan resolution timelines (in years)	6 years 1 month 6 days
Value of underlying properties		$ 2,500,000
Equity discount rate | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input		17.00%
Debt to asset ratio | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input		65.00%
Cost of funds | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input		3.50%
Annual change in home pricing index | Minimum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input		(0.55%)
Annual change in home pricing index | Maximum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input		16.79%
Loan resolution probabilities — modification | Minimum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input		0.00%
Loan resolution probabilities — modification | Maximum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input		5.90%
Loan resolution probabilities — liquidation | Minimum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input		38.80%
Loan resolution probabilities — liquidation | Maximum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input		100.00%
Loan resolution probabilities — paid in full | Minimum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input		0.00%
Loan resolution probabilities — paid in full | Maximum | Level 3, Unobservable Inputs | Residential mortgage
Fair value inputs, assets, quantitative information [Line Items]
Loans receivable, measurement input		61.20%

Leases - Future contractual ren

Leases - Future contractual rents (Details) $ in Thousands	Dec. 31, 2019USD ($)property	Dec. 31, 2018property
Leases [Abstract]
Number leased real estate properties | property	13,711	13,969
Lessor, Operating Lease, Payments, Rolling Maturity [Abstract]
2020	$ 106,780
2021	2,852
2022	121
2023	0
2024	0
Thereafter	0
Total	$ 109,753

Leases Narrative (Details)

Leases Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Leases [Abstract]
Variable lease payments	$ 7.3
Operating lease, weighted average discount rate	4.70%
Operating lease, weighted average remaining lease term	1 year 11 months
Lease cost	$ 0.6
Operating lease, right-of-use assets	$ 0.9
Finance lease weighted average discount rate	6.87%
Finance lease, weighted average remaining lease term	3 years 8 months
Finance lease, right-of-use asset, amortization	$ 0.7
Finance lease, right-of-use asset	$ 2.9

Leases - Maturity analysis (Det

Leases - Maturity analysis (Details) $ in Thousands	Dec. 31, 2019USD ($)
Operating Lease Liabilities
2020	$ 608
2021	242
2022	121
2023	0
2024	0
Thereafter	0
Total lease payments	971
Less: interest	42
Lease liabilities	929
Finance Lease Liabilities
2020	981
2021	875
2022	370
2023	92
2024	18
Thereafter	0
Total lease payments	2,336
Less: interest	184
Lease liabilities	$ 2,152

Borrowings - Repurchase and Loa

Borrowings - Repurchase and Loan Agreements Narrative (Details)	Dec. 31, 2019
Debt Disclosure [Abstract]
Interest rate on debt	4.10%

Borrowings - Schedule of Repurc

Borrowings - Schedule of Repurchase and Loan Agreements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)extension	Dec. 31, 2018USD ($)	Nov. 02, 2018	Oct. 16, 2018	Mar. 16, 2018	Sep. 29, 2016
Debt Instrument [Line Items]
Amount Outstanding		$ 1,739,048
Maximum Borrowing Capacity	$ 2,014,679	2,014,897
Amount of Available Funding	357,327	275,849
Book Value of Collateral	1,922,105	2,086,848
Amount Outstanding	1,644,230	1,722,219
Repurchase agreements | CS Repurchase Agreement
Debt Instrument [Line Items]
Amount Outstanding	109,002	193,654
Maximum Borrowing Capacity	250,000	250,000
Amount of Available Funding	140,998	56,346
Book Value of Collateral	111,593	224,934
Loan agreement | Nomura Loan Agreement
Debt Instrument [Line Items]
Amount Outstanding	33,671	30,497
Maximum Borrowing Capacity	250,000	250,000
Amount of Available Funding	216,329	219,503
Book Value of Collateral	38,423	48,388
Loan agreement | HOME II Loan Agreement
Debt Instrument [Line Items]
Amount Outstanding	83,270	83,270
Maximum Borrowing Capacity	83,270	83,270
Amount of Available Funding	0	0
Book Value of Collateral	98,150	100,461
Loan agreement | HOME III Loan Agreement
Debt Instrument [Line Items]
Amount Outstanding	89,150	89,150
Maximum Borrowing Capacity	89,150	89,150
Amount of Available Funding	0	0
Book Value of Collateral	$ 108,860	$ 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	$ 114,201	$ 114,201
Maximum Borrowing Capacity	114,201	114,201
Amount of Available Funding	0	0
Book Value of Collateral	$ 141,787	$ 145,461
Loan agreement | HOME IV Loan Agreement (B)
Debt Instrument [Line Items]
Interest Rate	4.00%	4.00%
Amount Outstanding	$ 114,590	$ 114,590
Maximum Borrowing Capacity	114,590	114,590
Amount of Available Funding	0	0
Book Value of Collateral	$ 142,620	$ 146,479
Loan agreement | Term Loan Agreement
Debt Instrument [Line Items]
Interest Rate	5.00%	5.00%
Amount Outstanding	$ 99,782	$ 100,000
Maximum Borrowing Capacity	99,782	100,000
Amount of Available Funding	0	0
Book Value of Collateral	$ 111,061	$ 114,401
Loan agreement | FYR SFR Loan Agreement
Debt Instrument [Line Items]
Interest Rate	4.65%	4.65%
Amount Outstanding	$ 508,700	$ 508,700
Maximum Borrowing Capacity	508,700	508,700
Amount of Available Funding	0	0
Book Value of Collateral	573,961	585,563
Loan agreement | MS Loan Agreement
Debt Instrument [Line Items]
Amount Outstanding	504,986	504,986
Maximum Borrowing Capacity	504,986	504,986
Amount of Available Funding	0	0
Book Value of Collateral	595,650	609,619
Repurchase and loan agreements
Debt Instrument [Line Items]
Amount Outstanding	1,657,352
Less: unamortized loan discounts	(3,632)	(4,896)
Less: deferred debt issuance costs	(9,490)	(11,933)
Amount Outstanding	$ 1,644,230	$ 1,722,219
LIBOR | Repurchase agreements | CS Repurchase Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	2.30%	3.00%
LIBOR | Loan agreement | Nomura Loan Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	2.30%	3.00%
LIBOR | Loan agreement | HOME II Loan Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	2.10%	2.10%
LIBOR | Loan agreement | HOME III Loan Agreement
Debt Instrument [Line Items]
Basis spread on variable rate	2.10%	2.10%
LIBOR | Loan agreement | MS Loan Agreement
Debt Instrument [Line Items]
Basis spread on variable 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 | MS Loan Agreement
Debt Instrument [Line Items]
Interest rate cap, strike rate	4.30%		2.50%
Interest rate caps | LIBOR | HOME II and III Loan Agreement
Debt Instrument [Line Items]
Interest rate cap, strike rate	4.40%

Borrowings - Loan Agreements (D

Borrowings - Loan Agreements (Details)	12 Months Ended
	Dec. 31, 2019USD ($)loan_term	Dec. 31, 2018USD ($)	Dec. 07, 2018property	Aug. 08, 2018property
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,014,679,000	$ 2,014,897,000
Number of rental properties | property				2,015
FYR SFR Loan Agreement
Debt Instrument [Line Items]
Escrow deposit	600,000	2,900,000
MS Loan Agreement
Debt Instrument [Line Items]
Number of rental properties | property			4,262
Escrow deposit	4,900,000	$ 8,200,000
Secured debt | Nomura Loan Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 250,000,000
HOME Borrower II | Secured debt
Debt Instrument [Line Items]
Number of terms for loan agreement | loan_term	3
Length of loan term extension option, years	1 year
HOME Borrower III | Secured debt
Debt Instrument [Line Items]
Number of terms for loan agreement | loan_term	3
Length of loan term extension option, years	1 year
Rental Home Associates LLC
Debt Instrument [Line Items]
Number of rental properties | property				2,798

Borrowings - Schedule of Debt M

Borrowings - Schedule of Debt Maturities (Details) $ in Thousands	Dec. 31, 2019USD ($)
Debt Disclosure [Abstract]
2020	$ 142,673
2021	0
2022	500,993
2023	504,986
2024	0
Thereafter	508,700
Long-term debt, including applicable extensions	$ 1,657,352

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	Jan. 28, 2020USD ($)	Nov. 28, 2019USD ($)	Oct. 08, 2019USD ($)	Jan. 31, 2020USD ($)	May 31, 2015shareholder
Martin v. Altisource Residential Corporation et al.
Other Commitments [Line Items]
Litigation settlement, amount awarded to other party			$ 15,500,000
Payments for legal settlements		$ 10,000,000
Amount covered by liability insurance coverage			$ 5,500,000
Martin v. Altisource Residential Corporation et al. | Pending litigation
Other Commitments [Line Items]
Number of shareholders requesting to be lead plaintiff | shareholder					2
Subsequent Event
Other Commitments [Line Items]
Purchase price adjustment/indemnification claims				$ 1,200,000
Subsequent Event | Martin v. Altisource Residential Corporation et al.
Other Commitments [Line Items]
Payments for legal settlements	$ 5,500,000

Related-party Transactions - Na

Related-party Transactions - Narrative (Details)	May 07, 2019USD ($)$ / shares	Apr. 01, 2015propertyextension	Jan. 31, 2020employee	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Maturity term, securities, US Treasury		10 years
Payable to AAMC				$ 5,014,000	$ 3,968,000
Altisource Asset Management Corporation
Related Party Transaction [Line Items]
Contract term	5 years
Automatic renewal term	1 year
Related party base management fee	$ 3,584,000
Related party transaction, base management fee, percent of per share adjusted funds from operations in excess of threshold (percent)	50.00%
Related party transaction, base management fee, threshold of per share adjusted funds from operations (in dollars per share) | $ / shares	$ 0.15
Related party transaction, percent of annual base floor (percent)	25.00%
Related party transaction, incentive management fee, percent of adjusted funds from operations in excess of threshold (percent)	20.00%
Related party transaction, incentive management fee, percent of adjusted funds from operations in excess of gross shareholder equity (percent)	5.00%
Gross real estate assets	$ 2,250,000,000
Aggregate fees payable	$ 21,000,000
Related party transaction, termination provision period of prior written notice required	180 days
Related party transaction, termination provisions percent of fees paid in cash (percent)	50.00%
Related party transaction, termination provision number of quarterly installments	3
Related party transaction, termination provision period of prior written notice for termination for cause	60 days
Altisource Asset Management Corporation | Minimum
Related Party Transaction [Line Items]
Related party base management fee	$ 5,250,000
Altisource Asset Management Corporation | Maximum
Related Party Transaction [Line Items]
Related party transaction, threshold of per share adjusted funds from operations (in dollars per share) | $ / shares	$ 0.60
Affiliated entity | Altisource Asset Management Corporation
Related Party Transaction [Line Items]
Incentive management fee, percent of incentive fee payable in common stock	25.00%
Base management fee, percent of qualified average invested capital		1.50%
Conversion fee, percent of market value of new rental properties		1.50%
Period return on invested equity capital evaluated in agreement for termination		2 years
Period required return rate evaluated per agreement				21 months
Affiliated entity | Altisource Asset Management Corporation | 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%
Affiliated entity | Altisource Asset Management Corporation | 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%
Affiliated entity | Altisource Asset Management Corporation | Scaling contract, 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%
Affiliated entity | Altisource Asset Management Corporation | Scaling contract, 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 | property		2,500
Incentive management fee, number of rental properties cap | property		4,499
Incentive management fee, number of rental properties floor | property		2,500
Incentive management fee, percent of invested capital in excess of threshold		22.50%
Affiliated entity | Altisource Asset Management Corporation | Scaling contract, 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 | property		4,500
Incentive management fee, percent of invested capital in excess of threshold		25.00%
Affiliated entity | Altisource Asset Management Corporation | Asset management agreement
Related Party Transaction [Line Items]
Contract term		15 years
Automatic renewal term		5 years
Number of potential renewal extensions | extension		2
Affiliated entity | Altisource Asset Management Corporation | Management incentive fees
Related Party Transaction [Line Items]
Payable to AAMC				$ 0
Front Yard Residential Corporation
Related Party Transaction [Line Items]
Related party transaction, termination provision period of prior written notice for termination for cause	30 days
Subsequent Event
Related Party Transaction [Line Items]
Related party transaction, number of specified employees compensated | employee			4

Related-party Transactions Summ

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

Related-party Transactions Su_2

Related-party Transactions Summary of Aggregate Fee Cap (Details) - Altisource Asset Management Corporation - Affiliated entity	May 07, 2019USD ($)
$2,250,000,000 – $2,750,000,000
Related Party Transaction [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
Related Party Transaction [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
Related Party Transaction [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
Related Party Transaction [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
Related Party Transaction [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
Related Party Transaction [Line Items]
Aggregate Fee Floor	$ 38,000,000
Aggregate Fee Percentage	0.125%
Gross Real Estate Assets Floor	$ 6,000,000,000
Thereafter
Related Party Transaction [Line Items]
Aggregate Fee Floor	$ 39,250,000
Aggregate Fee Percentage	0.10%
Gross Real Estate Assets Floor	$ 7,000,000,000
Minimum | $2,250,000,000 – $2,750,000,000
Related Party Transaction [Line Items]
Gross Real Estate Assets	2,250,000,000
Minimum | $2,750,000,000 – $3,250,000,000
Related Party Transaction [Line Items]
Gross Real Estate Assets	2,750,000,000
Minimum | $3,250,000,000 – $4,000,000,000
Related Party Transaction [Line Items]
Gross Real Estate Assets	3,250,000,000
Minimum | $4,000,000,000 – $5,000,000,000
Related Party Transaction [Line Items]
Gross Real Estate Assets	4,000,000,000
Minimum | $5,000,000,000 – $6,000,000,000
Related Party Transaction [Line Items]
Gross Real Estate Assets	5,000,000,000
Minimum | $6,000,000,000 – $7,000,000,000
Related Party Transaction [Line Items]
Gross Real Estate Assets	6,000,000,000
Maximum | $2,250,000,000 – $2,750,000,000
Related Party Transaction [Line Items]
Gross Real Estate Assets	2,750,000,000
Maximum | $2,750,000,000 – $3,250,000,000
Related Party Transaction [Line Items]
Gross Real Estate Assets	3,250,000,000
Maximum | $3,250,000,000 – $4,000,000,000
Related Party Transaction [Line Items]
Gross Real Estate Assets	4,000,000,000
Maximum | $4,000,000,000 – $5,000,000,000
Related Party Transaction [Line Items]
Gross Real Estate Assets	5,000,000,000
Maximum | $5,000,000,000 – $6,000,000,000
Related Party Transaction [Line Items]
Gross Real Estate Assets	6,000,000,000
Maximum | $6,000,000,000 – $7,000,000,000
Related Party Transaction [Line Items]
Gross Real Estate Assets	$ 7,000,000,000

Related-party Transactions - Su

Related-party Transactions - Summary of Related Party Transactions (Details) - Affiliated entity - AAMC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Base management fee
Related Party Transaction [Line Items]
Related party base management fee	$ 14,270	$ 14,567	$ 16,010
Conversion fee
Related Party Transaction [Line Items]
Related party base management fee	29	176	1,291
Expense reimbursements
Related Party Transaction [Line Items]
Related party base management fee	$ 1,463	$ 1,183	$ 859

Share-based Payments - Narrativ

Share-based Payments - Narrative for Plans (Details)	Dec. 21, 2012	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
The 2016 Equity Incentive Plan | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period distribution of vested restricted stock is deferred		2 years
Number of trading days average price per share used for vesting requirements		20 days
Percentage reinvested dividends to price per share, minimum		125.00%
2012 Conversion Option Plan and 2012 Special Conversion Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ratio for stock options from ASPS stock to Residential stock	0.3333
Share-based Payment Arrangement, Tranche One | 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		$ 80,000	$ 75,000	$ 60,000

Share-based Payments - Stock Op

Share-based Payments - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 5,926	$ 3,024	$ 4,139
Unamortized stock compensation		$ 200
Number of Options
Beginning balance (in shares)	1,277,992	1,381,078	862,977
Granted (in shares)			567,227
Exercised (in shares)	(29,165)	(40,722)	(49,126)
Forfeited or canceled (in shares)		(62,364)
Ending balance (in shares)	1,248,827	1,277,992	1,381,078
Weighted Average Exercise Price per Share
Beginning balance (usd per share)	$ 11.71	$ 11.14	$ 8.55
Granted (usd per share)			14.30
Exercised (usd per share)	2.32	2.62	2.16
Forfeited or canceled (usd per share)		5.05
Ending balance (usd per share)	$ 11.93	$ 11.71	$ 11.14
Options, exercised, intrinsic value	$ 300	$ 300	$ 600
Outstanding options, weighted average remaining life	3 years 11 months 13 days
Outstanding options, total intrinsic value	$ 1,600
Number of exercisable options (in shares)	681,600
Excercisable options weighted average exercise price (usd per share)	$ 9.95
Options exercisable, average remaining life	3 years 6 months 26 days
Options exercisable, intrinsic value	$ 1,600
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 200		$ 1,400
Weighted average remaining amortization period of unamortized share based compensation	5 months	10 months

Share-based Payments - Valuatio

Share-based Payments - Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate			2.05%
Common stock dividend yield			4.20%
Expected volatility			36.67%
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	2.21%	2.72%
Common stock dividend yield	0.00%	0.00%
Expected volatility	34.03%	32.88%

Share-based Payments - Restrict

Share-based Payments - Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 5,926	$ 3,024	$ 4,139
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	5,700	3,000	$ 2,700
Unamortized stock compensation	$ 4,700	$ 3,900
Weighted average remaining amortization period of unamortized share based compensation	1 year 1 month	1 year 2 months
Number of Shares
Number of options, beginning balance (in shares)	766,491	419,242	266,898
Granted (in shares)	749,929	555,454	271,633
Vested (in shares)	(349,914)	(171,497)	(101,487)
Forfeiedt/Canceled (in shares)		(36,708)	(17,802)
Number of options, ending balance (in shares)	1,166,506	766,491	419,242
Weighted Average Grant Date Fair Value
Weighted average grant date fair value (usd per share)	$ 10.65	$ 12.70	$ 9.97
Granted (usd per share)	8.70	9.78	14.30
Vested (usd per share)	10.83	12.41	9.96
Forfeited/Canceled (usd per share)		12.76	11.80
Weighted average grant date fair value (usd per share)	$ 9.34	$ 10.65	$ 12.70
Fair value of stock vested in period	$ 4,100	$ 1,900	$ 1,300

Share-based Payments - Shares R

Share-based Payments - Shares Reserved for Future Issuance (Details) - shares	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Payment Arrangement [Abstract]
Stock options outstanding (in shares)	1,248,827	1,277,992	1,381,078	862,977
Possible future issuances under director compensation plan (in shares)	1,650,071
Common stock, reserved for future issuance (in shares)	2,898,898
Common stock, shares available to be issued under charter (in shares)	146,066,425

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($) $ in Millions	Mar. 16, 2018	Dec. 31, 2020	Sep. 29, 2016
Derivative [Line Items]
Premium paid to amend strike rate	$ 0.9
Interest rate caps
Derivative [Line Items]
Notional Amount			$ 489.3
Interest rate caps | LIBOR
Derivative [Line Items]
Interest rate cap, strike rate	1.80%		2.938%
Forecast
Derivative [Line Items]
Estimated amount reclassified into earnings from accumulated other comprehensive loss		$ 5.7

Derivatives - Schedule of Inter

Derivatives - Schedule of Interest Rate Cap Instruments (Details) - Interest rate caps - USD ($) $ in Thousands	Dec. 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	Dec. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 2,070	$ 14,367
Interest rate caps | Other assets
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 2,070	$ 14,367

Derivatives - Schedule of Effec

Derivatives - Schedule of Effect of Derivative Instruments on the Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Total Amount of Interest Expense Presented in the Consolidated Statements of Operations	$ 84,137	$ 77,035	$ 59,582
Interest rate caps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (effective portion)	(7,261)	(12,653)	0
Interest rate caps | Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Net Loss (effective portion)	(5,036)	(375)	0
Amount of Gain (Loss) on Derivative Recognized in Net Loss	$ 0	$ (936)	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Minimum distribution percentage of REIT taxable income	90.00%
Dividends on common stock	$ 32.2
Subsidiaries
Entity Information [Line Items]
Gross deferred tax assets	$ 52.6	$ 53.5

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	May 07, 2019	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net loss		$ (25,498)	$ (36,368)	$ (25,017)	$ (18,508)	$ (34,216)	$ (47,933)	$ (21,336)	$ (27,350)	$ (105,391)	$ (130,835)	$ (185,454)
Weighted average common stock outstanding – basic (in shares)										53,772,094	53,552,109	53,493,523
Weighted average common stock outstanding – diluted (in shares)										53,772,094	53,552,109	53,493,523
Loss per basic share (usd per share)		$ (0.47)	$ (0.68)	$ (0.47)	$ (0.35)	$ (0.64)	$ (0.89)	$ (0.40)	$ (0.51)	$ (1.96)	$ (2.44)	$ (3.47)
Loss per diluted share (usd per share)		$ (0.47)	$ (0.68)	$ (0.47)	$ (0.35)	$ (0.64)	$ (0.89)	$ (0.40)	$ (0.51)	$ (1.96)	$ (2.44)	$ (3.47)
Altisource Asset Management Corporation | Affiliated entity
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incentive management fee, percent of incentive fee payable in common stock	25.00%
Termination fee, maximum percent of fee payable in shares	50.00%
Stock option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)										80,045	71,430	157,214
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)										526,502	219,738	164,689

Quarterly Financial Informati_3

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 52,064	$ 50,768	$ 51,553	$ 52,625	$ 54,029	$ 48,313	$ 40,906	$ 39,765	$ 207,010	$ 183,013	$ 94,171
Net loss	$ (25,498)	$ (36,368)	$ (25,017)	$ (18,508)	$ (34,216)	$ (47,933)	$ (21,336)	$ (27,350)	$ (105,391)	$ (130,835)	$ (185,454)
Loss per basic share of common stock (usd per share)	$ (0.47)	$ (0.68)	$ (0.47)	$ (0.35)	$ (0.64)	$ (0.89)	$ (0.40)	$ (0.51)	$ (1.96)	$ (2.44)	$ (3.47)
Loss per diluted share of common stock (usd per share)	$ (0.47)	$ (0.68)	$ (0.47)	$ (0.35)	$ (0.64)	$ (0.89)	$ (0.40)	$ (0.51)	$ (1.96)	$ (2.44)	$ (3.47)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Feb. 17, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Common stock, par value per share, in USD per share		$ 0.01	$ 0.01
Subsequent Event
Subsequent Event [Line Items]
Common stock, par value per share, in USD per share	$ 0.01
Front Yard Residential Corporation | BAF Holdings, LLC | Subsequent Event
Subsequent Event [Line Items]
Share price (in usd per share)	$ 12.50
Termination fee	$ 24,000,000
Maximum reimbursable fees and expenses	8,200,000
Reverse termination fee	$ 48,000,000
Percentage of shares outstanding of stockholders in favor of transaction (percent)	18.00%

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Depreciation - Activity of Real Estate Assets and Accumulated Depreciation by State (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Count | property	14,748	15,445
Total	$ 2,145,272	$ 2,269,288	$ 1,873,860	$ 1,604,648
Accumulated Depr and Reserves	$ (215,130)	$ (156,281)	$ (104,589)	$ (62,601)
Single family residential
Real Estate and Accumulated Depreciation [Line Items]
Count | property	14,748
Encumbrances	$ 1,653,452
Initial Cost to Company, Land	403,969
Initial Cost to Company, Building and Improvements	1,541,751
Initial Cost to Company, Total	1,945,720
Capitalized Costs Subsequent to Acquisition	199,552
Total Cost, Land	403,969
Total Cost, Building and Improvements	1,741,303
Total	2,145,272
Accumulated Depr and Reserves	(215,130)
Carrying Value	$ 1,930,142
WA Age	34 years 11 months 49 days
Single family residential | Alabama
Real Estate and Accumulated Depreciation [Line Items]
Count | property	729
Encumbrances	$ 68,726
Initial Cost to Company, Land	15,032
Initial Cost to Company, Building and Improvements	69,953
Initial Cost to Company, Total	84,985
Capitalized Costs Subsequent to Acquisition	2,181
Total Cost, Land	15,032
Total Cost, Building and Improvements	72,134
Total	87,166
Accumulated Depr and Reserves	(6,255)
Carrying Value	$ 80,911
WA Age	36 years
Single family residential | Alabama | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Alabama | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Arizona
Real Estate and Accumulated Depreciation [Line Items]
Count | property	46
Encumbrances	$ 7,873
Initial Cost to Company, Land	1,773
Initial Cost to Company, Building and Improvements	6,954
Initial Cost to Company, Total	8,727
Capitalized Costs Subsequent to Acquisition	1,195
Total Cost, Land	1,773
Total Cost, Building and Improvements	8,149
Total	9,922
Accumulated Depr and Reserves	(992)
Carrying Value	$ 8,930
WA Age	42 years 9 months 18 days
Single family residential | Arizona | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Arizona | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Arkansas | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Arkansas | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | California
Real Estate and Accumulated Depreciation [Line Items]
Count | property	17
Encumbrances	$ 4,015
Initial Cost to Company, Land	1,138
Initial Cost to Company, Building and Improvements	2,763
Initial Cost to Company, Total	3,901
Capitalized Costs Subsequent to Acquisition	2,050
Total Cost, Land	1,138
Total Cost, Building and Improvements	4,813
Total	5,951
Accumulated Depr and Reserves	(532)
Carrying Value	$ 5,419
WA Age	46 years
Single family residential | California | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | California | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Colorado
Real Estate and Accumulated Depreciation [Line Items]
Count | property	5
Encumbrances	$ 841
Initial Cost to Company, Land	136
Initial Cost to Company, Building and Improvements	417
Initial Cost to Company, Total	553
Capitalized Costs Subsequent to Acquisition	354
Total Cost, Land	136
Total Cost, Building and Improvements	771
Total	907
Accumulated Depr and Reserves	(172)
Carrying Value	$ 735
WA Age	31 years 3 months 19 days
Single family residential | Colorado | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Colorado | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Connecticut | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Connecticut | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Delaware | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Delaware | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Dist. of Columbia | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Dist. of Columbia | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Florida
Real Estate and Accumulated Depreciation [Line Items]
Count | property	2,120
Encumbrances	$ 276,811
Initial Cost to Company, Land	77,143
Initial Cost to Company, Building and Improvements	220,024
Initial Cost to Company, Total	297,167
Capitalized Costs Subsequent to Acquisition	45,659
Total Cost, Land	77,143
Total Cost, Building and Improvements	265,683
Total	342,826
Accumulated Depr and Reserves	(33,504)
Carrying Value	$ 309,322
WA Age	41 years 3 months 19 days
Single family residential | Florida | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Florida | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Georgia
Real Estate and Accumulated Depreciation [Line Items]
Count | property	4,404
Encumbrances	$ 416,278
Initial Cost to Company, Land	96,286
Initial Cost to Company, Building and Improvements	376,637
Initial Cost to Company, Total	472,923
Capitalized Costs Subsequent to Acquisition	61,680
Total Cost, Land	96,286
Total Cost, Building and Improvements	438,317
Total	534,603
Accumulated Depr and Reserves	(58,667)
Carrying Value	$ 475,936
WA Age	35 years 8 months 12 days
Single family residential | Georgia | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Georgia | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Hawaii | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Hawaii | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Illinois
Real Estate and Accumulated Depreciation [Line Items]
Count | property	155
Encumbrances	$ 19,182
Initial Cost to Company, Land	3,415
Initial Cost to Company, Building and Improvements	12,444
Initial Cost to Company, Total	15,859
Capitalized Costs Subsequent to Acquisition	9,368
Total Cost, Land	3,415
Total Cost, Building and Improvements	21,812
Total	25,227
Accumulated Depr and Reserves	(4,712)
Carrying Value	$ 20,515
WA Age	49 years 7 months 6 days
Single family residential | Illinois | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Illinois | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Indiana
Real Estate and Accumulated Depreciation [Line Items]
Count | property	667
Encumbrances	$ 68,870
Initial Cost to Company, Land	10,405
Initial Cost to Company, Building and Improvements	74,247
Initial Cost to Company, Total	84,652
Capitalized Costs Subsequent to Acquisition	9,326
Total Cost, Land	10,405
Total Cost, Building and Improvements	83,573
Total	93,978
Accumulated Depr and Reserves	(11,404)
Carrying Value	$ 82,574
WA Age	23 years 3 months 19 days
Single family residential | Indiana | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Indiana | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Kansas
Real Estate and Accumulated Depreciation [Line Items]
Count | property	19
Encumbrances	$ 2,493
Initial Cost to Company, Land	376
Initial Cost to Company, Building and Improvements	2,546
Initial Cost to Company, Total	2,922
Capitalized Costs Subsequent to Acquisition	452
Total Cost, Land	376
Total Cost, Building and Improvements	2,998
Total	3,374
Accumulated Depr and Reserves	(411)
Carrying Value	$ 2,963
WA Age	40 years 9 months 18 days
Single family residential | Kansas | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Kansas | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Kentucky
Real Estate and Accumulated Depreciation [Line Items]
Count | property	131
Encumbrances	$ 15,237
Initial Cost to Company, Land	3,166
Initial Cost to Company, Building and Improvements	15,692
Initial Cost to Company, Total	18,858
Capitalized Costs Subsequent to Acquisition	795
Total Cost, Land	3,166
Total Cost, Building and Improvements	16,487
Total	19,653
Accumulated Depr and Reserves	(1,673)
Carrying Value	$ 17,980
WA Age	29 years 1 month 6 days
Single family residential | Kentucky | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Kentucky | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Louisiana
Real Estate and Accumulated Depreciation [Line Items]
Count | property	2
Encumbrances	$ 241
Initial Cost to Company, Land	45
Initial Cost to Company, Building and Improvements	191
Initial Cost to Company, Total	236
Capitalized Costs Subsequent to Acquisition	79
Total Cost, Land	45
Total Cost, Building and Improvements	270
Total	315
Accumulated Depr and Reserves	(48)
Carrying Value	$ 267
WA Age	22 years 10 months 25 days
Single family residential | Louisiana | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Louisiana | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Maryland
Real Estate and Accumulated Depreciation [Line Items]
Count | property	111
Encumbrances	$ 15,739
Initial Cost to Company, Land	4,887
Initial Cost to Company, Building and Improvements	6,426
Initial Cost to Company, Total	11,313
Capitalized Costs Subsequent to Acquisition	10,584
Total Cost, Land	4,887
Total Cost, Building and Improvements	17,010
Total	21,897
Accumulated Depr and Reserves	(3,123)
Carrying Value	$ 18,774
WA Age	38 years 10 months 25 days
Single family residential | Maryland | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Maryland | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Massachusetts
Real Estate and Accumulated Depreciation [Line Items]
Count | property	4
Encumbrances	$ 638
Initial Cost to Company, Land	69
Initial Cost to Company, Building and Improvements	339
Initial Cost to Company, Total	408
Capitalized Costs Subsequent to Acquisition	116
Total Cost, Land	69
Total Cost, Building and Improvements	455
Total	524
Accumulated Depr and Reserves	(38)
Carrying Value	$ 486
WA Age	80 years
Single family residential | Massachusetts | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Massachusetts | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Michigan
Real Estate and Accumulated Depreciation [Line Items]
Count | property	3
Encumbrances	$ 256
Initial Cost to Company, Land	38
Initial Cost to Company, Building and Improvements	250
Initial Cost to Company, Total	288
Capitalized Costs Subsequent to Acquisition	107
Total Cost, Land	38
Total Cost, Building and Improvements	357
Total	395
Accumulated Depr and Reserves	(72)
Carrying Value	$ 323
WA Age	42 years 10 months 25 days
Single family residential | Michigan | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Michigan | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Minnesota
Real Estate and Accumulated Depreciation [Line Items]
Count | property	624
Encumbrances	$ 90,247
Initial Cost to Company, Land	20,868
Initial Cost to Company, Building and Improvements	88,743
Initial Cost to Company, Total	109,611
Capitalized Costs Subsequent to Acquisition	2,046
Total Cost, Land	20,868
Total Cost, Building and Improvements	90,789
Total	111,657
Accumulated Depr and Reserves	(4,748)
Carrying Value	$ 106,909
WA Age	72 years 2 months 12 days
Single family residential | Minnesota | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Minnesota | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Mississippi
Real Estate and Accumulated Depreciation [Line Items]
Count | property	271
Encumbrances	$ 30,456
Initial Cost to Company, Land	9,367
Initial Cost to Company, Building and Improvements	31,503
Initial Cost to Company, Total	40,870
Capitalized Costs Subsequent to Acquisition	750
Total Cost, Land	9,367
Total Cost, Building and Improvements	32,253
Total	41,620
Accumulated Depr and Reserves	(3,475)
Carrying Value	$ 38,145
WA Age	19 years 8 months 12 days
Single family residential | Mississippi | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Mississippi | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Missouri
Real Estate and Accumulated Depreciation [Line Items]
Count | property	485
Encumbrances	$ 54,151
Initial Cost to Company, Land	10,599
Initial Cost to Company, Building and Improvements	61,005
Initial Cost to Company, Total	71,604
Capitalized Costs Subsequent to Acquisition	2,347
Total Cost, Land	10,599
Total Cost, Building and Improvements	63,352
Total	73,951
Accumulated Depr and Reserves	(5,730)
Carrying Value	$ 68,221
WA Age	38 years 3 months 18 days
Single family residential | Missouri | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Missouri | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Nevada
Real Estate and Accumulated Depreciation [Line Items]
Count | property	4
Encumbrances	$ 317
Initial Cost to Company, Land	7
Initial Cost to Company, Building and Improvements	317
Initial Cost to Company, Total	324
Capitalized Costs Subsequent to Acquisition	167
Total Cost, Land	7
Total Cost, Building and Improvements	484
Total	491
Accumulated Depr and Reserves	(61)
Carrying Value	$ 430
WA Age	18 years 3 months 19 days
Single family residential | Nevada | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Nevada | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | New Jersey
Real Estate and Accumulated Depreciation [Line Items]
Count | property	3
Encumbrances	$ 794
Initial Cost to Company, Land	332
Initial Cost to Company, Building and Improvements	150
Initial Cost to Company, Total	482
Capitalized Costs Subsequent to Acquisition	345
Total Cost, Land	332
Total Cost, Building and Improvements	495
Total	827
Accumulated Depr and Reserves	(36)
Carrying Value	$ 791
WA Age	57 years 10 months 25 days
Single family residential | New Jersey | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | New Jersey | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | New Mexico
Real Estate and Accumulated Depreciation [Line Items]
Count | property	1
Encumbrances	$ 112
Initial Cost to Company, Land	26
Initial Cost to Company, Building and Improvements	52
Initial Cost to Company, Total	78
Capitalized Costs Subsequent to Acquisition	40
Total Cost, Land	26
Total Cost, Building and Improvements	92
Total	118
Accumulated Depr and Reserves	(28)
Carrying Value	$ 90
WA Age	14 years
Single family residential | New Mexico | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | New Mexico | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | New York
Real Estate and Accumulated Depreciation [Line Items]
Count | property	3
Encumbrances	$ 1,041
Initial Cost to Company, Land	77
Initial Cost to Company, Building and Improvements	539
Initial Cost to Company, Total	616
Capitalized Costs Subsequent to Acquisition	814
Total Cost, Land	77
Total Cost, Building and Improvements	1,353
Total	1,430
Accumulated Depr and Reserves	(370)
Carrying Value	$ 1,060
WA Age	119 years 10 months 25 days
Single family residential | New York | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | New York | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | North Carolina
Real Estate and Accumulated Depreciation [Line Items]
Count | property	870
Encumbrances	$ 95,409
Initial Cost to Company, Land	28,982
Initial Cost to Company, Building and Improvements	88,449
Initial Cost to Company, Total	117,431
Capitalized Costs Subsequent to Acquisition	10,330
Total Cost, Land	28,982
Total Cost, Building and Improvements	98,779
Total	127,761
Accumulated Depr and Reserves	(12,935)
Carrying Value	$ 114,826
WA Age	24 years 3 months 19 days
Single family residential | North Carolina | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | North Carolina | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Ohio
Real Estate and Accumulated Depreciation [Line Items]
Count | property	246
Encumbrances	$ 29,126
Initial Cost to Company, Land	9,115
Initial Cost to Company, Building and Improvements	29,564
Initial Cost to Company, Total	38,679
Capitalized Costs Subsequent to Acquisition	1,065
Total Cost, Land	9,115
Total Cost, Building and Improvements	30,629
Total	39,744
Accumulated Depr and Reserves	(2,818)
Carrying Value	$ 36,926
WA Age	39 years 9 months 18 days
Single family residential | Ohio | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Ohio | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Oklahoma
Real Estate and Accumulated Depreciation [Line Items]
Count | property	305
Encumbrances	$ 33,633
Initial Cost to Company, Land	5,180
Initial Cost to Company, Building and Improvements	41,527
Initial Cost to Company, Total	46,707
Capitalized Costs Subsequent to Acquisition	1,165
Total Cost, Land	5,180
Total Cost, Building and Improvements	42,692
Total	47,872
Accumulated Depr and Reserves	(5,083)
Carrying Value	$ 42,789
WA Age	28 years
Single family residential | Oklahoma | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Oklahoma | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Oregon | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Oregon | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Pennsylvania
Real Estate and Accumulated Depreciation [Line Items]
Count | property	26
Encumbrances	$ 2,664
Initial Cost to Company, Land	647
Initial Cost to Company, Building and Improvements	1,923
Initial Cost to Company, Total	2,570
Capitalized Costs Subsequent to Acquisition	2,219
Total Cost, Land	647
Total Cost, Building and Improvements	4,142
Total	4,789
Accumulated Depr and Reserves	(1,181)
Carrying Value	$ 3,608
WA Age	71 years 6 months
Single family residential | Pennsylvania | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Pennsylvania | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Rhode Island
Real Estate and Accumulated Depreciation [Line Items]
Count | property	4
Encumbrances	$ 415
Initial Cost to Company, Land	123
Initial Cost to Company, Building and Improvements	308
Initial Cost to Company, Total	431
Capitalized Costs Subsequent to Acquisition	354
Total Cost, Land	123
Total Cost, Building and Improvements	662
Total	785
Accumulated Depr and Reserves	(178)
Carrying Value	$ 607
WA Age	57 years 8 months 12 days
Single family residential | Rhode Island | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Rhode Island | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | South Carolina
Real Estate and Accumulated Depreciation [Line Items]
Count | property	42
Encumbrances	$ 4,105
Initial Cost to Company, Land	847
Initial Cost to Company, Building and Improvements	2,825
Initial Cost to Company, Total	3,672
Capitalized Costs Subsequent to Acquisition	1,934
Total Cost, Land	847
Total Cost, Building and Improvements	4,759
Total	5,606
Accumulated Depr and Reserves	(996)
Carrying Value	$ 4,610
WA Age	23 years 9 months 18 days
Single family residential | South Carolina | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | South Carolina | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Tennessee
Real Estate and Accumulated Depreciation [Line Items]
Count | property	1,475
Encumbrances	$ 177,761
Initial Cost to Company, Land	57,711
Initial Cost to Company, Building and Improvements	158,517
Initial Cost to Company, Total	216,228
Capitalized Costs Subsequent to Acquisition	8,856
Total Cost, Land	57,711
Total Cost, Building and Improvements	167,373
Total	225,084
Accumulated Depr and Reserves	(20,462)
Carrying Value	$ 204,622
WA Age	23 years 6 months
Single family residential | Tennessee | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Tennessee | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Texas
Real Estate and Accumulated Depreciation [Line Items]
Count | property	1,964
Encumbrances	$ 234,335
Initial Cost to Company, Land	45,678
Initial Cost to Company, Building and Improvements	246,498
Initial Cost to Company, Total	292,176
Capitalized Costs Subsequent to Acquisition	22,352
Total Cost, Land	45,678
Total Cost, Building and Improvements	268,850
Total	314,528
Accumulated Depr and Reserves	(34,992)
Carrying Value	$ 279,536
WA Age	28 years 7 months 6 days
Single family residential | Texas | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Texas | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Utah
Real Estate and Accumulated Depreciation [Line Items]
Count | property	1
Encumbrances	$ 211
Initial Cost to Company, Land	81
Initial Cost to Company, Building and Improvements	53
Initial Cost to Company, Total	134
Capitalized Costs Subsequent to Acquisition	95
Total Cost, Land	81
Total Cost, Building and Improvements	148
Total	229
Accumulated Depr and Reserves	(32)
Carrying Value	$ 197
WA Age	40 years
Single family residential | Utah | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Utah | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Vermont | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Vermont | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Virginia
Real Estate and Accumulated Depreciation [Line Items]
Count | property	9
Encumbrances	$ 1,153
Initial Cost to Company, Land	375
Initial Cost to Company, Building and Improvements	799
Initial Cost to Company, Total	1,174
Capitalized Costs Subsequent to Acquisition	652
Total Cost, Land	375
Total Cost, Building and Improvements	1,451
Total	1,826
Accumulated Depr and Reserves	(359)
Carrying Value	$ 1,467
WA Age	40 years 1 month 6 days
Single family residential | Virginia | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Virginia | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Washington
Real Estate and Accumulated Depreciation [Line Items]
Count | property	1
Encumbrances	$ 236
Initial Cost to Company, Land	31
Initial Cost to Company, Building and Improvements	70
Initial Cost to Company, Total	101
Capitalized Costs Subsequent to Acquisition	13
Total Cost, Land	31
Total Cost, Building and Improvements	83
Total	114
Accumulated Depr and Reserves	(19)
Carrying Value	$ 95
WA Age	50 years
Single family residential | Washington | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Washington | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months
Single family residential | Wisconsin
Real Estate and Accumulated Depreciation [Line Items]
Count | property	1
Encumbrances	$ 86
Initial Cost to Company, Land	14
Initial Cost to Company, Building and Improvements	26
Initial Cost to Company, Total	40
Capitalized Costs Subsequent to Acquisition	62
Total Cost, Land	14
Total Cost, Building and Improvements	88
Total	102
Accumulated Depr and Reserves	(24)
Carrying Value	$ 78
WA Age	60 years
Single family residential | Wisconsin | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	3 years
Single family residential | Wisconsin | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Life on which Depr is Calc	27 years 6 months

Schedule III - Real Estate an_3

Schedule III - Real Estate and Accumulated Depreciation - Activity of Real Estate Assets and Accumulated Depreciation Summary (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real estate assets:
Beginning balance	$ 2,269,288	$ 1,873,860	$ 1,604,648
Acquisitions through foreclosure	4,131	4,935	40,436
Other acquisitions	48,298	469,087	525,983
Improvements	29,144	33,316	40,312
Cost of real estate sold	(205,589)	(111,910)	(337,519)
Ending balance	2,145,272	2,269,288	1,873,860
Accumulated depreciation and reserves:
Beginning balance	156,281	104,589	62,601
Depreciation expense	75,729	67,175	48,989
Impairment	4,458	12,651	38,764
Casualty losses, net	978	552	3,564
Real estate sold	(22,316)	(28,686)	(49,329)
Ending balance	215,130	$ 156,281	$ 104,589
Aggregate cost for federal income tax purposes	$ 2,188,900

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate - Activity in Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Transfer of mortgage loans to real estate owned, net	$ (4,131)	$ (4,935)	$ (40,436)
Residential mortgage | Loans receivable
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Transfer of mortgage loans to real estate owned, net	(4,100)	(4,900)	(40,400)
Residential mortgage | Loans receivable | Level 3, Unobservable Inputs
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Mortgage loans, beginning balance	8,072	11,477	568,480
Change in unrealized gain on mortgage loans	(358)	3,157	7,684
Cost of mortgage loans sold	(3,468)	(1,450)	(521,170)
Mortgage loan payments and escrow recoveries	(179)	(324)	(5,500)
Real estate tax advances to borrowers	64	230	3,763
Selling costs on loans held for sale	0	(83)	(1,344)
Transfer of mortgage loans to real estate owned, net	(4,131)	(4,935)	(40,436)
Mortgage loans, ending balance	$ 0	$ 8,072	$ 11,477

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