Document_and_entity_informatio
Document and entity information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 13, 2014 | Jun. 30, 2013 |
Document Information [Abstract] | ' | ' | ' |
Entity registrant name | 'Altisource Asset Management Corporation | ' | ' |
Entity central index key | '0001555074 | ' | ' |
Current fiscal year end date | '--12-31 | ' | ' |
Entity filer category | 'Accelerated Filer | ' | ' |
Document type | '10-K | ' | ' |
Document period end date | 31-Dec-13 | ' | ' |
Document fiscal year focus | '2013 | ' | ' |
Document fiscal period focus | 'FY | ' | ' |
Amendment flag | 'false | ' | ' |
Entity common stock, shares outstanding | ' | 2,366,856 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $472.80 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real estate assets: | ' | ' |
Land (from consolidated VIE) | $478 | $0 |
Rental residential properties, net (from consolidated VIE) | 3,092 | 0 |
Real estate owned (from consolidated VIE) | 32,332 | 0 |
Real estate assets, net | 35,902 | 0 |
Real estate assets held for sale (from consolidated VIE) | 1,186 | 0 |
Mortgage loans (from consolidated VIE) | 1,207,163 | 0 |
Cash and cash equivalents (including from consolidated VIE $115,988 and $100,005, respectively) | 140,000 | 105,014 |
Restricted cash (from consolidated VIE) | 5,878 | 0 |
Accounts receivable (from consolidated VIE) | 1,428 | 0 |
Related party receivables (including from consolidated VIE $9,260 and $0, respectively) | 9,260 | 361 |
Deferred leasing and financing costs, net (from consolidated VIE) | 2,293 | 0 |
Prepaid expenses and other assets (including from consolidated VIE $1,542 and $6, respectively) | 1,994 | 440 |
Total assets | 1,405,104 | 105,815 |
Liabilities: | ' | ' |
Repurchase agreements (from consolidated VIE) | 602,382 | 0 |
Accounts payable and accrued liabilities (including from consolidated VIE $4,952 and $46, respectively) | 6,872 | 406 |
Related party payables (including from consolidated VIE $1,409 and $54, respectively) | 2,883 | 528 |
Total liabilities | 612,137 | 934 |
Commitments and contingencies (Note 7) | ' | ' |
Equity: | ' | ' |
Common stock, $.01 par value, 5,000,000 authorized shares; 2,354,774 and 2,343,213 shares issued and outstanding as of December 31, 2013 and 2012, respectively | 24 | 23 |
Additional paid-in capital | 12,855 | 4,993 |
Accumulated deficit | -5,339 | -46 |
Total stockholders' equity | 7,540 | 4,970 |
Noncontrolling interest in consolidated affiliate | 785,427 | 99,911 |
Total equity | 792,967 | 104,881 |
Total liabilities and equity | $1,405,104 | $105,815 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Assets: | ' | ' |
Cash and cash equivalents | $140,000 | $105,014 |
Related party receivables | 9,260 | 361 |
Prepaid expenses and other assets | 1,994 | 440 |
Liabilities: | ' | ' |
Accounts payable and accrued liabilities | 6,872 | 406 |
Related party payables | 2,883 | 528 |
Equity: | ' | ' |
Common stock, par value per share, in USD per share | $0.01 | $0.01 |
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares issued | 2,354,774 | 2,343,213 |
Common stock, shares outstanding | 2,354,774 | 2,343,213 |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' |
Assets: | ' | ' |
Cash and cash equivalents | 115,988 | 100,005 |
Related party receivables | 9,260 | 0 |
Prepaid expenses and other assets | 1,542 | 6 |
Liabilities: | ' | ' |
Accounts payable and accrued liabilities | 4,952 | 46 |
Related party payables | $1,409 | $54 |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | |
Rental revenues and net gain on investments: | ' | ' | |
Rental revenues | $0 | $36 | |
Net unrealized gain on mortgage loans | 0 | 61,092 | |
Net realized gain on mortgage loans | 0 | 10,482 | |
Total rental revenues and net gain on investments | 0 | 71,610 | |
Expenses: | ' | ' | |
Residential rental property operating expenses (Note 8) | 0 | 767 | |
Real estate depreciation and amortization | 0 | 25 | |
Mortgage loan servicing costs (Note 8) | 0 | 10,418 | |
Interest expense | 0 | 4,568 | |
General and administrative | 135 | 18,449 | |
Related party general and administrative (Note 8) | 0 | 3,767 | |
Total expenses | 135 | 37,994 | |
Other income | 0 | 687 | |
Net income (loss) | -135 | 34,303 | |
Net loss (income) attributable to noncontrolling interest in consolidated affiliate | 89 | -39,596 | |
Net loss attributable to common stockholders | ($46) | ($5,293) | |
Loss per share of common stock - basic: [Abstract] | ' | ' | |
Earnings per share basic | ($0.02) | ($2.26) | |
Weighted average common stock outstanding b basic | 2,343,213 | [1] | 2,346,993 |
Loss per share of common stock - diluted: [Abstract] | ' | ' | |
Earnings per share diluted | ($0.02) | ($2.26) | |
Weighted average common stock outstanding b diluted | 2,343,213 | [1] | 2,346,993 |
[1] | (1) Shares weighted by period outstanding since the separation on December 21, 2012 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common stock | Additional paid-in capital | Accumulated deficit | Noncontrolling interest in consolidated affiliate |
In Thousands, except Share data, unless otherwise specified | |||||
Beginning balance at Mar. 15, 2012 | $0 | $0 | $0 | $0 | $0 |
Beginning balance, Shares at Mar. 15, 2012 | ' | 0 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Issuance of common stock, including option exercises, shares | ' | 2,343,213 | ' | ' | ' |
Issuance of common stock, including option exercises, value | 5,000 | 23 | 4,977 | ' | ' |
Capital contribution from noncontrolling interest | 100,000 | 0 | ' | 0 | 100,000 |
Share-based compensation | 16 | ' | 16 | ' | ' |
Net income (loss) | -135 | ' | ' | -46 | -89 |
Ending balance at Dec. 31, 2012 | 104,881 | 23 | 4,993 | -46 | 99,911 |
Ending balance, Shares at Dec. 31, 2012 | 2,343,213 | 2,343,213 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Issuance of common stock, including option exercises, shares | ' | 11,561 | ' | ' | ' |
Issuance of common stock, including option exercises, value | 21 | 1 | 20 | ' | ' |
Capital contribution from noncontrolling interest | 659,007 | ' | ' | ' | 659,007 |
Distribution from noncontrolling interest | -13,087 | ' | ' | ' | -13,087 |
Share-based compensation | 7,842 | ' | 7,842 | ' | ' |
Net income (loss) | 34,303 | ' | ' | -5,293 | 39,596 |
Ending balance at Dec. 31, 2013 | $792,967 | $24 | $12,855 | ($5,339) | $785,427 |
Ending balance, Shares at Dec. 31, 2013 | 2,354,774 | 2,354,774 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
Operating activities: | ' | ' |
Net income (loss) | ($135) | $34,303 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Net unrealized gain on mortgage loans | 0 | -61,092 |
Net realized gain on mortgage loans | 0 | -10,482 |
Real estate depreciation and amortization | 0 | 25 |
Share-based compensation | 16 | 7,842 |
Amortization of deferred financing costs | 0 | 1,102 |
Changes in operating assets and liabilities: | ' | ' |
Related party receivables | -361 | -515 |
Prepaid expenses and other assets | 3 | -124 |
Accounts payable and accrued liabilities | 406 | 4,761 |
Related party payables | 2 | 2,355 |
Net cash used in operating activities | -69 | -21,825 |
Investing activities: | ' | ' |
Investment in mortgage loans | 0 | -1,212,620 |
Investment in real estate | 0 | -6,198 |
Investment in renovations | 0 | -465 |
Real estate tax advances | ' | -6,472 |
Disposition of real estate | 0 | 685 |
Mortgage loan dispositions | 0 | 38,967 |
Mortgage loan payments | ' | 4,901 |
Acquisition-related deposits | 0 | -1,150 |
Change in restricted cash | 0 | -5,878 |
Net cash used in investing activities | 0 | -1,188,230 |
Financing activities: | ' | ' |
Issuance of common stock, including stock option exercises | 5,000 | 935 |
Capital contribution from noncontrolling interest | 100,000 | 659,007 |
Distribution to noncontrolling interest | 0 | -13,087 |
Payment of tax withholdings on exercise of stock options | 0 | -914 |
Proceeds from repurchase agreement | 0 | 689,490 |
Repayments of repurchase agreement | 0 | -87,108 |
Payment of deferred financing costs | 0 | -3,282 |
Increase (decrease) related party payables, financing cash flow | 83 | 0 |
Net cash provided by financing activities | 105,083 | 1,245,041 |
Net increase in cash and cash equivalents | 105,014 | 34,986 |
Cash and cash equivalents as of beginning of the period | 0 | 105,014 |
Cash and cash equivalents as of end of the period | 105,014 | 140,000 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest | 0 | 2,445 |
Supplemental disclosure of non-cash investing and financing activity: | ' | ' |
Transfer of mortgage loans to real estate owned | 0 | 31,014 |
Changes in receivables from mortgage loan dispositions, payments and real estate tax advances to borrowers, net | 0 | 9,812 |
Acquisition-related payable | $0 | $1,209 |
Organization_and_basis_of_pres
Organization and basis of presentation | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and basis of presentation | ' |
Organization and basis of presentation | |
We were incorporated in the United States Virgin Islands on March 15, 2012, which we refer to as "inception." Subsequent to our separation from Altisource on December 21, 2012, we immediately commenced operations. In October 2013, we applied for and were granted registration by the SEC as a registered investment adviser under section 203(c) of the Investment Advisers Act of 1940. Our primary business is to provide asset management and certain corporate governance services to Altisource Residential Corporation, which we refer to as “Residential,” under a 15-year asset management agreement beginning December 21, 2012, which we refer to as the “Residential asset management agreement.” Residential is a Maryland corporation that acquires and manages single-family rental properties by acquiring sub-performing and non-performing mortgages throughout the United States. | |
Residential is currently our primary source of revenue and will drive our potential future growth. The Residential asset management agreement entitles us to incentive fees, which we refer to as our “incentive management fees,” that gives us a share of Residential's cash flow available for distribution to its stockholders as well as reimbursement for certain overhead and operating expenses. Accordingly, our operating results are highly dependent on Residential's ability to achieve positive operating results. | |
We have concluded that Residential is a variable interest entity ("VIE") because Residential's equity holders lack the ability through voting rights to make decisions about Residential's activities that have a significant effect on the success of Residential. We have also concluded that we are the primary beneficiary of Residential because under the Residential asset management agreement we have the power to direct the activities of Residential that most significantly impact Residential's economic performance including establishing Residential's investment and business strategy. As a result, we consolidate Residential in our consolidated financial statements. | |
Additionally, we provide management services to NewSource Reinsurance Company Ltd., which we refer to as “NewSource,” a title insurance and reinsurance company in Bermuda. On December 21, 2012, we entered into a subscription agreement to invest $2.0 million to acquire 100% of the voting common stock of NewSource Reinsurance Company Ltd., which we refer to as “NewSource,” a title insurance and reinsurance company in Bermuda. Residential simultaneously entered into a subscription agreement to invest $18.0 million in the non-voting preferred stock of NewSource. On October 17, 2013, we and Residential invested the full amount of our respective subscriptions in NewSource, and on December 2, 2013, NewSource became registered as a licensed reinsurer with the Bermuda Monetary Authority (“BMA”). We believe investment in NewSource complements Residential's business strategy because the acquisition of residential mortgage loans requires a detailed analysis of the chain of title and typically involves the purchase of title insurance to ensure clear and marketable title to each property. Because we own 100% of voting common stock of NewSource and there are no substantive kick-out rights granted to other equity owners, we consolidate NewSource in our consolidated financial statements. | |
On March 22, 2013, Residential entered into a master repurchase agreement, which we refer to as the “CS repurchase agreement,” with Credit Suisse First Boston Mortgage Capital LLC to finance the acquisition and ownership of residential mortgage loans and owned properties, which we refer to as "REO Properties." The maximum funding available to Residential under the CS repurchase agreement is $100.0 million, subject to certain standard sublimits, eligibility requirements and conditions for each funding. The CS repurchase agreement matures on March 21, 2014. | |
On May 1, 2013, Residential completed a public offering of 17,250,000 shares of its common stock at $18.75 per share and received net proceeds of $309.5 million. Residential used the net proceeds of this offering to purchase additional sub-performing and non-performing residential mortgage loans, pay servicing fees for its mortgage loan portfolios, renovate the single-family rental properties it acquires, pay rental and property management expenses, pay fees and expenses to us under the asset management agreement and for working capital. | |
On September 12, 2013, Residential entered into a Master Repurchase Agreement, which we refer to as the “DB repurchase agreement,” with Deutsche Bank AG, Cayman Islands Branch to finance the acquisition and ownership of residential mortgage loans and REO properties. On December 18, 2013 we increased the maximum funding available to Residential under the DB repurchase agreement to $250.0 million, subject to certain standard sublimits, eligibility requirements and conditions for each funding. The DB repurchase agreement matures on March 11, 2016. After the first 18 months of the DB repurchase agreement, Residential will not be able to finance mortgage loans in excess of amounts outstanding under the facility as of the end of the eighteenth month. | |
On September 23, 2013, Residential entered into a Master Repurchase Agreement and Securities Contract, which we refer to as the “WF repurchase agreement,” with Wells Fargo Bank, National Association to finance the acquisition and ownership of residential mortgage loans and REO properties. On December 23, 2013 we increased the maximum funding available to Residential under the WF repurchase agreement to $400.0 million, subject to certain standard sublimits, eligibility requirements and conditions for each funding. The WF repurchase agreement matures on March 23, 2015, subject to extension by Residential for an additional 12 months. After the first 18 months of the WF repurchase agreement, we will not be able to finance mortgage loans in excess of amounts outstanding under the facility as of the end of the eighteenth month. | |
On October 1, 2013, Residential completed a public offering of 17,187,000 shares of common stock at $21.00 per share and received net proceeds of $349.4 million. Residential used the majority of the net proceeds of this offering to purchase additional sub-performing and non-performing residential mortgage loans and to fund its investment in NewSource. Residential intends to use the remaining proceeds of this offering to purchase additional portfolios of mortgage loans, pay servicing fees for its mortgage loan portfolios, renovate the single-family rental properties it acquires, pay rental and property management expenses, pay fees and expenses to us under the asset management agreement and for working capital. | |
Because we were formed on March 15, 2012, our consolidated statements of operations and cash flows for the period ended December 31, 2012 do not include 12 full months of activity. | |
We ceased to be a development stage enterprise in the second quarter of 2013. | |
Basis of presentation and use of estimates | |
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States which we refer to as "U.S. GAAP." All wholly owned subsidiaries are included and all intercompany accounts and transactions have been eliminated. 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 | |
In accordance with ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, beginning in the first quarter of 2013 we were required to provide additional disclosures about the nature of our rights of offset and the related arrangements associated with our financial instruments. As a result, we have included additional disclosures pertaining to the collateral arrangements related to Residential's repurchase agreements in this annual report. | |
In January 2014, ASU 2014-04, Troubled Debt Restructurings by Creditors, was issued which requires that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendment requires disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure. We do not expect this amendment to have a significant effect on our financial position or results of operations since Residential's accounting policies and disclosures are currently consistent with the requirements set forth in the amendment. |
Summary_of_significant_account
Summary of significant accounting policies (Notes) | 12 Months Ended | |
Dec. 31, 2013 | ||
Summary of significant accounting policies [Abstract] | ' | |
Significant Accounting Policies | ' | |
Summary of significant accounting policies | ||
Cash equivalents | ||
We consider highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. | ||
Comprehensive income | ||
Because comprehensive income (loss) equals net income (loss), separate statements of comprehensive income (loss) are not presented as part of our consolidated financial statements. | ||
Concentration of credit risk | ||
We maintain our cash and cash equivalents at banking institutions. Certain account balances exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. | ||
Consolidations | ||
The consolidated financial statements include wholly owned subsidiaries and those subsidiaries in which we own a majority voting interest with the ability to control operations of the subsidiaries and where no substantive participating rights or substantive kick out rights have been granted to the noncontrolling interests. Additionally, we would consolidate partnerships, joint ventures and limited liability companies when we control the major operating and financial policies of the entity through majority ownership in our capacity as general partner or managing member or by contract. In addition, we consolidate those entities deemed to be variable interest entities in which we are determined to be the primary beneficiary. As of December 31, 2012, we have concluded Residential is a variable interest entity because Residential's equity holders lack the ability through voting rights to make decisions about Residential's activities that have a significant effect on the success of Residential. We have also concluded that we are the primary beneficiary of Residential because under the Residential asset management agreement we have the power to direct the activities of Residential that most significantly impact Residential's economic performance including establishing Residential's investment and business strategy. While the results of operations of consolidated entities are included in net income (loss) in our consolidated financial statements, net income (loss) attributable to common stockholders does not include the portion attributable to noncontrolling interests. Additionally, noncontrolling interest in consolidated affiliates is recorded in our consolidated balance sheets and our consolidated statements of equity within the equity section but separate from our equity. | ||
Earnings per share | ||
Basic earnings per share is computed by dividing net income (loss) by the weighted average common stock outstanding during the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average common stock outstanding for the period plus the dilutive effect of stock options and restricted stock outstanding using the treasury stock method and if converted method, respectively. Weighted average common stock outstanding - basic excludes the impact of unvested restricted stock since dividends paid on such restricted stock are non-participating. | ||
Expense reimbursement and incentive management fee | ||
Our primary business is asset management. In our role as asset manager we incur expenditures directly and indirectly related to managing Residential's business which are contractually reimbursable to us. We allocate indirect costs (e.g. payroll and overhead) by estimating the time incurred for the benefit of each asset under management. We are not reimbursed for any compensation to Mr. Erbey in connection with his role as our Chairman. | ||
We calculate the incentive management fee based on Residential's contractually defined cash available for distribution. Pursuant to our asset management agreement with Residential, our incentive management fee structure entitles us to receive a share of Residential's cash flow available for distribution to its stockholders. Accordingly, our incentive management fees, and therefore our stand-alone financial results, are highly dependent on Residential's ability to achieve positive operating results. If Residential does not generate taxable income that is distributable to its stockholders, then we will not be entitled to any incentive management fee. | ||
Fair value of financial instruments | ||
We designate fair value measurements into three levels based on the lowest level of substantive input used to make the fair value measurement. Those levels are as follows: | ||
• | Level 1 - Quoted prices in active markets for identical assets or liabilities. | |
• | Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. | |
• | Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
Income taxes | ||
Income taxes 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 consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to our judgment, we reduce a deferred tax asset by a valuation allowance if it is “more likely than not” that some or all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and we recognize tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority. | ||
We believe that we have operated Residential in a manner in which Residential has complied and will continue to operate Residential in a manner that will comply with the provisions of the federal income tax code applicable to REITs beginning for the year ended December 31, 2013 and intend to cause Residential to elect REIT status upon filing of its 2013 income tax return. Accordingly, we believe that Residential will not be subject to federal income tax beginning in the year ended December 31, 2013 on that portion of Residential’s REIT taxable income that is distributed to its stockholders as long as certain asset, income and share ownership tests are met. If Residential fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its REIT taxable income at regular corporate income tax rates. If after electing to be taxed as a REIT, Residential subsequently fails to qualify as a REIT in any taxable year, it 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 unless the IRS grants it relief under certain statutory provisions. Such an event could materially adversely affect Residential’s net income and net cash available for distribution to stockholders. Its taxable REIT subsidiaries would also be subject to federal and state income taxes. | ||
Mortgage loans | ||
Upon the acquisition of mortgage loans, Residential records the assets at fair value which is the purchase price it paid for the loans on the acquisition date. Mortgage loans are subsequently accounted for at fair value under the fair value option election with unrealized gains and losses recorded in current period earnings. We have concluded that mortgage loans accounted for at fair value timely reflect the results of Residential’s investment performance. | ||
We determine the purchase price for Residential’s mortgage loans at the time of acquisition by using a discounted cash flow valuation model and considering alternate loan resolution probabilities including modification, liquidation or conversion to rental property. Observable inputs to the model include current interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. | ||
After mortgage loans are acquired, the fair value of each loan is adjusted in each subsequent reporting period as the loan proceeds to a particular resolution (i.e., modification, or conversion to real estate owned). As a loan approaches resolution, the resolution timeline for that loan decreases and costs embedded in the discounted cash flow model for loan servicing, foreclosure costs and property insurance are incurred and removed from future expenses. The shorter resolution timelines and reduced future expenses each increase the fair value of the loan. The increase in the value of the loan is recognized in net unrealized gain on mortgage loans in Residential’s, and therefore, our consolidated statements of operations. | ||
Residential also recognizes unrealized gains and losses in the fair value of the loans in each reporting period when its mortgage loans are transferred to real estate owned. The transfer to real estate owned occurs when Residential has obtained title to the property through completion of the foreclosure process. The fair value of these assets at the time of transfer to real estate owned is estimated using BPOs. | ||
Our capital markets group determines the fair value of mortgage loans monthly and has developed procedures and controls governing the valuation process relating to these assets. The capital markets group reports to Residential’s Investment Committee, which is a committee of Residential’s Chief Executive Officer and its Chairman that oversees and approves the valuations. The capital markets group also monitors the valuation model for performance against actual results which is reported to the Investment Committee and used to continuously improve the model. | ||
Real estate impairment | ||
With respect to Residential's rental properties classified as held for use, we perform an impairment analysis using estimated cash flows if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than cost. This analysis is performed at the property level. These cash flows are estimated based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for rental properties, competition for customers, changes in market rental rates, costs to operate each property and expected ownership periods. | ||
If the carrying amount of a held for use asset exceeds the sum of its undiscounted future operating and residual cash flows, an impairment loss is recorded for the difference between estimated fair value of the asset and the carrying amount. Residential generally estimates the fair value of assets held for use by using BPOs. In some instances, appraisal information may be available and is used in addition to BPOs. | ||
Residential properties | ||
Upon the acquisition of real estate, generally through the completion of foreclosure, Residential records the assets at fair value as of the acquisition date as a component of real estate owned based on information obtained from a broker's price opinion, a full appraisal or the price given in a current contract of sale of the property. After a short evaluation period, Residential performs property renovations to maximize the value of the property for its rental strategy. Such expenditures are part of Residential's initial investment in a property and, therefore, are classified as investing activities in our consolidated statement of cash flows. Subsequently, the residential property, including any renovations that improve or extend the life of the asset, are accounted for at cost. The cost basis is depreciated using the straight-line method over an estimated useful life of three to 27.5 years based on the nature of the components. Interest and other carrying costs incurred during the renovation period are capitalized until the property is ready for its intended use. Expenditures for ordinary maintenance and repairs are charged to expense as incurred. | ||
Expenditures directly related to successful leasing efforts such as lease commissions are included in deferred leasing and financing costs, net and are stated at amortized cost. Such expenditures are part of Residential's operations and, therefore, are classified as operating activities in our consolidated statement of cash flows. Capitalized leasing costs are amortized on a straight-line basis over the lease term of the respective leases which generally are from one to two years. | ||
Residential properties are classified either as held for use or held for sale. Residential properties are classified as real estate and related assets held for sale when sale of the assets has been formally approved and is expected to occur in the next twelve months. We record residential properties held for sale at the lower of the carrying amount or estimated fair value. Fair value of assets held for sale is equal to the estimated or contracted sales price with a potential buyer less costs to sell. The impairment loss is the amount by which the carrying amount exceeds the estimated fair value. | ||
Residential rental revenues | ||
Minimum contractual rents from leases are recognized on a straight-line basis over the terms of the leases in residential rental revenues. Therefore, actual amounts billed in accordance with the lease during any given period may be higher or lower than the amount of rental revenue recognized for the period. Straight-line rental revenue commences when the customer takes control of the leased premises. Deferred rents receivable, net represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. Contingent rental revenue is accrued when the contingency is removed. Termination fee income is recognized when the customer has vacated the rental property, the amount of the fee is determinable and collectability is reasonably assured. | ||
Rents receivable, net and deferred rents receivable, net are reduced by an allowance for amounts that become uncollectible. We regularly evaluate the adequacy of our allowance for doubtful accounts. The evaluation takes into consideration the aging of accounts receivable and our analysis of customer personal profile and review past due account balances. Rents receivable, net and deferred rents receivable, net are written-off when Residential has deemed that the amounts are uncollectible. | ||
Restricted cash | ||
Restricted cash represents cash deposits that are legally restricted or held by third parties on Residential’s or our behalf, as applicable, such as escrows and reserves for debt service established pursuant to certain of our repurchase agreements. |
Mortgage_loans
Mortgage loans | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Mortgage Loans on Real Estate [Abstract] | ' | ||||||||||
Mortgage Loans on Real Estate, by Loan Disclosure | ' | ||||||||||
Mortgage loans | |||||||||||
Acquisitions | |||||||||||
During the year ended December 31, 2013, Residential completed the acquisition of the following portfolios of non-performing residential mortgage loans: | |||||||||||
• | On February 14, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $94 million. | ||||||||||
• | On March 21, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $39 million. | ||||||||||
• | On April 5, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $122 million. | ||||||||||
• | On August 6, 2013 and September 19, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $241 million. | ||||||||||
• | On August 26, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $67 million. | ||||||||||
• | On September 30, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $404 million. | ||||||||||
• | On October 21, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $298 million. | ||||||||||
• | On December 23, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $530 million. | ||||||||||
Throughout this annual report, all unpaid principal balance and market value amounts for the portfolios Residential has acquired are provided as of “cut-off date” for each transaction unless otherwise indicated. The “cut-off date” for each acquisition is a date shortly before the closing used to identify the final loans being purchased and the related unpaid principal balance, market value of underlying properties and other characteristics of the loans. | |||||||||||
During the year ended December 31, 2013, Residential expensed $2.9 million for due diligence costs related to these and other transactions, which are recorded in general and administrative and related party general administrative expenses. | |||||||||||
Transfer of mortgage loans to real estate owned | |||||||||||
During the year ended December 31, 2013, Residential transferred 228 mortgage loans at an aggregate fair value of $31.0 million, based on BPO, to real estate owned. Such transfer occurs when title to the real estate has been transferred to Residential. | |||||||||||
Dispositions | |||||||||||
During year ended December 31, 2013, Residential disposed of 211 mortgage loans primarily through short sales and foreclosure sales. As a result, Residential recorded $10.5 million of net realized gains on mortgage loans. | |||||||||||
Altisource Asset Management Corporation | |||||||||||
Schedule IV - Mortgage Loans on Real Estate | |||||||||||
31-Dec-13 | |||||||||||
($ in thousands) | |||||||||||
Description (face value of loan) | Loan count | Interest rate | Maturity | Carrying amount of mortgages (1) | Principal amount of loans subject to delinquent principal or interest | ||||||
$0-49,999 | 63 | 2.375% - 13.875% | 03/24/2014 - 12/01/2040 | $ | 1,013 | $ | 2,118 | ||||
$50,000-99,999 | 794 | 2.000% - 16.125% | 09/01/2010 - 05/01/2051 | 30,679 | 58,181 | ||||||
$100,000-149,999 | 1,667 | 2.000% - 13.650% | 02/01/2010 - 11/01/2053 | 114,844 | 198,753 | ||||||
$150,000-199,999 | 1,339 | 2.000% - 13.950% | 05/01/2010 - 09/01/2053 | 125,922 | 222,205 | ||||||
$200,000-249,999 | 1,125 | 2.000% - 11.960% | 06/01/2009 - 01/01/2057 | 136,013 | 240,679 | ||||||
$250,000+ | 3,066 | 1.000% - 12.375% | 01/01/2010 - 09/01/2057 | 798,692 | 1,307,378 | ||||||
Total (2) | 8,054 | $ | 1,207,163 | $ | 2,029,314 | ||||||
_____________ | |||||||||||
-1 | The carrying value of an asset is based on our fair value model. The significant unobservable inputs used in the fair value measurement of our mortgage loans are discount rates, forecasts of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. Significant changes in any of these inputs in isolation could result in a significant change to the fair value measurement. The substantial majority of the mortgage loans are significantly delinquent and have varying monthly payment requirements. For a more complete description of the fair value measurements and the factors that may significantly affect the carrying value of our assets, please see Note 4 to our consolidated financial statements. | ||||||||||
-2 | The following table sets forth the activity of mortgage loans ($ in thousands): | ||||||||||
For the year ended December 31, 2013 | |||||||||||
Mortgage loans | |||||||||||
Beginning balance | $ | — | |||||||||
Investment in mortgage loans | 1,213,811 | ||||||||||
Net unrealized gain on mortgage loans | 61,092 | ||||||||||
Cost of mortgages sold | (38,297 | ) | |||||||||
Mortgage loan payments | (4,901 | ) | |||||||||
Real estate tax advances to borrowers | 6,472 | ||||||||||
Transfer of mortgage loans to real estate owned | (31,014 | ) | |||||||||
Ending balance | $ | 1,207,163 | |||||||||
Real_estate_assets
Real estate assets | 12 Months Ended |
Dec. 31, 2013 | |
Real Estate [Abstract] | ' |
Real estate assets | ' |
Real estate assets | |
Acquisitions | |
During the year ended December 31, 2013, Residential acquired 40 residential properties. These REO Properties were acquired as part of the loan portfolio acquisitions described in Note 3. The aggregate purchase price attributable to these acquired REO properties was $6.2 million. | |
Real estate held for use | |
As of December 31, 2013, Residential had 246 real estate assets held for use. As of December 31, 2013, 14 of these properties had been rented and were occupied by tenants, 11 were being listed for rent and 18 were in various stages of lease preparation. With respect to the remaining 203 REO properties, we are in the process of determining whether each property meets Residential's rental profile. If the REO property meets Residential's rental profile we determine the extent of renovations that are needed to generate an optimal rent and maintain consistency of renovation specifications for future branding. If we determine that the REO property will not meet Residential's rental profile, we list the property for sale, in many instances after renovations are made to optimize the sale proceeds. | |
Real estate held for sale | |
As of December 31, 2013, Residential classified 16 properties having carrying value of $1.2 million as real estate held for sale as they do not meet Residential's rental property investment criteria. The real estate held for sale balance is composed solely of real estate owned. These properties have no operations and, therefore, Residential is not presenting discontinued operations related to these properties. | |
Dispositions | |
During the year ended December 31, 2013, Residential disposed of four residential properties. There no significant gains or losses on these dispositions. |
Fair_value_of_financial_instru
Fair value of financial instruments | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Fair value of financial instruments | ' | |||||||||||
Fair value of financial instruments | ||||||||||||
The following table sets forth the financial assets and liabilities that Residential measures at fair value by level within the fair value hierarchy as of December 31, 2013 ($ in thousands): | ||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||
Quoted prices in active markets | Observable inputs other than Level 1 prices | Unobservable inputs | ||||||||||
Recurring basis (assets) | ||||||||||||
Mortgage loans | $ | — | $ | — | $ | 1,207,163 | ||||||
Nonrecurring basis (assets) | ||||||||||||
Transfer of mortgage loans to real estate owned | $ | — | $ | — | $ | 31,014 | ||||||
Not recognized on consolidated balance sheets at fair value (liabilities) | ||||||||||||
Repurchase agreements at fair value | $ | — | $ | 602,382 | $ | — | ||||||
There were no corresponding financial assets or liabilities measured at fair value as of December 31, 2012 because Residential did not own any mortgage loans or residential properties and had no repurchase agreements at that time. Additionally, there have been no transfers between levels for the year ended December 31, 2013. | ||||||||||||
The carrying values of Residential's and/or our cash and cash equivalents, restricted cash, related party receivables, accounts payable and accrued liabilities and related party payables are equal to or approximate fair value. The fair value of mortgage loans is estimated using a pricing model internally developed by us. The fair value of transfers of mortgage loans to real estate owned is estimated using BPO's. The fair value of the repurchase agreements is estimated using the income approach based on credit spreads available to Residential currently in the market for similar floating rate debt. | ||||||||||||
The following table sets forth the changes in Residential's level 3 assets that are measured at fair value on a recurring basis ($ in thousands): | ||||||||||||
For the year ended December 31, 2013 | ||||||||||||
Mortgage loans | ||||||||||||
Beginning balance | $ | — | ||||||||||
Investment in mortgage loans | 1,213,811 | |||||||||||
Net unrealized gain on mortgage loans | 61,092 | |||||||||||
Net realized gain on mortgage loans | 10,482 | |||||||||||
Mortgage loan dispositions | (48,779 | ) | ||||||||||
Mortgage loan payments | (4,901 | ) | ||||||||||
Real estate tax advances to borrowers | 6,472 | |||||||||||
Transfer of mortgage loans to real estate owned | (31,014 | ) | ||||||||||
Ending balance | $ | 1,207,163 | ||||||||||
Net unrealized gain on mortgage loans held | $ | 61,092 | ||||||||||
Accumulated net unrealized gain on mortgage loans held | $ | 61,092 | ||||||||||
There was no corresponding activity for level 3 assets for the year ended December 31, 2012 because Residential did not own any such assets at that time. | ||||||||||||
The following table sets forth the fair value of Residential's mortgage loans, the related unpaid principal balance and market value of underlying properties by delinquency as of December 31, 2013 ($ in thousands): | ||||||||||||
Number of loans | Carrying value | Unpaid principal balance | Market value of underlying properties | |||||||||
Current | 238 | $ | 31,649 | $ | 60,051 | $ | 52,506 | |||||
30 days | 26 | 2,087 | 4,492 | 3,763 | ||||||||
60 days | 23 | 3,376 | 5,683 | 4,738 | ||||||||
90 days | 1,555 | 245,024 | 419,836 | 355,451 | ||||||||
Foreclosure | 6,212 | 925,027 | 1,609,546 | 1,310,439 | ||||||||
8,054 | $ | 1,207,163 | $ | 2,099,608 | $ | 1,726,897 | ||||||
Residential did not hold any corresponding mortgage loans as of December 31, 2012. | ||||||||||||
The significant unobservable inputs used in the fair value measurement of Residential's mortgage loans are discount rates, forecasts of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. Significant changes in any of these inputs in isolation could result in a significant change to the fair value measurement. A decline in the discount rate in isolation would increase the fair value. A decrease in the housing pricing index in isolation would decrease the fair value. Individual loan characteristics such as location and value of underlying collateral affect the loan resolution probabilities and timelines. An increase in the loan resolution timeline in isolation would decrease the fair value. A decrease in the value of underlying properties in isolation would decrease the fair value. The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of our mortgage loans as of December 31, 2013: | ||||||||||||
Input | Range | |||||||||||
Discount rate | 15.00% | |||||||||||
Annual change in home pricing index | -0.079 | |||||||||||
Loan resolution probabilities — modification | 0.00% - 22.3% | |||||||||||
Loan resolution probabilities — rental | 0.00% - 100.0% | |||||||||||
Loan resolution probabilities — liquidation | 0.00% - 100.0% | |||||||||||
Loan resolution timelines (in years) | 0.1 - 5.8 | |||||||||||
Value of underlying properties | $3,000 - $3,550,000 | |||||||||||
There were no corresponding fair value measurements which required significant unobservable inputs as of December 31, 2012 because we did not own any mortgage loans at that time. |
Repurchase_agreements
Repurchase agreements | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Debt Disclosure [Abstract] | ' | |||||||||
Repurchase agreement | ' | |||||||||
Repurchase agreements | ||||||||||
Residential's operating partnership and certain of its Delaware Statutory Trust subsidiaries, as applicable, have entered into master repurchase agreements with major financial institutions. The purpose of these repurchase agreements is to finance the acquisition and ownership of mortgage loans and REO properties in its portfolio. Residential has effective control of the assets associated with these agreements and therefore we have concluded these are financing arrangements. As of December 31, 2013, the weighted average annualized interest rate on borrowings under Residential's repurchase agreements was 3.27%, excluding amortization of deferred financing costs. The following table sets forth data with respect to Residential's repurchase agreements as of December 31, 2013 ($ in thousands): | ||||||||||
Maximum borrowing capacity | Carrying value of collateral | Amount outstanding | ||||||||
Repurchase agreement due March 21, 2014 | $ | 100,000 | $ | 166,350 | $ | 85,364 | ||||
Repurchase agreement due March 23, 2015 | 400,000 | 634,234 | 398,602 | |||||||
Repurchase agreement due March 11, 2016 | 250,000 | 205,328 | 118,416 | |||||||
$ | 750,000 | $ | 1,005,912 | $ | 602,382 | |||||
The following table sets forth scheduled future principal payments due on Residential's repurchase agreements as of December 31, 2013 ($ in thousands): | ||||||||||
Years ending December 31, | Principal amount (1) | |||||||||
2014 | $ | 85,364 | ||||||||
2015 | 398,602 | |||||||||
2016 | 118,416 | |||||||||
602,382 | ||||||||||
________ | ||||||||||
(1) Does not consider contractually available extension options for amounts due in 2015 and 2016. | ||||||||||
Under the terms of each repurchase agreement, as collateral for the funds drawn thereunder, subject to certain conditions, Residential's operating partnership will sell to the applicable lender equity interests in the Delaware statutory trust subsidiary that owns the applicable underlying mortgage assets on Residential’s behalf, or the trust will sell directly such underlying mortgage assets. In the event the lender determines the value of the collateral has decreased, it has the right to initiate a margin call and require Residential, or the applicable trust subsidiary, to post additional collateral or to repay a portion of the outstanding borrowings. The price paid by the lender for each mortgage asset Residential finances under the repurchase agreements is based on a percentage of the market value of the mortgage asset and may depend on its delinquency status. With respect to funds drawn under the repurchase agreements, Residential’s applicable subsidiary is required to pay the lender interest based on LIBOR or at the lender's cost of funds plus a spread calculated based on the type of applicable mortgage assets collateralizing the funding, as well as certain other customary fees, administrative costs and expenses to maintain and administer the repurchase agreements. | ||||||||||
The repurchase agreements require Residential to maintain various financial and other covenants, including maintaining positive quarterly earnings, a minimum adjusted tangible net worth, a maximum ratio of indebtedness to adjusted tangible net worth and specified levels of unrestricted cash as well as restrictions on net losses in excess of specified amounts. In addition, the repurchase agreements contain customary events of default. | ||||||||||
Residential is currently in compliance with the covenants and other requirements with respect to its repurchase agreements. We monitor Residential's banking partners' ability to perform under the repurchase agreements and have concluded there is currently no reason to doubt that they will continue to perform under the repurchase agreements as contractually obligated. |
Commitments_and_contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and contingencies | ' |
Commitments and contingencies | |
Litigation, claims and assessments | |
Neither we nor Residential are currently the subject of any material legal or regulatory proceedings, and no material legal or regulatory proceedings have been threatened against Residential or us. |
Related_party_transactions
Related party transactions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related party transactions | ' | ||||||||
Related party transactions | |||||||||
During the year ended December 31, 2013, Residential acquired a portfolio from Ocwen of non-performing first lien residential mortgage loans having aggregate market value of underlying properties of $94 million. The aggregate purchase price for this portfolio was $64.4 million. | |||||||||
Asset Management Agreement with Residential | |||||||||
Upon completion of our separation and Residential’s separation from Altisource on December 21, 2012, we entered into a 15-year asset management agreement with Residential. Pursuant to the asset management agreement, we design and implement Residential’s business strategy, administer its business activities and day-to-day operations and provide corporate governance services, subject to oversight by Residential’s Board of Directors. We are responsible for, among other duties: (1) performing and administering all Residential’s day-to-day operations, (2) determining investment criteria through Residential’s Investment Policy in cooperation with its Board of Directors, (3) sourcing, analyzing and executing asset acquisitions, including our acquisition of sub-performing and non-performing residential mortgage loan portfolios and related financing activities, (4) analyzing and performing sales of properties, (5) overseeing Altisource’s renovation, leasing and property management of Residential’s single-family rentals, (6) overseeing Ocwen’s servicing of its residential mortgage loan portfolios, (7) performing asset management duties and (8) performing corporate governance and other management functions, including financial, accounting and tax management services. | |||||||||
We provide Residential with a management team and appropriate support personnel who have substantial sub-performing and non-performing loan portfolio experience. Our management also has significant corporate governance experience to manage Residential’s business and organizational structure efficiently. We have agreed not to provide the same or substantially similar services to any other party so long as Residential and its operating partnership have on hand an average of $50,000,000 in capital available for investment over the previous two fiscal quarters. Notwithstanding the foregoing, we may engage in any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of capital, however structured, having investment objectives similar to those of Residential or its operating partnership, so long as our services to Residential and its operating partnership are not impaired thereby. | |||||||||
Incentive Management Fee | |||||||||
Under the asset management agreement, Residential pays us a quarterly incentive management fee as follows: | |||||||||
(i) | 2% of all cash available for distribution by Residential to its stockholders and to us as incentive management fee, which we refer to as “available cash,” until the aggregate amount per share of available cash for the quarter (based on the average number of shares of our common stock outstanding during the quarter), which we refer to as the “quarterly per share distribution amount,” exceeds $0.161, then | ||||||||
(ii) | 15% of all additional available cash for the quarter until the quarterly per share distribution amount exceeds $0.193, then | ||||||||
(iii) | 25% of all additional available cash for the quarter until the quarterly per share distribution amount exceeds $0.257, and thereafter | ||||||||
(iv) | 50% of all additional available cash for the quarter. | ||||||||
in each case set forth in clauses (i) through (iv), as such amounts may be appropriately adjusted from time to time to take into account the effect of any stock split, reverse stock split or stock dividend. | |||||||||
Residential distributes any quarterly distribution to its stockholders after the application of the incentive management fee payable to us. | |||||||||
Expense Reimbursement | |||||||||
Residential is required to reimburse us on a monthly basis for the (i) direct and indirect expenses we incur or payments we make on Residential’s behalf, including, but not limited to, the allocable compensation and routine overhead expenses of all of our employees and staff and (ii) all other reasonable operating and overhead expenses we incur related to the asset management services we provides to Residential. We are not reimbursed for any compensation paid to Mr. Erbey in connection with his role as our Chairman. | |||||||||
Termination | |||||||||
Residential may not terminate the asset management agreement without cause during the first 24 months of its term. Following such 24-month period, Residential may terminate the asset management agreement without cause upon the determination of at least two-thirds of its independent directors that (i) there has been unsatisfactory performance by us that is materially detrimental to Residential, or (ii) the compensation payable to us under the asset management agreement is unreasonable, unless we agree to compensation that at least two-thirds of Residential’s independent directors determine is reasonable. | |||||||||
We may terminate the asset management agreement without cause by providing written notice to us no later than 180 days prior to December 21 of any year during the initial term or a renewal term, and the asset management agreement will terminate effective on the December 21 next following the delivery of such notice. | |||||||||
Residential will be required to pay us a termination fee in the event that the asset management agreement is terminated as a result of (i) a termination by Residential without cause, (ii) a termination by us as a result of Residential becoming regulated as an “investment company” under the Investment Company Act, or (iii) a termination by us if Residential defaults in the performance of any material term of the asset management agreement (subject to a notice and cure period). | |||||||||
The termination fee will be equal to three times the average annual incentive management fee earned by us during the prior 24-month period immediately preceding the date of termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination. | |||||||||
Agreements with Altisource | |||||||||
Support Services Agreement | |||||||||
Under the support services agreement, Altisource may provide services to us in such areas as human resources, vendor management operations, corporate services, risk management, quality assurance, consumer psychology, treasury, finance and accounting, legal, tax, compliance and other support services where we may need assistance and support. The support services agreement provides generally that Altisource will undertake to provide the support services in a manner generally consistent with the manner and level of care with which such service, if any, was performed or provided prior to our separation from Altisource. The support services agreement will extend for two years after the separation but may be terminated earlier under certain circumstances including a default. The fees for all support services provided pursuant to the support services agreement are based on the fully-allocated cost of providing the service or, with respect to statements of work entered into under the support services agreement, the amount set forth therein. “Fully-allocated cost” means the all-in cost of providing such service, including direct charges and allocable amounts reflecting compensation and benefits, technology expenses, occupancy and equipment expense and third-party payments (but not taxes incurred in connection therewith). Altisource is required to submit statements of account on a monthly basis with respect to all amounts payable by us, setting out the support services provided and the amount billed as a result of providing such support services. | |||||||||
The total fees incurred by us under this agreement are dependent upon our business activity and the level of services required in connection therewith. In the event our asset management agreement with AAMC expires or is terminated, the support services agreement will terminate within 30 days. | |||||||||
Technology Services Agreement | |||||||||
Under the technology services agreement, Altisource provides certain technology products and services to us, including telephone and network administration. The total fees incurred by us under this agreement will be dependent upon our business activity and the level of services required. | |||||||||
Tax Matters Agreement | |||||||||
The tax matters agreement with Altisource sets our each party's rights and obligations with respect to deficiencies and refunds, if any, of Luxembourg, U.S. federal, state, local or other foreign taxes for periods before and after our separation from Altisource and related matters such as the filing of tax returns and the conduct of IRS and other audits. In general, under this agreement, we are responsible for taxes attributable to our business incurred after the separation, and Altisource is responsible for taxes attributable to our business incurred prior to the separation. | |||||||||
Trademark License Agreement | |||||||||
Under the trademark license agreement, Altisource granted us a non-exclusive, non-transferable, non-sublicensable, royalty free license to use the name “Altisource.” The agreement has no specified term and may be terminated by either party upon 30 days’ written notice, with or without cause. In the event that this agreement is terminated, all rights and licenses granted thereunder, including, but not limited to, the right to use “Altisource” in our name will terminate. | |||||||||
In the event our asset management agreement with AAMC expires or is terminated, the trademark license agreement will terminate within 30 days. | |||||||||
Agreements with Ocwen | |||||||||
Support Services Agreement | |||||||||
Under the support services agreement, Ocwen provides us with business development services, as well as analytical services in connection with our management and valuation of Residential’s portfolio and administrative services in connection with the operation of our business. The support services agreement may be terminated by either us or Ocwen upon thirty days prior notice. The fees for all support services provided pursuant to the support services agreement are based on the fully-allocated cost of providing the service or, with respect to statements of work entered into under the support services agreement, the amount set forth therein. “Fully-allocated cost” means the all-in cost of providing such service, including direct charges and allocable amounts reflecting compensation and benefits, technology expenses, occupancy and equipment expense and third-party payments (but not taxes incurred in connection therewith). | |||||||||
The total fees incurred by us under this agreement are dependent upon our business activity and the level of services required in connection therewith. | |||||||||
Aircraft Time Sharing Agreement with Ocwen | |||||||||
On November 15, 2013, we entered into an Aircraft Time Sharing Agreement, or the “Timeshare Agreement,” with Ocwen pursuant to which Ocwen will make its corporate plane available to us for business-related travel from time to time. Under the Time Sharing Agreement, Ocwen agreed to provide us, on a time sharing basis, access to its plane in consideration of our reimbursement to Ocwen of the sum of its direct expenses of operating the plane plus an additional charge equal to 100% of such expenses. The amounts actually charged to us in any period will directly correlate to our use of the aircraft in each period, which will vary depending on our needs and business use. | |||||||||
Sublease | |||||||||
We sublease approximately 2,000 square feet from Ocwen under a sublease expiring June 30, 2017. The annual rent under the sublease is $40,000 per year until June 30, 2014 and $45,000 per year until the termination date of the lease, plus one-half of the lease-related operating expenses and leasehold improvements. | |||||||||
Our consolidated statements of operations included the following significant related party transactions ($ in thousands): | |||||||||
For the year ended December 31, 2013 | March 15, 2012 (inception) to December 31, 2012 | Counter-party | Consolidated statements of operations location | ||||||
Residential rental property operating expenses | $ | 767 | $ | — | Altisource | Residential rental property operating expenses | |||
Mortgage loan servicing costs | $ | 9,335 | $ | — | Ocwen | Mortgage loan servicing costs | |||
Due diligence and unsuccessful deal costs | $ | 2,059 | $ | — | Altisource | Related party general and administrative expenses | |||
Office and occupancy costs | $ | 256 | $ | — | Ocwen | Related party general and administrative expenses | |||
Salaries and benefits | $ | 1,273 | $ | — | Altisource/Ocwen | Related party general and administrative expenses | |||
Expense reimbursement | $ | 5,411 | $ | 42 | Residential | Net loss (income) attributable to noncontrolling interest in consolidated affiliate | |||
Incentive management fee | $ | 4,880 | $ | — | Residential | Net loss (income) attributable to noncontrolling interest in consolidated affiliate | |||
Incentive_compensation_and_sha
Incentive compensation and share-based payments | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||
Disclosure of compensation related costs, share-based payments | ' | |||||
Incentive compensation and share-based payments | ||||||
Long-Term Incentive Compensation | ||||||
Our named executives and certain employees participate in an annual non-equity incentive program whereby they are eligible for incentive cash payments based on a percentage of their annual base salary. Each officer has a target annual non-equity incentive payment percentage that ranges from 0% to 150% of base salary. The officer's actual incentive payment for the year is determined by (i) the Company's performance versus the objectives established in the corporate scorecard (80%) and (ii) a performance appraisal (20%). | ||||||
Our named executive officers and certain employees have and will receive grants of stock options and restricted stock under the 2012 Equity Incentive Plan which we refer to as the “2012 Plan.” In addition, a special grant of stock options and restricted stock was made to certain Ocwen employees related to the separation under the 2012 Special Equity Incentive Plan which we refer to as the “2012 Special Plan.” Dividends received on restricted stock are forfeitable and are accumulated until the time of vesting at the same rate and on the same date as on shares of common stock. The aggregate number of shares of common stock that may be issued under the 2012 Plan is 15% of our outstanding shares, subject to proportionate adjustment in the event of stock splits and similar events. Upon the vesting of stock options and restricted stock, we may withhold up to the statutory minimum to satisfy the resulting employee tax obligation. | ||||||
The 2012 Plan also allows for the grant of performance awards and other awards such as purchase rights, equity appreciation rights, shares of common stock awarded without restrictions or conditions, convertible securities, exchangeable securities or other rights convertible or exchangeable into shares of common stock, as the Compensation Committee in its discretion may determine. | ||||||
The following table sets forth the number of shares of common stock reserved for future issuance: | ||||||
31-Dec-13 | ||||||
Stock options outstanding | 281,221 | |||||
Possible future issuances under equity incentive plan | 148,392 | |||||
429,613 | ||||||
As of December 31, 2013, we had 2,645,226 remaining shares of common stock authorized to be issued under our charter. | ||||||
Stock options | ||||||
The following table sets forth the activity of our outstanding options: | ||||||
Number of options | Weighted average exercise price per share | |||||
March 15, 2012 (inception) to December 31, 2012 | — | $ | — | |||
Granted | 305,824 | 1.36 | ||||
31-Dec-12 | 305,824 | 1.36 | ||||
Exercised | (10,215 | ) | 1.89 | |||
Forfeited or canceled | (14,388 | ) | 5.87 | |||
December 31, 2013 (1), (2) | 281,221 | $ | 1.11 | |||
__________ | ||||||
(1) The outstanding options as of December 31, 2013 had a weighted average remaining life of 5.0 years with total intrinsic value of $261.1 million. | ||||||
(2) We have 251,163options exercisable as of December 31, 2013 with weighted average exercise price of $0.94, weighted average remaining life of 4.8 years and intrinsic value of $233.3 million. Of these exercisable options, none had exercise prices higher than the market price of our common stock as of December 31, 2013. | ||||||
Restricted stock | ||||||
We granted shares of restricted stock under the 2012 Plan and 2012 Special Plan related to the separation. We include no share-based compensation in our Consolidated Financial Statements for the portion of these grants made to Altisource employees. Restricted stock vests based on achievement of the following performance hurdles and vesting schedule: | ||||||
• | Twenty-five percent (25%) of the grant will vest in accordance with the vesting schedule set forth below if the market value of our stock meets all three of the following conditions: (i) the market value is at least equal to $250 million; (ii) the market value has realized a compounded annual gain of at least twenty percent (20%) over the market value on the date of the grant; and (iii) the market value is at least double the market value on the date of the grant; | |||||
• | Fifty percent (50%) of the grant will vest in accordance with the vesting schedule set forth below if the market value of our stock meets all three of the following conditions: (i) the market value is at least equal to $500 million; (ii) the market value has realized a compounded annual gain of at least twenty-two and a half percent (22.5%) over the market value on the date of the grant; and (iii) the market value is at least triple the market value on the date of the grant and | |||||
• | Twenty-five percent (25%) of the grant will vest in accordance with the vesting schedule set forth below if the market value of Company stock meets all three of the following conditions: (i) the market value is at least equal to $750 million; (ii) the market value has realized a compounded annual gain of at least twenty-five percent (25%) over the market value on the date of the grant; and (iii) the market value is at least quadruple the market value on the date of the grant. | |||||
• | After the performance hurdles have been achieved, 25% of the restricted stock will vest on each of the first four anniversaries of the date that the performance hurdles were met. | |||||
Additionally, our directors each receive annual grants of restricted stock equal to $45,000 based on the market value of our common stock at the time of the annual stockholders meeting. This restricted stock vests and is issued after a one-year service period. No dividends are paid on the shares until the award is issued. We recorded $0.2 million of compensation expense related to these grants for the year ended December 31, 2013. We recorded no similar expense in 2012. | ||||||
The following table sets forth the activity of our restricted stock: | ||||||
Number of shares | Weighted average grant date fair value | |||||
31-Dec-12 | 205,512 | $ | 5.9 | |||
Granted (1) | 32,667 | 70.16 | ||||
Vested (2) | (660 | ) | 5.9 | |||
Forfeited or canceled | (8,765 | ) | 5.9 | |||
December 31, 2013 (3) | 228,754 | $ | 15.32 | |||
__________ | ||||||
(1) The fair value at grant date of restricted stock issued during the year ended December 31, 2013 was $2.4 million. | ||||||
(2) The vesting date fair value of restricted stock that vested during the year ended December 31, 2013 was $0.2 million. | ||||||
(3) As of December 31, 2013, we had an aggregate of $22.1 million of total unrecognized share-based compensation costs which will be recognized over a weighted average remaining estimated term of 3.1 years. | ||||||
Restricted stock granted to our employees | ||||||
We calculate the grant date fair value of restricted stock using a Monte Carlo simulation and amortize the resulting compensation expense over the respective vesting or service period. The fair value of restricted stock granted was determined using the following assumptions, weighted by number of shares: | ||||||
For the year ended December 31, 2013 | March 15, 2012 (inception) to December 31, 2012 | |||||
Risk Free Interest Rate (a) | 3.18 | % | 2.81 | % | ||
Common Stock Dividend Yield (b) | 0 | % | 0 | % | ||
Expected Volatility (c) | 36.31 | % | 100 | % | ||
__________ | ||||||
(a) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the option grants. | ||||||
(b) At the date of grant, we had no history of dividend payments. | ||||||
(c) Based on the historical volatility of comparable companies, adjusted for our expected additional cash-flow volatility. | ||||||
Restricted stock granted to Ocwen's employees | ||||||
As part of the separation, we granted restricted stock to employees of Ocwen. We calculate the fair value of non-employee restricted stock using a Monte Carlo simulation until each market hurdle is met. Once the market hurdle is met, we calculate the fair value based on the market value of shares quoted on the NYSE. The fair value is re-measured each accounting period with amortization of the resulting servicing expense over the vesting period. These instruments qualify for equity classification. The weighted average grant date fair value of restricted stock granted was determined using the following assumptions, weighted by number of shares: | ||||||
March 15, 2012 (inception) to December 31, 2012 | ||||||
Risk Free Interest Rate (a) | 2.81 | % | ||||
Common Stock Dividend Yield (b) | 0 | % | ||||
Expected Volatility (c) | 100 | % | ||||
__________ | ||||||
(a) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the option grants. | ||||||
(b) At the date of grant, we had no history of dividend payments. | ||||||
(c) Based on the historical volatility of comparable companies, adjusted for our expected additional cash-flow volatility. |
Income_taxes
Income taxes | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Income Taxes [Abstract] | ' | ||||||
Income taxes | ' | ||||||
Income taxes | |||||||
We are domiciled in the United States Virgin Islands and under current United States Virgin Islands law are obligated to pay taxes in the United States Virgin Islands on income and/or capital gains. We applied for tax benefits from the United States Virgin Islands Economic Development Commission and received our certificate of benefits, effective as of February 1, 2013. Under the certificate of benefits, so long as we comply with the provisions of the certificate, we will receive a 90% exemption on our income taxes until 2043. From inception to December 31, 2012 we had future taxable income deductions (deferred tax assets) related to initial year expenditures, including the results of operations attributable to noncontrolling interest in consolidated affiliates. We have recorded a valuation allowance equal to 100% of the resulting gross deferred tax asset as, due to the cumulative loss currently within the operation, management does not believe it is more likely than not that the deferred tax asset will be realized. | |||||||
During the year ended December 31, 2013, Residential qualified as a REIT, distributed the necessary amount of taxable income and, therefore, incurred no federal income tax expense; accordingly, the only federal income taxes included in the accompanying consolidated financial statements are in connection with its taxable REIT subsidiary. | |||||||
The following table sets forth the sources of our net loss: | |||||||
For the year ended December 31, 2013 | March 15, 2012 (inception) to December 31, 2012 | ||||||
U.S. Virgin Islands | $ | (5,261 | ) | $ | (33 | ) | |
Other | (32 | ) | (102 | ) | |||
Net loss | $ | (5,293 | ) | $ | (135 | ) | |
The following table sets forth the components of our deferred tax assets: | |||||||
December 31, 2013 | December 31, 2012 | ||||||
Stock compensation and other | $ | 377 | $ | 23 | |||
Accrued Expenses | 4 | 28 | |||||
Gross Deferred Tax Asset | 381 | 51 | |||||
Valuation Allowance | (381 | ) | (51 | ) | |||
Net Deferred Tax Asset | $ | — | $ | — | |||
The following table sets for the reconciliation of the statutory U.S. Virgin Islands income tax rate to our effective income tax rate: | |||||||
For the year ended December 31, 2013 | March 15, 2012 (inception) to December 31, 2012 | ||||||
U.S. Virgin Islands Income Tax Rate | (38.5 | )% | (38.5 | )% | |||
State and Local Income Tax Rates | — | % | (2.6 | )% | |||
Excluded REIT income | 40.5 | % | — | % | |||
EDC benefits | (4.8 | )% | — | % | |||
Rate Differential | 3.9 | % | 3.2 | % | |||
Valuation Allowance | (1.1 | )% | 37.9 | % | |||
Effective Income Tax Rate | — | % | — | % | |||
Our subsidiaries and we remain subject to tax examination for the period from inception to December 31, 2013. Residential recorded nominal state income tax expense in rental property operating expenses for the year ended December 31, 2013. There was no state income tax expense recorded by Residential in 2012. |
Earnings_per_share
Earnings per share | 12 Months Ended |
Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ' |
Earnings per share | ' |
Earnings per share | |
Because we incurred a net loss attributable to common stockholders for the year ended December 31, 2013 and December 31, 2012, basic and diluted earnings per share are equivalent for the periods. For the year ended December 31, 2013 and for the period from March 15, 2013 to December 31, 2012, there were 286,264 and 276,100 stock options, respectively, and 226,481 and 205,512 units of restricted stock excluded from the calculation of diluted earnings per share because inclusion would have been anti-dilutive. The shares are weighted by period outstanding since the separation on December 21, 2012. |
Segment_information
Segment information | 12 Months Ended |
Dec. 31, 2013 | |
Segment Reporting [Abstract] | ' |
Segment information | ' |
Segment information | |
Our primary business is to provide asset management and certain corporate governance services to Residential. Residential's primary business is the acquisition and ownership of single-family rental assets. Residential's primary sourcing strategy is to acquire these assets by purchasing sub-performing and non-performing mortgages. As a result, we operate in a single segment focused on the management of Residential's resolution of sub-performing and non-performing mortgages with the intent to modify as many loans as possible to keep borrowers in their homes or own the collateral which is suitable as long-term rental properties. |
Quarterly_financial_informatio
Quarterly financial information (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Financial Information | ' | |||||||||||||||
Quarterly financial information (unaudited) | ||||||||||||||||
The following tables set forth our quarterly financial information (unaudited, $ in thousands): | ||||||||||||||||
2013 | ||||||||||||||||
First quarter | Second quarter | Third quarter | Fourth quarter | Total | ||||||||||||
Total rental revenues and net gain on investments | $ | 1,515 | $ | 8,884 | $ | 19,585 | $ | 41,626 | $ | 71,610 | ||||||
Net loss attributable to common stockholders | $ | (840 | ) | $ | (1,499 | ) | $ | (2,557 | ) | $ | (397 | ) | $ | (5,293 | ) | |
Earnings per share of common stock – basic: | ||||||||||||||||
Earnings per share basic | $ | (0.36 | ) | $ | (0.64 | ) | $ | (1.09 | ) | $ | (0.17 | ) | $ | (2.26 | ) | |
Earnings per share of common stock – diluted: | ||||||||||||||||
Earnings per share diluted | $ | (0.36 | ) | $ | (0.64 | ) | $ | (1.09 | ) | $ | (0.17 | ) | $ | (2.26 | ) | |
2012 | ||||||||||||||||
March 15 (inception) to March 31 | Second quarter | Third quarter | Fourth quarter (1) | Total (1) | ||||||||||||
Total rental revenues and net gain on investments | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
Net loss attributable to common stockholders | $ | — | $ | — | $ | — | $ | (46 | ) | $ | (46 | ) | ||||
Earnings per share of common stock – basic: | ||||||||||||||||
Earnings per share basic | $ | — | $ | — | $ | — | $ | (0.02 | ) | $ | (0.02 | ) | ||||
Earnings per share of common stock – diluted: | ||||||||||||||||
Earnings per share diluted | $ | — | $ | — | $ | — | $ | (0.02 | ) | $ | (0.02 | ) | ||||
_________ | ||||||||||||||||
(1) Shares weighted by period outstanding since the separation on December 21, 2012 |
Subsequent_events_Notes
Subsequent events (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent events | |
On January 2, 2014, Residential completed the acquisition of a portfolio of first lien residential mortgage loans, substantially all of which are non-performing, having aggregate market value of underlying properties of $94 million. We had agreed to acquire these mortgage loans pursuant to an agreement dated December 31, 2013. | |
On January 22, 2014, we completed a public offering of 14,200,000 shares of Residential's common stock at $34.00 per share and Residential received net proceeds of $467.6 million. Residential intends to use the proceeds of this offering to purchase the remaining portfolios of mortgage loans that we had agreed to purchase in 2013, pay servicing fees for our mortgage loan portfolios, renovate the single-family rental properties we acquire, pay rental and property management expenses, pay fees and expenses to us under the asset management agreement and for working capital. | |
On January 28, 2014, Residential acquired a portfolio of first lien residential mortgage loans, substantially all of which are non-performing, having aggregate market value of underlying properties of $7 million. | |
On January 31, 2014, Residential acquired a portfolio of first lien residential mortgage loans, substantially all of which are non-performing, having aggregate market value of underlying properties of $792 million. | |
On February 20, 2014, Residential's Board of Directors declared a cash dividend of $0.08 per share of its common stock, payable on March 10, 2014 to all shareholders of record as of the close of business on March 3, 2014. This additional dividend is intended to satisfy the requirement that a REIT must distribute at least 90% of its annual REIT taxable income to its stockholders and will be treated as a 2013 distribution for Residential's REIT qualification purposes. |
Schedule_III_Notes
Schedule III (Notes) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Real estate and accumulated depreciation [Abstract] | ' | ||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure | ' | ||||||||||||||||||||||
Altisource Asset Management Corporation | |||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Initial Cost to Company | Capitalized Costs after Acquisition | Gross Amount at which Carried at Close of Period (2) | |||||||||||||||||||||
State | No. of Props | Type | Encumb | Bldg & Land Improv | Improv Carrying Costs | Bldg & Land Improv Total | Acc Depr | WA Age (1) | Date Acquired | Life on which Depr is Calc | |||||||||||||
Alabama | 1 | SFR | $ | 48 | $ | 90 | $ | — | $ | 90 | $ | — | 45 | 2013 | |||||||||
Arizona | 13 | SFR | 799 | 2,206 | 10 | 2,216 | 2 | 35 | 2013 | 3-27.5 years | |||||||||||||
Arkansas | 1 | SFR | — | 203 | — | 203 | — | 17 | 2013 | ||||||||||||||
California | 21 | SFR | 1,869 | 4,056 | 55 | 4,111 | 2 | 31 | 2013 | 3-27.5 years | |||||||||||||
Colorado | 1 | SFR | 70 | 170 | — | 170 | — | 57 | 2013 | ||||||||||||||
Connecticut | 2 | SFR | 265 | 491 | — | 491 | — | 40 | 2013 | ||||||||||||||
Florida | 64 | SFR | 3,021 | 8,411 | 214 | 8,625 | 13 | 21 | 2013 | 3-27.5 years | |||||||||||||
Georgia | 3 | SFR | 298 | 765 | 7 | 772 | — | 25 | 2013 | 3-27.5 years | |||||||||||||
Hawaii | 1 | SFR | 40 | 67 | — | 67 | — | 24 | 2013 | ||||||||||||||
Illinois | 29 | SFR | 1,485 | 4,388 | 69 | 4,457 | 2 | 44 | 2013 | 3-27.5 years | |||||||||||||
Indiana | 7 | SFR | 339 | 980 | 31 | 1,011 | 1 | 34 | 2013 | 3-27.5 years | |||||||||||||
Kansas | 1 | SFR | 49 | 94 | — | 94 | — | 92 | 2013 | ||||||||||||||
Kentucky | 4 | SFR | 109 | 351 | — | 351 | — | 45 | 2013 | ||||||||||||||
Louisiana | 3 | SFR | 53 | 216 | 9 | 225 | — | 35 | 2013 | ||||||||||||||
Maine | 1 | SFR | 55 | 153 | — | 153 | — | 93 | 2013 | ||||||||||||||
Maryland | 4 | SFR | 228 | 504 | — | 504 | — | 39 | 2013 | ||||||||||||||
Massachusetts | 1 | SFR | 116 | 194 | — | 194 | — | 21 | 2013 | ||||||||||||||
Michigan | 7 | SFR | 215 | 468 | — | 468 | — | 52 | 2013 | ||||||||||||||
Missouri | 2 | SFR | 84 | 300 | — | 300 | — | 16 | 2013 | ||||||||||||||
Nevada | 5 | SFR | 222 | 598 | 42 | 640 | 1 | 40 | 2013 | 3-27.5 years | |||||||||||||
New Jersey | 6 | SFR | 217 | 743 | — | 743 | — | 90 | 2013 | ||||||||||||||
New Mexico | 3 | SFR | 97 | 335 | — | 335 | — | 32 | 2013 | ||||||||||||||
New York | 4 | SFR | 573 | 1,009 | 4 | 1,013 | — | 31 | 2013 | 3-27.5 years | |||||||||||||
North Carolina | 22 | SFR | 1,162 | 2,517 | 12 | 2,529 | — | 45 | 2013 | 3-27.5 years | |||||||||||||
Ohio | 7 | SFR | 355 | 957 | — | 957 | — | 27 | 2013 | ||||||||||||||
Oklahoma | 2 | SFR | 111 | 209 | — | 209 | — | 16 | 2013 | ||||||||||||||
Pennsylvania | 11 | SFR | 556 | 1,434 | 11 | 1,445 | — | 66 | 2013 | 3-27.5 years | |||||||||||||
South Carolina | 3 | SFR | 59 | 318 | 27 | 345 | 2 | 12 | 2013 | 3-27.5 years | |||||||||||||
Tennessee | 1 | SFR | 71 | 135 | — | 135 | — | 60 | 2013 | ||||||||||||||
Texas | 10 | SFR | 355 | 1,033 | 94 | 1,127 | 2 | 21 | 2013 | 3-27.5 years | |||||||||||||
Utah | 3 | SFR | 250 | 489 | — | 489 | — | 46 | 2013 | ||||||||||||||
Virginia | 3 | SFR | 510 | 849 | — | 849 | — | 30 | 2013 | ||||||||||||||
Washington | 1 | SFR | 72 | 140 | — | 140 | — | 33 | 2013 | ||||||||||||||
West Virginia | 1 | SFR | 208 | 346 | — | 346 | — | 58 | 2013 | ||||||||||||||
Wisconsin | 14 | SFR | 569 | 1,309 | — | 1,309 | — | 32 | 2013 | ||||||||||||||
Total (2) | 262 | 14,530 | 36,528 | 585 | 37,113 | 25 | 35 | ||||||||||||||||
__________ | |||||||||||||||||||||||
-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): | ||||||||||||||||||||||
For the year ended December 31, 2013 | |||||||||||||||||||||||
Real estate assets: | |||||||||||||||||||||||
Beginning balance | $ | — | |||||||||||||||||||||
Acquisitions through foreclosure | 31,014 | ||||||||||||||||||||||
Other acquisitions | 6,198 | ||||||||||||||||||||||
Improvements | 586 | ||||||||||||||||||||||
Cost of real estate sold | (685 | ) | |||||||||||||||||||||
Ending balance (1) | $ | 37,113 | |||||||||||||||||||||
Accumulated depreciation: | |||||||||||||||||||||||
Beginning balance | $ | — | |||||||||||||||||||||
Depreciation expense | 25 | ||||||||||||||||||||||
Cost of real estate sold | — | ||||||||||||||||||||||
Ending balance | $ | 25 | |||||||||||||||||||||
__________ | |||||||||||||||||||||||
(1) The aggregate cost for federal income tax purposes is $37.1 million as of December 31, 2013. |
Schedule_IV_Notes
Schedule IV (Notes) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Mortgage Loans on Real Estate [Abstract] | ' | ||||||||||
Mortgage Loans on Real Estate, by Loan Disclosure | ' | ||||||||||
Mortgage loans | |||||||||||
Acquisitions | |||||||||||
During the year ended December 31, 2013, Residential completed the acquisition of the following portfolios of non-performing residential mortgage loans: | |||||||||||
• | On February 14, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $94 million. | ||||||||||
• | On March 21, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $39 million. | ||||||||||
• | On April 5, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $122 million. | ||||||||||
• | On August 6, 2013 and September 19, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $241 million. | ||||||||||
• | On August 26, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $67 million. | ||||||||||
• | On September 30, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $404 million. | ||||||||||
• | On October 21, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $298 million. | ||||||||||
• | On December 23, 2013, a portfolio of first lien residential mortgage loans, substantially all of which were non-performing, having aggregate market value of underlying properties of $530 million. | ||||||||||
Throughout this annual report, all unpaid principal balance and market value amounts for the portfolios Residential has acquired are provided as of “cut-off date” for each transaction unless otherwise indicated. The “cut-off date” for each acquisition is a date shortly before the closing used to identify the final loans being purchased and the related unpaid principal balance, market value of underlying properties and other characteristics of the loans. | |||||||||||
During the year ended December 31, 2013, Residential expensed $2.9 million for due diligence costs related to these and other transactions, which are recorded in general and administrative and related party general administrative expenses. | |||||||||||
Transfer of mortgage loans to real estate owned | |||||||||||
During the year ended December 31, 2013, Residential transferred 228 mortgage loans at an aggregate fair value of $31.0 million, based on BPO, to real estate owned. Such transfer occurs when title to the real estate has been transferred to Residential. | |||||||||||
Dispositions | |||||||||||
During year ended December 31, 2013, Residential disposed of 211 mortgage loans primarily through short sales and foreclosure sales. As a result, Residential recorded $10.5 million of net realized gains on mortgage loans. | |||||||||||
Altisource Asset Management Corporation | |||||||||||
Schedule IV - Mortgage Loans on Real Estate | |||||||||||
31-Dec-13 | |||||||||||
($ in thousands) | |||||||||||
Description (face value of loan) | Loan count | Interest rate | Maturity | Carrying amount of mortgages (1) | Principal amount of loans subject to delinquent principal or interest | ||||||
$0-49,999 | 63 | 2.375% - 13.875% | 03/24/2014 - 12/01/2040 | $ | 1,013 | $ | 2,118 | ||||
$50,000-99,999 | 794 | 2.000% - 16.125% | 09/01/2010 - 05/01/2051 | 30,679 | 58,181 | ||||||
$100,000-149,999 | 1,667 | 2.000% - 13.650% | 02/01/2010 - 11/01/2053 | 114,844 | 198,753 | ||||||
$150,000-199,999 | 1,339 | 2.000% - 13.950% | 05/01/2010 - 09/01/2053 | 125,922 | 222,205 | ||||||
$200,000-249,999 | 1,125 | 2.000% - 11.960% | 06/01/2009 - 01/01/2057 | 136,013 | 240,679 | ||||||
$250,000+ | 3,066 | 1.000% - 12.375% | 01/01/2010 - 09/01/2057 | 798,692 | 1,307,378 | ||||||
Total (2) | 8,054 | $ | 1,207,163 | $ | 2,029,314 | ||||||
_____________ | |||||||||||
-1 | The carrying value of an asset is based on our fair value model. The significant unobservable inputs used in the fair value measurement of our mortgage loans are discount rates, forecasts of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. Significant changes in any of these inputs in isolation could result in a significant change to the fair value measurement. The substantial majority of the mortgage loans are significantly delinquent and have varying monthly payment requirements. For a more complete description of the fair value measurements and the factors that may significantly affect the carrying value of our assets, please see Note 4 to our consolidated financial statements. | ||||||||||
-2 | The following table sets forth the activity of mortgage loans ($ in thousands): | ||||||||||
For the year ended December 31, 2013 | |||||||||||
Mortgage loans | |||||||||||
Beginning balance | $ | — | |||||||||
Investment in mortgage loans | 1,213,811 | ||||||||||
Net unrealized gain on mortgage loans | 61,092 | ||||||||||
Cost of mortgages sold | (38,297 | ) | |||||||||
Mortgage loan payments | (4,901 | ) | |||||||||
Real estate tax advances to borrowers | 6,472 | ||||||||||
Transfer of mortgage loans to real estate owned | (31,014 | ) | |||||||||
Ending balance | $ | 1,207,163 | |||||||||
Summary_of_significant_account1
Summary of significant accounting policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Cash and cash equivalents | ' | |
Cash equivalents | ||
We consider highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. | ||
Comprehensive income | ' | |
Comprehensive income | ||
Because comprehensive income (loss) equals net income (loss), separate statements of comprehensive income (loss) are not presented as part of our consolidated financial statements. | ||
Concentration of credit risk | ' | |
Concentration of credit risk | ||
We maintain our cash and cash equivalents at banking institutions. Certain account balances exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. | ||
Consolidation | ' | |
Consolidations | ||
The consolidated financial statements include wholly owned subsidiaries and those subsidiaries in which we own a majority voting interest with the ability to control operations of the subsidiaries and where no substantive participating rights or substantive kick out rights have been granted to the noncontrolling interests. Additionally, we would consolidate partnerships, joint ventures and limited liability companies when we control the major operating and financial policies of the entity through majority ownership in our capacity as general partner or managing member or by contract. In addition, we consolidate those entities deemed to be variable interest entities in which we are determined to be the primary beneficiary. As of December 31, 2012, we have concluded Residential is a variable interest entity because Residential's equity holders lack the ability through voting rights to make decisions about Residential's activities that have a significant effect on the success of Residential. We have also concluded that we are the primary beneficiary of Residential because under the Residential asset management agreement we have the power to direct the activities of Residential that most significantly impact Residential's economic performance including establishing Residential's investment and business strategy. While the results of operations of consolidated entities are included in net income (loss) in our consolidated financial statements, net income (loss) attributable to common stockholders does not include the portion attributable to noncontrolling interests. Additionally, noncontrolling interest in consolidated affiliates is recorded in our consolidated balance sheets and our consolidated statements of equity within the equity section but separate from our equity. | ||
Earnings per share | ' | |
Earnings per share | ||
Basic earnings per share is computed by dividing net income (loss) by the weighted average common stock outstanding during the period. Diluted earnings per share is computed by dividing net income (loss) by the weighted average common stock outstanding for the period plus the dilutive effect of stock options and restricted stock outstanding using the treasury stock method and if converted method, respectively. Weighted average common stock outstanding - basic excludes the impact of unvested restricted stock since dividends paid on such restricted stock are non-participating. | ||
Expense reimbursement and incentive management fees | ' | |
Expense reimbursement and incentive management fee | ||
Our primary business is asset management. In our role as asset manager we incur expenditures directly and indirectly related to managing Residential's business which are contractually reimbursable to us. We allocate indirect costs (e.g. payroll and overhead) by estimating the time incurred for the benefit of each asset under management. We are not reimbursed for any compensation to Mr. Erbey in connection with his role as our Chairman. | ||
We calculate the incentive management fee based on Residential's contractually defined cash available for distribution. Pursuant to our asset management agreement with Residential, our incentive management fee structure entitles us to receive a share of Residential's cash flow available for distribution to its stockholders. Accordingly, our incentive management fees, and therefore our stand-alone financial results, are highly dependent on Residential's ability to achieve positive operating results. If Residential does not generate taxable income that is distributable to its stockholders, then we will not be entitled to any incentive management fee. | ||
Fair value measurements | ' | |
Fair value of financial instruments | ||
We designate fair value measurements into three levels based on the lowest level of substantive input used to make the fair value measurement. Those levels are as follows: | ||
• | Level 1 - Quoted prices in active markets for identical assets or liabilities. | |
• | Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. | |
• | Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
Income tax | ' | |
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 consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to our judgment, we reduce a deferred tax asset by a valuation allowance if it is “more likely than not” that some or all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and we recognize tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority. | ||
We believe that we have operated Residential in a manner in which Residential has complied and will continue to operate Residential in a manner that will comply with the provisions of the federal income tax code applicable to REITs beginning for the year ended December 31, 2013 and intend to cause Residential to elect REIT status upon filing of its 2013 income tax return. Accordingly, we believe that Residential will not be subject to federal income tax beginning in the year ended December 31, 2013 on that portion of Residential’s REIT taxable income that is distributed to its stockholders as long as certain asset, income and share ownership tests are met. If Residential fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its REIT taxable income at regular corporate income tax rates. If after electing to be taxed as a REIT, Residential subsequently fails to qualify as a REIT in any taxable year, it 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 unless the IRS grants it relief under certain statutory provisions. Such an event could materially adversely affect Residential’s net income and net cash available for distribution to stockholders. Its taxable REIT subsidiaries would also be subject to federal and state income taxes. | ||
Mortgage loans | ' | |
Mortgage loans | ||
Upon the acquisition of mortgage loans, Residential records the assets at fair value which is the purchase price it paid for the loans on the acquisition date. Mortgage loans are subsequently accounted for at fair value under the fair value option election with unrealized gains and losses recorded in current period earnings. We have concluded that mortgage loans accounted for at fair value timely reflect the results of Residential’s investment performance. | ||
We determine the purchase price for Residential’s mortgage loans at the time of acquisition by using a discounted cash flow valuation model and considering alternate loan resolution probabilities including modification, liquidation or conversion to rental property. Observable inputs to the model include current interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines and the value of underlying properties. | ||
After mortgage loans are acquired, the fair value of each loan is adjusted in each subsequent reporting period as the loan proceeds to a particular resolution (i.e., modification, or conversion to real estate owned). As a loan approaches resolution, the resolution timeline for that loan decreases and costs embedded in the discounted cash flow model for loan servicing, foreclosure costs and property insurance are incurred and removed from future expenses. The shorter resolution timelines and reduced future expenses each increase the fair value of the loan. The increase in the value of the loan is recognized in net unrealized gain on mortgage loans in Residential’s, and therefore, our consolidated statements of operations. | ||
Residential also recognizes unrealized gains and losses in the fair value of the loans in each reporting period when its mortgage loans are transferred to real estate owned. The transfer to real estate owned occurs when Residential has obtained title to the property through completion of the foreclosure process. The fair value of these assets at the time of transfer to real estate owned is estimated using BPOs. | ||
Our capital markets group determines the fair value of mortgage loans monthly and has developed procedures and controls governing the valuation process relating to these assets. The capital markets group reports to Residential’s Investment Committee, which is a committee of Residential’s Chief Executive Officer and its Chairman that oversees and approves the valuations. The capital markets group also monitors the valuation model for performance against actual results which is reported to the Investment Committee and used to continuously improve the model. | ||
Real estate impairment | ' | |
Real estate impairment | ||
With respect to Residential's rental properties classified as held for use, we perform an impairment analysis using estimated cash flows if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than cost. This analysis is performed at the property level. These cash flows are estimated based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for rental properties, competition for customers, changes in market rental rates, costs to operate each property and expected ownership periods. | ||
If the carrying amount of a held for use asset exceeds the sum of its undiscounted future operating and residual cash flows, an impairment loss is recorded for the difference between estimated fair value of the asset and the carrying amount. Residential generally estimates the fair value of assets held for use by using BPOs. In some instances, appraisal information may be available and is used in addition to BPOs. | ||
Residential real estate | ' | |
Residential properties | ||
Upon the acquisition of real estate, generally through the completion of foreclosure, Residential records the assets at fair value as of the acquisition date as a component of real estate owned based on information obtained from a broker's price opinion, a full appraisal or the price given in a current contract of sale of the property. After a short evaluation period, Residential performs property renovations to maximize the value of the property for its rental strategy. Such expenditures are part of Residential's initial investment in a property and, therefore, are classified as investing activities in our consolidated statement of cash flows. Subsequently, the residential property, including any renovations that improve or extend the life of the asset, are accounted for at cost. The cost basis is depreciated using the straight-line method over an estimated useful life of three to 27.5 years based on the nature of the components. Interest and other carrying costs incurred during the renovation period are capitalized until the property is ready for its intended use. Expenditures for ordinary maintenance and repairs are charged to expense as incurred. | ||
Expenditures directly related to successful leasing efforts such as lease commissions are included in deferred leasing and financing costs, net and are stated at amortized cost. Such expenditures are part of Residential's operations and, therefore, are classified as operating activities in our consolidated statement of cash flows. Capitalized leasing costs are amortized on a straight-line basis over the lease term of the respective leases which generally are from one to two years. | ||
Residential properties are classified either as held for use or held for sale. Residential properties are classified as real estate and related assets held for sale when sale of the assets has been formally approved and is expected to occur in the next twelve months. We record residential properties held for sale at the lower of the carrying amount or estimated fair value. Fair value of assets held for sale is equal to the estimated or contracted sales price with a potential buyer less costs to sell. The impairment loss is the amount by which the carrying amount exceeds the estimated fair value. | ||
Residential rental revenues | ' | |
Residential rental revenues | ||
Minimum contractual rents from leases are recognized on a straight-line basis over the terms of the leases in residential rental revenues. Therefore, actual amounts billed in accordance with the lease during any given period may be higher or lower than the amount of rental revenue recognized for the period. Straight-line rental revenue commences when the customer takes control of the leased premises. Deferred rents receivable, net represents the amount by which straight-line rental revenue exceeds rents currently billed in accordance with lease agreements. Contingent rental revenue is accrued when the contingency is removed. Termination fee income is recognized when the customer has vacated the rental property, the amount of the fee is determinable and collectability is reasonably assured. | ||
Rents receivable, net and deferred rents receivable, net are reduced by an allowance for amounts that become uncollectible. We regularly evaluate the adequacy of our allowance for doubtful accounts. The evaluation takes into consideration the aging of accounts receivable and our analysis of customer personal profile and review past due account balances. Rents receivable, net and deferred rents receivable, net are written-off when Residential has deemed that the amounts are uncollectible. | ||
Restricted cash | ' | |
Restricted cash | ||
Restricted cash represents cash deposits that are legally restricted or held by third parties on Residential’s or our behalf, as applicable, such as escrows and reserves for debt service established pursuant to certain of our repurchase agreements. |
Fair_value_of_financial_instru1
Fair value of financial instruments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||
Fair value measurements, recurring and nonrecurring | ' | |||||||||||
The following table sets forth the financial assets and liabilities that Residential measures at fair value by level within the fair value hierarchy as of December 31, 2013 ($ in thousands): | ||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||
Quoted prices in active markets | Observable inputs other than Level 1 prices | Unobservable inputs | ||||||||||
Recurring basis (assets) | ||||||||||||
Mortgage loans | $ | — | $ | — | $ | 1,207,163 | ||||||
Nonrecurring basis (assets) | ||||||||||||
Transfer of mortgage loans to real estate owned | $ | — | $ | — | $ | 31,014 | ||||||
Not recognized on consolidated balance sheets at fair value (liabilities) | ||||||||||||
Repurchase agreements at fair value | $ | — | $ | 602,382 | $ | — | ||||||
Fair value, assets measured on recurring basis, unobservable input reconciliation | ' | |||||||||||
The following table sets forth the changes in Residential's level 3 assets that are measured at fair value on a recurring basis ($ in thousands): | ||||||||||||
For the year ended December 31, 2013 | ||||||||||||
Mortgage loans | ||||||||||||
Beginning balance | $ | — | ||||||||||
Investment in mortgage loans | 1,213,811 | |||||||||||
Net unrealized gain on mortgage loans | 61,092 | |||||||||||
Net realized gain on mortgage loans | 10,482 | |||||||||||
Mortgage loan dispositions | (48,779 | ) | ||||||||||
Mortgage loan payments | (4,901 | ) | ||||||||||
Real estate tax advances to borrowers | 6,472 | |||||||||||
Transfer of mortgage loans to real estate owned | (31,014 | ) | ||||||||||
Ending balance | $ | 1,207,163 | ||||||||||
Net unrealized gain on mortgage loans held | $ | 61,092 | ||||||||||
Accumulated net unrealized gain on mortgage loans held | $ | 61,092 | ||||||||||
Delinquency by unpaid principal balance | ' | |||||||||||
The following table sets forth the fair value of Residential's mortgage loans, the related unpaid principal balance and market value of underlying properties by delinquency as of December 31, 2013 ($ in thousands): | ||||||||||||
Number of loans | Carrying value | Unpaid principal balance | Market value of underlying properties | |||||||||
Current | 238 | $ | 31,649 | $ | 60,051 | $ | 52,506 | |||||
30 days | 26 | 2,087 | 4,492 | 3,763 | ||||||||
60 days | 23 | 3,376 | 5,683 | 4,738 | ||||||||
90 days | 1,555 | 245,024 | 419,836 | 355,451 | ||||||||
Foreclosure | 6,212 | 925,027 | 1,609,546 | 1,310,439 | ||||||||
8,054 | $ | 1,207,163 | $ | 2,099,608 | $ | 1,726,897 | ||||||
Fair value measurements, recurring and nonrecurring, valuation techniques | ' | |||||||||||
The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of our mortgage loans as of December 31, 2013: | ||||||||||||
Input | Range | |||||||||||
Discount rate | 15.00% | |||||||||||
Annual change in home pricing index | -0.079 | |||||||||||
Loan resolution probabilities — modification | 0.00% - 22.3% | |||||||||||
Loan resolution probabilities — rental | 0.00% - 100.0% | |||||||||||
Loan resolution probabilities — liquidation | 0.00% - 100.0% | |||||||||||
Loan resolution timelines (in years) | 0.1 - 5.8 | |||||||||||
Value of underlying properties | $3,000 - $3,550,000 |
Repurchase_agreements_Repurcha
Repurchase agreements Repurchase agreements (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Debt Disclosure [Abstract] | ' | |||||||||
Schedule of Debt | ' | |||||||||
The following table sets forth data with respect to Residential's repurchase agreements as of December 31, 2013 ($ in thousands): | ||||||||||
Maximum borrowing capacity | Carrying value of collateral | Amount outstanding | ||||||||
Repurchase agreement due March 21, 2014 | $ | 100,000 | $ | 166,350 | $ | 85,364 | ||||
Repurchase agreement due March 23, 2015 | 400,000 | 634,234 | 398,602 | |||||||
Repurchase agreement due March 11, 2016 | 250,000 | 205,328 | 118,416 | |||||||
$ | 750,000 | $ | 1,005,912 | $ | 602,382 | |||||
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | ' | |||||||||
The following table sets forth scheduled future principal payments due on Residential's repurchase agreements as of December 31, 2013 ($ in thousands): | ||||||||||
Years ending December 31, | Principal amount (1) | |||||||||
2014 | $ | 85,364 | ||||||||
2015 | 398,602 | |||||||||
2016 | 118,416 | |||||||||
602,382 | ||||||||||
________ | ||||||||||
(1) Does not consider contractually available extension options for amounts due in 2015 and 2016. |
Related_party_transactions_Tab
Related party transactions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related party transactions | ' | ||||||||
Our consolidated statements of operations included the following significant related party transactions ($ in thousands): | |||||||||
For the year ended December 31, 2013 | March 15, 2012 (inception) to December 31, 2012 | Counter-party | Consolidated statements of operations location | ||||||
Residential rental property operating expenses | $ | 767 | $ | — | Altisource | Residential rental property operating expenses | |||
Mortgage loan servicing costs | $ | 9,335 | $ | — | Ocwen | Mortgage loan servicing costs | |||
Due diligence and unsuccessful deal costs | $ | 2,059 | $ | — | Altisource | Related party general and administrative expenses | |||
Office and occupancy costs | $ | 256 | $ | — | Ocwen | Related party general and administrative expenses | |||
Salaries and benefits | $ | 1,273 | $ | — | Altisource/Ocwen | Related party general and administrative expenses | |||
Expense reimbursement | $ | 5,411 | $ | 42 | Residential | Net loss (income) attributable to noncontrolling interest in consolidated affiliate | |||
Incentive management fee | $ | 4,880 | $ | — | Residential | Net loss (income) attributable to noncontrolling interest in consolidated affiliate | |||
Incentive_compensation_and_sha1
Incentive compensation and share-based payments (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||
Schedule of share-based compensation, shares reserved for future issuance [Table Text Block] | ' | |||||
The following table sets forth the number of shares of common stock reserved for future issuance: | ||||||
31-Dec-13 | ||||||
Stock options outstanding | 281,221 | |||||
Possible future issuances under equity incentive plan | 148,392 | |||||
429,613 | ||||||
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 | |||||
March 15, 2012 (inception) to December 31, 2012 | — | $ | — | |||
Granted | 305,824 | 1.36 | ||||
31-Dec-12 | 305,824 | 1.36 | ||||
Exercised | (10,215 | ) | 1.89 | |||
Forfeited or canceled | (14,388 | ) | 5.87 | |||
December 31, 2013 (1), (2) | 281,221 | $ | 1.11 | |||
__________ | ||||||
(1) The outstanding options as of December 31, 2013 had a weighted average remaining life of 5.0 years with total intrinsic value of $261.1 million. | ||||||
(2) We have 251,163options exercisable as of December 31, 2013 with weighted average exercise price of $0.94, weighted average remaining life of 4.8 years and intrinsic value of $233.3 million. Of these exercisable options, none had exercise prices higher than the market price of our common stock as of December 31, 2013. | ||||||
Schedule of share-based compensation, restricted stock activity | ' | |||||
The following table sets forth the activity of our restricted stock: | ||||||
Number of shares | Weighted average grant date fair value | |||||
31-Dec-12 | 205,512 | $ | 5.9 | |||
Granted (1) | 32,667 | 70.16 | ||||
Vested (2) | (660 | ) | 5.9 | |||
Forfeited or canceled | (8,765 | ) | 5.9 | |||
December 31, 2013 (3) | 228,754 | $ | 15.32 | |||
__________ | ||||||
(1) The fair value at grant date of restricted stock issued during the year ended December 31, 2013 was $2.4 million. | ||||||
(2) The vesting date fair value of restricted stock that vested during the year ended December 31, 2013 was $0.2 million. | ||||||
(3) As of December 31, 2013, we had an aggregate of $22.1 million of total unrecognized share-based compensation costs which will be recognized over a weighted average remaining estimated term of 3.1 years. | ||||||
Share-based payments, other than stock options, valuation assumptions [Table Text Block] | ' | |||||
The weighted average grant date fair value of restricted stock granted was determined using the following assumptions, weighted by number of shares: | ||||||
March 15, 2012 (inception) to December 31, 2012 | ||||||
Risk Free Interest Rate (a) | 2.81 | % | ||||
Common Stock Dividend Yield (b) | 0 | % | ||||
Expected Volatility (c) | 100 | % | ||||
__________ | ||||||
(a) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the option grants. | ||||||
(b) At the date of grant, we had no history of dividend payments. | ||||||
(c) Based on the historical volatility of comparable companies, adjusted for our expected additional cash-flow volatility. | ||||||
The fair value of restricted stock granted was determined using the following assumptions, weighted by number of shares: | ||||||
For the year ended December 31, 2013 | March 15, 2012 (inception) to December 31, 2012 | |||||
Risk Free Interest Rate (a) | 3.18 | % | 2.81 | % | ||
Common Stock Dividend Yield (b) | 0 | % | 0 | % | ||
Expected Volatility (c) | 36.31 | % | 100 | % | ||
__________ | ||||||
(a) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the option grants. | ||||||
(b) At the date of grant, we had no history of dividend payments. | ||||||
(c) Based on the historical volatility of comparable companies, adjusted for our expected additional cash-flow volatility. |
Income_taxes_Tables_Tables
Income taxes Tables (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Income Tax Disclosure [Abstract] | ' | ||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | ||||||
The following table sets forth the sources of our net loss: | |||||||
For the year ended December 31, 2013 | March 15, 2012 (inception) to December 31, 2012 | ||||||
U.S. Virgin Islands | $ | (5,261 | ) | $ | (33 | ) | |
Other | (32 | ) | (102 | ) | |||
Net loss | $ | (5,293 | ) | $ | (135 | ) | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||
The following table sets forth the components of our deferred tax assets: | |||||||
December 31, 2013 | December 31, 2012 | ||||||
Stock compensation and other | $ | 377 | $ | 23 | |||
Accrued Expenses | 4 | 28 | |||||
Gross Deferred Tax Asset | 381 | 51 | |||||
Valuation Allowance | (381 | ) | (51 | ) | |||
Net Deferred Tax Asset | $ | — | $ | — | |||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||
The following table sets for the reconciliation of the statutory U.S. Virgin Islands income tax rate to our effective income tax rate: | |||||||
For the year ended December 31, 2013 | March 15, 2012 (inception) to December 31, 2012 | ||||||
U.S. Virgin Islands Income Tax Rate | (38.5 | )% | (38.5 | )% | |||
State and Local Income Tax Rates | — | % | (2.6 | )% | |||
Excluded REIT income | 40.5 | % | — | % | |||
EDC benefits | (4.8 | )% | — | % | |||
Rate Differential | 3.9 | % | 3.2 | % | |||
Valuation Allowance | (1.1 | )% | 37.9 | % | |||
Effective Income Tax Rate | — | % | — | % |
Quarterly_financial_informatio1
Quarterly financial information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
The following tables set forth our quarterly financial information (unaudited, $ in thousands): | ||||||||||||||||
2013 | ||||||||||||||||
First quarter | Second quarter | Third quarter | Fourth quarter | Total | ||||||||||||
Total rental revenues and net gain on investments | $ | 1,515 | $ | 8,884 | $ | 19,585 | $ | 41,626 | $ | 71,610 | ||||||
Net loss attributable to common stockholders | $ | (840 | ) | $ | (1,499 | ) | $ | (2,557 | ) | $ | (397 | ) | $ | (5,293 | ) | |
Earnings per share of common stock – basic: | ||||||||||||||||
Earnings per share basic | $ | (0.36 | ) | $ | (0.64 | ) | $ | (1.09 | ) | $ | (0.17 | ) | $ | (2.26 | ) | |
Earnings per share of common stock – diluted: | ||||||||||||||||
Earnings per share diluted | $ | (0.36 | ) | $ | (0.64 | ) | $ | (1.09 | ) | $ | (0.17 | ) | $ | (2.26 | ) | |
2012 | ||||||||||||||||
March 15 (inception) to March 31 | Second quarter | Third quarter | Fourth quarter (1) | Total (1) | ||||||||||||
Total rental revenues and net gain on investments | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
Net loss attributable to common stockholders | $ | — | $ | — | $ | — | $ | (46 | ) | $ | (46 | ) | ||||
Earnings per share of common stock – basic: | ||||||||||||||||
Earnings per share basic | $ | — | $ | — | $ | — | $ | (0.02 | ) | $ | (0.02 | ) | ||||
Earnings per share of common stock – diluted: | ||||||||||||||||
Earnings per share diluted | $ | — | $ | — | $ | — | $ | (0.02 | ) | $ | (0.02 | ) | ||||
_________ | ||||||||||||||||
(1) Shares weighted by period outstanding since the separation on December 21, 2012 |
Organization_and_basis_of_pres1
Organization and basis of presentation (Details) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||
Dec. 21, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 02, 2013 | 1-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 22, 2013 | Dec. 31, 2013 | Sep. 12, 2013 | Dec. 31, 2013 | Sep. 23, 2013 | |
Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Secured debt [Member] | Secured debt [Member] | Secured debt [Member] | Secured debt [Member] | Secured debt [Member] | Secured debt [Member] | Secured debt [Member] | ||||
Repurchase agreement due March 21, 2014 | Repurchase agreement due March 21, 2014 | Repurchase agreement due March 11, 2016 | Repurchase agreement due March 11, 2016 | Repurchase agreement due March 23, 2015 | Repurchase agreement due March 23, 2015 | |||||||
Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||||||
Organization and Basis of Presentation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of contract | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | $750,000,000 | $100,000,000 | $100,000,000 | $250,000,000 | $250,000,000 | $400,000,000 | $400,000,000 |
Sale of Stock, Number of Shares Issued in Transaction | ' | ' | ' | 17,187,000 | 17,250,000 | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share | ' | ' | ' | $21 | $18.75 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | ' | $5,000,000 | $935,000 | $349,400,000 | $309,500,000 | ' | ' | ' | ' | ' | ' | ' |
Summary_of_significant_account2
Summary of significant accounting policies (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | ' |
Summary of significant accounting policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Amortization period deferred leasing costs | '1 year |
Maximum [Member] | ' |
Summary of significant accounting policies [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '27 years 6 months |
Amortization period deferred leasing costs | '2 years |
Mortgage_loans_Details
Mortgage loans (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | |
property | ||
Mortgage loans [Line Items] | ' | ' |
Number of Real Estate Acquired Through Foreclosure | ' | 228 |
Transfer of mortgage loans to real estate owned | $0 | $31,014,000 |
Number of mortgage loans liquidated | ' | 211 |
Net realized gain on mortgage loans | 0 | 10,482,000 |
Loans receivable [Member] | Residential mortgage [Member] | ' | ' |
Mortgage loans [Line Items] | ' | ' |
Due diligence costs | ' | 2,900,000 |
Transfer of mortgage loans to real estate owned | ' | 31,000,000 |
Loans receivable [Member] | Residential mortgage [Member] | Mortgage loans on real estate, Pool one [Member] | ' | ' |
Mortgage loans [Line Items] | ' | ' |
Loans acquired, aggregate collateral market value | ' | 94,000,000 |
Loans receivable [Member] | Residential mortgage [Member] | Mortgage loans on real estate, Pool two [Member] | ' | ' |
Mortgage loans [Line Items] | ' | ' |
Loans acquired, aggregate collateral market value | ' | 39,000,000 |
Loans receivable [Member] | Residential mortgage [Member] | Mortgage Loans on Real Estate, Pool three [Member] | ' | ' |
Mortgage loans [Line Items] | ' | ' |
Loans acquired, aggregate collateral market value | ' | 122,000,000 |
Loans receivable [Member] | Residential mortgage [Member] | Mortgage Loans on Real Estate, Pool four [Member] | ' | ' |
Mortgage loans [Line Items] | ' | ' |
Loans acquired, aggregate collateral market value | ' | 241,000,000 |
Loans receivable [Member] | Residential mortgage [Member] | Mortgage Loans on Real Estate, Pool five [Member] | ' | ' |
Mortgage loans [Line Items] | ' | ' |
Loans acquired, aggregate collateral market value | ' | 67,000,000 |
Loans receivable [Member] | Residential mortgage [Member] | Mortgage Loans on Real Estate, Pool six [Member] | ' | ' |
Mortgage loans [Line Items] | ' | ' |
Loans acquired, aggregate collateral market value | ' | 404,000,000 |
Loans receivable [Member] | Residential mortgage [Member] | Mortgage loans on real estate, pool seven [Member] | ' | ' |
Mortgage loans [Line Items] | ' | ' |
Loans acquired, aggregate collateral market value | ' | 298,000,000 |
Loans receivable [Member] | Residential mortgage [Member] | Mortgage loans on real estate, pool eight [Member] | ' | ' |
Mortgage loans [Line Items] | ' | ' |
Loans acquired, aggregate collateral market value | ' | $530,000,000 |
Real_estate_assets_Details
Real estate assets (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
property | ||
Real Estate [Abstract] | ' | ' |
Number of real estate properties directly acquired | ' | 40 |
Real estate directly acquired | $0 | $6,198 |
Number of real estate properties held for sale | ' | 16 |
Real estate assets held for sale (from consolidated VIE) | $0 | $1,186 |
Number of real estate properties held for use | ' | 246 |
Number of real estate properties rented | ' | 14 |
Number of real estate properties listed for rent | ' | 11 |
Number of real estate properties in various stages of lease preparation | ' | 18 |
Number of real estate properties under evaluation for rental portfolio | ' | 203 |
Number of real estate properties sold | ' | 4 |
Fair_value_of_financial_instru2
Fair value of financial instruments - Fair value, assets and liabilities measured on recurring and nonrecurring basis (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Fair value, inputs, level 1 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Repurchase agreements at fair value | $0 |
Fair value, inputs, level 2 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Repurchase agreements at fair value | 602,382 |
Fair value, inputs, level 3 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Repurchase agreements at fair value | 0 |
Fair value measurements, recurring [Member] | Fair value, inputs, level 1 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Mortgage loans | 0 |
Fair value measurements, recurring [Member] | Fair value, inputs, level 2 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Mortgage loans | 0 |
Fair value measurements, recurring [Member] | Fair value, inputs, level 3 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Mortgage loans | 1,207,163 |
Fair value measurements, nonrecurring [Member] | Fair value, inputs, level 1 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Transfer of mortgage loans to real estate owned | 0 |
Fair value measurements, nonrecurring [Member] | Fair value, inputs, level 2 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Transfer of mortgage loans to real estate owned | 0 |
Fair value measurements, nonrecurring [Member] | Fair value, inputs, level 3 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Transfer of mortgage loans to real estate owned | $31,014 |
Fair_value_of_financial_instru3
Fair value of financial instruments - Fair value, assets measure on recurring basis, unobservable inputs (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Net unrealized gain on mortgage loans held | $0 | $61,092 |
Residential mortgage [Member] | Fair value, inputs, level 3 [Member] | Loans receivable [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance | ' | 0 |
Investment in mortgage loans | ' | 1,213,811 |
Net unrealized gain on mortgage loans | ' | 61,092 |
Net realized gain on mortgage loans | ' | 10,482 |
Mortgage loan dispositions | ' | 48,779 |
Mortgage loan payments | ' | -4,901 |
Real estate tax advances to borrowers | ' | 6,472 |
Transfer of mortgage loans to real estate owned | ' | -31,014 |
Ending balance | ' | 1,207,163 |
Net unrealized gain on mortgage loans held | ' | 61,092 |
Accumulated net unrealized gain on mortgage loans held | ' | $61,092 |
Fair_value_of_financial_instru4
Fair value of financial instruments - Fair value by delinquency (Details) (Residential portfolio segment [Member], Loans receivable [Member], Residential mortgage [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | loan |
Residential portfolio segment [Member] | Loans receivable [Member] | Residential mortgage [Member] | ' |
Number of loans [Abstract] | ' |
Current | 238 |
30 | 26 |
60 | 23 |
90 | 1,555 |
Foreclosure | 6,212 |
Financing Receivables, Number of Loans, Total | 8,054 |
Carrying value | ' |
Current | $31,649 |
30 | 2,087 |
60 | 3,376 |
90 | 245,024 |
Foreclosure | 925,027 |
Mortgage loans | 1,207,163 |
Unpaid principal balance | ' |
Current | 60,051 |
30 | 4,492 |
60 | 5,683 |
90 | 419,836 |
Foreclosure | 1,609,546 |
Mortgage loans, unpaid principal balance | 2,099,608 |
Market value of underlying properties | ' |
Current | 52,506 |
30 | 3,763 |
60 | 4,738 |
90 | 355,451 |
Foreclosure | 1,310,439 |
Mortgage loans, collateral at fair value | $1,726,897 |
Fair_value_of_financial_instru5
Fair value of financial instruments - Fair value inputs, quantitative information (Details) (Residential mortgage [Member], Loans receivable [Member], Fair value, inputs, level 3 [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | ' |
Fair value inputs, assets, quantitative information [Line Items] | ' |
Discount rate | 15.00% |
Annual change in home pricing index | -0.30% |
Loan resolution probabilities b modification | 0.00% |
Loan resolution probabilities b rental | 0.00% |
Loan resolution probabilities b liquidation | 0.00% |
Loan resolution timelines | '0 months |
Value of underlying properties | $3,000 |
Maximum [Member] | ' |
Fair value inputs, assets, quantitative information [Line Items] | ' |
Discount rate | 15.00% |
Annual change in home pricing index | 7.60% |
Loan resolution probabilities b modification | 22.30% |
Loan resolution probabilities b rental | 100.00% |
Loan resolution probabilities b liquidation | 100.00% |
Loan resolution timelines | '5 years 10 months |
Value of underlying properties | $3,550,000 |
Repurchase_agreements_Details
Repurchase agreements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 22, 2013 | Sep. 23, 2013 | Sep. 12, 2013 | |
Secured debt [Member] | Repurchase agreement due March 21, 2014 | Repurchase agreement due March 23, 2015 | Repurchase agreement due March 11, 2016 | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Secured debt [Member] | Secured debt [Member] | Secured debt [Member] | Repurchase agreement due March 21, 2014 | Repurchase agreement due March 23, 2015 | Repurchase agreement due March 11, 2016 | |||||
Secured debt [Member] | Secured debt [Member] | Secured debt [Member] | ||||||||
Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest rate | ' | ' | 3.27% | ' | ' | ' | ' | ' | ' | |
Maximum borrowing capacity | ' | ' | $750,000,000 | $100,000,000 | $400,000,000 | $250,000,000 | $100,000,000 | $400,000,000 | $250,000,000 | |
Book value of collateral | ' | ' | 1,005,912,000 | 166,350,000 | 634,234,000 | 205,328,000 | ' | ' | ' | |
Repurchase agreements (from consolidated VIE) | 602,382,000 | 0 | 602,382,000 | 85,364,000 | 398,602,000 | 118,416,000 | ' | ' | ' | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | ' | ' | 85,364,000 | ' | ' | ' | ' | ' | ' | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | ' | ' | 398,602,000 | [1] | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | $602,382,000 | ' | $118,416,000 | [1] | ' | ' | ' | ' | ' | ' |
[1] | (1) Does not consider contractually available extension options for amounts due in 2015 and 2016 |
Related_party_transactions_Det
Related party transactions (Details) (USD $) | 0 Months Ended | 12 Months Ended | 7 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 7 Months Ended | 12 Months Ended | 7 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Nov. 15, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 21, 2012 | Dec. 21, 2012 | Dec. 21, 2012 | Dec. 21, 2012 | Dec. 21, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 21, 2012 | Dec. 21, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Ocwen [Member] | Ocwen [Member] | Ocwen [Member] | Ocwen [Member] | Ocwen [Member] | Ocwen [Member] | Ocwen [Member] | Ocwen [Member] | Ocwen [Member] | Altisource Residential [Member] | Altisource Residential [Member] | Altisource Residential [Member] | Altisource Residential [Member] | Altisource Residential [Member] | Altisource Residential [Member] | Altisource Residential [Member] | Altisource Residential [Member] | Altisource Residential [Member] | Altisource [Member] | Altisource [Member] | Altisource [Member] | Altisource [Member] | Altisource [Member] | Altisource [Member] | Altisource and Ocwen [Member] | Altisource and Ocwen [Member] | |
Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Mortgage loans on real estate, Pool one [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | Affiliated entity [Member] | |
Aircraft Time Sharing Agreement [Member] | Operating Lease Agreement [Member] | Lease Agreement, Through June, 2014 [Member] | Lease Agreement, After June, 2014 [Member] | Mortgage loan servicing costs (paid by Residential) | Mortgage loan servicing costs (paid by Residential) | Related party general and administrative expenses | Related party general and administrative expenses | Loans receivable [Member] | Asset Management Agreement [Member] | Scaling Contract, Threshold One [Member] | Scaling Contract, Threshold Two [Member] | Scaling Contract, Threshold Three [Member] | Scaling Contract, Threshold Four [Member] | Net loss (income) attributable to noncontrolling interest in consolidated affiliate | Net loss (income) attributable to noncontrolling interest in consolidated affiliate | Net loss (income) attributable to noncontrolling interest in consolidated affiliate | Net loss (income) attributable to noncontrolling interest in consolidated affiliate | Support Services Agreement [Member] | Trademark License Agreement [Member] | Residential rental property operating expenses (paid by Residential) | Residential rental property operating expenses (paid by Residential) | Related party general and administrative expenses | Related party general and administrative expenses | Related party general and administrative expenses | Related party general and administrative expenses | |
sqft | Mortgage loan servicing costs | Mortgage loan servicing costs | Office and occupancy costs | Office and occupancy costs | Residential mortgage [Member] | Q | Expense reimbursement | Expense reimbursement | Incentive management fee | Incentive management fee | Residential rental property operating expenses | Residential rental property operating expenses | Due diligence and unsuccessful deal costs | Due diligence and unsuccessful deal costs | Salaries and benefits | Salaries and benefits | ||||||||||
Acquisition of nonperforming loans [Member] | ||||||||||||||||||||||||||
Related party transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans acquired from related party, aggregate collateral fair value | ' | ' | ' | ' | ' | ' | ' | ' | $94,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans acquired from related party, aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | ' | 64,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average capital required per contract terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average capital requirement, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive management fee, percent of available cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 15.00% | 25.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive management fee, available cash per share threshold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.16 | $0.19 | $0.26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract term, noncancellable period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '24 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract termination, notice period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multiplier used to calculate termination fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period preceding termination used in calculation of termination fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | '24 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Automatic renewal term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' |
Termination period if asset management agreement terminates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | '30 days | ' | ' | ' | ' | ' | ' |
Nonrenewal notice notification period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' |
Percentage of expenses to be paid for use of aircraft | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of lease | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base rent under operating lease | ' | ' | 40,000 | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Addition to base rent under operating lease, percent of lease-related operating expenses and leasehold improvements | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party expenses | ' | ' | ' | ' | $0 | $9,335,000 | $0 | $256,000 | ' | ' | ' | ' | ' | ' | $42,000 | $5,411,000 | $0 | $4,880,000 | ' | ' | $0 | $767,000 | $0 | $2,059,000 | $0 | $1,273,000 |
Incentive_compensation_and_sha2
Incentive compensation and share-based payments Details (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Incentive compensation [Line Items] | ' |
Scorecard weighting | 80.00% |
Personal evaluation weighting | 20.00% |
Value of restricted stock granted to directors annually | $45,000 |
Allocated Share-based Compensation Expense | $200,000 |
Minimum [Member] | ' |
Incentive compensation [Line Items] | ' |
Non-equity incentive compensation percentage | 0.00% |
Maximum [Member] | ' |
Incentive compensation [Line Items] | ' |
Non-equity incentive compensation percentage | 150.00% |
Incentive_compensation_and_sha3
Incentive compensation and share-based payments Schedule of shares reserved for future issuance (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 281,221 |
Possible future issuance under director compensation plan | 148,392 |
Common Stock, Capital Shares Reserved for Future Issuance | 429,613 |
Common stock, shares available to be issued under charter | 2,645,226 |
Percentage of outstanding shares that may be issued | 15.00% |
Incentive_compensation_and_sha4
Incentive compensation and share-based payments Schedule of stock option activity (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 15, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | 281,221 | ' | |
Stock Option [Member] | 2012 Conversion Option Plan and 2012 Special Conversion Option Plan [Member] | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 305,824 | 281,221 | [1],[2] | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 305,824 | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | -10,215 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | ' | 14,388 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $1.36 | $1.11 | $0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $1.36 | ' | ' | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | ' | $1.89 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | ' | $5.87 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | '5 years | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | ' | $261.10 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | ' | 251,163 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | ' | $0.94 | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | ' | '4 years 9 months | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | ' | $233.30 | ' | |
[1] | (2) We have 251,163options exercisable as of December 31, 2013 with weighted average exercise price of $0.94, weighted average remaining life of 4.8 years and intrinsic value of $233.3 million. Of these exercisable options, none had exercise prices higher than the market price of our common stock as of December 31, 2013. | |||
[2] | (1) The outstanding options as of December 31, 2013 had a weighted average remaining life of 5.0 years with total intrinsic value of $261.1 million. |
Incentive_compensation_and_sha5
Incentive compensation and share-based payments Share-based payments, restricted stock activity (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Annual vesting percentage | 25.00% | ' |
Tranche one [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Percentage of restricted stock grant | 25.00% | ' |
Compound annual gain percentage, common stock | 20.00% | ' |
Market value, common stock | $250,000,000 | ' |
Tranche two [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Percentage of restricted stock grant | 50.00% | ' |
Compound annual gain percentage, common stock | 22.50% | ' |
Market value, common stock | 500,000,000 | ' |
Tranche three [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Percentage of restricted stock grant | 25.00% | ' |
Compound annual gain percentage, common stock | 25.00% | ' |
Market value, common stock | 750,000,000 | ' |
Director compensation plan [Member] | Time based restricted stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted In Period Total Fair Value | 2,400,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 228,754 | 205,512 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 32,667 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -660 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -8,765 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $15.32 | $5.90 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $70.16 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $5.90 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 200,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | $22,100,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '3 years 1 month | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $5.90 | ' |
Incentive_compensation_and_sha6
Incentive compensation and share-based payments Share-based payments, other than stock options, valuation assumptions (Details) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2013 | |||
Employee [Member] | ' | ' | ||
Schedule of share-based payment, other than stock options, valuation assumptions [Line Items] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.81% | [1] | 3.18% | [1] |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | [2] | 0.00% | [2] |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 100.00% | [3] | 36.31% | [3] |
Non-employee [Member] | ' | ' | ||
Schedule of share-based payment, other than stock options, valuation assumptions [Line Items] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.81% | [1] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | [2] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 100.00% | [3] | ' | |
[1] | (a) Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the option grants. | |||
[2] | (b) At the date of grant, we had no history of dividend payments. | |||
[3] | (c) Based on the historical volatility of comparable companies, adjusted for our expected additional cash-flow volatility. |
Income_taxes_Details
Income taxes (Details) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | |
Income Taxes [Abstract] | ' | ' |
Projected U.S. Virgin Islands Tax Rate | -38.50% | -38.50% |
Valuation allowance percentage | ' | 100.00% |
Income_taxes_Schedule_of_incom
Income taxes Schedule of income by jurisdiction (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
Schedule of income by jurisdiction [Line Items] | ' | ' |
Net Income (Loss) Attributable to Parent, Taxable | ($135) | ($5,293) |
U.S. Virgin Islands [Member] | ' | ' |
Schedule of income by jurisdiction [Line Items] | ' | ' |
Net Income (Loss) Attributable to Parent, Taxable | -33 | -5,261 |
Other jurisdiction [Member] | ' | ' |
Schedule of income by jurisdiction [Line Items] | ' | ' |
Net Income (Loss) Attributable to Parent, Taxable | ($102) | ($32) |
Income_taxes_Schedule_of_defer
Income taxes Schedule of deferred taxes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Stock compensation and other | $377 | $23 |
Accrued Expenses | 4 | 28 |
Gross Deferred Tax Asset | 381 | 51 |
Valuation Allowance | -381 | -51 |
Net Deferred Tax Asset | $0 | $0 |
Income_taxes_Rate_reconciliati
Income taxes Rate reconciliation (Details) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
U.S. Virgin Islands Income Tax Rate | -38.50% | -38.50% |
State and Local Income Tax Rates | -2.60% | 0.00% |
Excluded REIT income | 0.00% | 40.50% |
EDC benefits | 0.00% | -4.80% |
Rate Differential | 3.20% | 3.90% |
Valuation Allowance | 37.90% | -1.10% |
Effective Income Tax Rate | 0.00% | 0.00% |
Earnings_per_share_Details
Earnings per share (Details) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Incremental Common Shares Attributable to Call Options and Warrants | 276,100 | 286,264 |
Weighted Average Number of Shares, Restricted Stock | 205,512 | 226,481 |
Quarterly_financial_informatio2
Quarterly financial information (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Dec. 31, 2012 | Dec. 31, 2013 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total rental revenues and net gain on investments | $0 | $41,626 | $19,585 | $8,884 | $1,515 | ' | $0 | $0 | $0 | $0 | $71,610 |
Net loss attributable to common stockholders | $0 | ($397) | ($2,557) | ($1,499) | ($840) | $0 | ($46) | ' | $0 | ($46) | ($5,293) |
Earnings per share basic | $0 | ($0.17) | ($1.09) | ($0.64) | ($0.36) | $0 | ($0.02) | ' | $0 | ($0.02) | ($2.26) |
Earnings per share diluted | $0 | ($0.17) | ($1.09) | ($0.64) | ($0.36) | $0 | ($0.02) | ' | $0 | ($0.02) | ($2.26) |
Subsequent_events_Details
Subsequent events (Details) (USD $) | 9 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2012 | Dec. 31, 2013 | Feb. 20, 2014 | Jan. 22, 2014 | Jan. 02, 2014 | Jan. 29, 2014 | Feb. 01, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Residential mortgage [Member] | Residential mortgage [Member] | Residential mortgage [Member] | |||
Mortgage loans on real estate, pool nine [Member] | Mortgages loans on real estate, Pool ten [Member] | Mortgage loans on real estate, Pool eleven [Member] | |||||
Loans receivable [Member] | Loans receivable [Member] | Loans receivable [Member] | |||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share | ' | ' | ' | $34 | ' | ' | ' |
Proceeds from Issuance of Common Stock | $5,000,000 | $935,000 | ' | $467,600,000 | ' | ' | ' |
Loans acquired, aggregate collateral market value | ' | ' | ' | ' | $94,000,000 | $7,000,000 | $792,000,000 |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | 14,200,000 | ' | ' | ' |
Common Stock, Dividends, Per Share, Declared | ' | ' | $0.08 | ' | ' | ' | ' |
Schedule_III_Details
Schedule III (Details) (Single family residential [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
property | |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Number of Real Estate Properties | 262 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $14,530 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,528 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 585 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 37,113 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 25 |
Real estate and accumulated depreciation, weighted average age (in years) | '35 years |
Alabama [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 1 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 48 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 90 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 90 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '45 years |
Arizona [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 13 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 799 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,206 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 10 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 2,216 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2 |
Real estate and accumulated depreciation, weighted average age (in years) | '35 years |
Arkansas [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 1 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 203 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 203 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '17 years |
California [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 21 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 1,869 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 4,056 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 55 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 4,111 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2 |
Real estate and accumulated depreciation, weighted average age (in years) | '31 years |
Colorado [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 1 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 70 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 170 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 170 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '57 years |
Connecticut [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 2 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 265 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 491 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 491 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '40 years |
Florida [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 64 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 3,021 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 8,411 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 214 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 8,625 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 13 |
Real estate and accumulated depreciation, weighted average age (in years) | '21 years |
Georgia [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 3 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 298 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 765 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 7 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 772 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '25 years |
Hawaii [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 1 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 40 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 67 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 67 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '24 years |
Illinois [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 29 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 1,485 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 4,388 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 69 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 4,457 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2 |
Real estate and accumulated depreciation, weighted average age (in years) | '44 years |
Indiana [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 7 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 339 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 980 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 31 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 1,011 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 1 |
Real estate and accumulated depreciation, weighted average age (in years) | '34 years |
Kansas [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 1 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 49 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 94 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 94 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '92 years |
Kentucky [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 4 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 109 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 351 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 351 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '45 years |
Louisiana [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 3 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 53 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 216 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 9 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 225 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '35 years |
Maine [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 1 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 55 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 153 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 153 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '93 years |
Maryland [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 4 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 228 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 504 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 504 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '39 years |
Massachusetts [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 1 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 116 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 194 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 194 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '21 years |
Michigan [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 7 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 215 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 468 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 468 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '52 years |
Missouri [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 2 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 84 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 300 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 300 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '16 years |
Nevada [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 5 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 222 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 598 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 42 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 640 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 1 |
Real estate and accumulated depreciation, weighted average age (in years) | '40 years |
New Jersey [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 6 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 217 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 743 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 743 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '90 years |
New Mexico [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 3 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 97 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 335 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 335 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '32 years |
New York [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 4 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 573 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,009 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 4 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 1,013 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '31 years |
North Carolina [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 22 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 1,162 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,517 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 12 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 2,529 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '45 years |
Ohio [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 7 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 355 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 957 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 957 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '27 years |
Oklahoma [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 2 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 111 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 209 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 209 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '16 years |
Pennsylvania [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 11 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 556 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,434 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 11 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 1,445 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '66 years |
South Carolina [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 3 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 59 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 318 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 27 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 345 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2 |
Real estate and accumulated depreciation, weighted average age (in years) | '12 years |
Tennessee [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 1 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 71 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 135 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 135 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '60 years |
Texas [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 10 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 355 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,033 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 94 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 1,127 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 2 |
Real estate and accumulated depreciation, weighted average age (in years) | '21 years |
Utah [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 3 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 250 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 489 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 489 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '46 years |
Virginia [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Date Acquired | 1-Jan-13 |
Number of Real Estate Properties | 3 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 510 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 849 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 849 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '30 years |
Washington [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Number of Real Estate Properties | 1 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 72 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 140 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 140 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '33 years |
West Virginia [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Number of Real Estate Properties | 1 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 208 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 346 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 346 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 |
Real estate and accumulated depreciation, weighted average age (in years) | '58 years |
Wisconsin [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Number of Real Estate Properties | 14 |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 569 |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,309 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 1,309 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $0 |
Real estate and accumulated depreciation, weighted average age (in years) | '32 years |
Minimum [Member] | Arizona [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '3 years |
Minimum [Member] | California [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '3 years |
Minimum [Member] | Florida [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '3 years |
Minimum [Member] | Georgia [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '3 years |
Minimum [Member] | Illinois [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '3 years |
Minimum [Member] | Indiana [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '3 years |
Minimum [Member] | Nevada [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '3 years |
Minimum [Member] | New York [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '3 years |
Minimum [Member] | North Carolina [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '3 years |
Minimum [Member] | Pennsylvania [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '3 years |
Minimum [Member] | South Carolina [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '3 years |
Minimum [Member] | Texas [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '3 years |
Maximum [Member] | Arizona [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '27 years 6 months |
Maximum [Member] | California [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '27 years 6 months |
Maximum [Member] | Florida [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '27 years 6 months |
Maximum [Member] | Georgia [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '27 years 6 months |
Maximum [Member] | Illinois [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '27 years 6 months |
Maximum [Member] | Indiana [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '27 years 6 months |
Maximum [Member] | Nevada [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '27 years 6 months |
Maximum [Member] | New York [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '27 years 6 months |
Maximum [Member] | North Carolina [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '27 years 6 months |
Maximum [Member] | Pennsylvania [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '27 years 6 months |
Maximum [Member] | South Carolina [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '27 years 6 months |
Maximum [Member] | Texas [Member] | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' |
Real Estate and Accumulated Depreciation, Life Used for Depreciation | '27 years 6 months |
Schedule_III_Schedule_III_note
Schedule III Schedule III notes (USD $) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2013 | ||
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ' | ' | |
Real Estate, Gross | $0 | $37,113,000 | [1] |
Transfer of mortgage loans to real estate owned | 0 | 31,014,000 | |
Real Estate, Other Acquisitions | ' | 6,198,000 | |
Real Estate, Improvements | ' | 586,000 | |
Real Estate, Cost of Real Estate Sold | ' | -685,000 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ' | ' | |
Real Estate Accumulated Depreciation | 0 | 25,000 | |
Real Estate Accumulated Depreciation, Depreciation Expense | ' | 25,000 | |
Real Estate Accumulated Depreciation, Real Estate Sold | ' | 0 | |
Aggregate cost for federal income tax purposes | ' | $37,100,000 | |
[1] | (1) The aggregate cost for federal income tax purposes is $37.1 million as of December 31, 2013. |
Schedule_IV_Details
Schedule IV (Details) (First Mortgage [Member], Single family residential [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
loan | |
Mortgage loans [Line Items] | ' |
Mortgage Loans on Real Estate, Number of Loans | 8,054 |
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | $2,029,314 |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,207,163 |
Mortgage loans under $50,000 [Member] | ' |
Mortgage loans [Line Items] | ' |
Mortgage Loans on Real Estate, Maximum Interest Rate in Range | 13.88% |
Mortgage Loans on Real Estate, Minimum Interest Rate in Range | 2.38% |
Mortgage Loans on Real Estate, Number of Loans | 63 |
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | 2,118 |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 1,013 |
Mortgage loans between $50,000 and $99,999 [Member] | ' |
Mortgage loans [Line Items] | ' |
Mortgage Loans on Real Estate, Maximum Interest Rate in Range | 16.13% |
Mortgage Loans on Real Estate, Minimum Interest Rate in Range | 2.00% |
Mortgage Loans on Real Estate, Number of Loans | 794 |
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | 58,181 |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 30,679 |
Mortgage loans between $100,000 and $149,999 [Member] | ' |
Mortgage loans [Line Items] | ' |
Mortgage Loans on Real Estate, Maximum Interest Rate in Range | 13.65% |
Mortgage Loans on Real Estate, Minimum Interest Rate in Range | 2.00% |
Mortgage Loans on Real Estate, Number of Loans | 1,667 |
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | 198,753 |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 114,844 |
Mortgage loans between $150,000 and $199,999 [Member] | ' |
Mortgage loans [Line Items] | ' |
Mortgage Loans on Real Estate, Maximum Interest Rate in Range | 13.95% |
Mortgage Loans on Real Estate, Minimum Interest Rate in Range | 2.00% |
Mortgage Loans on Real Estate, Number of Loans | 1,339 |
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | 222,205 |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 125,922 |
Mortgage loans between $200,000 and $249,999 [Member] | ' |
Mortgage loans [Line Items] | ' |
Mortgage Loans on Real Estate, Maximum Interest Rate in Range | 11.96% |
Mortgage Loans on Real Estate, Minimum Interest Rate in Range | 2.00% |
Mortgage Loans on Real Estate, Number of Loans | 1,125 |
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | 240,679 |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 136,013 |
Mortgage loans over $250,000 [Member] | ' |
Mortgage loans [Line Items] | ' |
Mortgage Loans on Real Estate, Maximum Interest Rate in Range | 12.38% |
Mortgage Loans on Real Estate, Minimum Interest Rate in Range | 1.00% |
Mortgage Loans on Real Estate, Number of Loans | 3,066 |
Mortgage Loans on Real Estate, Principal Amount of Delinquent Loans | 1,307,378 |
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $798,692 |
Minimum [Member] | Mortgage loans under $50,000 [Member] | ' |
Mortgage loans [Line Items] | ' |
Mortgage Loans on Real Estate, Final Maturity Date | 24-Mar-14 |
Minimum [Member] | Mortgage loans between $50,000 and $99,999 [Member] | ' |
Mortgage loans [Line Items] | ' |
Mortgage Loans on Real Estate, Final Maturity Date | 1-Sep-10 |
Minimum [Member] | Mortgage loans between $100,000 and $149,999 [Member] | ' |
Mortgage loans [Line Items] | ' |
Mortgage Loans on Real Estate, Final Maturity Date | 1-Feb-10 |
Minimum [Member] | Mortgage loans between $150,000 and $199,999 [Member] | ' |
Mortgage loans [Line Items] | ' |
Mortgage Loans on Real Estate, Final Maturity Date | 1-May-10 |
Minimum [Member] | Mortgage loans between $200,000 and $249,999 [Member] | ' |
Mortgage loans [Line Items] | ' |
Mortgage Loans on Real Estate, Final Maturity Date | 1-Jun-09 |
Minimum [Member] | Mortgage loans over $250,000 [Member] | ' |
Mortgage loans [Line Items] | ' |
Mortgage Loans on Real Estate, Final Maturity Date | 1-Jan-10 |
Maximum [Member] | Mortgage loans under $50,000 [Member] | ' |
Mortgage loans [Line Items] | ' |
Mortgage Loans on Real Estate, Final Maturity Date | 1-Dec-40 |
Maximum [Member] | Mortgage loans between $50,000 and $99,999 [Member] | ' |
Mortgage loans [Line Items] | ' |
Mortgage Loans on Real Estate, Final Maturity Date | 1-May-51 |
Maximum [Member] | Mortgage loans between $100,000 and $149,999 [Member] | ' |
Mortgage loans [Line Items] | ' |
Mortgage Loans on Real Estate, Final Maturity Date | 1-Nov-53 |
Maximum [Member] | Mortgage loans between $150,000 and $199,999 [Member] | ' |
Mortgage loans [Line Items] | ' |
Mortgage Loans on Real Estate, Final Maturity Date | 1-Sep-53 |
Maximum [Member] | Mortgage loans between $200,000 and $249,999 [Member] | ' |
Mortgage loans [Line Items] | ' |
Mortgage Loans on Real Estate, Final Maturity Date | 1-Jan-57 |
Maximum [Member] | Mortgage loans over $250,000 [Member] | ' |
Mortgage loans [Line Items] | ' |
Mortgage Loans on Real Estate, Final Maturity Date | 1-Sep-57 |
Schedule_IV_Schedule_IV_notes
Schedule IV Schedule IV notes (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Movement in Mortgage Loans on Real Estate [Roll Forward] | ' |
Mortgage loan payments | ($4,901) |
Real estate tax advances to borrowers | 6,472 |
Residential mortgage [Member] | Fair value, inputs, level 3 [Member] | Loans receivable [Member] | ' |
Movement in Mortgage Loans on Real Estate [Roll Forward] | ' |
Beginning balance | 0 |
Investment in mortgage loans | 1,213,811 |
Net unrealized gain on mortgage loans | 61,092 |
Cost of mortgages sold | -38,297 |
Transfer of mortgage loans to real estate owned | 31,014 |
Ending balance | $1,207,163 |