Altisource Asset Management (AAMCF) 10-Q5 Nov 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_and_entity_informatio

Document and entity information	9 Months Ended
Document and entity information	Sep. 30, 2014	Oct. 31, 2014
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-Q	'
Document period end date	30-Sep-14	'
Document fiscal year focus	'2014	'
Document fiscal period focus	'Q3	'
Amendment flag	'false	'
Entity common stock, shares outstanding	'	2,189,875

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Real estate held for use:	'	'
Land (from consolidated VIE)	$9,865	$478
Rental residential properties (net of accumulated depreciation of $484 and $24, respectively - from consolidated VIE)	38,470	3,092
Real estate owned (from consolidated VIE)	370,733	32,332
Total real estate held for use, net	419,068	35,902
Real estate assets held for sale (from consolidated VIE)	40,985	1,186
Mortgage loans (from consolidated VIE)	2,071,505	1,207,163
Mortgage loans held for sale (from consolidated VIE)	143,197	0
Cash and cash equivalents (including from consolidated VIE $76,027 and $115,988, respectively)	91,824	140,000
Restricted cash	12,033	5,878
Accounts receivable (including from consolidated VIE $871 and $1,428, respectively)	1,493	1,428
Related party receivables (from consolidated VIE)	19,254	9,260
Deferred leasing and financing costs, net (from consolidated VIE)	3,688	2,293
Prepaid expenses and other assets (including from consolidated VIE $5,304 and $1,542, respectively)	6,847	1,994
Total assets	2,809,894	1,405,104
Liabilities:	'	'
Repurchase agreements (from consolidated VIE)	1,258,329	602,382
Other secured borrowings	150,000	0
Accounts payable and accrued liabilities (including from consolidated VIE $14,577 and $4,952, respectively)	16,146	6,872
Related party payables (including from consolidated VIE $6,489 and $1,409, respectively)	6,907	2,883
Total liabilities	1,431,382	612,137
Commitments and contingencies (Note 6)	'	'
Preferred stock, $0.01 par value, 250,000 shares issued and outstanding as of September 30, 2014 and none issued or outstanding as of December 31, 2013; redemption value $250,000	248,875	0
Equity:	'	'
Common stock, $.01 par value, 5,000,000 authorized shares; 2,450,840 and 2,200,330 shares issued and outstanding, respectively as of September 30, 2014 and 2,354,774 shares issued and outstanding as of December 31, 2013	25	24
Additional paid-in capital	17,246	12,855
Retained earnings (accumulated deficit)	32,303	-5,339
Treasury stock, at cost, 250,510 shares as of September 30, 2014 and none as of December 31, 2013	-236,751	0
Total stockholders' equity	-187,177	7,540
Noncontrolling interest in consolidated affiliate	1,316,814	785,427
Total equity	1,129,637	792,967
Total liabilities and equity	$2,809,894	$1,405,104

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets Parentheticals (Parentheticals) (USD $)	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Real Estate Investment Property, Accumulated Depreciation	$484,000	$24,000
Assets:	'	'
Cash and cash equivalents	91,824,000	140,000,000
Accounts receivable	1,493,000	1,428,000
Related party receivables	19,254,000	9,260,000
Prepaid expenses and other assets	6,847,000	1,994,000
Liabilities:	'	'
Accounts payable and accrued liabilities	16,146,000	6,872,000
Related party payables	6,907,000	2,883,000
Preferred Stock, Par or Stated Value Per Share	$0.01	'
Preferred Stock, Shares Issued	250,000	'
Preferred Stock, Shares Outstanding	250,000	'
Preferred Stock, Redemption Amount	250,000,000	'
Equity:	'	'
Common stock, par value per share, in USD	$0.01	$0.01
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	2,450,840	2,354,774
Common stock, shares outstanding	2,200,330	2,354,774
Treasury Stock, Shares, Acquired	250,510	'
Variable Interest Entity, Primary Beneficiary [Member]	'	'
Assets:	'	'
Cash and cash equivalents	76,027,000	115,988,000
Accounts receivable	871,000	1,428,000
Prepaid expenses and other assets	5,304,000	1,542,000
Liabilities:	'	'
Accounts payable and accrued liabilities	14,577,000	4,952,000
Related party payables	$6,489,000	$1,409,000

Consolidated_Statement_of_Oper

Consolidated Statement of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'	'	'
Rental revenues	$469	$6	$719	$6
Net unrealized gain on mortgage loans	88,726	17,670	258,898	25,963
Net realized gain on mortgage loans	13,727	1,909	33,867	4,015
Net realized gain on re-performing mortgage loans	302	0	302	0
Net realized gain on real estate	3,310	0	4,544	0
Interest income	2,568	156	2,757	368
Total revenues	109,102	19,741	301,087	30,352
Expenses:	'	'	'	'
Residential property operating expenses	9,247	191	13,550	275
Real estate depreciation and amortization	313	4	464	4
Real estate selling costs and impairment	5,542	210	8,775	210
Mortgage loan servicing costs	21,226	2,154	49,588	3,788
Interest expense	11,699	467	24,352	1,163
General and administrative	5,435	4,895	15,578	10,798
Related party general and administrative	999	681	4,597	1,052
Total expenses	54,461	8,602	116,904	17,290
Other income (expense)	1,586	13	2,372	-6
Income before income taxes	56,227	11,152	186,555	13,056
Income tax expense	853	0	1,428	0
Net income	55,374	11,152	185,127	13,056
Net income attributable to noncontrolling interest in consolidated affiliate	-37,676	-13,709	-147,371	-17,952
Net income (loss) attributable to common stockholders	$17,698	($2,557)	$37,756	($4,896)
Earnings (loss) per share of common stock b basic:	'	'	'	'
Earnings (loss) per basic share	$7.91	($1.09)	$16.51	($2.09)
Weighted average common stock outstanding b basic	2,238,225	2,348,040	2,286,451	2,344,923
Earnings (loss) per share of common stock b diluted:	'	'	'	'
Earnings (loss) per diluted share	$6.25	($1.09)	$13.23	($2.09)
Weighted average common stock outstanding b diluted	2,831,617	2,348,040	2,853,751	2,344,923

Consolidated_Statements_of_Equ

Consolidated Statements of Equity (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Treasury Stock [Member]	Noncontrolling interest in consolidated affiliates [Member]
In Thousands, except Share data, unless otherwise specified	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Treasury Stock [Member]	Noncontrolling interest in consolidated affiliates [Member]
Beginning balance at Dec. 31, 2012	$104,881	$23	$4,993	($46)	'	$99,911
Beginning balance, Shares at Dec. 31, 2012	'	2,343,213	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'
Issuance of common stock, including option exercises, shares	'	7,333	'	'	'	'
Issuance of common stock, including option exercises	13	1	12	'	'	'
Capital contribution from noncontrolling interest	309,700	'	'	'	'	309,700
Distribution from noncontrolling interest	-2,509	'	'	'	'	-2,509
Share-based compensation	3,434	'	'	'	'	'
Net income	13,056	'	'	-4,896	'	17,952
Ending balance at Sep. 30, 2013	428,575	24	8,439	-4,942	'	425,054
Ending balance, Shares at Sep. 30, 2013	'	2,350,546	'	'	'	'
Beginning balance at Jun. 30, 2013	'	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'
Share-based compensation	2,140	'	3,434	'	'	'
Net income	11,152	'	'	'	'	'
Ending balance at Sep. 30, 2013	428,575	'	8,439	'	'	'
Beginning balance at Dec. 31, 2013	792,967	24	12,855	-5,339	'	785,427
Beginning balance, Shares at Dec. 31, 2013	2,354,774	2,354,774	'	'	'	'
Treasury Stock, Shares, Acquired	250,510	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'
Issuance of common stock, including option exercises, shares	'	96,066	'	'	'	'
Issuance of common stock, including option exercises	45	1	44	'	'	'
Treasury shares repurchased	-236,751	'	'	'	-236,751	'
Capital contribution from noncontrolling interest	468,416	'	'	'	'	468,416
Distribution from noncontrolling interest	-84,570	'	'	'	'	-84,570
Amortization of preferred stock issuance costs	-114	'	'	-114	'	'
Share-based compensation	4,517	'	'	'	'	170
Net income	185,127	'	'	37,756	'	147,371
Ending balance at Sep. 30, 2014	1,129,637	25	17,246	32,303	-236,751	1,316,814
Ending balance, Shares at Sep. 30, 2014	2,200,330	2,450,840	'	'	'	'
Beginning balance at Jun. 30, 2014	'	'	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'
Share-based compensation	'	'	4,347	'	'	'
Net income	55,374	'	'	'	'	'
Ending balance at Sep. 30, 2014	$1,129,637	'	$17,246	'	'	'
Ending balance, Shares at Sep. 30, 2014	2,200,330	'	'	'	'	'

Consolidated_Statements_of_Equ1

Consolidated Statements of Equity Parenthetical Parentheticals	9 Months Ended
	Sep. 30, 2014
Statement of Stockholders' Equity [Abstract]	'
Treasury Stock, Shares, Acquired	250,510

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Operating activities:	'	'
Net income	$185,127	$13,056
Adjustments to reconcile net income to net cash used in operating activities:	'	'
Net unrealized gain on mortgage loans	-258,898	-25,963
Net realized gain on mortgage loans	-33,867	-4,015
Net realized gain on sale of re-performing mortgage loans	-302	0
Net realized gain on sale of real estate	-4,544	0
Real estate depreciation, amortization and other non-cash charges	9,239	4
Accretion of interest on re-performing mortgage loans	-2,475	0
Share-based compensation	4,517	3,434
Amortization of deferred financing costs	2,127	630
Changes in operating assets and liabilities:	'	'
Accounts receivable	-1,137	0
Related party receivables	6,421	-166
Prepaid expenses and other assets	-6,315	-363
Accounts payable and accrued liabilities	1,786	2,063
Related party payables	4,024	251
Net cash used in operating activities	-94,297	-11,069
Investing activities:	'	'
Investment in mortgage loans	-1,241,083	-642,645
Investment in real estate	-27,463	-6,198
Investment in renovations	-5,957	-145
Real estate tax advances	-20,244	-547
Mortgage loan dispositions	122,023	13,783
Mortgage loan payments	14,903	2,659
Disposition of real estate	11,771	0
Change in restricted cash	-6,155	-3,092
Net cash used in investing activities	-1,152,205	-636,185
Financing activities:	'	'
Proceeds from issuance of preferred stock	250,000	0
Cost of issuance of preferred stock	-1,125	0
Issuance of common stock, including stock option exercises	12,186	666
Repurchase of common stock	-236,751	0
Payment of tax withholdings on exercise of stock options	-12,141	-653
Cost of issuance of common stock	0	0
Capital contribution from noncontrolling interest	468,416	310,250
Payments of Ordinary Dividends, Noncontrolling Interest	-84,570	-2,509
Proceeds from issuance of notes	150,000	0
Proceeds from repurchase agreement	952,264	418,099
Repayments of repurchase agreement	-296,317	-79,299
Payment of deferred financing costs	-3,636	-2,254
Net cash provided by financing activities	1,198,326	644,300
Net decrease in cash and cash equivalents	-48,176	-2,954
Cash and cash equivalents as of beginning of the period	140,000	105,014
Cash and cash equivalents as of end of the period	91,824	102,060
Supplemental disclosure of cash flow information	'	'
Cash paid for interest	20,212	377
Transfer of mortgage loans to real estate owned	410,913	10,598
Transfer of real estate owned to mortgage loans	5,367	0
Change in accrued capital expenditures	7,712	0
Change in accrued equity issuance costs	0	1,242
Changes in receivables from mortgage loan dispositions, payments and real estate tax advances, net	13,081	5,745
Changes in receivables from real estate owned disposition	$3,097	'

Organization_and_basis_of_pres

Organization and basis of presentation	9 Months Ended
	Sep. 30, 2014
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 Portfolio Solutions S.A. ("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 results. 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. In October 2013, we invested $2.0 million in 100% of the common stock of NewSource and Residential invested $18.0 million in the non-voting preferred stock of NewSource. On December 2, 2013, NewSource became registered as a licensed reinsurer with the Bermuda Monetary Authority (“BMA”). 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.

	Since Residential commenced operations, it has completed three public equity offerings with aggregate net proceeds of approximately $1.1 billion. On March 22, 2013, September 12, 2013 and September 23, 2013, Residential entered into three separate repurchase agreements to finance the acquisition and ownership of residential mortgage loans and REO properties. The maximum aggregate funding available under these repurchase agreements initially was $425.0 million. Residential subsequently increased the aggregate funding capacity under each repurchase agreement as follows:


	•	For the repurchase agreement entered into on March 22, 2013, Residential amended it on April 21, 2014 to initially increase the aggregate maximum borrowing capacity from $100.0 million to $200.0 million. The maturity date of the repurchase agreement was also extended to April 20, 2015, subject to an additional one-year extension with the approval of the lender. On June 11, 2014, Residential further amended this repurchase agreement to increase the aggregate maximum borrowing capacity from $200.0 million to $375.0 million, subject to certain sublimits, for the period from June 11, 2014 through October 11, 2014, and on October 3, 2014, Residential extended the increase through December 10, 2014. The aggregate borrowing capacity under the repurchase agreement will revert to $200.0 million after December 10, 2014.


	•	The repurchase agreement dated September 12, 2013, as amended on December 18, 2013, has an aggregate funding capacity of $250.0 million and matures on March 11, 2016. This agreement includes a provision that, beginning in the nineteenth month, Residential will not be able to finance mortgage loans in excess of amounts outstanding under the facility at the end of the eighteenth month.


	•	For the repurchase agreement dated September 23, 2013, Residential amended it on December 23, 2013 to initially increase the aggregate maximum borrowing capacity from $200.0 million to $400.0 million. On June 25, 2014, Residential further amended this repurchase agreement to increase the aggregate maximum borrowing capacity from $400.0 million to $1.0 billion, subject to certain sublimits. The maturity date of the repurchase agreement is March 23, 2015. Residential has the option to extend this agreement for an additional year with no additional funding.

	Following these increases, the maximum aggregate funding available to Residential under these repurchase agreements as of September 30, 2014 was $1.7 billion, subject to certain sublimits, eligibility requirements and conditions precedent to each funding. As of September 30, 2014, an aggregate of $1.3 billion was outstanding under Residential's repurchase agreements. All obligations under the repurchase agreements are fully guaranteed by Residential.

	On September 25, 2014, Residential completed a securitization transaction in which ARLP Securitization Trust, Series 2014-1 (“ARLP 2014-1”) issued $150.0 million in Class A Notes (the “Class A Notes”) with a weighted yield of approximately 3.5% and $32.0 million in Class M Notes (the “Class M Notes”) with a weighted yield of 4.25%. The Class A Notes and the Class M Notes are secured solely by the non-performing mortgage loans of ARLP 2014-1 and not by any of Residential's other assets. The assets of ARLP 2014-1 are the only source of repayment and interest on the Class A Notes and the Class M Notes. The Class A Notes and the Class M Notes mature on September 25, 2044, and Residential does not guaranty any of the obligations of ARLP 2014-1 under the terms of the Indenture governing the notes or otherwise. As of September 30, 2014, the book value of the underlying securitized assets held by ARLP 2014-1 was $211.3 million.

	Residential retained all of the Class M Notes in its taxable REIT subsidiary (“TRS”). On September 30, 2014, pursuant to a master repurchase agreement, the TRS sold $15.0 million of the Class M Notes to NewSource Reinsurance Company Ltd, ("NewSource"), an entity in which Residential owns 100% of the outstanding preferred stock and in which we own 100% of the outstanding common stock, for a purchase price of $15.0 million. The master repurchase agreement requires the TRS to repurchase the Class M Notes from NewSource at a 5.0% yield on December 28, 2014, subject to the parties’ option to extend the master repurchase agreement for an additional 89 day period. In no event can the master repurchase agreement be extended beyond September 29, 2015.

	On March 18, 2014, we closed a private placement for the issuance and sale of 250,000 shares of our Series A Convertible Preferred Stock to Luxor Capital Group, LP, a New York based investment manager, and other institutional investors for proceeds of $250.0 million. We used substantially all of the proceeds from this transaction to repurchase shares of our common stock and for other corporate purposes. In the future we may use excess cash generated from operations to repurchase shares of our common stock when trading at attractive prices. Such stock repurchases may be made in the open market, block trades or privately-negotiated transactions. In connection with the foregoing, the Company's Board of Directors has approved a share repurchase program that authorizes us to repurchase up to $300.0 million of our common stock.

	We ceased to be a development stage enterprise in the second quarter of 2013.

	Basis of presentation and use of estimates

	The accompanying unaudited interim 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.

	The unaudited consolidated financial statements and accompanying unaudited consolidated financial information, in our opinion, contain all adjustments that are of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. The interim results are not necessarily indicative of results for a full year. We have omitted certain notes and other information from the interim consolidated financial statements presented in this Quarterly Report as permitted by SEC rules and regulations. These consolidated financial statements should be read in conjunction with our 2013 annual report on Form 10-K.

	Preferred stock

	During the first quarter of 2014, we issued $250.0 million of convertible preferred stock. All of the outstanding shares of preferred stock are redeemable by us in March 2020, the sixth anniversary of the date of issuance, and every five years thereafter. On these same redemption dates, each holder of preferred stock may cause us to redeem all the shares of preferred stock held by such holder at a redemption price equal to $1,000 per share. Accordingly, we classify these shares as mezzanine equity, outside of permanent stockholders' equity.

	The holders of shares of Series A Preferred Stock will not be entitled to receive dividends with respect to the Series A Preferred Stock. The shares of Series A Preferred Stock are convertible into shares of our common stock at a conversion price of $1,250 per share, subject to certain anti-dilution adjustments.

	Upon a change of control or upon a liquidation, dissolution or winding up of the Company, holders of the Series A Preferred Stock will be entitled to receive an amount in cash per Series A Preferred Stock equal to the greater of:

	(i) $1,000 plus the aggregate amount of cash dividends paid on the number of shares of Common Stock into which such share of Series A Preferred Stock was convertible on each ex-dividend date for such dividends; and
	(ii) the number of shares of Common Stock into which the Series A Preferred Stock is then convertible multiplied by the then current market price of the Common Stock.

	The Series A Preferred Stock confers no voting rights to holders, except with respect to matters that materially and adversely affect the voting powers, rights or preferences of the Series A Preferred Stock or as otherwise required by applicable law.

	With respect to the distribution of assets upon the liquidation, dissolution or winding up of the Company, the Series A Preferred Stock ranks senior to our common stock and on parity with all other classes of preferred stock that may be issued by us in the future.

	Treasury Stock

	We account for repurchased common stock under the cost method and include such treasury stock as a component of total shareholders’ equity. We have repurchased shares of our common stock (i) under our Board approval to repurchase up to $300.0 million in shares of our common stock and (ii) upon our withholding of shares of our common stock to satisfy tax withholding obligations in connection with the vesting of our restricted stock.

	Loans held for sale

	Loans held for sale, which consist of re-performing residential mortgage loans acquired from others, are recorded at the lower of cost or fair value. Residential does not originate loans. During the third quarter 2014, Residential decided to sell these re-performing loans and as such they were reclassified as loans held for sale from loans held for investment. See Note 12 - "Subsequent events" for information on our dispositions of re-performing loans subsequent to September 30, 2014.

	Recently issued accounting standards

	In January 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-04, Troubled Debt Restructurings by Creditors. It provides that a repossession or foreclosure has occurred, 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. The amended guidance may be applied using either a prospective transition method or a modified retrospective transition method and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. We do not expect this amendment to have a significant effect on our financial position or results of operations since our accounting policies and disclosures are currently consistent with the requirements set forth in the amendment.

In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 may be applied using either a full retrospective or a modified retrospective approach and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted. We do not expect this amendment to have a significant effect on our financial position or results of operations since our accounting policies and disclosures are currently consistent with the requirements set forth in the amendment.

Mortgage_loans

Mortgage loans	9 Months Ended
	Sep. 30, 2014
Mortgage Loans on Real Estate [Abstract]	'
Mortgage loans	'
	Mortgage loans

	During the nine months ended September 30, 2014, Residential acquired an aggregate of 8,155 mortgage loans and REO properties, consisting of the following:

	Acquisitions of non-performing residential mortgage loans

	During the nine months ended September 30, 2014, Residential acquired an aggregate of 7,086 residential mortgage loans, substantially all of which were non-performing, and 190 REO properties having an aggregate UPB of approximately $1.9 billion and an aggregate market value of underlying properties of $1.7 billion. The aggregate purchase price for these acquisitions was $1.1 billion. During the quarter ended September 30, 2014, Residential agreed to acquire an aggregate of 246 residential mortgage loans, substantially all of which are non-performing, with an aggregate market value of underlying properties of $29.7 million. There can be no assurance that Residential will complete this pending transaction in whole or in part on a timely basis or at all.

	Acquisition of re-performing residential mortgage loans

	On June 27, 2014, Residential acquired 879 re-performing mortgage loans with an aggregate market value of underlying properties of $271.1 million for an aggregate purchase price of $144.6 million. Under ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. These 879 re-performing residential mortgage loans were determined to have common risk characteristics and have been accounted for as a single loan pool. Under ASC 310-30, Residential estimates cash flows expected to be collected, adjusted for expected prepayments and defaults expected to be incurred over the life of the loan pool. Residential determines the excess of the loan pool's contractually required principal and interest payments over the expected cash flows as an amount that should not be accreted, the nonaccretable yield. The difference between expected cash flows and the present value of the expected cash flows is referred to as the accretable yield, which represents the amount that is expected to be recorded as interest income over the remaining life of the loan pool. For the three and nine months ended September 30, 2014, Residential recognized no provision for loan loss and no adjustments to the amount of the accretable yield. For the three and nine months ended September 30, 2014, Residential accreted $2.5 million into interest income with respect to these re-performing loans. As of September 30, 2014, these re-performing loans, having a UPB of $204.3 million and a carrying value of $143.2 million, were held for sale. During October 2014, Residential sold an aggregate of 934 re-performing loans to an unrelated third party for an aggregate purchase price of $164 million. See Note 12 - "Subsequent events" for information on our dispositions of re-performing loans subsequent to September 30, 2014.

	The following tables present information regarding the estimates of the contractually required payments and the cash flows expected to be collected as of the date of the acquisition and changes in the balance of the accretable yield ($ in thousands):


	Contractually required principal and interest	$	325,000

	Non-accretable yield	(96,263		)
	Expected cash flows to be collected	228,737

	Accretable yield	(84,728		)
	Fair value at the date of acquisition	$	144,009



	Accretable Yield	Three months ended September 30, 2014
	Balance at the beginning of the period	$	84,728

	Accretion	(2,475		)
	Balance at the end of the period	$	82,253

	Since the commencement of its operations, Residential has engaged in the acquisition of the following portfolios of non-performing and re-performing residential mortgage loans:


	Portfolios Residential Agreed to Acquire							Acquisitions Completed in 2014					Acquisitions Completed in 2013
	Date of agreement in principle	Number of loans		Fair value of underlying property (in millions)			Date acquisition closed	Number of loans acquired		Fair value of underlying property (in millions)			Number of loans acquired		Fair value of underlying property (in millions)
	23-Jan-13	460		$	94.2		14-Feb-13						460		$	94.2

	12-Feb-13	244		40.1			21-Mar-13						230		38.7

	14-Feb-13	762		128.9			5-Apr-13						720		122.1

	25-Jun-13	321		73.9			26-Aug-13						292		67.3

	27-Jun-13	2,377		296.1			6-Aug-13						1,562		185.2

							19-Sep-13						416		56

	12-Aug-13	2,966		790.2			30-Sep-13						1,547		403.6

							21-Oct-13						1,100		298

	12-Nov-13	993		137.3			2-Jan-14	650		$	93.6

	22-Nov-13	6,540		1,542.10			24-Dec-13						2,204		530.1

							31-Jan-14	3,421		791.7

	19-Dec-13	164		18.3			28-Jan-14	66		7

							28-Feb-14	70		8.2

	March 11, 2014(1)	915		180			May 1, 2014(2)	664		126.6

2-May-14	78		8.7			10-Jul-14	46		5

4-Jun-14	3,191		891.6			27-Jun-14	1,116		375.3

						31-Jul-14	1,243		315.7

June 4, 2014(3)	1,105		331.6			June 27, 2014(3)	879		271.1

15-Sep-14	246		29.7			pending(4)

Totals	20,362		$	4,562.70		Totals	8,155		$	1,994.20		8,531		$	1,795.20

_____________

-1	The remaining portion of this acquisition, consisting of 159 mortgage loans and REO properties, closed in October 2014.

-2	Includes 190 REOs.

-3	This acquisition consisted of a portfolio of re-performing loans.

-4	This acquisition is expected to close in the fourth quarter of 2014.

During the three and nine months ended September 30, 2014, Residential recognized a nominal amount and $2.9 million, respectively, for due diligence costs related to these and other transactions in both general and administrative expense and related party general and administrative expense. During the three and nine months ended September 30, 2013, Residential expensed $0.9 million and $1.3 million, respectively, for due diligence costs.

Generally, we expect that Residential's mortgage loan portfolio may grow at an uneven pace, as opportunities to acquire distressed residential mortgage loans may be irregularly timed and may involve large portfolios of loans, and the timing and extent of Residential's success in acquiring such loans cannot be predicted. In addition, for any given portfolio of loans that Residential agrees to acquire, it typically acquires fewer loans than originally expected, as certain loans may be resolved prior to the closing date or may fail to meet Residential's diligence standards. The number of unacquired loans typically constitutes a relatively small portion of a particular portfolio. In some cases, the number of loans Residential does not acquire could be significant. In any case where Residential does not acquire the full portfolio, appropriate adjustments are made to the applicable purchase price.

Throughout this quarterly 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.


Transfer of mortgage loans to real estate owned

During the three months ended September 30, 2014 and 2013, Residential transferred 1,113 and 43 mortgage loans, respectively, to REO at an aggregate fair value based on broker price opinions ("BPOs"), of $189.9 million and $6.2 million respectively. Such transfers occur when the foreclosure sale is complete. In connection with these transfers to REO, Residential recorded $38.4 million and $1.8 million, respectively, in net unrealized gains on mortgage loans.

During the nine months ended September 30, 2014 and 2013, Residential transferred 2,657 and 77 mortgage loans, respectively, to REO at an aggregate fair value based on BPOs, of $410.9 million and $10.6 million respectively. In connection with these transfers to REO, Residential recorded $90.5 million and $3.0 million, respectively, in net unrealized gains on mortgage loans.

Dispositions

During the three months ended September 30, 2014 and 2013, Residential disposed of 165 and 54 mortgage loans, respectively, primarily through short sales, refinancing and foreclosure sales. In connection with these dispositions, Residential recorded $13.7 million and $1.9 million, respectively, of net realized gains on mortgage loans.

During the nine months ended September 30, 2014 and 2013, Residential disposed of 416 and 92 mortgage loans, respectively, primarily through short sales, refinancing and foreclosure sales. In connection with these dispositions, Residential recorded $33.9 million and $4.0 million, respectively, of net realized gains on mortgage loans. During October 2014, Residential sold 934 re-performing loans to an unrelated third party. The sale included 770 loans from the re-performing mortgage loans held for sale, purchased in the second quarter of 2014, and 164 loans that have transitioned to re-performing status from prior non-performing loan acquisitions that have a clean pay history of at least six months. See Note 12 - "Subsequent events" for information on our dispositions of re-performing loans subsequent to September 30, 2014.

Real_estate_assets_net

Real estate assets, net	9 Months Ended
Real estate assets, net	Sep. 30, 2014
Real Estate [Abstract]	'
Real estate assets, net	'
	Real estate assets, net

	Acquisitions

	During the nine months ended September 30, 2014, Residential acquired 190 REO properties as part of their portfolio acquisitions. Residential acquired no REO properties during the three months ended September 30, 2014. During the three and nine months ended September 30, 2013, Residential acquired 34 and 40 REO properties, respectively. The aggregate purchase price attributable to these acquired REO properties was $27.5 million for the nine months ended September 30, 2014 and was $5.9 million and $6.2 million, respectively, for the three and nine months ended September 30, 2013.

	Real estate held for use

	As of September 30, 2014, Residential had 2,660 REO properties held for use. Of these properties, 216 had been rented, 90 were being listed for rent and 270 were in varying stages of renovation. With respect to the remaining 2,084 REO properties, we will make a final determination whether each property meets Residential’s rental profile after (a) applicable state redemption periods have expired, (b) the foreclosure sale has been ratified (c) Residential has recorded the deed for the property, (d) utilities have been activated and (e) Residential has secured access for interior inspection. A majority of the REO properties are subject to state regulations which require Residential to await the expiration of a redemption period before a foreclosure can be finalized. Residential includes these redemption periods in its portfolio pricing which generally reduces the price Residential pays for the mortgage loans. Once the redemption period expires, Residential immediately proceeds to record the new deed, take possession of the property, activate utilities, and start the inspection process in order to make its final determination. As of December 31, 2013, Residential had 246 REO properties held for use. Of these properties, 14 had been rented, 11 were being listed for rent and 18 were in various stages of renovation. With respect to the remaining 203 REO properties, we were in the process of determining whether these properties would meet Residential's rental profile. As of September 30, 2013, Residential had 100 REO properties held for use. Of these properties, five had been rented, six were being listed for rent and three were in various stages of renovation. With respect to the remaining 86 REO properties, we were in the process of determining whether these properties would meet Residential's rental profile. If a 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 certain instances after renovations are made to optimize the sale proceeds.


	Real estate held for sale

	As of September 30, 2014, Residential classified 324 properties having an aggregate carrying value of $41.0 million as real estate held for sale as they do not meet its residential rental property investment criteria. As of December 31, 2013, Residential had 16 REO properties having an aggregate carrying value of $1.2 million held for sale, and as of September 30, 2013, Residential had 14 REO properties having an aggregate carrying value of $1.1 million held for sale. None of these REO properties have any operations; therefore, we are not presenting discontinued operations related to these properties.

	Dispositions

	During the three and nine months ended September 30, 2014, Residential disposed of 78 and 102 residential properties, respectively. Residential did not dispose of any residential properties during the nine months ended September 30, 2013. In connection with the dispositions for the three and nine months ended September 30, 2014, we recorded $3.3 million and $4.5 million, respectively, of net realized gains on real estate.

Fair_value_of_financial_instru

Fair value of financial instruments	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair value of financial instruments	'
	Fair value of financial instruments

	The following table sets forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of September 30, 2014 and 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
	30-Sep-14
	Recurring basis (assets)
	Mortgage loans	$	—		$	—		$	2,071,505

	Nonrecurring basis (assets)
	Real estate assets held for sale	$	—		$	—		$	44,187

	Transfer of real estate owned to mortgage loans	$	—		$	—		$	5,367

	Transfer of mortgage loans to real estate owned	$	—		$	—		$	410,913

	Not recognized on consolidated balance sheets at fair value (assets)
	Mortgage loans held for sale	$	—		$	—		$	143,197

	Not recognized on consolidated balance sheets at fair value (liabilities)
	Repurchase agreements at fair value	$	—		$	1,258,329		$	—

	Other secured borrowings	$	—		$	150,000		$	—


	31-Dec-13
	Recurring basis (assets)
	Mortgage loans	$	—		$	—		$	1,207,163

	Nonrecurring basis (assets)
	Real estate assets held for sale	$	—		$	—		$	1,520

	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		$	—


	Residential has not transferred any assets from one level to another level during the nine months ended September 30, 2014. Additionally there were no transfers between levels for the year ended December 31, 2013.

	The carrying values of Residential's and our cash and cash equivalents, restricted cash, related party receivables, accounts payable and accrued liabilities, related party payables, preferred stock, and investment in NewSource are equal to or approximate fair value. The fair value of mortgage loans is estimated using our proprietary pricing model. The fair value of transfers of mortgage loans to real estate owned is estimated using BPOs. The fair value of re-performing mortgage loans held for sale is estimated using the present value of the future estimated principal and interest payments of the loan, with the discount rate used in the present value calculation representing the estimated effective yield of the loan. The fair value of the repurchase agreements is estimated using the income approach based on credit spreads available currently in the market for similar floating rate debt. The fair value of other secured borrowings is estimated using observable market data.

	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):


		Three months ended September 30, 2014				Three months ended September 30, 2013				Nine months ended September 30, 2014				Nine months ended September 30, 2013
	Mortgage loans
	Beginning balance	$	2,024,028			$	163,520			$	1,207,163			$	—

	Investment in mortgage loans	184,590				475,998				1,097,601				644,163

	Net unrealized gain on mortgage loans	88,726				17,670				258,898				25,963

	Net realized gain on mortgage loans	13,727				1,909				33,867				4,015

	Mortgage loan dispositions and payments	(60,062		)		(11,882		)		(143,834		)		(22,527		)
	Real estate tax advances to borrowers	6,397				887				19,119				887

	Reclassification of realized gains on real estate sold from unrealized gains	3,322				—				4,237				—

	Transfer of real estate owned to mortgage loans	719				—				5,367				—

Transfer of mortgage loans to real estate owned	(189,942		)		(6,199		)		(410,913		)		(10,598		)
Ending balance at September 30	$	2,071,505			$	641,903			$	2,071,505			$	641,903


Net unrealized gain on mortgage loans held at the end of the period	$	55,558			$	17,670			$	164,378			$	25,963


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 status as of September 30, 2014 and December 31, 2013 ($ in thousands):


	Number of loans		Carrying Value			Unpaid principal balance			Market value of underlying properties
30-Sep-14
Current	685		$	96,445		$	161,438		$	168,946

30	98		10,080			17,485			19,072

60	46		6,593			9,560			10,208

90	2,608		410,583			663,560			629,706

Foreclosure	8,653		1,547,804			2,362,326			2,086,407

Mortgage loans	12,090		$	2,071,505		$	3,214,369		$	2,914,339

31-Dec-13
Current	238		$	31,649		$	60,051		$	52,506

30	26		2,087			4,492			3,763

60	23		3,376			5,683			4,738

90	1,555		245,024			419,836			355,451

Foreclosure	6,212		925,027			1,609,546			1,310,439

Mortgage Loans	8,054		$	1,207,163		$	2,099,608		$	1,726,897


The following table sets forth the carrying value of Residential's re-performing mortgage loans held for sale, the related unpaid principal balance and market value of underlying properties by delinquency status as of September 30, 2014.


	Number of loans		Carrying value			Unpaid principal balance			Market value of underlying properties
30-Sep-14
Current	818		$	136,814		$	194,861		$	257,491

30	23		2,587			3,867			4,114

60	7		1,062			1,552			1,703

90	24		2,734			4,066			4,436

Mortgage loans held for sale	872		$	143,197		$	204,346		$	267,744


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 Residential's mortgage loans as of September 30, 2014 and December 31, 2013:


Input	30-Sep-14	31-Dec-13
Equity discount rate	15.00%	15.00%
Debt to asset ratio	65.00%	55.00%
Cost of funds	3.5% over 1 month LIBOR	3.5% over 1 month LIBOR
Annual change in home pricing index	-0.2% to 7.6%	-0.3% to 7.6%
Loan resolution probabilities — modification	0% to 44.7%	0% to 22.3%
Loan resolution probabilities — rental	0% to 100.0%	0% to 100.0%
Loan resolution probabilities — liquidation	0% to 100.0%	0% to 100.0%
Loan resolution timelines (in years)	0.1 to 5.3	0.1 - 5.8
Value of underlying properties	$3,000 - $6,450,000	$3,000 - $3,550,000

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Repurchase agreement	'
	Borrowings

	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 it has concluded these are financing arrangements. As of September 30, 2014, the weighted average annualized interest rate on borrowing under Residential's repurchase agreements was 3.05%, excluding amortization of deferred financing costs. The following table sets forth data with respect to Residential's repurchase agreements as of September 30, 2014 and December 31, 2013 ($ in thousands):


		Maximum borrowing capacity			Book value of collateral		Amount outstanding
	30-Sep-14
	Repurchase agreement due April 20, 2015 (1)	$	375,000		$	655,739	$	374,982

	Repurchase agreement due March 23, 2015	1,030,000			1,076,441		669,452

	Repurchase agreement due March 11, 2016	250,000			414,889		213,894

		$	1,655,000		$	2,147,069	$	1,258,328

	December 31, 2013
	Repurchase agreement due April 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

	_____________

	-1	The aggregate borrowing capacity under the repurchase agreement reverts to $200.0 million after December 10, 2014.

	Under the terms of each repurchase agreements, as collateral for the funds Residential draws thereunder, subject to certain conditions, Residential's operating partnership will sell to the applicable lender equity interests in its Delaware statutory trust subsidiaries that owns the applicable underlying assets on its behalf, or the trust will directly sell such underlying mortgage assets. In the event the lender determines the value of the collateral has decreased, the lender has the right to initiate a margin call and require 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 operating partnership 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. Residential does not collateralize any of its repurchase facilities with cash.

	The repurchase agreements require Residential to maintain various financial and other covenants, including maintaining a minimum adjusted tangible net worth, a maximum ratio of indebtedness to adjusted tangible net worth and specified levels of unrestricted cash. In addition, the repurchase agreements contain customary events of default. Residential is restricted by the terms of its repurchase agreements from paying dividends greater than its REIT taxable income in a calendar year.

	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.

	Other Secured Debt

	On September 25, 2014, Residential completed a securitization transaction in which ARLP 2014-1 issued $150.0 million in Class A Notes with a weighted yield of approximately 3.5% and $32.0 million in Class M Notes with a weighted yield of 4.25%. The Class A Notes and the Class M Notes are secured solely by the non-performing mortgage loans of ARLP 2014-1 and not by any of Residential's other assets. The assets of ARLP 2014-1 are the only source of repayment and interest on the Class A Notes and the Class M Notes. The Class A Notes and the Class M Notes mature on September 25, 2044, and Residential does not guaranty any of the obligations of ARLP 2014-1 under the terms of the Indenture governing the notes or otherwise. As of September 30, 2014, the book value of the underlying securitized assets held by ARLP 2014-1 was $211.3 million.

	Residential retained all of the Class M Notes in its TRS. On September 30, 2014, pursuant to a master repurchase agreement, the TRS sold $15.0 million of the Class M Notes to NewSource for a purchase price of $15.0 million. The master repurchase agreement requires the TRS to repurchase the Class M Notes from NewSource at a 5.0% yield on December 28, 2014, with the parties having the option to extend the master repurchase agreement for an additional 89 day period. In no event can the master repurchase agreement be extended beyond September 29, 2015.

	The following table sets forth data with respect to these notes as of September 30, 2014 ($ in thousands):


		Interest Rate		30-Sep-14
	ARLP Securitization Trust, Series 2014-1
	ARLP 2014-1 Class A Notes due September 25, 2044(1)	3.4747	%	$	150,000

	ARLP 2014-1 Class M Notes due September 25, 2044(2)	4.25	%	32,000

	ARNS, Inc.
	Securities sold under agreement to repurchase due December 28, 2014	5	%	15,000

	Elimination of intercompany debt			(47,000		)
	Total			$	150,000

	_____________

	-1	The expected redemption date for the Class A Notes is September 25, 2017.

	-2	The expected redemption date for the Class M Notes is September 25, 2018.

Commitments_and_contingencies

Commitments and contingencies	9 Months Ended
Commitments and contingencies	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and contingencies	'
	Commitments and Contingencies

	Litigation, claims and assessments

	We are not currently the subject of any material legal or regulatory proceedings, and no material legal or regulatory proceedings have been threatened against us.

Related_party_transactions

Related party transactions	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Related party transactions	'
	Related party transactions

	Our Consolidated Statements of Operations included the following significant related party transactions ($ in thousands):


		Three months ended September 30, 2014		Nine months ended September 30, 2014		Counter-party	Consolidated Statements of Operations location
	2014
	Residential property operating expenses	$	7,038	$	11,238	Ocwen/Altisource	Residential property operating expenses

	Mortgage loan servicing costs	22,173		47,605		Ocwen	Mortgage loan servicing costs

	Due diligence and unsuccessful deal costs	4		1,770		Altisource	Related party general and administrative expenses

	Office and occupancy costs	91		234		Ocwen/Altisource	Related party general and administrative expenses

	Salaries and benefits	485		1,614		Ocwen/Altisource	Related party general and administrative expenses

	Expense reimbursements	1,801		5,580		Residential/NewSource	Net loss (income) attributable to noncontrolling interest in consolidated affiliate

	Management incentive fee	19,503		44,129		Residential	Net loss (income) attributable to noncontrolling interest in consolidated affiliate

		Three months ended September 30, 2013		Nine months ended September 30, 2013		Counter-party	Consolidated Statements of Operations location
	2013
	Residential property operating expenses	$	138	$	246	Ocwen/Altisource	Residential property operating expenses

	Mortgage loan servicing costs	2,134		3,335		Ocwen	Mortgage loan servicing costs

	Due diligence and unsuccessful deal costs	651		1,004		Altisource	Related party general and administrative expenses

	Office and occupancy costs	74		153		Ocwen	Related party general and administrative expenses

	Expense reimbursements	1,307		3,371		Residential/NewSource	Net loss (income) attributable to noncontrolling interest in consolidated affiliate

	Management incentive fee	51		51		Residential	Net loss (income) attributable to noncontrolling interest in consolidated affiliate


	On September 30, 2014, pursuant to a master repurchase agreement, Residential's TRS sold $15.0 million of the Class M Notes to NewSource for a purchase price of $15.0 million. The master repurchase agreement requires the TRS to repurchase the Class M Notes from NewSource at a 5.0% yield on December 28, 2014, with the parties having the option to extend the master repurchase agreement for an additional 89 day period. In no event can the master repurchase agreement be extended beyond September 29, 2015.

	During the nine months ended September 30, 2013, Residential acquired a portfolio from Ocwen Financial Corporation ("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 million.

Sharebased_payments

Share-based payments	9 Months Ended
Share-based payments	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Share-based payments	'
	Share-based payments

	During the nine months ended September 30, 2014 and 2013, we granted 8,765 and 32,197 shares, respectively, of market-based restricted stock to certain members of executive management under our 2012 Equity Incentive Plan with a weighted average grant date fair value per share of $791.27 and $63.98, respectively.

	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 subject to each director attending at least 75% of the Board and committee meetings. No dividends are paid on the shares until the award is issued. During the nine months ended September 30, 2014 and 2013, we granted 205 and 1,470 shares of stock, respectively, pursuant to our 2013 Director Equity Plan with a weighted average grant date fair value per share of $1,090.26 and $205.27, respectively.

	We recorded $1.6 million and $4.3 million of compensation expense related to these grants for the three and nine months ended September 30, 2014, respectively, and recorded $2.1 million and $3.4 million for the three and nine months ended September 30, 2013, respectively. As of September 30, 2014 and 2013, we had an aggregate $19.6 million and $15.0 million, respectively, of total unrecognized share-based compensation cost to be recognized over a weighted average remaining estimated term of 2.83 years and 3.25 years, respectively.

Income_taxes

Income taxes	9 Months Ended
Income taxes	Sep. 30, 2014
Income Taxes [Abstract]	'
Income taxes	'
	Income taxes

	We are domiciled in the United States Virgin Islands ("USVI") and under current USVI 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 USVI sourced income taxes until 2043. NewSource is considered a controlled foreign corporation ("CFC") to AAMC. CFC Subpart F income generated is taxed currently in the USVI and does not receive the reduced tax rate under the certificate of benefits.

	As of September 30, 2014 and 2013, neither Residential nor we accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense or penalty recognized during the nine months ended September 30, 2014 and 2013. Residential recorded nominal state and local tax expense on income and property for the three and nine months ended September 30, 2014. Our subsidiaries and we remain subject to tax examination for the period from inception to December 31, 2013.

Earnings_per_share

Earnings per share	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Earnings per share	'
	Earnings per share

	The following table sets forth the components of diluted earnings per share (in thousands, except share and per share amounts):



		Three months ended September 30, 2014		Three months ended September 30, 2013			Nine months ended September 30, 2014		Nine months ended September 30, 2013
	Numerator
	Net income (loss) attributable to common stockholders	$	17,698	$	(2,557	)	$	37,756	$	(4,896	)


	Denominator
	Weighted average common stock outstanding – basic	2,238,225		2,348,040			2,286,451		2,344,923

	Stock options using treasury method	244,543		—			256,203		—

	Restricted stock	148,849		—			167,393		—

	Preferred shares if converted	200,000		—			143,704		—

	Weighted average common stock outstanding – diluted	2,831,617		2,348,040			2,853,751		2,344,923


	Earnings (loss) per basic share	$	7.91	$	(1.09	)	$	16.51	$	(2.09	)

	Earnings (loss) per diluted share	$	6.25	$	(1.09	)	$	13.23	$	(2.09	)


	Because we incurred a net loss attributable to common stockholders for the three and nine months ended September 30, 2013, basic and diluted earnings per share are equivalent for the period. For the three and nine months ended September 30, 2013, there were 284,597 and 288,245 stock options, respectively, and 224,944 units of restricted stock excluded from the calculation of diluted earnings per share because inclusion would have been anti-dilutive.

Segment_information

Segment information	9 Months Ended
Segment information	Sep. 30, 2014
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 mortgage loans. 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.

Subsequent_events_Notes

Subsequent events (Notes)	9 Months Ended
Subsequent events (Notes)	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent events	'
	Subsequent events

	Sale of Re-performing Mortgage Loans

	In October 2014, Residential sold an aggregate of 934 re-performing loans for an aggregate purchase price of $164 million. Of the 934 loans sold in this transaction, 770 were from the re-performing loan pool Residential purchased in the second quarter of 2014 and 164 were from prior NPL acquisitions that had transitioned to re-performing status and had a clean pay history of at least six months. The gain on purchase price for the 770 loans Residential purchased in the second quarter of 2014 was 2%, and the gain on purchase price for the remaining 164 re-performing loans was 28%. Following such payment, the total outstanding borrowings under Residential's repurchase agreements was reduced from $1.3 billion to $1.1 billion.

	Completed Portfolio Acquisition

	On October 24, 2014, Residential acquired a portfolio of 159 first lien residential mortgage loans, substantially all of which were non-performing, and REO properties, having an aggregate UPB of $42.8 million and an aggregate market value of properties of $31.6 million for an aggregate purchase price of $21.0 million. This transaction represented the second closing of the portfolio of 915 non-performing mortgage loans and REO properties that Residential had agreed to purchase in the second quarter of 2014.

Tables

(Tables)	9 Months Ended
	Sep. 30, 2014
Mortgage Loans on Real Estate [Abstract]	'
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block]	'
	The following tables present information regarding the estimates of the contractually required payments and the cash flows expected to be collected as of the date of the acquisition and changes in the balance of the accretable yield ($ in thousands):


	Contractually required principal and interest	$	325,000

	Non-accretable yield	(96,263		)
	Expected cash flows to be collected	228,737

	Accretable yield	(84,728		)
	Fair value at the date of acquisition	$	144,009



	Accretable Yield	Three months ended September 30, 2014
	Balance at the beginning of the period	$	84,728

	Accretion	(2,475		)
	Balance at the end of the period	$	82,253

Schedule of Non-performing and Re-performing Loans	'
	Since the commencement of its operations, Residential has engaged in the acquisition of the following portfolios of non-performing and re-performing residential mortgage loans:


	Portfolios Residential Agreed to Acquire						Acquisitions Completed in 2014			Acquisitions Completed in 2013
	Date of agreement in principle	Number of loans		Fair value of underlying property (in millions)		Date acquisition closed	Number of loans acquired	Fair value of underlying property (in millions)		Number of loans acquired	Fair value of underlying property (in millions)
	23-Jan-13	460		$	94.2	14-Feb-13				460	$	94.2

	12-Feb-13	244		40.1		21-Mar-13				230	38.7

	14-Feb-13	762		128.9		5-Apr-13				720	122.1

	25-Jun-13	321		73.9		26-Aug-13				292	67.3

	27-Jun-13	2,377		296.1		6-Aug-13				1,562	185.2

						19-Sep-13				416	56

	12-Aug-13	2,966		790.2		30-Sep-13				1,547	403.6

						21-Oct-13				1,100	298

	12-Nov-13	993		137.3		2-Jan-14	650	$	93.6

	22-Nov-13	6,540		1,542.10		24-Dec-13				2,204	530.1

						31-Jan-14	3,421	791.7

	19-Dec-13	164		18.3		28-Jan-14	66	7

						28-Feb-14	70	8.2

	March 11, 2014(1)	915		180		May 1, 2014(2)	664	126.6

	2-May-14	78		8.7		10-Jul-14	46	5

	4-Jun-14	3,191		891.6		27-Jun-14	1,116	375.3

						31-Jul-14	1,243	315.7

	June 4, 2014(3)	1,105		331.6		June 27, 2014(3)	879	271.1

	15-Sep-14	246		29.7		pending(4)

	Totals	20,362		$	4,562.70	Totals	8,155	$	1,994.20	8,531	$	1,795.20

	_____________

	-1	The remaining portion of this acquisition, consisting of 159 mortgage loans and REO properties, closed in October 2014.

	-2	Includes 190 REOs.

	-3	This acquisition consisted of a portfolio of re-performing loans.

	-4	This acquisition is expected to close in the fourth quarter of 2014.

Fair_value_of_financial_instru1

Fair value of financial instruments (Tables)	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair value measurements, recurring and nonrecurring	'
	The following table sets forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of September 30, 2014 and 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
	30-Sep-14
	Recurring basis (assets)
	Mortgage loans	$	—		$	—		$	2,071,505

	Nonrecurring basis (assets)
	Real estate assets held for sale	$	—		$	—		$	44,187

	Transfer of real estate owned to mortgage loans	$	—		$	—		$	5,367

	Transfer of mortgage loans to real estate owned	$	—		$	—		$	410,913

	Not recognized on consolidated balance sheets at fair value (assets)
	Mortgage loans held for sale	$	—		$	—		$	143,197

	Not recognized on consolidated balance sheets at fair value (liabilities)
	Repurchase agreements at fair value	$	—		$	1,258,329		$	—

	Other secured borrowings	$	—		$	150,000		$	—


	31-Dec-13
	Recurring basis (assets)
	Mortgage loans	$	—		$	—		$	1,207,163

	Nonrecurring basis (assets)
	Real estate assets held for sale	$	—		$	—		$	1,520

	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):


		Three months ended September 30, 2014				Three months ended September 30, 2013				Nine months ended September 30, 2014			Nine months ended September 30, 2013
	Mortgage loans
	Beginning balance	$	2,024,028			$	163,520			$	1,207,163		$	—

	Investment in mortgage loans	184,590				475,998				1,097,601			644,163

	Net unrealized gain on mortgage loans	88,726				17,670				258,898			25,963

	Net realized gain on mortgage loans	13,727				1,909				33,867			4,015

	Mortgage loan dispositions and payments	(60,062		)		(11,882		)		(143,834		)	(22,527		)
	Real estate tax advances to borrowers	6,397				887				19,119			887

	Reclassification of realized gains on real estate sold from unrealized gains	3,322				—				4,237			—

	Transfer of real estate owned to mortgage loans	719				—				5,367			—

	Transfer of mortgage loans to real estate owned	(189,942		)		(6,199		)		(410,913		)	(10,598		)
	Ending balance at September 30	$	2,071,505			$	641,903			$	2,071,505		$	641,903


	Net unrealized gain on mortgage loans held at the end of the period	$	55,558			$	17,670			$	164,378		$	25,963

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 status as of September 30, 2014 and December 31, 2013 ($ in thousands):


		Number of loans		Carrying Value			Unpaid principal balance			Market value of underlying properties
	30-Sep-14
	Current	685		$	96,445		$	161,438		$	168,946

	30	98		10,080			17,485			19,072

	60	46		6,593			9,560			10,208

	90	2,608		410,583			663,560			629,706

	Foreclosure	8,653		1,547,804			2,362,326			2,086,407

	Mortgage loans	12,090		$	2,071,505		$	3,214,369		$	2,914,339

	31-Dec-13
	Current	238		$	31,649		$	60,051		$	52,506

	30	26		2,087			4,492			3,763

	60	23		3,376			5,683			4,738

	90	1,555		245,024			419,836			355,451

	Foreclosure	6,212		925,027			1,609,546			1,310,439

	Mortgage Loans	8,054		$	1,207,163		$	2,099,608		$	1,726,897


	The following table sets forth the carrying value of Residential's re-performing mortgage loans held for sale, the related unpaid principal balance and market value of underlying properties by delinquency status as of September 30, 2014.


		Number of loans		Carrying value			Unpaid principal balance			Market value of underlying properties
	30-Sep-14
	Current	818		$	136,814		$	194,861		$	257,491

	30	23		2,587			3,867			4,114

	60	7		1,062			1,552			1,703

	90	24		2,734			4,066			4,436

	Mortgage loans held for sale	872		$	143,197		$	204,346		$	267,744

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 Residential's mortgage loans as of September 30, 2014 and December 31, 2013:


	Input	30-Sep-14	31-Dec-13
	Equity discount rate	15.00%	15.00%
	Debt to asset ratio	65.00%	55.00%
	Cost of funds	3.5% over 1 month LIBOR	3.5% over 1 month LIBOR
	Annual change in home pricing index	-0.2% to 7.6%	-0.3% to 7.6%
	Loan resolution probabilities — modification	0% to 44.7%	0% to 22.3%
	Loan resolution probabilities — rental	0% to 100.0%	0% to 100.0%
	Loan resolution probabilities — liquidation	0% to 100.0%	0% to 100.0%
	Loan resolution timelines (in years)	0.1 to 5.3	0.1 - 5.8
	Value of underlying properties	$3,000 - $6,450,000	$3,000 - $3,550,000

Borrowings_Tables

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Schedule of Debt	'
	The following table sets forth data with respect to Residential's repurchase agreements as of September 30, 2014 and December 31, 2013 ($ in thousands):


		Maximum borrowing capacity		Book value of collateral		Amount outstanding
	30-Sep-14
	Repurchase agreement due April 20, 2015 (1)	$	375,000	$	655,739	$	374,982

	Repurchase agreement due March 23, 2015	1,030,000		1,076,441		669,452

	Repurchase agreement due March 11, 2016	250,000		414,889		213,894

		$	1,655,000	$	2,147,069	$	1,258,328

	December 31, 2013
	Repurchase agreement due April 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

Related_party_transactions_Tab

Related party transactions (Tables)	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Related party transactions	'
	Our Consolidated Statements of Operations included the following significant related party transactions ($ in thousands):


		Three months ended September 30, 2014		Nine months ended September 30, 2014		Counter-party	Consolidated Statements of Operations location
	2014
	Residential property operating expenses	$	7,038	$	11,238	Ocwen/Altisource	Residential property operating expenses

	Mortgage loan servicing costs	22,173		47,605		Ocwen	Mortgage loan servicing costs

	Due diligence and unsuccessful deal costs	4		1,770		Altisource	Related party general and administrative expenses

	Office and occupancy costs	91		234		Ocwen/Altisource	Related party general and administrative expenses

	Salaries and benefits	485		1,614		Ocwen/Altisource	Related party general and administrative expenses

	Expense reimbursements	1,801		5,580		Residential/NewSource	Net loss (income) attributable to noncontrolling interest in consolidated affiliate

	Management incentive fee	19,503		44,129		Residential	Net loss (income) attributable to noncontrolling interest in consolidated affiliate

		Three months ended September 30, 2013		Nine months ended September 30, 2013		Counter-party	Consolidated Statements of Operations location
	2013
	Residential property operating expenses	$	138	$	246	Ocwen/Altisource	Residential property operating expenses

	Mortgage loan servicing costs	2,134		3,335		Ocwen	Mortgage loan servicing costs

	Due diligence and unsuccessful deal costs	651		1,004		Altisource	Related party general and administrative expenses

	Office and occupancy costs	74		153		Ocwen	Related party general and administrative expenses

	Expense reimbursements	1,307		3,371		Residential/NewSource	Net loss (income) attributable to noncontrolling interest in consolidated affiliate

	Management incentive fee	51		51		Residential	Net loss (income) attributable to noncontrolling interest in consolidated affiliate

Organization_and_basis_of_pres1

Organization and basis of presentation (Details) (USD $)

0 Months Ended

3 Months Ended

9 Months Ended

15 Months Ended

0 Months Ended

Sep. 30, 2014

Mar. 18, 2014

Dec. 21, 2012

Mar. 31, 2014

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Mar. 31, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Jun. 11, 2014

Apr. 21, 2014

Dec. 31, 2013

Mar. 22, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 23, 2013

Sep. 23, 2013

Oct. 17, 2013

Oct. 24, 2014

Variable Interest Entity, Primary Beneficiary [Member]

Asset-backed Securities Class A Notes [Member]

Asset-backed Securities Class M Notes [Member]

Secured debt [Member]

Common Stock [Member]

Variable Interest Entity, Primary Beneficiary [Member]

Subsequent Event [Member]

Variable Interest Entity, Primary Beneficiary [Member]

Repurchase agreement due April 20, 2015 (1)

Repurchase agreement due March 11, 2016

Repurchase agreement due March 23, 2015

NewSource Reinsurance Company Ltd. [Member]

Preferred Stock [Member]

Secured debt [Member]

Variable Interest Entity, Primary Beneficiary [Member]

NewSource Reinsurance Company Ltd. [Member]

Residential Corporation [Member]

Organization and Basis of Presentation [Line Items]

Payments to Acquire Other Investments

$2,000,000

$18,000,000

Percent Owned Common Stock Of Other Investments

100.00%

Term of contract

'15 years

Maximum borrowing capacity

425,000,000

1,655,000,000

750,000,000

375,000,000

200,000,000

100,000,000

250,000,000

1,030,000,000

400,000,000

200,000,000

Secured Debt, Repurchase Agreements

1,258,329,000

602,382,000

1,258,328,000

602,382,000

374,982,000

85,364,000

213,894,000

118,416,000

669,452,000

398,602,000

1,100,000,000

Proceeds from Issuance of Common Stock

12,186,000

666,000

1,100,000,000

Redeemable Convertible Preferred Shares, Shares Issued

250,000

Proceeds from Issuance of Redeemable Convertible Preferred Stock

250,000,000

Stock Repurchase Program, Authorized Amount

300,000,000

Redemption price per share

$1,000

Conversion price per share

$1,250

Other secured borrowings

150,000,000

32,000,000

Debt, Weighted Average Interest Rate

3.50%

4.25%

Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase

15,000,000

Debt Instrument, Term, Extension Option

'89 days

Debt Instrument, Interest Rate, Stated Percentage

3.50%

Principal Amount Outstanding on Loans Securitized or Asset-backed Financing Arrangement

211,300,000

Securities Sold under Agreements to Repurchase

15,000,000

Proceeds from repurchase agreement

$952,264,000

$418,099,000

Mortgage_loans_Narrative_Detai

Mortgage loans - Narrative (Details) (USD $)

0 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

21 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

Sep. 30, 2014

Jun. 27, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 15, 2014

Jul. 31, 2014

Jul. 10, 2014

Jun. 27, 2014

Jun. 04, 2014

2-May-14

1-May-14

Mar. 11, 2014

Feb. 28, 2014

Jan. 31, 2014

Jan. 28, 2014

Jan. 02, 2014

Dec. 24, 2013

Dec. 19, 2013

Nov. 22, 2013

Nov. 12, 2013

Oct. 21, 2013

Sep. 30, 2013

Sep. 19, 2013

Aug. 26, 2013

Aug. 12, 2013

Aug. 06, 2013

Jun. 25, 2013

Apr. 05, 2013

Mar. 21, 2013

Feb. 14, 2013

Feb. 12, 2013

Jan. 23, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Jun. 27, 2014

Jun. 04, 2014

Sep. 30, 2014

Oct. 24, 2014

Oct. 31, 2014

Oct. 24, 2014

Oct. 31, 2014

loan

property

Loans Receivable [Member]

Nonperforming Financing Receivable [Member]

Performing Financing Receivable [Member]

Subsequent Event [Member]

property

loan

Residential Mortgage [Member]

Loans Receivable [Member]

Nonperforming Financing Receivable [Member]

Performing Financing Receivable [Member]

loan

Residential Mortgage [Member]

Loans Receivable [Member]

loan

Residential Mortgage [Member]

loan

Mortgage Loans on Real Estate [Line Items]

Number of loans acquired

8,155

1,243

1,116

664

[1]

3,421

650

2,204

1,100

1,547

416

292

1,562

720

230

460

7,086

8,531

879

[2]

159

Number of real estate properties directly acquired

190

Unpaid principal balance of loans and real estate acquired

$1,900,000,000

Market value of underlying properties collateralizing loans acquired

1,994,200,000

315,700,000

5,000,000

375,300,000

126,600,000

8,200,000

791,700,000

7,000,000

93,600,000

530,100,000

298,000,000

403,600,000

56,000,000

67,300,000

185,200,000

122,100,000

38,700,000

94,200,000

1,723,100,000

1,795,200,000

271,100,000

31,600,000

Purchase price of loans and real estate acquired

1,100,000,000

Number Of Loans To Be Acquired

20,362

246

2,377

3,191

915

[3]

164

6,540

993

2,966

321

762

244

460

1,105

[2]

Market value of underlying properties collateralizing loans to be acquired

4,562,700,000

29,700,000

296,100,000

891,600,000

8,700,000

180,000,000

18,300,000

1,542,100,000

137,300,000

790,200,000

73,900,000

128,900,000

40,100,000

94,200,000

331,600,000

Purchase price of loans acquired

1,241,083,000

642,645,000

21,000,000

Market value of underlying properties collateralizing loans held for investment acquired

271,100,000

Purchase price of loans held for investment acquired

144,600,000

Amount accreted into interest income

2,500,000

Balance of performing loans held for investment

204,346,000

Due diligence costs

900,000

2,900,000

1,300,000

Number of real estate properties acquired through foreclosure

1,113

2,657

Transfer of mortgage loans to real estate owned

189,900,000

6,200,000

410,913,000

10,598,000

Unrealized Gain (Loss) From Conversion Of Mortgage Loan To Real Estate

38,400,000

1,800,000

90,500,000

3,000,000

Number of mortgage loans liquidated

165

416

934

164

770

Net realized gain on mortgage loans

13,727,000

1,909,000

33,867,000

4,015,000

Period of clean pay history

'6 months

Proceeds from sale of loans

$164,000,000

[1]

Includes 190 REOs.

[2]

This acquisition consisted of a portfolio of re-performing loans.

[3]

The remaining portion of this acquisition, consisting of 159 mortgage loans and REO properties, closed in October 2014.

Mortgage_loans_Schedule_of_Loa

Mortgage loans - Schedule of Loans Acquired (Details) (Loans Receivable [Member], Residential Mortgage [Member], USD $)

9 Months Ended

21 Months Ended

0 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

In Millions, unless otherwise specified

Sep. 30, 2014

Sep. 15, 2014

Jul. 31, 2014

Jul. 10, 2014

Jun. 27, 2014

Jun. 04, 2014

2-May-14

1-May-14

Mar. 11, 2014

Feb. 28, 2014

Jan. 31, 2014

Jan. 28, 2014

Jan. 02, 2014

Dec. 24, 2013

Dec. 19, 2013

Nov. 22, 2013

Nov. 12, 2013

Oct. 21, 2013

Sep. 30, 2013

Sep. 19, 2013

Aug. 26, 2013

Aug. 12, 2013

Aug. 06, 2013

Jun. 25, 2013

Apr. 05, 2013

Mar. 21, 2013

Feb. 14, 2013

Feb. 12, 2013

Jan. 23, 2013

Sep. 30, 2014

Dec. 31, 2013

Jun. 27, 2014

Jun. 04, 2014

Oct. 24, 2014

loan

Nonperforming Financing Receivable [Member]

Performing Financing Receivable [Member]

Subsequent Event [Member]

loan

Mortgage Loans on Real Estate [Line Items]

Number Of Loans To Be Acquired

20,362

246

2,377

3,191

915

[1]

164

6,540

993

2,966

321

762

244

460

1,105

[2]

Market value of underlying properties collateralizing loans to be acquired

$4,562.70

$29.70

$296.10

$891.60

$8.70

$180

$18.30

$1,542.10

$137.30

$790.20

$73.90

$128.90

$40.10

$94.20

$331.60

Number of loans acquired

8,155

1,243

1,116

664

[3]

3,421

650

2,204

1,100

1,547

416

292

1,562

720

230

460

7,086

8,531

879

[2]

159

Market value of underlying properties collateralizing loans acquired

$1,994.20

$315.70

$375.30

$126.60

$8.20

$791.70

$93.60

$530.10

$298

$403.60

$56

$67.30

$185.20

$122.10

$38.70

$94.20

$1,723.10

$1,795.20

$271.10

$31.60

[1]

The remaining portion of this acquisition, consisting of 159 mortgage loans and REO properties, closed in October 2014.

[2]

This acquisition consisted of a portfolio of re-performing loans.

[3]

Includes 190 REOs.

Mortgage_loans_Certain_Loans_A

Mortgage loans - Certain Loans Acquired Not Accounted For As Debt Securities (Details) (USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Jun. 27, 2014
Mortgage Loans on Real Estate [Abstract]	'	'	'	'
Contractually required principal and interest	'	'	'	$325,000
Non-accretable yield	'	'	'	-96,263
Expected cash flows to be collected	'	'	'	228,737
Accretable yield	-82,253	-82,253	'	-84,728
Fair value at the date of acquisition	'	'	'	144,009
Accretable Yield	'	'	'	'
Accretable yield, beginning balance	84,728	'	'	84,728
Accretion	-2,475	-2,475	0	'
Accretable yield, ending balance	$82,253	$82,253	'	$84,728

Real_estate_assets_net_Details

Real estate assets, net (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2014	Dec. 31, 2013
	property	property	property	property	property	property
Real Estate [Abstract]	'	'	'	'	'	'
Number of real estate properties under evaluation for rental portfolio	'	86	'	86	2,084	203
Number of real estate properties listed for rent	'	6	'	6	90	11
Number of real estate properties in various stages of lease preparation	'	3	'	3	270	18
Number of real estate properties directly acquired	'	34	190	40	'	'
Real estate directly acquired	'	$5,920	$27,463	$6,198	'	'
Number of real estate properties held for sale	324	14	324	14	'	16
Real estate assets held for sale (from consolidated VIE)	40,985	1,100	40,985	1,100	'	1,186
Number of real estate properties held for use	'	100	'	100	2,660	246
Number of real estate properties rented	'	5	'	5	216	14
Number of real estate properties sold	78	'	102	'	'	'
Net realized gain on real estate	$3,310	$0	$4,544	$0	'	'

Fair_value_of_financial_instru2

Fair value of financial instruments - Fair value, assets and liabilities measured on recurring and nonrecurring basis (Details) (USD $)

3 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Fair Value, Inputs, Level 1 [Member]

Fair value, inputs, level 2 [Member]

Fair value, inputs, level 3 [Member]

Fair value measurements, recurring [Member]

Fair value measurements, nonrecurring [Member]

Fair Value, Inputs, Level 1 [Member]

Fair value, inputs, level 2 [Member]

Fair value, inputs, level 3 [Member]

Fair Value, Inputs, Level 1 [Member]

Fair value, inputs, level 2 [Member]

Fair value, inputs, level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Mortgage loans

$2,071,505

$1,207,163

Real estate assets held for sale

44,187

1,520

Transfer of real estate owned to mortgage loans

5,367

Transfer of mortgage loans to real estate owned

189,900

6,200

410,913

10,598

410,913

31,014

Mortgage loans held for sale

143,197

Repurchase agreements at fair value

1,258,329

602,382

Secured Debt, Fair Value Disclosure

$150,000

Fair_value_of_financial_instru3

Fair value of financial instruments - Fair value, assets measure on recurring basis, unobservable inputs (Details) (USD $)	9 Months Ended			3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Mar. 31, 2014	Mar. 31, 2013
				Residential Mortgage [Member]	Residential Mortgage [Member]	Residential Mortgage [Member]	Residential Mortgage [Member]	Residential Mortgage [Member]	Residential Mortgage [Member]
				Fair value, inputs, level 3 [Member]	Fair value, inputs, level 3 [Member]	Fair value, inputs, level 3 [Member]	Fair value, inputs, level 3 [Member]	Fair value, inputs, level 3 [Member]	Fair value, inputs, level 3 [Member]
				Loans Receivable [Member]	Loans Receivable [Member]	Loans Receivable [Member]	Loans Receivable [Member]	Loans Receivable [Member]	Loans Receivable [Member]
Fair value, assets measured on recurring basis, unobservable input reconciliation [Line Items]	'	'	'	'	'	'	'	'	'
Net unrealized gain on mortgage loans held at the end of the period	'	'	'	$55,558	$17,670	$164,378	$25,963	'	'
Mortgage Loans on Real Estate, Commercial and Consumer, Net	2,071,505	'	1,207,163	'	'	'	'	'	'
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]	'	'	'	'	'	'	'	'	'
Beginning balance	'	'	'	'	'	1,207,163	0	2,024,028	163,520
Investment in mortgage loans	'	'	'	184,590	475,998	1,097,601	644,163	'	'
Net unrealized gain on mortgage loans	'	'	'	88,726	17,670	258,898	25,963	'	'
Net realized gain on mortgage loans	'	'	'	13,727	1,909	33,867	4,015	'	'
Mortgage loan dispositions and payments	'	'	'	-60,062	-11,882	-143,834	-22,527	'	'
Real estate tax advances to borrowers	'	'	'	6,397	887	19,119	887	'	'
Transfer of real estate owned to mortgage loans	5,367	0	'	719	0	5,367	0	'	'
Transfer of mortgage loans to real estate owned	'	'	'	-189,942	-6,199	-410,913	-10,598	'	'
Ending balance at September 30	'	'	'	$2,071,505	$641,903	$2,071,505	$641,903	$2,024,028	$163,520

Fair_value_of_financial_instru4

Fair value of financial instruments - Fair value by delinquency (Details) (Loans Receivable [Member], Residential Mortgage [Member], USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	loan	loan
Performing Financing Receivable [Member]	'	'
Unpaid principal balance	'	'
Mortgage loans	$204,346	'
Residential portfolio segment [Member] \| Performing Financing Receivable [Member]	'	'
Number of loans	'	'
Current	818	'
30	23	'
60	7	'
90	24	'
Mortgage Loans	872	'
Carrying Value	'	'
Current	136,814	'
30	2,587	'
60	1,062	'
90	2,734	'
Mortgage loans	143,197	'
Unpaid principal balance	'	'
Current	194,861	'
30	3,867	'
60	1,552	'
90	4,066	'
Market value of underlying properties	'	'
Current	257,491	'
30	4,114	'
60	1,703	'
90	4,436	'
Mortgage loans	267,744	'
Residential portfolio segment [Member] \| Nonperforming Financing Receivable [Member]	'	'
Number of loans	'	'
Current	685	238
30	98	26
60	46	23
90	2,608	1,555
Foreclosure	8,653	6,212
Mortgage Loans	12,090	8,054
Carrying Value	'	'
Current	96,445	31,649
30	10,080	2,087
60	6,593	3,376
90	410,583	245,024
Foreclosure	1,547,804	925,027
Mortgage loans	2,071,505	1,207,163
Unpaid principal balance	'	'
Current	161,438	60,051
30	17,485	4,492
60	9,560	5,683
90	663,560	419,836
Foreclosure	2,362,326	1,609,546
Mortgage loans	3,214,369	2,099,608
Market value of underlying properties	'	'
Current	168,946	52,506
30	19,072	3,763
60	10,208	4,738
90	629,706	355,451
Foreclosure	2,086,407	1,310,439
Mortgage loans	$2,914,339	$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 $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Fair value inputs, assets, quantitative information [Line Items]	'	'
Equity discount rate	15.00%	15.00%
Fair Value Inputs, Debt to Asset Ratio	65.00%	55.00%
Fair Value Inputs, Interest Rate Over the Reference Rate	3.50%	3.50%
Fair Value Inputs, Reference Rate	'1 month LIBOR	'1 month LIBOR
Minimum [Member]	'	'
Fair value inputs, assets, quantitative information [Line Items]	'	'
Annual change in home pricing index	-0.20%	-0.30%
Loan resolution probabilities b modification	0.00%	0.00%
Loan resolution probabilities b rental	0.00%	0.00%
Loan resolution probabilities b liquidation	0.00%	0.00%
Loan resolution timelines (in years)	'1 month	'1 month
Value of underlying properties	3,000	3,000
Maximum [Member]	'	'
Fair value inputs, assets, quantitative information [Line Items]	'	'
Annual change in home pricing index	7.60%	7.60%
Loan resolution probabilities b modification	22.30%	22.30%
Loan resolution probabilities b rental	100.00%	100.00%
Loan resolution probabilities b liquidation	100.00%	100.00%
Loan resolution timelines (in years)	'5 years 4 months	'5 years 10 months
Value of underlying properties	4,100,000	3,550,000

Borrowings_Details

Borrowings (Details) (USD $)

0 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Jun. 11, 2014

Apr. 21, 2014

Dec. 31, 2013

Mar. 22, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 23, 2013

Sep. 23, 2013

Sep. 30, 2014

Dec. 31, 2013

Secured debt [Member]

Repurchase agreement due April 20, 2015 (1)

Repurchase agreement due March 23, 2015

Repurchase agreement due March 11, 2016

Asset-backed Securities Class A Notes [Member]

Asset-backed Securities Class M Notes [Member]

Variable Interest Entity, Primary Beneficiary [Member]

Secured debt [Member]

Repurchase agreement due April 20, 2015 (1)

Repurchase agreement due March 23, 2015

Repurchase agreement due March 11, 2016

Secured debt [Member]

Debt [Line Items]

Proceeds from repurchase agreement

$952,264,000

$418,099,000

Maximum borrowing capacity

425,000,000

1,655,000,000

750,000,000

375,000,000

200,000,000

100,000,000

1,030,000,000

400,000,000

200,000,000

250,000,000

Interest rate

3.05%

Book value of collateral

655,739,000

1,076,441,000

414,889,000

2,147,069,000

1,005,912,000

166,350,000

634,234,000

205,328,000

Secured Debt, Repurchase Agreements

1,258,329,000

602,382,000

1,258,328,000

602,382,000

374,982,000

85,364,000

669,452,000

398,602,000

213,894,000

118,416,000

Secured debt issued to affiliates

-47,000,000

Other secured borrowings

150,000,000

32,000,000

Debt, Weighted Average Interest Rate

3.50%

4.25%

Debt Instrument, Interest Rate, Stated Percentage

3.50%

Securities Sold under Agreements to Repurchase

15,000,000

Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase

$15,000,000

Borrowings_Other_Secured_Debt_

Borrowings - Other Secured Debt (Details) (USD $)	0 Months Ended
Borrowings - Other Secured Debt (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013
Debt Instrument [Line Items]	'	'	'
Other secured borrowings	'	$150,000,000	$0
Principal Amount Outstanding on Loans Securitized or Asset-backed Financing Arrangement	'	211,300,000	'
Securities Sold under Agreements to Repurchase	'	15,000,000	'
Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase	15,000,000	'	'
Debt Instrument, Term, Extension Option	'89 days	'	'
Asset-backed Securities Class A Notes [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Other secured borrowings	150,000,000	150,000,000	'
Debt, Weighted Average Interest Rate	3.50%	3.50%	'
Asset-backed Securities Class M Notes [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Other secured borrowings	$32,000,000	$32,000,000	'
Debt, Weighted Average Interest Rate	4.25%	4.25%	'
Repurchase agreement NewSource [Member]	'	'	'
Debt Instrument [Line Items]	'	'	'
Securities Sold Under Agreement to Repurchase, Yield	5.00%	5.00%	'

Related_party_transactions_Det

Related party transactions (Details) (USD $)

0 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

Sep. 30, 2014

Mar. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Mar. 31, 2013

Sep. 30, 2014

Affiliated entity [Member]

Mortgage loans on real estate, Pool one [Member]

Repurchase agreement NewSource [Member]

Altisource Residential Corporation [Member]

Altisource [Member]

Ocwen [Member]

Loans Receivable [Member]

Net loss (income) attributable to noncontrolling interest in consolidated affiliate

Residential property operating expenses

Related party general and administrative expenses

Residential property operating expenses

Mortgage loan servicing costs

Related party general and administrative expenses

Residential Mortgage [Member]

Expense reimbursements

Management incentive fee

Due diligence and unsuccessful deal costs

Mortgage loan servicing costs

Office and occupancy costs

Salaries and benefits

Ocwen [Member]

Acquisition of nonperforming loans [Member]

Related party transaction [Line Items]

Securities Sold under Agreements to Repurchase

$15,000,000

Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase

15,000,000

Loans acquired from related party, aggregate collateral fair value

94,000,000

Loans acquired from related party, aggregate purchase price

64,000,000

Related party expenses

$1,801,000

$1,307,000

$5,580,000

$3,371,000

$19,503,000

$51,000

$44,129,000

$51,000

$7,038,000

$138,000

$11,238,000

$246,000

$4,000

$651,000

$1,770,000

$1,004,000

$22,173,000

$2,134,000

$47,605,000

$3,335,000

$91,000

$74,000

$234,000

$153,000

$485,000

$1,614,000

Securities Sold Under Agreement to Repurchase, Yield

5.00%

Debt Instrument, Term, Extension Option

'89 days

Sharebased_payments_Details

Share-based payments (Details) (USD $)

3 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

31-May-14

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Mar. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

31-May-14

Sep. 30, 2014

Sep. 30, 2013

Time based restricted stock [Member]

Market based restricted stock [Member]

Subsequent Event [Member]

Additional Paid-in Capital [Member]

Share-based compensation arrangement by share-based payment award [Line Items]

Shares of restricted stock granted

205

1,470

8,765

32,197

Weighted average grant date fair value of market based restricted stock granted

$1,090.26

$205.27

$63.98

$791.27

Value of restricted stock granted to directors annually

$45,000

Restricted Stock Service Period

'1 year

Director Attendance Requirement

75.00%

Share-based compensation expense

1,600,000

4,347,000

Share-based compensation

2,140,000

4,517,000

3,434,000

4,347,000

3,434,000

Unamortized stock compensation

$19,600,000

$15,000,000

Weighted average remaining amortization period of unamortized share based compensation

'2 years 10 months

'3 years 3 months

Income_taxes_Details

Income taxes (Details)	9 Months Ended
Income taxes (Details)	Sep. 30, 2014
Income Taxes [Abstract]	'
Income Tax Exemption	90.00%

Earnings_per_share_Details

Earnings per share (Details) (USD $)	3 Months Ended		9 Months Ended		3 Months Ended	9 Months Ended	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Mar. 31, 2013
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Stock options [Member]	Stock options [Member]	Restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'	'	'	'
Net income (loss) attributable to common stockholders	$17,698	($2,557)	$37,756	($4,896)	'	'	'
Weighted average common stock outstanding b basic	2,238,225	2,348,040	2,286,451	2,344,923	'	'	'
Stock options using treasury method	244,543	0	256,203	0	'	'	'
Restricted stock	148,849	0	167,393	0	'	'	'
Preferred shares if converted	200,000	0	143,704	0	'	'	'
Weighted average common stock outstanding b diluted	2,831,617	2,348,040	2,853,751	2,344,923	'	'	'
Earnings (loss) per basic share	$7.91	($1.09)	$16.51	($2.09)	'	'	'
Earnings (loss) per diluted share	$6.25	($1.09)	$13.23	($2.09)	'	'	'
Antidilutive securities excluded from EPS calculation	'	'	'	'	284,597	288,245	224,944

Subsequent_events_Details

Subsequent events (Details) (USD $)

9 Months Ended

21 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Oct. 24, 2014

Oct. 31, 2014

Oct. 24, 2014

Oct. 31, 2014

Oct. 24, 2014

Sep. 15, 2014

Jul. 31, 2014

Jul. 10, 2014

Jun. 27, 2014

Jun. 04, 2014

2-May-14

1-May-14

Mar. 11, 2014

Feb. 28, 2014

Jan. 31, 2014

Jan. 28, 2014

Jan. 02, 2014

Dec. 24, 2013

Dec. 19, 2013

Nov. 22, 2013

Nov. 12, 2013

Oct. 21, 2013

Sep. 30, 2013

Sep. 19, 2013

Aug. 26, 2013

Aug. 12, 2013

Aug. 06, 2013

Jun. 25, 2013

Apr. 05, 2013

Mar. 21, 2013

Feb. 14, 2013

Feb. 12, 2013

Jan. 23, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Oct. 31, 2014

Jun. 27, 2014

Jun. 04, 2014

Oct. 31, 2014

Residential Mortgage [Member]

Secured debt [Member]

Repurchase agreement due April 20, 2015 (1)

Subsequent Event [Member]

Nonperforming Financing Receivable [Member]

Performing Financing Receivable [Member]

Loans Receivable [Member]

Variable Interest Entity, Primary Beneficiary [Member]

Secured debt [Member]

Residential Mortgage [Member]

Secured debt [Member]

Residential Mortgage [Member]

Subsequent Event [Member]

Residential Mortgage [Member]

Subsequent Event [Member]

loan

Variable Interest Entity, Primary Beneficiary [Member]

Loans Receivable [Member]

Residential Mortgage [Member]

Loans Receivable [Member]

Residential Mortgage [Member]

loan

Loans Receivable [Member]

loan

Loans Receivable [Member]

loan

Subsequent Event [Line Items]

Number of mortgage loans liquidated

934

165

416

164

770

Return On Purchase Price Of Loans Sold

28.00%

2.00%

Proceeds from sale of loans

$164,000,000

Number of loans acquired

8,155

159

1,243

1,116

664

[1]

3,421

650

2,204

1,100

1,547

416

292

1,562

720

230

460

7,086

8,531

879

[2]

Loans Receivable, Acquired in Period, Unpaid Principal Balance

42,800,000

Market value of underlying properties collateralizing loans acquired

1,994,200,000

31,600,000

315,700,000

5,000,000

375,300,000

126,600,000

8,200,000

791,700,000

7,000,000

93,600,000

530,100,000

298,000,000

403,600,000

56,000,000

67,300,000

185,200,000

122,100,000

38,700,000

94,200,000

1,723,100,000

1,795,200,000

271,100,000

Purchase price of loans acquired

1,241,083,000

642,645,000

21,000,000

Secured Debt, Repurchase Agreements

$1,258,329,000

$602,382,000

$1,258,328,000

$602,382,000

$374,982,000

$85,364,000

$1,100,000,000

Number Of Loans To Be Acquired

20,362

246

2,377

3,191

915

[3]

164

6,540

993

2,966

321

762

244

460

1,105

[2]

[1]

Includes 190 REOs.

[2]

This acquisition consisted of a portfolio of re-performing loans.

[3]

The remaining portion of this acquisition, consisting of 159 mortgage loans and REO properties, closed in October 2014.