Altisource Asset Management (AAMCF) 10-Q 10 Aug 15 2015 Q2 Quarterly report Financial data

Document and entity information

Document and entity information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document Information [Abstract]
Entity registrant name	Altisource Asset Management Corporation
Entity central index key	1,555,074
Current fiscal year end date	--12-31
Entity filer category	Large Accelerated Filer
Document type	10-Q
Document period end date	Jun. 30, 2015
Document fiscal year focus	2,015
Document fiscal period focus	Q2
Amendment flag	false
Entity common stock, shares outstanding		2,207,459

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real estate held for use:
Land (from consolidated VIE)	$ 23,743	$ 14,424
Rental residential properties (net of accumulated depreciation of $3,351 and $1,062, respectively - from consolidated VIE)	97,533	60,908
Real estate owned (from consolidated VIE)	548,137	457,045
Total real estate held for use, net	669,413	532,377
Real estate assets held for sale (from consolidated VIE)	134,027	92,230
Mortgage loans at fair value (from consolidated VIE)	1,716,489	1,959,044
Mortgage loans held for sale (from consolidated VIE)	5,977	12,535
Cash and cash equivalents (including from consolidated VIE $70,502 and $66,166, respectively)	145,897	116,782
Restricted cash (from consolidated VIE)	18,459	13,282
Accounts receivable (including from consolidated VIE $45,981 and $10,313, respectively)	45,981	11,068
Related party receivables (from consolidated VIE)	0	17,491
Deferred leasing and financing costs, net (from consolidated VIE)	8,605	4,251
Prepaid expenses and other assets (including from consolidated VIE $6,184 and $373, respectively)	7,554	1,638
Total assets	2,752,402	2,760,698
Liabilities:
Repurchase and loan and security agreements (from consolidated VIE)	810,236	1,015,000
Other secured borrowings (from consolidated VIE)	523,925	324,082
Accounts payable and accrued liabilities (including from consolidated VIE $54,247 and $11,678, respectively)	57,375	16,726
Related party payables (including from consolidated VIE $0 and $4,879, respectively)	0	6,169
Total liabilities	$ 1,391,536	$ 1,361,977
Commitments and contingencies (Note 6)
Redeemable preferred stock:
Preferred stock, $0.01 par value, 250,000 shares issued and outstanding as of June 30, 2015 and December 31, 2014; redemption value $250,000	$ 249,030	$ 248,927
Equity:
Common stock, $.01 par value, 5,000,000 authorized shares; 2,509,844 and 2,207,369 shares issued and outstanding, respectively as of June 30, 2015 and 2,452,101 and 2,188,136 shares issued and outstanding, respectively, as of December 31, 2014	25	25
Additional paid-in capital	17,106	14,152
Retained earnings	61,702	54,174
Treasury stock, at cost, 302,475 shares as of June 30, 2015 and 263,965 shares as of December 31, 2014	(252,072)	(245,468)
Total stockholders' equity	(173,239)	(177,117)
Noncontrolling interest in consolidated affiliate	1,285,075	1,326,911
Total equity	1,111,836	1,149,794
Total liabilities and equity	$ 2,752,402	$ 2,760,698

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Rental Residential properties - accumulated depreciation	$ 3,351,000	$ 1,062,000
Assets:
Cash and cash equivalents	145,897,000	116,782,000
Accounts receivable	45,981,000	11,068,000
Prepaid expenses and other assets	7,554,000	1,638,000
Liabilities:
Accounts payable and accrued liabilities	57,375,000	16,726,000
Related party payables	$ 0	$ 6,169,000
Preferred stock, par value per share, in USD	$ 0.01	$ 0.01
Preferred stock, shares issued	250,000	250,000
Preferred stock, shares outstanding	250,000	250,000
Preferred stock, redemption value	$ 250,000,000	$ 25,000,000
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	2,509,844	2,452,101
Common stock, shares outstanding	2,207,369	2,188,136
Treasury stock, shares	302,475	263,965
Residential
Assets:
Cash and cash equivalents	$ 70,502,000	$ 66,166,000
Accounts receivable	45,981,000	10,313,000
Prepaid expenses and other assets	6,184,000	373,000
Liabilities:
Accounts payable and accrued liabilities	54,247,000	11,678,000
Related party payables	$ 0	$ 4,879,000

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental revenues	$ 2,140	$ 181	$ 3,540	$ 250
Net unrealized gain on mortgage loans	42,209	105,042	103,343	170,172
Net realized gain on mortgage loans	19,272	10,819	34,654	20,140
Net realized gain on re-performing mortgage loans	254	0	405	0
Net realized gain on real estate	12,404	1,234	23,012	1,234
Interest income	240	81	480	189
Total revenues	76,519	117,357	165,434	191,985
Expenses:
Residential property operating expenses	16,857	3,253	29,316	4,303
Real estate depreciation and amortization	1,344	103	2,342	151
Real estate selling costs and impairment	8,839	2,879	23,530	3,233
Mortgage loan servicing costs	16,246	16,925	34,512	28,362
Interest expense	13,237	6,945	24,720	12,653
General and administrative	5,967	4,542	17,530	10,143
Related party general and administrative	0	2,675	0	3,598
Total expenses	62,490	37,322	131,950	62,443
Other income	0	786	0	786
Income before income taxes	14,029	80,821	33,484	130,328
Income tax expense (benefit)	194	(191)	337	575
Net income	13,835	81,012	33,147	129,753
Net income attributable to noncontrolling interest in consolidated affiliate	(13,092)	(67,782)	(25,516)	(109,695)
Net income attributable to common stockholders	$ 743	$ 13,230	$ 7,631	$ 20,058
Earnings per share of common stock – basic:
Earnings per basic share (usd per share)	$ 0.31	$ 5.87	$ 3.40	$ 8.68
Weighted average common stock outstanding – basic (usd per share)	2,218,533	2,255,278	2,211,357	2,310,931
Earnings per share of common stock – diluted:
Earnings per diluted share (usd per share)	$ 0.27	$ 4.60	$ 2.77	$ 7
Weighted average common stock outstanding – diluted (usd per share)	2,746,955	2,874,906	2,752,322	2,865,185

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings	Treasury stock	Noncontrolling interest in consolidated affiliate
Beginning balance, Shares at Dec. 31, 2013		2,354,774
Beginning balance at Dec. 31, 2013	$ 792,967	$ 24	$ 12,855	$ (5,339)	$ 0	$ 785,427
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, including option exercises, shares		82,096
Issuance of common stock, including option exercises	20	$ 0	20
Treasury shares repurchased	(197,673)				(197,673)
Capital contribution from noncontrolling interest	468,391					468,391
Distribution from noncontrolling interest	(53,118)					(53,118)
Amortization of preferred stock issuance costs	(62)			(62)
Share-based compensation	2,848		2,735			113
Net income	129,753			20,058		109,695
Ending balance, Shares at Jun. 30, 2014		2,436,870
Ending balance at Jun. 30, 2014	$ 1,143,126	$ 24	15,610	14,657	(197,673)	1,310,508
Beginning balance, Shares at Dec. 31, 2014	2,188,136	2,452,101
Beginning balance at Dec. 31, 2014	$ 1,149,794	$ 25	14,152	54,174	(245,468)	1,326,911
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, including option exercises, shares		57,743
Issuance of common stock, including option exercises	15	$ 0	15
Treasury shares repurchased	(6,604)				(6,604)
Capital contribution from noncontrolling interest	62					62
Distribution from noncontrolling interest	(67,507)					(67,507)
Amortization of preferred stock issuance costs	(103)			(103)
Share-based compensation	3,032		2,939			93
Net income	$ 33,147			7,631		25,516
Ending balance, Shares at Jun. 30, 2015	2,207,369	2,509,844
Ending balance at Jun. 30, 2015	$ 1,111,836	$ 25	$ 17,106	$ 61,702	$ (252,072)	$ 1,285,075

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net income	$ 33,147	$ 129,753
Adjustments to reconcile net income to net cash used in operating activities:
Net unrealized gain on mortgage loans	(103,343)	(170,172)
Net realized gain on mortgage loans	(34,654)	(20,140)
Net realized gain on sale of re-performing mortgage loans	(405)	0
Net realized gain on sale of real estate	(23,012)	(1,293)
Real estate depreciation and amortization	2,342	151
Real estate selling costs and impairment	23,530	3,233
Accretion of interest on re-performing mortgage loans	(469)	0
Share-based compensation	3,032	2,848
Amortization of deferred financing costs	2,218	1,109
Loss on retirement of leasehold improvements	212	0
Changes in operating assets and liabilities:
Accounts receivable	4,971	473
Related party receivables	0	4,952
Prepaid expenses and other assets	(499)	(1,008)
Accounts payable and accrued liabilities	4,745	2,223
Related party payables	0	2,028
Net cash used in operating activities	(88,185)	(45,843)
Investing activities:
Investment in mortgage loans	0	(1,056,493)
Investment in real estate	0	(27,569)
Investment in renovations	(11,001)	(1,700)
Real estate tax advances	(14,443)	(14,368)
Mortgage loan dispositions	107,887	70,379
Mortgage loan payments	12,447	7,951
Disposition of real estate	70,916	3,466
Acquisition related deposits	(5,631)	0
Change in restricted cash	(5,177)	(4,391)
Net cash provided by (used in) investing activities	154,998	(1,022,725)
Financing activities:
Proceeds from issuance of preferred stock	0	250,000
Cost of issuance of preferred stock	0	(1,176)
Issuance of common stock, including stock option exercises	537	3,155
Repurchase of common stock	(6,604)	(197,673)
Payment of tax withholdings on exercise of stock options	(522)	(3,135)
Capital contribution from noncontrolling interest	62	468,391
Distribution to noncontrolling interest	(36,038)	(53,118)
Proceeds from issuance of other secured debt	221,691	0
Repayments of secured notes	(21,306)	0
Proceeds from repurchase agreement	109,683	749,240
Repayments of repurchase agreement	(298,078)	(80,139)
Payment of deferred financing costs	(7,123)	(2,335)
Net cash (used in) provided by financing activities	(37,698)	1,133,210
Net increase in cash and cash equivalents	29,115	64,642
Cash and cash equivalents as of beginning of the period	116,782	140,000
Cash and cash equivalents as of end of the period	145,897	204,642
Supplemental disclosure of cash flow information
Cash paid for interest	21,732	10,496
Transfer of mortgage loans to real estate owned	271,547	220,971
Transfer of real estate owned to mortgage loans	2,865	3,594
Change in accrued capital expenditures	(1,732)	1,746
Changes in receivables from mortgage loan dispositions, payments and real estate tax advances, net	36,359	4,796
Changes in receivables from real estate owned dispositions	$ 1,369	$ 0

Organization and basis of prese

Organization and basis of presentation	6 Months Ended
	Jun. 30, 2015
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.” 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. On March 31, 2015, we entered into a new asset management agreement with Residential (the “New AMA”) with an effective date of April 1, 2015. Prior to the AMA, we were party to a different asset management agreement with Residential (the “Original AMA”) pursuant to which we received incentive fees, which we refer to as our “incentive management fees,” that gave us a share of Residential’s cash flow available for distribution to its stockholders as well as reimbursement for certain overhead and operating expenses. Although the New AMA provides for a new fee structure in which we are entitled to a base management fee, an incentive management fee and a conversion fee for loans and REOs that become rental properties during each quarter, our operating results are highly dependent on Residential's operating results. For additional details on the New AMA, please see “Note 7. Related Party Transactions.” 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 AMA 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. NewSource commenced reinsurance activities during the second quarter of 2014. In December 2014, NewSource determined that the economics of the initial business did not warrant the continuation of its initial reinsurance quota share agreement with an unrelated third party. NewSource therefore transferred all of the risk of claims and future losses underwritten to an unrelated third party. Since Residential commenced operations, it has completed three public equity offerings with aggregate net proceeds of approximately $1.1 billion . Residential also entered into three separate repurchase agreements to finance its acquisition and ownership of residential mortgage loans and REO properties. The maximum aggregate funding available under these repurchase agreements at December 31, 2014 was $1.2 billion . On April 10, 2015, Residential also entered into a loan and security agreement (the “Nomura loan agreement”) with Nomura Corporate Funding Americas, LLC (“Nomura”). The purpose of the Nomura loan agreement is to finance Residential's beneficial ownership of REO properties. The maximum aggregate funding available to Residential under the repurchase agreements and the Nomura loan agreement as of June 30, 2015 was $1.0 billion , subject to certain sublimits, eligibility requirements and conditions precedent to each funding. As of June 30, 2015 , an aggregate of $810.2 million was outstanding under Residential's repurchase agreements and the Nomura loan agreement. All obligations of Residential’s subsidiaries under the repurchase agreements and the Nomura loan agreement are fully guaranteed by Residential. Each of Residential's repurchase agreements and the Nomura loan agreement is described below: • Credit Suisse (“CS”) is the lender on the repurchase agreement entered into on March 22, 2013 (the “CS repurchase agreement”) with an initial aggregate maximum borrowing capacity of $100.0 million . During 2014 the CS repurchase agreement was amended on several occasions, ultimately increasing the aggregate maximum borrowing capacity to $225.0 million on December 31, 2014 with a maturity date of April 20, 2015, subject to an additional one -year extension with the approval of the lender. On April 20, 2015, Residential entered into an amended and restated repurchase agreement with CS that increased the aggregate borrowing capacity from $225.0 million to $275.0 million , increased the REO sublimit under the facility and extended the maturity date to April 18, 2016. • Deutsche Bank (“DB”) is the lender on the repurchase agreement entered into on September 12, 2013 (the “DB repurchase agreement”). The DB repurchase agreement matures on March 11, 2016 and includes a provision that after March 2015, Residential is not eligible for additional funding under the facility, thereby reducing Residential's aggregate funding capacity under the DB repurchase agreement to $91.8 million , which was the amount outstanding under the facility on June 30, 2015 . • Wells Fargo (“Wells”) is the lender on the repurchase agreement entered into on September 23, 2013 (the “Wells repurchase agreement”) with an initial aggregate maximum borrowing capacity of $200.0 million . Throughout 2013 and 2014 the Wells repurchase agreement was amended several times increasing the aggregate maximum borrowing capacity to a high of $1.0 billion , and on December 31, 2014 was reduced to $750.0 million , subject to certain sublimits, to reflect the securitization of a significant portion of Residential's non-performing loans that previously had been financed under the Wells repurchase agreement. The maturity date of the Wells repurchase agreement was March 23, 2015. However, on February 20, 2015, Residential exercised its option to extend the termination date of this facility to March 23, 2016 without any additional funding, thereby reducing Residential's aggregate funding capacity under the Wells repurchase agreement to $471.3 million on June 30, 2015 , which was the amount outstanding under the facility on that date. Residential is in discussions with Wells to further extend the repurchase agreement with an ability to obtain additional funding. No assurance can be provided that Residential will be able to renew this facility on reasonable terms, on a timely basis or at all. The agreement calls for the advance rate to be reduced by 10% after the first 90 days of the extension term. The 10% reduction date has been extended for an additional 90 days while the parties are negotiating an amended and restated repurchase agreement. • Nomura is the lender on the Nomura loan agreement entered into on April 10, 2015 with an initial aggregate maximum funding capacity of $100.0 million . On May 12, 2015, Residential amended the terms of the Nomura loan agreement to increase the aggregate maximum funding capacity to $200.0 million , subject to certain sublimits, eligibility requirements and conditions precedent to each funding. The Nomura loan agreement terminates on April 8, 2016. Since September 2014, Residential has also completed three securitization transactions, each of which is summarized below: • On June 29, 2015, Residential completed a securitization transaction in which ARLP Securitization Trust, Series 2015-1 ("ARLP 2015-1") issued $205.0 million in Class A Notes (the “ARLP 2015-1 Class A Notes”) with a weighted coupon of approximately 4.01% and $60.0 million in Class M Notes (the “ARLP 2015-1 Class M Notes”). Residential retained $34.0 million of the ARLP 2015-1 Class A Notes and all of the ARLP 2015-1 Class M Notes. No interest will be paid on any ARLP 2015-1 Class M Notes while any ARLP 2015-1 Class A Notes remain outstanding. The ARLP 2015-1 Class A Notes and ARLP 2015-1 Class M Notes are secured solely by the non-performing mortgage loans and REO properties of ARLP 2015-1 and not by any of Residential's other assets. The assets of ARLP 2015-1 are the only source of repayment and interest on the ARLP 2015-1 Class A Notes and the ARLP 2015-1 Class M Notes. The ARLP 2015-1 Class A Notes and the ARLP 2015-1 Class M Notes mature on May 25, 2055, and Residential does not guaranty any of the obligations of ARLP 205-1 under the terms of the Indenture governing the notes or otherwise. As of June 30, 2015 , the book value of the underlying securitized assets held by ARLP 2015-1 was $275.7 million . • On November 25, 2014, Residential completed a securitization transaction in which ARLP Securitization Trust, Series 2014-2 ("ARLP 2014-2") issued $270.8 million in Class A Notes (the “ARLP 2014-2 Class A Notes”) with a weighted coupon of approximately 3.85% and $234.0 million in Class M Notes (the “ARLP 2014-2 Class M Notes”). Residential initially retained $95.8 million of the ARLP 2014-2 Class A Notes and all of the ARLP 2014-2 Class M Notes. On February 9, 2015, Residential sold $50.7 million of the retained ARLP 2014-2 Class A Notes to an unrelated third party. No interest will be paid on any ARLP 2014-2 Class M Notes while any ARLP 2014-2 Class A Notes remain outstanding. The ARLP 2014-2 Class A Notes and the ARLP 2014-2 Class M Notes are secured solely by the non-performing mortgage loans and REO properties of ARLP 2014-2 and not by any of Residential's other assets. The assets of ARLP 2014-2 are the only source of repayment and interest on the ARLP 2014-2 Class A Notes and the ARLP 2014-2 Class M Notes. The ARLP 2014-2 Class A Notes and the ARLP 2014-2 Class M Notes mature on January 26, 2054, and Residential does not guaranty any of the obligations of ARLP 2014-2 under the terms of the Indenture governing the notes or otherwise. As of June 30, 2015 , the book value of the underlying securitized assets held by ARLP 2014-2 was $329.0 million . • 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 “ARLP 2014-1 Class A Notes”) with a weighted coupon of approximately 3.47% and $32.0 million in Class M Notes (the “ARLP 2014-1 Class M Notes”) with a weighted coupon of 4.25% . The ARLP 2014-1 Class A Notes and the ARLP 2014-1 Class M Notes are secured solely by the non-performing mortgage loans and REO properties 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 ARLP 2014-1 Class A Notes and the ARLP 2014-1 Class M Notes. The ARLP 2014-1 Class A Notes and the ARLP 2014-1 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 June 30, 2015 , the book value of the underlying securitized assets held by ARLP 2014-1 was $208.5 million . Residential retained all of the ARLP 2014-1 Class M Notes issued by ARLP 2014-1 in its taxable REIT subsidiary (“TRS”). On September 30, 2014, pursuant to a master repurchase agreement, the TRS sold $15.0 million of the ARLP 2014-1 Class M Notes to NewSource. The master repurchase agreement initially required the TRS to repurchase the ARLP 2014-1 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 additional 89 -day periods. In no event can the master repurchase agreement be extended beyond September 29, 2015. The agreement is currently due to expire on September 22, 2015. For a more complete description of Residential's repurchase agreements, loan and security agreement and securitization transactions, please see “Note 5. Borrowings.” 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 . 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 used substantially all of the proceeds from this transaction to repurchase shares of our common stock and for other corporate purposes. We have an aggregate of $59.4 million remaining for repurchases under our Board-approved repurchase plan. 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 2014 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. Recently issued accounting standards In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires that debt issuance costs are presented on the balance sheet as a deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. The standard requires retrospective application and represents a change in accounting principle. The standard is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. We do not expect the impact of adopting this standard to have a material impact on our financial position, results of operations, or cash flows. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis. ASU 2015-02 makes targeted amendments to the current consolidation guidance that change the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This guidance addresses concerns that current accounting might require a reporting entity to consolidate another legal entity in situations in which the reporting entity’s contractual rights do not give it the ability to act primarily on its own behalf, the reporting entity does not hold a majority of the legal entity’s voting rights, or the reporting entity is not exposed to a majority of the legal entity’s economic benefits or obligations. The standard is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early application is permitted. We are evaluating the impact of ASU 2015-02 on our consolidated financial statements, which could result in the deconsolidation of Residential's financial information in our consolidated financial statements. 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, 2017. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2016. We do not expect this amendment to have a significant effect on our financial position or results of operations.

Mortgage loans

Mortgage loans	6 Months Ended
	Jun. 30, 2015
Mortgage Loans on Real Estate [Abstract]
Mortgage loans	Mortgage loans Acquisitions of non-performing residential mortgage loans During the six months ended June 30, 2015 , Residential did not acquire any portfolios of non-performing residential mortgage loans. During the six months ended June 30, 2014 , Residential acquired an aggregate of 5,797 residential mortgage loans, substantially all of which were non-performing, and 190 REO properties having an aggregate UPB of approximately $1.6 billion and an aggregate market value of underlying properties of $1.4 billion . The aggregate purchase price for these acquisitions was approximately $940.5 million . During the three and six months ended June 30, 2015 , Residential recognized $0.3 million and $0.4 million , respectively for due diligence costs related to a potential purchase of a portfolio that was not ultimately acquired. During the three and six months ended June 30, 2014 , Residential recognized $2.4 million and $2.9 million , respectively, for due diligence costs related to transactions in both general and administrative expense and related party general and administrative expense. Generally, we expect that Residential's mortgage loan and REO portfolios may grow at an uneven pace, as opportunities to acquire distressed residential mortgage loans and REO portfolios may be irregularly timed and may involve large portfolios of loans or REO, and the timing and extent of Residential's success in acquiring such assets 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 loans excluded from an acquisition 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 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 June 30, 2015 and 2014 , Residential transferred 687 and 894 mortgage loans, respectively, to REO at an aggregate fair value based on broker pric e opinions ("BPOs"), of $133.9 million and $120.8 million respectively. Such transfers occur when the foreclosure sale is complete. In connection with these transfers to REO, Residential recorded $14.7 million and $28.5 million , respectively, in net unrealized gains on mortgage loans. During the six months ended June 30, 2015 and 2014 , Residential transferred 1,411 and 1,530 mortgage loans, respectively, to REO at an aggregate fair value based on BPOs, of $268.7 million and $217.4 million respectively. Such transfers occur when the foreclosure sale is complete. In connection with these transfers to REO, Residential recorded $33.1 million and $52.1 million , respectively, in net unrealized gains on mortgage loans. At June 30, 2015 Residential had 6,316 loans with a carrying value of $1.3 billion that were in the foreclosure process compared to 7,841 loans with a carrying value of $1.5 billion at December 31, 2014 . Dispositions of non-performing residential mortgage loans During the three months ended June 30, 2015 and 2014 , Residential disposed of 270 and 135 mortgage loans, respectively, primarily through short sales, refinancing, foreclosure sales, and sale of loans that had transitioned to re-performing loans from prior non-performing loan acquisitions. In connection with these dispositions, Residential recorded $19.3 million and $10.8 million , respectively, of net realized gains on mortgage loans. During the six months ended June 30, 2015 and 2014 , Residential disposed of 420 and 251 mortgage loans, respectively, primarily through short sales, refinancing, foreclosure sales, and sale of loans that had transitioned to re-performing loans from prior non-performing loan acquisitions. In connection with these dispositions, Residential recorded $34.7 million and $20.1 million , respectively, of net realized gains on mortgage loans. Acquisitions and dispositions 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. 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 . The sale included 770 loans from the re-performing mortgage loans purchased in June 2014, and 164 loans that had transitioned to re-performing status from prior non-performing loan acquisitions. During June 2015, Residential sold an aggregate of 189 re-performing loans to an unrelated third party for an aggregate purchase price of $34.6 million . The sale included 52 loans from the re-performing mortgage loans purchased in June 2014, and 137 loans that had transitioned to re-performing status from prior non-performing loan acquisitions. Approximately $2.0 million of the proceeds from the June 2015 re-performing loan sale were used to purchase the loans out of Residential's ARLP 2014-1 and ARLP 2014-2 securitizations and approximately $16.4 million of the proceeds were used to purchase the loans out of Residential's Wells repurchase facility. Therefore, Residential's net proceeds from the June 2015 re-performing loan sale were approximately $16.2 million . 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 six months ended June 30, 2015 , Residential recognized no provision for loan loss and no adjustments to the amount of the accretable yield. For the three and six months ended June 30, 2015 , Residential accreted $0.2 million and $0.5 million , respectively, into interest income with respect to these re-performing loans. As of June 30, 2015 , these re-performing loans, having a UPB of $8.8 million and a carrying value of $6.0 million , were held for sale. The following tables present information regarding the estimates of the contractually required payments and the cash flows expected to be collected as of the date of the acquisition and changes in the balance of the accretable yield ($ in thousands): Six months ended June 30, 2015 Accretable Yield Carrying Amount of Loans Balance at the beginning of the period $ 7,640 $ 12,535 Additions — 37 Payments and other reductions, net (3,285 ) (7,064 ) Accretion (469 ) 469 Balance at the end of the period $ 3,886 $ 5,977

Real estate assets, net

Real estate assets, net	6 Months Ended
	Jun. 30, 2015
Real Estate [Abstract]
Real estate assets, net	Real estate assets, net Acquisitions During the six months ended June 30, 2015 , Residential acquired no REO properties as part of their portfolio acquisitions. During three and six months ended June 30, 2014 , Residential acquired 190 REO properties for an aggregate purchase price of $27.6 million . On June 28, 2015, Residential entered into an agreement (the “IH Purchase Agreement”) to purchase an aggregate of 1,325 REO properties, the substantial majority of which were rented and occupied, from certain subsidiaries of Invitation Homes (“Invitation Homes”) for an aggregate purchase price of approximately $112.6 million (the “IH Transaction”). The IH Purchase Agreement provided for a 30-day contingency period after signing in which Residential was entitled to complete due diligence on the REO properties, with each of Invitation Homes and Residential having the ability to terminate the IH Purchase Agreement based on the due diligence results. On July 28, 2015, the contingency period expired, and Invitation Homes and Residential determined to move forward with the closing of the IH Transaction. We currently expect Residential to complete the IH Transaction in the third quarter of 2015. There can be no assurance that Residential will be able to complete the IH Transaction on a timely basis or at all. Real estate held for use As of June 30, 2015 , Residential had 3,977 REO properties held for use. Of these properties, 777 had been rented, 96 were being listed for rent and 111 were in varying stages of renovation. With respect to the remaining 2,993 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, 2014 , Residential had 3,349 REO properties held for use. Of these properties, 336 had been rented, 197 were being listed for rent and 254 were in various stages of renovation. With respect to the remaining 2,562 REO properties, we were in the process of determining whether these properties would meet Residential's rental profile. As of June 30, 2014 , Residential had 1,766 REO properties held for use. Of these properties, 102 had been rented, 40 were being listed for rent and 140 were in various stages of renovation. With respect to the remaining 1,484 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 June 30, 2015 , Residential classified 819 properties having an aggregate carrying value of $134.0 million as real estate held for sale as they do not meet its residential rental property investment criteria. As of December 31, 2014 , Residential had 611 REO properties having an aggregate carrying value of $92.2 million held for sale, and as of June 30, 2014 , Residential had 192 REO properties having an aggregate carrying value of $27.6 million held for sale. None of these REO properties have any operations; therefore, we are not presenting discontinued operations related to these properties. Residential records residential properties held for sale at the lower of either the carrying amount of REO or its estimated fair value less estimated selling costs. If the carrying amount exceeds the estimated fair value, as adjusted, Residential records impairment equal to the amount of such excess. If an increase in fair value is noted at a subsequent measurement date, a gain is recognized to the extent of any previous impairment recognized. As of June 30, 2015 Residential had $7.8 million of impairment on the 819 REO properties having a fair value of $153.9 million . As of December 31, 2014 Residential had $4.9 million of impairment on the 611 REO properties having a fair value of $96.0 million . There was no impairment on the 192 REO properties held at June 30, 2014 . Dispositions During the three and six months ended June 30, 2015 , Residential disposed of 321 and 575 REO properties, respectively, and recorded $12.4 million and $23.0 million of net realized gains on real estate, respectively. During the three and six months ended June 30, 2014 , Residential disposed of 22 and 24 REO properties, respectively, and recorded $1.2 million of net realized gains for the three and six months ended June 30, 2014 .

Fair value of financial instrum

Fair value of financial instruments	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 and December 31, 2014 ($ in thousands): Level 1 Level 2 Level 3 Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs June 30, 2015 Recurring basis (assets) Mortgage loans $ — $ — $ 1,716,489 Nonrecurring basis (assets) Real estate assets held for sale $ — $ — $ 153,868 Transfer of real estate owned to mortgage loans $ — $ — $ 2,865 Transfer of mortgage loans to real estate owned $ — $ — $ 271,547 Not recognized on consolidated balance sheets at fair value (assets) Mortgage loans held for sale $ — $ — $ 5,977 Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase and loan and security agreements at fair value $ — $ 810,236 $ — Other secured borrowings $ — $ 521,500 $ — December 31, 2014 Recurring basis (assets) Mortgage loans $ — $ — $ 1,959,044 Nonrecurring basis (assets) Real estate assets held for sale $ — $ — $ 96,041 Transfer of real estate owned to mortgage loans $ — $ — $ 8,400 Transfer of mortgage loans to real estate owned $ — $ — $ 595,668 Not recognized on consolidated balance sheets at fair value (assets) Mortgage loans held for sale $ — $ — $ 12,535 Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase agreements at fair value $ — $ 1,015,000 $ — Other secured borrowings $ — $ 336,409 $ — Residential has not transferred any assets from one level to another level during the six months ended June 30, 2015 or during the year ended December 31, 2014 . 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 June 30, 2015 Three months ended June 30, 2014 Six months ended June 30, 2015 Six months ended June 30, 2014 Mortgage loans Beginning balance $ 1,853,495 $ 1,766,142 $ 1,959,044 $ 1,207,163 Investment in mortgage loans — 300,503 — 913,011 Net unrealized gain on mortgage loans 42,209 105,042 103,343 170,172 Net realized gain on mortgage loans 19,272 10,819 34,654 20,140 Mortgage loan dispositions and payments (82,070 ) (44,314 ) (147,238 ) (83,772 ) Real estate tax advances to borrowers 4,264 4,716 11,391 12,722 Reclassification of realized gains on real estate sold from unrealized gains 13,175 — 23,977 — Transfer of real estate owned to mortgage loans 1,509 5,563 2,865 5,563 Transfer of mortgage loans to real estate owned (135,365 ) (124,443 ) (271,547 ) (220,971 ) Ending balance at June 30 $ 1,716,489 $ 2,024,028 $ 1,716,489 $ 2,024,028 Net unrealized gain on mortgage loans held at the end of the period $ 29,784 $ 70,623 $ 80,852 $ 108,820 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 June 30, 2015 and December 31, 2014 ($ in thousands): Number of loans Carrying Value Unpaid principal balance Market value of underlying properties (1) June 30, 2015 Current 727 $ 117,544 $ 165,532 $ 169,272 30 102 16,148 22,309 24,784 60 59 7,128 10,398 11,972 90 1,930 316,877 493,893 477,131 Foreclosure 6,316 1,258,792 1,767,873 1,654,676 Mortgage loans 9,134 $ 1,716,489 $ 2,460,005 $ 2,337,835 December 31, 2014 Current 670 $ 107,467 $ 159,731 $ 160,654 30 109 15,424 22,629 24,046 60 57 7,921 11,624 12,510 90 2,286 361,434 569,930 544,709 Foreclosure 7,841 1,466,798 2,172,047 1,951,606 Mortgage Loans 10,963 $ 1,959,044 $ 2,935,961 $ 2,693,525 _____________ (1) Market value is based on the most recent BPO provided to us by the applicable seller for each property in the respective portfolio as of its cut-off date or an updated BPO received since the acquisition was completed. The following table sets forth the carrying value of Residential's remaining re-performing mortgage loans from the re-performing loan portfolio acquired in June 2014, which are held for sale, the related unpaid principal balance and market value of underlying properties by delinquency status as of June 30, 2015 and December 31, 2014 ($ in thousands): Number of loans Carrying value Unpaid principal balance Market value of underlying properties (1) June 30, 2015 Current 13 $ 1,908 $ 2,531 $ 3,760 30 6 1,045 1,440 1,909 60 5 466 1,254 1,253 90 17 2,457 3,126 3,847 Foreclosure 3 101 422 348 Mortgage loans held for sale 44 $ 5,977 $ 8,773 $ 11,117 December 31, 2014 Current 68 $ 8,317 $ 11,938 $ 15,154 30 6 1,118 1,667 2,004 60 4 359 644 670 90 24 2,741 4,149 4,624 Mortgage loans held for sale 102 $ 12,535 $ 18,398 $ 22,452 _____________ (1) Market value is based on the most recent BPO provided to us by the applicable seller for each property in the respective portfolio as of its cut-off date or an updated BPO received since the acquisition was completed. 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 June 30, 2015 and December 31, 2014 : Input June 30, 2015 December 31, 2014 Equity discount rate 15.0% 15.0% Debt to asset ratio 65.0% 65.0% Cost of funds 3.5% over 1 month LIBOR 3.5% over 1 month LIBOR Annual change in home pricing index 0% to 7.5% -0.1% to 7.6% Loan resolution probabilities — modification 0% to 44.7% 0% to 44.7% 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 to 5.3 Value of underlying properties $500 - $5,500,000 $3,000 - $5,300,000

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Borrowings	Borrowings Repurchase agreements and the Nomura loan agreement 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, rental properties and REO properties in its portfolio. On April 10, 2015, Residential entered into the Nomura loan agreement for the purpose of financing its beneficial ownership of REO properties. Residential has effective control of the assets associated with these agreements and therefore it has concluded these are financing arrangements. As of June 30, 2015 , the weighted average annualized interest rate on borrowing under Residential's repurchase agreements and the Nomura loan agreement was 3.30% , excluding amortization of deferred financing costs. The following table sets forth data with respect to Residential's repurchase agreements and the Nomura loan agreement as of June 30, 2015 and December 31, 2014 ($ in thousands): Maximum borrowing capacity Book value of collateral Amount outstanding June 30, 2015 CS repurchase agreement due April 18, 2016 $ 275,000 $ 367,114 $ 202,855 Wells repurchase agreement due March 23, 2016 471,303 949,984 471,303 DB repurchase agreement due March 11, 2016 91,750 208,958 91,750 Nomura loan agreement due April 8, 2016 200,000 69,831 44,328 $ 1,038,053 $ 1,595,887 $ 810,236 December 31, 2014 CS repurchase agreement due April 20, 2015 $ 225,000 $ 332,618 $ 222,044 Wells repurchase agreement due March 23, 2015 750,000 1,036,409 569,509 DB repurchase agreement due March 11, 2016 250,000 450,532 223,447 $ 1,225,000 $ 1,819,559 $ 1,015,000 Under the terms of each of its 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. Pursuant to the CS repurchase agreement, Residential is entitled to collateralize a portion of the facility with securities. As of June 30, 2015 , approximately $10.6 million of the amounts outstanding under the CS repurchase agreement was collateralized by $17.0 million of the Class M Notes issued and retained by Residential in connection with the securitization completed in September 2014 by ARLP 2014-1, and approximately $29.4 million of the amounts outstanding under the CS repurchase agreement was collateralized by $45.1 million of the Class A-2 Notes issued and retained by Residential in connection with the securitization completed in November 2014 by ARLP 2014-2. 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. For additional information on the repurchase agreements, please see "Note 1. Organization and basis of presentation." Under the terms of the Nomura loan agreement, subject to certain conditions, Nomura may advance funds to Residential from time to time, with such advances collateralized by REO properties. The advances paid under the Nomura loan agreement with respect to the REO properties from time to time will be based on a percentage of the market value of the applicable REO properties. Under the terms of the Nomura loan agreement, Residential is required to pay interest based on the one-month LIBOR plus a spread and certain other customary fees, administrative costs and expenses in connection with Nomura's structuring, management and ongoing administration of the facility. The Nomura loan agreement requires Residential to maintain various financial and other covenants, including 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 Nomura loan agreement contains events of default (subject to certain materiality thresholds and grace periods), including payment defaults, breaches of covenants and/or certain representations and warranties, cross-defaults, certain material adverse changes, bankruptcy or insolvency proceedings and other events of default customary for this type of transaction. The remedies for such events of default are also customary for this type of transaction and include the acceleration of the principal amount outstanding under the Nomura loan agreement and the liquidation by Nomura of the REO properties then subject thereto. Other Secured Debt - Securitizations On June 29, 2015, Residential completed a securitization transaction in which ARLP 2015-1 issued $205.0 million in ARLP 2015-1 Class A Notes with a weighted coupon of approximately 4.01% and $60.0 million in ARLP 2015-1 Class M Notes. ARLP 2015-1 is a Delaware statutory trust that is wholly-owned by Residential's operating partnership with a federally-chartered bank as its trustee. Residential retained $34.0 million of the ARLP 2015-1 Class A Notes and all of the ARLP 2015-1 Class M Notes. No interest will be paid on any ARLP 2015-1 Class M Notes while any ARLP 2015-1 Class A Notes remain outstanding. The ARLP 2015-1 Class A Notes and ARLP 2015-1 Class M Notes are non-recourse to Residential and are secured solely by the non-performing mortgage loans and REO properties of ARLP 2015-1 but not by any of Residential's other assets. The assets of ARLP 2015-1 are the only source of repayment and interest on the ARLP 2015-1 Class A Notes and the ARLP 2015-1 Class M Notes, thereby making the cash proceeds received by ARLP 2015-1 of loan payments, loan liquidations, loan sales and sales of converted REO properties the sole sources of the payment of interest and principal by ARLP 2015-1 to the bond holders. The ARLP 2015-1 Class A Notes and the ARLP 2015-1 Class M Notes mature on May 25, 2055, and Residential does not guaranty any of the obligations of ARLP 205-1 under the terms of the Indenture governing the notes or otherwise. As of June 30, 2015 , the book value of the underlying securitized assets held by ARLP 2015-1 was $275.7 million . On November 25, 2014, Residential completed a securitization transaction in which ARLP 2014-2 issued $270.8 million in ARLP 2014-2 Class A Notes with a weighted coupon of approximately 3.85% and $234.0 million in ARLP 2014-2 Class M Notes. ARLP 2014-2 is a Delaware statutory trust that is wholly-owned by Residential’s operating partnership with a federally-chartered bank as its trustee. Residential initially retained $95.8 million of the ARLP 2014-2 Class A Notes and all of the ARLP 2014-2 Class M Notes. On February 9, 2015, Residential sold $50.7 million of the retained ARLP 2014-2 Class A Notes to an unrelated third party. No interest will be paid on any ARLP 2014-2 Class M Notes while any ARLP 2014-2 Class A Notes remain outstanding. The ARLP 2014-2 Class A Notes and ARLP 2014-2 Class M Notes are non-recourse to Residential and are secured solely by the non-performing mortgage loans and REO properties of ARLP 2014-2 but not by any of Residential's other assets. The assets of ARLP 2014-2 are the only source of repayment and interest on the ARLP 2014-2 Class A Notes and the ARLP 2014-2 Class M Notes, thereby making the cash proceeds received by ARLP 2014-2 of loan payments, loan liquidations, loan sales and sales of converted REO properties the sole sources of the payment of interest and principal by ARLP 2014-2 to the bond holders. The ARLP 2014-2 Class A Notes and the ARLP 2014-2 Class M Notes mature on January 26, 2054, and Residential does not guaranty any of the obligations of ARLP 2014-2 under the terms of the Indenture governing the notes or otherwise. As of June 30, 2015 , the book value of the underlying securitized assets held by ARLP 2014-2 was $329.0 million . On September 25, 2014, Residential completed a securitization transaction in which ARLP 2014-1 issued $150.0 million in ARLP 2014-1 Class A Notes with a weighted coupon of approximately 3.5% and $32.0 million in ARLP 2014-1 Class M Notes with a weighted coupon of 4.25% . ARLP 2014-1 is a Delaware statutory trust that is wholly-owned by Residential’s operating partnership with a federally-chartered bank as its trustee. The ARLP 2014-1 Class A Notes and the ARLP 2014-1 Class M Notes are non-recourse to Residential and are secured solely by the non-performing mortgage loans of ARLP 2014-1 but not by any of Residential's other assets. The assets of ARLP 2014-1 are the only source of repayment and interest on the ARLP 2014-1 Class A Notes and the ARLP 2014-1 Class M Notes, thereby making the cash proceeds received by ARLP 2014-1 of loan payments, loan liquidations, loan sales and sales of converted REO properties the sole sources of the payment of interest and principal by ARLP 2014-1 to the bond holders. The ARLP 2014-1 Class A Notes and the ARLP 2014-1 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 June 30, 2015 , the book value of the underlying securitized assets held by ARLP 2014-1 was $208.5 million . Residential retained all of the ARLP 2014-1 Class M Notes in its TRS. On September 30, 2014, pursuant to a master repurchase agreement, the TRS sold $15.0 million of the ARLP 2014-1 Class M Notes to NewSource. The master repurchase agreement initially required the TRS to repurchase the ARLP 2014-1 Class M Notes from NewSource at a 5.0% yield on December 28, 2014, with the parties having the option to extend the master repurchase agreement for additional 89 -day periods. In no event can the master repurchase agreement be extended beyond September 29, 2015. The agreement is currently due to expire on September 22, 2015. The following table sets forth data with respect to these notes as of June 30, 2015 and December 31, 2014 ($ in thousands): Interest Rate Amount outstanding June 30, 2015 ARLP Securitization Trust, Series 2015-1 ARLP 2015-1 Class A Notes due May 25, 2055 (1) 4.01 % $ 205,000 ARLP 2015-1 Class M Notes due May 25, 2044 — % 60,000 ARLP Securitization Trust, Series 2014-2 ARLP 2014-2 Class A Notes due January 26, 2054 (2) 3.87 % 255,144 ARLP 2014-2 Class M Notes due January 26, 2054 — % 234,010 ARLP Securitization Trust, Series 2014-1 ARLP 2014-1 Class A Notes due September 25, 2044 (3) 3.47 % 142,919 ARLP 2014-1 Class M Notes due September 25, 2044 (4) 4.25 % 32,000 ARNS, Inc. Securities sold under agreement to repurchase due September 22, 2015 5.00 % 14,991 Intercompany eliminations Elimination of ARLP 2015-1 Class A Notes due to ARNS, Inc. (34,000 ) Elimination of ARLP 2015-1 Class M Notes due to ARLP (60,000 ) Elimination of ARLP 2014-2 Class A Notes due to ARNS, Inc. (45,138 ) Elimination of ARLP 2014-2 Class M Notes due to ARLP (234,010 ) Elimination of ARLP 2014-1 Class A Notes due to ARNS, Inc. (14,991 ) Elimination of ARLP 2014-1 Class M Notes due to ARNS, Inc. (32,000 ) $ 523,925 December 31, 2014 ARLP Securitization Trust, Series 2014-2 ARLP 2014-2 Class A Notes due January 26, 2054 (2) 3.85 % $ 269,820 ARLP 2014-2 Class M Notes due January 26, 2054 — % 234,010 ARLP Securitization Trust, Series 2014-1 ARLP 2014-1 Class A Notes due September 25, 2044 (3) 3.47 % 150,000 ARLP 2014-1 Class M Notes due September 25, 2044 (4) 4.25 % 32,000 ARNS, Inc. Securities sold under agreement to repurchase due March 27, 2015 5.00 % 14,991 Intercompany eliminations Elimination of ARLP 2014-2 Class A Notes due to ARNS, Inc. (95,729 ) Elimination of ARLP 2014-2 Class M Notes due to ARNS, Inc. (234,010 ) Elimination of ARLP 2014-1 Class A Notes due to ARNS, Inc. (15,000 ) Elimination of ARLP 2014-1 Class M Notes due to ARNS, Inc. (32,000 ) $ 324,082 _____________ (1) The expected redemption date for the Class A Notes ranges from June 25, 2018 to June 25, 2019. (2) The expected redemption date for the Class A Notes ranges from November 27, 2017 to November 27, 2018. (3) The expected redemption date for the Class A Notes ranges from September 25, 2017 to September 25, 2018. (4) The expected redemption date for the Class M Notes is September 25, 2018.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation, claims and assessments Set forth below are certain developments in our legal proceedings since the March 2, 2015 filing of our annual report on Form 10-K for the year ended December 31, 2014 and the May 7, 2015 filing of our quarterly report on Form 10-Q for the three months ended March 31, 2015: The Police Retirement System of Saint Louis v. Erbey, et al. On June 30, 2015, The Police Retirement System of Saint Louis and the defendants entered into a Stipulation and Agreement of Compromise, Settlement and Release (the “Settlement Stipulation”) for the settlement of this derivative action (the “Settlement”), and the parties filed the Settlement Stipulation with the Circuit Court for Baltimore City, Maryland (the “Court") on the same day. By Order dated August 3, 2015, the Court preliminarily approved the Settlement, scheduled a hearing on November 9, 2015 to consider final approval of the Settlement, and authorized Residential to provide notice of the proposed Settlement to stockholders. If the Settlement is finally approved by the Court and, ultimately, no shareholders successfully object to the Settlement, it will resolve and release all claims in the action that were, or could have been, brought by or on behalf of Residential challenging the Original AMA among Residential, Altisource Residential L.P. and us, or the negotiation of, the terms and provisions of, or the approval of the New AMA. In addition, pursuant to the Settlement Stipulation, the parties agreed that the defendants will pay the attorneys' fees and expenses of plaintiff’s counsel, in an amount not to exceed $6.0 million . We have been informed by our insurers that the Settlement will be a covered claim under our insurance policy. City of Cambridge Retirement System v. Altisource Asset Management Corp., et al. On May 12, 2015, the court entered an order granting the motion of Denver Employees Retirement Plan to be lead plaintiff and denying the three other motions to be lead plaintiff. On May 15, 2015, the court entered a scheduling order requiring plaintiff to file an amended complaint on or before June 19, 2015, defendants to file their motions to dismiss on or before July 20, 2015, plaintiff to file a response to any such motion on or before August 19, 2015 and defendants to file any reply briefs on or before September 3, 2015. On June 19, 2015, the lead plaintiff filed an amended complaint, and on July 20, 2015, defendants filed a motion to dismiss all claims in the action. We believe the amended complaint is without merit. At this time, we are not able to predict the ultimate outcome of this matter, nor can we estimate the range of possible loss, if any. Kanga v. Altisource Asset Management Corporation, et al. On May 15, 2015, the plaintiff and the defendants filed an agreed motion to stay the action until the earliest of any of the following events: (i) the City of Cambridge action is dismissed with prejudice; (ii) any of the defendants in the City of Cambridge action file an answer in that action; and (iii) defendants do not move to stay any later-filed derivative action purportedly brought on behalf of us arising from similar facts as the Kanga action and relating to the same time frame, or such motion to stay is denied. Sokolowski v. Erbey, et al . On July 16, 2015, we filed a motion to dismiss all claims against us in the action, based upon, among other arguments, lack of personal jurisdiction and failure to state a claim. Co-defendant Residential has filed a similar motion to dismiss the complaint as to all claims asserted against it. Briefing on the motions to dismiss the complaint is ongoing. Hulstrom v. William C. Erbey, et al. On April 23, 2015, a shareholder derivative action was filed in the Superior Court of the Virgin Islands, Division of St. Croix by a purported shareholder of Residential under the caption Kirk Hulstrom v. William Erbey et al. SX-15-CV-158. The action names as defendants William C. Erbey and each of the current and former members of Residential’s Board of Directors and certain officers of the Company, Residential and Ocwen. In the complaint, plaintiff asserts claims against the individual defendants for breach of fiduciary duty, abuse of control and gross mismanagement in connection with the asset management agreement among Residential, Altisource Residential, L.P. and us. As to Ocwen and us, plaintiff alleges that Ocwen and we aided and abetted the purported breaches of fiduciary duty and that we have been unjustly enriched by the asset management agreement. The complaint also names Residential as a nominal defendant. At this time, we are not able to predict the ultimate outcome of this matter, nor can we estimate the range of possible loss, if any. In connection with the Police Retirement System case described above, management had previously established a consolidated litigation accrual in the amount of $3.0 million . Given the notice received by us from our insurers that the Police Retirement System case is a covered claim, we have reversed the $3.0 million litigation accrual. Management does not believe that we have incurred an estimable, probable or material loss by reason of any of the above new or updated actions.

Related party transactions

Related party transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related party transactions	Related party transactions New Asset Management Agreement with Residential On March 31, 2015, we entered into a new Asset Management Agreement (the "New AMA") with Residential. The New AMA, which became effective on April 1, 2015, provides for a new management fee structure which replaces the incentive fee structure under the original asset management agreement (the “Original AMA”) as follows: • Base Management Fee . We are entitled to a quarterly base management fee equal to 1.5% of the product of (i) Residential’s average invested capital for the quarter multiplied by (ii) 0.25 while Residential has fewer than 2,500 single family rental properties actually rented (“Rental Properties”). The base management fee percentage increases to 1.75% of invested capital while Residential has between 2,500 and 4,499 rental properties and increases to 2.0% of invested capital while Residential has 4,500 or more rental properties; • Incentive Management Fee . We are entitled to a quarterly incentive management fee equal to 20% of the amount by which Residential's return on invested capital (based on AFFO as defined in the New AMA) exceeds a hurdle return rate of between 7.0% and 8.25% (depending on the 10 -year treasury rate). The incentive management fee increases to 22.5% while Residential has between 2,500 and 4,499 rental properties and increases to 25% while Residential has 4,500 or more rental properties; and • Conversion Fee . We are entitled to a quarterly conversion fee equal to 1.5% of the market value of the single-family homes leased by Residential for the first time during the quarter. Residential has the flexibility to pay up to 25% of the incentive management fee to us in shares of Residential common stock. Under the New AMA, we will continue to be the exclusive asset manager for Residential for an initial term of 15 years from April 1, 2015, with two potential five -year extensions, subject to Residential achieving an average annual return on invested capital of at least 7.0% . Under the New AMA, Residential will not be required to reimburse us for the allocable compensation and routine overhead expenses of our employees and staff, all of which will now be covered by the base management fee described above. Neither party is entitled to terminate the New AMA prior to the end of the initial term, or each renewal term, other than termination by (a) Residential and/or us “for cause” for certain events such as a material breach of the New AMA and failure to cure such breach, (b) Residential for certain other reasons such as Residential’s failure to achieve a return on invested capital of at least 7.0% for two consecutive fiscal years after the third anniversary of the New AMA, and (c) Residential in connection with certain change of control events. Under the amended fee structure of the New AMA, the fees due from Residential reduced from $15.5 million in the second quarter of 2014 to $5.2 million in the second quarter of 2015. The $5.2 million fees due from Residential in the second quarter of 2015 consists of a $4.8 million Base Management Fee and a $0.4 million Conversion Fee. No Incentive Management Fee was due from Residential for the second quarter of 2015 because return on invested capital (as defined in the New AMA) was below the required hurdle rate. The amount by which return on invested capital was below the required hurdle rate in the second quarter of 2015 is a deficit which is carried forward for up to seven future quarters or until the deficit is reduced by Residential's future performance above the hurdle rate. In future quarters, return on invested capital must exceed the required hurdle rate for the current quarter plus any carried forward cumulative deficit from the prior seven quarters before any Incentive Management Fee is due from Residential. Summary of Related Party Transaction Expenses Through January 16, 2015, William C. Erbey served as our Chairman as well as the Executive Chairman of Ocwen, Chairman of Altisource, and Chairman of Residential. Effective January 16, 2015, Mr. Erbey stepped down as the Executive Chairman of Ocwen and Chairman of each of Altisource, Residential and AAMC and is no longer a member of the Board of Directors for any of these companies. Accordingly, at that point, Ocwen and Altisource are no longer considered related parties of Residential and AAMC as defined by FASB Accounting Standards Codification (“ASC”) Topic 850, Related Party Disclosures . Transactions under our agreements with Ocwen and Altisource for the current year through January 16, 2015 were not material to our consolidated results of operations. Our Consolidated Statements of Operations included the following significant related party transactions ($ in thousands): Three months ended June 30, 2015 Six months ended June 30, 2015 Counter-party Consolidated Statements of Operations location 2015 Expense reimbursements — 750 Residential/NewSource Net income attributable to noncontrolling interest in consolidated affiliate Conversion fee 399 399 Residential Net income attributable to noncontrolling interest in consolidated affiliate Base management fee 4,962 5,172 Residential/NewSource Net income attributable to noncontrolling interest in consolidated affiliate Management incentive fee — 14,900 Residential Net income attributable to noncontrolling interest in consolidated affiliate Professional fee sharing for negotiation of AMA — 2,000 Residential Net income attributable to noncontrolling interest in consolidated affiliate Three months ended June 30, 2014 Six months ended June 30, 2014 Counter-party Consolidated Statements of Operations location 2014 Residential property operating expenses $ 3,169 $ 4,219 Ocwen/Altisource Residential property operating expenses Mortgage loan servicing costs 14,942 25,432 Ocwen Mortgage loan servicing costs Due diligence and unsuccessful deal costs 1,655 1,766 Altisource Related party general and administrative expenses Office and occupancy costs 69 143 Ocwen Related party general and administrative expenses Salaries and benefits 612 1,129 Ocwen/Altisource Related party general and administrative expenses Base management fee 210 521 NewSource Net income attributable to noncontrolling interest in consolidated affiliate Expense reimbursements 1,789 3,258 Residential Net income attributable to noncontrolling interest in consolidated affiliate Management incentive fee 13,715 24,626 Residential Net 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 ARLP 2014-1 Class M Notes to NewSource for a purchase price of 15.0 million . The master repurchase agreement initially required the TRS to repurchase the ARLP 2014-1 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 additional 89 day periods. In no event can the master repurchase agreement be extended beyond September 29, 2015. The agreement is currently due to expire on September 22, 2015.

Share-based payments

Share-based payments	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based payments	Share-based payments During the six months ended June 30, 2015 and 2014 , we granted 44,132 and 8,765 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 $181.02 and $791.27 , respectively. Our directors each received annual grants of restricted stock equal to $60 thousand and $45 thousand based on the market value of our common stock at the time of the annual stockholders meeting for 2015 and 2014, respectively. 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 six months ended June 30, 2015 and 2014 , we granted 1,122 and 205 shares of stock, respectively, pursuant to our 2013 Director Equity Plan with a weighted average grant date fair value per share of $162.66 and $1,090.26 , respectively. We recorded $2.1 million and $2.9 million of compensation expense related to these grants for the three and six months ended June 30, 2015 , respectively, and recorded $(0.5) million and $2.7 million of compensation expense for the three and six months ended June 30, 2014 , respectively. As of June 30, 2015 and 2014 , we had an aggregate $23.1 million and $22.3 million , respectively, of total unrecognized share-based compensation cost to be recognized over a weighted average remaining estimated term of 1.8 years and 3.1 years , respectively.

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [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. Subpart F income generated by a CFC is taxed currently in the USVI and is not eligible for the reduced tax rate under the certificate of benefits. As of June 30, 2015 and 2014 , neither Residential nor we accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense or penalty recognized during the six months ended June 30, 2015 and 2014 . Residential recorded nominal state and local tax expense on income and property for the three and six months ended June 30, 2015 . Our subsidiaries and we remain subject to tax examination for the period from inception to December 31, 2014 .

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 Three months ended June 30, 2014 Six months ended June 30, 2015 Six months ended June 30, 2014 Numerator Net income $ 743 $ 13,230 $ 7,631 20,058 Amortization of preferred stock issuance costs 50 — 103 — Numerator for basic EPS - income available to common stockholders 693 13,230 7,528 20,058 Add back amortization of preferred stock issuance costs 50 — 103 — Numerator for diluted EPS - income available to common stockholders after assumed conversions $ 743 $ 13,230 $ 7,631 $ 20,058 Denominator Weighted average common stock outstanding – basic 2,218,533 2,255,278 2,211,357 2,310,931 Stock options using treasury method 230,243 250,287 231,478 262,033 Restricted stock 98,179 169,341 109,487 176,665 Preferred shares if converted 200,000 200,000 200,000 115,556 Weighted average common stock outstanding – diluted 2,746,955 2,874,906 2,752,322 2,865,185 Earnings per basic share $ 0.31 $ 5.87 $ 3.40 $ 8.68 Earnings per diluted share $ 0.27 $ 4.60 $ 2.77 $ 7.00 For the three and six months ended June 30, 2015 , we had 16,947 and 29,674 weighted average restricted shares, respectively, that were excluded from the calculation of diluted earnings per share as they were antidilutive.

Segment information

Segment information	6 Months Ended
	Jun. 30, 2015
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. While we focus on Residential acquiring rental properties through the acquisition of distressed mortgage loans, we have also always considered purchasing rental properties through other avenues, including, without limitation, though the purchase of portfolios of single-family rental properties, REO properties, residential mortgage-backed securities, clean-up calls and other distressed assets. As a result, we operate in a single segment focused on the management of Residential's resolution of sub-performing and non-performing mortgages and ownership of rental residential properties.

Mortgage loans (Tables)

Mortgage loans (Tables)	6 Months Ended
	Jun. 30, 2015
Mortgage Loans on Real Estate [Abstract]
Schedule of information for estimates of contractually required payments and cash flows expected	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): Six months ended June 30, 2015 Accretable Yield Carrying Amount of Loans Balance at the beginning of the period $ 7,640 $ 12,535 Additions — 37 Payments and other reductions, net (3,285 ) (7,064 ) Accretion (469 ) 469 Balance at the end of the period $ 3,886 $ 5,977

Fair value of financial instr19

Fair value of financial instruments (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 and December 31, 2014 ($ in thousands): Level 1 Level 2 Level 3 Quoted prices in active markets Observable inputs other than Level 1 prices Unobservable inputs June 30, 2015 Recurring basis (assets) Mortgage loans $ — $ — $ 1,716,489 Nonrecurring basis (assets) Real estate assets held for sale $ — $ — $ 153,868 Transfer of real estate owned to mortgage loans $ — $ — $ 2,865 Transfer of mortgage loans to real estate owned $ — $ — $ 271,547 Not recognized on consolidated balance sheets at fair value (assets) Mortgage loans held for sale $ — $ — $ 5,977 Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase and loan and security agreements at fair value $ — $ 810,236 $ — Other secured borrowings $ — $ 521,500 $ — December 31, 2014 Recurring basis (assets) Mortgage loans $ — $ — $ 1,959,044 Nonrecurring basis (assets) Real estate assets held for sale $ — $ — $ 96,041 Transfer of real estate owned to mortgage loans $ — $ — $ 8,400 Transfer of mortgage loans to real estate owned $ — $ — $ 595,668 Not recognized on consolidated balance sheets at fair value (assets) Mortgage loans held for sale $ — $ — $ 12,535 Not recognized on consolidated balance sheets at fair value (liabilities) Repurchase agreements at fair value $ — $ 1,015,000 $ — Other secured borrowings $ — $ 336,409 $ —
Fair value, assets measured on recurring basis, 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 June 30, 2015 Three months ended June 30, 2014 Six months ended June 30, 2015 Six months ended June 30, 2014 Mortgage loans Beginning balance $ 1,853,495 $ 1,766,142 $ 1,959,044 $ 1,207,163 Investment in mortgage loans — 300,503 — 913,011 Net unrealized gain on mortgage loans 42,209 105,042 103,343 170,172 Net realized gain on mortgage loans 19,272 10,819 34,654 20,140 Mortgage loan dispositions and payments (82,070 ) (44,314 ) (147,238 ) (83,772 ) Real estate tax advances to borrowers 4,264 4,716 11,391 12,722 Reclassification of realized gains on real estate sold from unrealized gains 13,175 — 23,977 — Transfer of real estate owned to mortgage loans 1,509 5,563 2,865 5,563 Transfer of mortgage loans to real estate owned (135,365 ) (124,443 ) (271,547 ) (220,971 ) Ending balance at June 30 $ 1,716,489 $ 2,024,028 $ 1,716,489 $ 2,024,028 Net unrealized gain on mortgage loans held at the end of the period $ 29,784 $ 70,623 $ 80,852 $ 108,820
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 June 30, 2015 and December 31, 2014 ($ in thousands): Number of loans Carrying Value Unpaid principal balance Market value of underlying properties (1) June 30, 2015 Current 727 $ 117,544 $ 165,532 $ 169,272 30 102 16,148 22,309 24,784 60 59 7,128 10,398 11,972 90 1,930 316,877 493,893 477,131 Foreclosure 6,316 1,258,792 1,767,873 1,654,676 Mortgage loans 9,134 $ 1,716,489 $ 2,460,005 $ 2,337,835 December 31, 2014 Current 670 $ 107,467 $ 159,731 $ 160,654 30 109 15,424 22,629 24,046 60 57 7,921 11,624 12,510 90 2,286 361,434 569,930 544,709 Foreclosure 7,841 1,466,798 2,172,047 1,951,606 Mortgage Loans 10,963 $ 1,959,044 $ 2,935,961 $ 2,693,525 _____________ (1) Market value is based on the most recent BPO provided to us by the applicable seller for each property in the respective portfolio as of its cut-off date or an updated BPO received since the acquisition was completed. The following table sets forth the carrying value of Residential's remaining re-performing mortgage loans from the re-performing loan portfolio acquired in June 2014, which are held for sale, the related unpaid principal balance and market value of underlying properties by delinquency status as of June 30, 2015 and December 31, 2014 ($ in thousands): Number of loans Carrying value Unpaid principal balance Market value of underlying properties (1) June 30, 2015 Current 13 $ 1,908 $ 2,531 $ 3,760 30 6 1,045 1,440 1,909 60 5 466 1,254 1,253 90 17 2,457 3,126 3,847 Foreclosure 3 101 422 348 Mortgage loans held for sale 44 $ 5,977 $ 8,773 $ 11,117 December 31, 2014 Current 68 $ 8,317 $ 11,938 $ 15,154 30 6 1,118 1,667 2,004 60 4 359 644 670 90 24 2,741 4,149 4,624 Mortgage loans held for sale 102 $ 12,535 $ 18,398 $ 22,452 _____________ (1) Market value is based on the most recent BPO provided to us by the applicable seller for each property in the respective portfolio as of its cut-off date or an updated BPO received since the acquisition was completed.
Fair value measurements, recurring and nonrecurring, unobservable inputs	The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of Residential's mortgage loans as of June 30, 2015 and December 31, 2014 : Input June 30, 2015 December 31, 2014 Equity discount rate 15.0% 15.0% Debt to asset ratio 65.0% 65.0% Cost of funds 3.5% over 1 month LIBOR 3.5% over 1 month LIBOR Annual change in home pricing index 0% to 7.5% -0.1% to 7.6% Loan resolution probabilities — modification 0% to 44.7% 0% to 44.7% 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 to 5.3 Value of underlying properties $500 - $5,500,000 $3,000 - $5,300,000

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of repurchase agreements	The following table sets forth data with respect to Residential's repurchase agreements and the Nomura loan agreement as of June 30, 2015 and December 31, 2014 ($ in thousands): Maximum borrowing capacity Book value of collateral Amount outstanding June 30, 2015 CS repurchase agreement due April 18, 2016 $ 275,000 $ 367,114 $ 202,855 Wells repurchase agreement due March 23, 2016 471,303 949,984 471,303 DB repurchase agreement due March 11, 2016 91,750 208,958 91,750 Nomura loan agreement due April 8, 2016 200,000 69,831 44,328 $ 1,038,053 $ 1,595,887 $ 810,236 December 31, 2014 CS repurchase agreement due April 20, 2015 $ 225,000 $ 332,618 $ 222,044 Wells repurchase agreement due March 23, 2015 750,000 1,036,409 569,509 DB repurchase agreement due March 11, 2016 250,000 450,532 223,447 $ 1,225,000 $ 1,819,559 $ 1,015,000
Schedule of other secured debt	The following table sets forth data with respect to these notes as of June 30, 2015 and December 31, 2014 ($ in thousands): Interest Rate Amount outstanding June 30, 2015 ARLP Securitization Trust, Series 2015-1 ARLP 2015-1 Class A Notes due May 25, 2055 (1) 4.01 % $ 205,000 ARLP 2015-1 Class M Notes due May 25, 2044 — % 60,000 ARLP Securitization Trust, Series 2014-2 ARLP 2014-2 Class A Notes due January 26, 2054 (2) 3.87 % 255,144 ARLP 2014-2 Class M Notes due January 26, 2054 — % 234,010 ARLP Securitization Trust, Series 2014-1 ARLP 2014-1 Class A Notes due September 25, 2044 (3) 3.47 % 142,919 ARLP 2014-1 Class M Notes due September 25, 2044 (4) 4.25 % 32,000 ARNS, Inc. Securities sold under agreement to repurchase due September 22, 2015 5.00 % 14,991 Intercompany eliminations Elimination of ARLP 2015-1 Class A Notes due to ARNS, Inc. (34,000 ) Elimination of ARLP 2015-1 Class M Notes due to ARLP (60,000 ) Elimination of ARLP 2014-2 Class A Notes due to ARNS, Inc. (45,138 ) Elimination of ARLP 2014-2 Class M Notes due to ARLP (234,010 ) Elimination of ARLP 2014-1 Class A Notes due to ARNS, Inc. (14,991 ) Elimination of ARLP 2014-1 Class M Notes due to ARNS, Inc. (32,000 ) $ 523,925 December 31, 2014 ARLP Securitization Trust, Series 2014-2 ARLP 2014-2 Class A Notes due January 26, 2054 (2) 3.85 % $ 269,820 ARLP 2014-2 Class M Notes due January 26, 2054 — % 234,010 ARLP Securitization Trust, Series 2014-1 ARLP 2014-1 Class A Notes due September 25, 2044 (3) 3.47 % 150,000 ARLP 2014-1 Class M Notes due September 25, 2044 (4) 4.25 % 32,000 ARNS, Inc. Securities sold under agreement to repurchase due March 27, 2015 5.00 % 14,991 Intercompany eliminations Elimination of ARLP 2014-2 Class A Notes due to ARNS, Inc. (95,729 ) Elimination of ARLP 2014-2 Class M Notes due to ARNS, Inc. (234,010 ) Elimination of ARLP 2014-1 Class A Notes due to ARNS, Inc. (15,000 ) Elimination of ARLP 2014-1 Class M Notes due to ARNS, Inc. (32,000 ) $ 324,082 _____________ (1) The expected redemption date for the Class A Notes ranges from June 25, 2018 to June 25, 2019. (2) The expected redemption date for the Class A Notes ranges from November 27, 2017 to November 27, 2018. (3) The expected redemption date for the Class A Notes ranges from September 25, 2017 to September 25, 2018. (4) The expected redemption date for the Class M Notes is September 25, 2018.

Related party transactions (Tab

Related party transactions (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Schedule of related party transactions	Our Consolidated Statements of Operations included the following significant related party transactions ($ in thousands): Three months ended June 30, 2015 Six months ended June 30, 2015 Counter-party Consolidated Statements of Operations location 2015 Expense reimbursements — 750 Residential/NewSource Net income attributable to noncontrolling interest in consolidated affiliate Conversion fee 399 399 Residential Net income attributable to noncontrolling interest in consolidated affiliate Base management fee 4,962 5,172 Residential/NewSource Net income attributable to noncontrolling interest in consolidated affiliate Management incentive fee — 14,900 Residential Net income attributable to noncontrolling interest in consolidated affiliate Professional fee sharing for negotiation of AMA — 2,000 Residential Net income attributable to noncontrolling interest in consolidated affiliate Three months ended June 30, 2014 Six months ended June 30, 2014 Counter-party Consolidated Statements of Operations location 2014 Residential property operating expenses $ 3,169 $ 4,219 Ocwen/Altisource Residential property operating expenses Mortgage loan servicing costs 14,942 25,432 Ocwen Mortgage loan servicing costs Due diligence and unsuccessful deal costs 1,655 1,766 Altisource Related party general and administrative expenses Office and occupancy costs 69 143 Ocwen Related party general and administrative expenses Salaries and benefits 612 1,129 Ocwen/Altisource Related party general and administrative expenses Base management fee 210 521 NewSource Net income attributable to noncontrolling interest in consolidated affiliate Expense reimbursements 1,789 3,258 Residential Net income attributable to noncontrolling interest in consolidated affiliate Management incentive fee 13,715 24,626 Residential Net income attributable to noncontrolling interest in consolidated affiliate

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of earning per share, basic and diluted	The following table sets forth the components of diluted earnings per share (in thousands, except share and per share amounts): Three months ended June 30, 2015 Three months ended June 30, 2014 Six months ended June 30, 2015 Six months ended June 30, 2014 Numerator Net income $ 743 $ 13,230 $ 7,631 20,058 Amortization of preferred stock issuance costs 50 — 103 — Numerator for basic EPS - income available to common stockholders 693 13,230 7,528 20,058 Add back amortization of preferred stock issuance costs 50 — 103 — Numerator for diluted EPS - income available to common stockholders after assumed conversions $ 743 $ 13,230 $ 7,631 $ 20,058 Denominator Weighted average common stock outstanding – basic 2,218,533 2,255,278 2,211,357 2,310,931 Stock options using treasury method 230,243 250,287 231,478 262,033 Restricted stock 98,179 169,341 109,487 176,665 Preferred shares if converted 200,000 200,000 200,000 115,556 Weighted average common stock outstanding – diluted 2,746,955 2,874,906 2,752,322 2,865,185 Earnings per basic share $ 0.31 $ 5.87 $ 3.40 $ 8.68 Earnings per diluted share $ 0.27 $ 4.60 $ 2.77 $ 7.00

Organization and basis of pre23

Organization and basis of presentation (Details)	Dec. 28, 2014	Sep. 30, 2014USD ($)	Mar. 18, 2014USD ($)$ / sharesshares	Oct. 31, 2013USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2014USD ($)	Jun. 30, 2015USD ($)offering	Jun. 29, 2015USD ($)	Apr. 20, 2015USD ($)	Apr. 10, 2015USD ($)	Feb. 09, 2015USD ($)	Nov. 25, 2014USD ($)	Sep. 25, 2014USD ($)	Sep. 23, 2013USD ($)	Mar. 22, 2013USD ($)
Organization and Basis of Presentation [Line Items]
Proceeds from issuance of common stock					$ 537,000	$ 3,155,000
Amount outstanding					810,236,000		$ 1,015,000,000	$ 1,015,000,000	$ 810,236,000
Number of days master repurchase agreement may be extended	89 days
Other secured borrowings (from consolidated VIE)					523,925,000		324,082,000	324,082,000	523,925,000
Securities sold under agreements to repurchase		$ 15,000,000
Purchase price of securities sold under agreements to repurchase		$ 15,000,000
Shares issued of redeemable convertible preferred stock | shares			250,000
Proceeds from issuance of redeemable convertible preferred stock			$ 250,000,000
Shares authorized for repurchase					300,000,000				300,000,000
Remaining shares authorized for repurchase					59,400,000				$ 59,400,000
Redemption price per share | $ / shares			$ 1,000
Conversion price per share | $ / shares			$ 1,250
Residential
Organization and Basis of Presentation [Line Items]
Number of public offerings | offering									3
Proceeds from issuance of common stock									$ 1,100,000,000
Loans | ARLP 2015-1
Organization and Basis of Presentation [Line Items]
Book value of the underlying securitized assets					275,700,000				275,700,000
Loans | ARLP 2014-2
Organization and Basis of Presentation [Line Items]
Book value of the underlying securitized assets					329,000,000				329,000,000
Loans | ARLP 2014-1
Organization and Basis of Presentation [Line Items]
Book value of the underlying securitized assets					208,500,000				208,500,000
Asset-backed securities Class A notes Trust 2
Organization and Basis of Presentation [Line Items]
Other secured borrowings (from consolidated VIE)					$ 255,144,000		$ 269,820,000	$ 269,820,000	$ 255,144,000				$ 50,700,000	$ 270,800,000
Interest rate on debt					3.87%		3.85%	3.85%	3.87%					3.85%
Secured debt issued to affiliates					$ 45,138,000		$ 95,729,000	$ 95,729,000	$ 45,138,000					$ 95,800,000
Asset-backed securities Class M notes Trust 2
Organization and Basis of Presentation [Line Items]
Other secured borrowings (from consolidated VIE)					$ 234,010,000		$ 234,010,000	$ 234,010,000	$ 234,010,000					$ 234,000,000
Interest rate on debt					0.00%		0.00%	0.00%	0.00%
Secured debt issued to affiliates					$ 234,010,000		$ 234,010,000	$ 234,010,000	$ 234,010,000
Asset-backed securities Class A notes
Organization and Basis of Presentation [Line Items]
Other secured borrowings (from consolidated VIE)					$ 142,919,000		$ 150,000,000	$ 150,000,000	$ 142,919,000						$ 150,000,000
Interest rate on debt					3.47%		3.47%	3.47%	3.47%						3.47%
Secured debt issued to affiliates					$ 14,991,000		$ 15,000,000	$ 15,000,000	$ 14,991,000
Asset-backed securities Class M notes
Organization and Basis of Presentation [Line Items]
Other secured borrowings (from consolidated VIE)					$ 32,000,000		$ 32,000,000	$ 32,000,000	$ 32,000,000						$ 32,000,000
Interest rate on debt					4.25%		4.25%	4.25%	4.25%						4.25%
Secured debt issued to affiliates					$ 32,000,000		$ 32,000,000	$ 32,000,000	$ 32,000,000
Repurchase agreement NewSource
Organization and Basis of Presentation [Line Items]
Securities sold under agreements to repurchase					$ 14,991,000		$ 14,991,000	$ 14,991,000	$ 14,991,000
Securities sold under agreement to repurchase, interest rate	5.00%				5.00%		5.00%	5.00%	5.00%
Asset-backed Securities Class A Notes 2015-1
Organization and Basis of Presentation [Line Items]
Other secured borrowings (from consolidated VIE)					$ 205,000,000				$ 205,000,000	$ 205,000,000
Interest rate on debt					4.01%				4.01%	4.01%
Secured debt issued to affiliates					$ 34,000,000				$ 34,000,000	$ 34,000,000
Asset-backed Securities Class M Notes 2015-1
Organization and Basis of Presentation [Line Items]
Other secured borrowings (from consolidated VIE)					$ 60,000,000				$ 60,000,000	$ 60,000,000
Interest rate on debt					0.00%				0.00%
Secured debt issued to affiliates					$ 60,000,000				$ 60,000,000
Secured debt
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity							$ 1,200,000,000	$ 1,200,000,000
Secured debt | Residential
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity					1,038,053,000		1,225,000,000	1,225,000,000	1,038,053,000
Secured Debt					810,200,000		$ 1,015,000,000	1,015,000,000	810,200,000
Amount outstanding					810,236,000				810,236,000
Secured debt | CS repurchase agreement
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity											$ 275,000,000
Number of days master repurchase agreement may be extended							1 year
Secured debt | CS repurchase agreement | Residential
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity					275,000,000		$ 225,000,000	225,000,000	275,000,000								$ 100,000,000
Secured Debt					202,855,000		222,044,000	222,044,000	202,855,000
Secured debt | DB repurchase agreement | Residential
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity					91,750,000		250,000,000	250,000,000	91,750,000
Secured Debt					91,750,000		223,447,000	223,447,000	91,750,000
Secured debt | WF repurchase agreement | Residential
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity					471,303,000		750,000,000	750,000,000	471,303,000							$ 200,000,000
Secured Debt					471,303,000		$ 569,509,000	569,509,000	471,303,000
Maximum borrowing capacity during period								$ 1,000,000,000
Advance rate under repurchase agreement							10.00%
Term of nonrenewal restrictions							90 days
Secured debt | Nomura loan and security agreement | Residential
Organization and Basis of Presentation [Line Items]
Maximum borrowing capacity					200,000,000				200,000,000			$ 100,000,000
Secured Debt					$ 44,328,000				$ 44,328,000
NewSource Reinsurance Company Ltd. | Common stock
Organization and Basis of Presentation [Line Items]
Payments made for investments				$ 2,000,000
Percent of common stock owned of investments				100.00%
NewSource Reinsurance Company Ltd. | Preferred stock | Residential | Residential Corporation
Organization and Basis of Presentation [Line Items]
Payments made for investments				$ 18,000,000

Mortgage loans - Narrative (Det

Mortgage loans - Narrative (Details)	Sep. 30, 2014USD ($)	Jun. 27, 2014USD ($)loan	Jun. 30, 2015USD ($)loan	Oct. 31, 2014USD ($)loan	Jun. 30, 2015USD ($)loan	Jun. 30, 2014USD ($)loan	Jun. 30, 2015USD ($)loan	Jun. 30, 2014USD ($)loan	Dec. 31, 2014USD ($)loan
Mortgage Loans on Real Estate [Line Items]
Number of real estate properties directly acquired | loan						190	0	190
Purchase price of loans acquired								$ 940,500,000
Number of real estate properties acquired through foreclosure | loan					687	894	1,411	1,530
Transfer of mortgage loans to real estate owned							$ 271,547,000	$ 220,971,000
Unrealized gain (loss) on conversion of mortgage loans to real estate					$ 14,700,000	$ 28,500,000	33,100,000	52,100,000
Net realized gain on mortgage loans					19,272,000	10,819,000	34,654,000	20,140,000
Purchase price of loans held for investment acquired		$ 144,600,000
Purchase price of securities sold under agreements to repurchase	$ 15,000,000
Net proceeds from loans sold			$ 16,200,000
Accretion of interest on re-performing mortgage loans					200,000		469,000	0
Mortgage loans held for sale (from consolidated VIE)			$ 5,977,000		5,977,000		5,977,000		$ 12,535,000
Loans receivable | Residential mortgage
Mortgage Loans on Real Estate [Line Items]
Due diligence costs					300,000	2,400,000	400,000	2,900,000
Transfer of mortgage loans to real estate owned					133,900,000	120,800,000	268,700,000	217,400,000
Number of mortgage loans liquidated | loan			189	934
Net realized gain on mortgage loans					$ 19,300,000	$ 10,800,000	$ 34,700,000	$ 20,100,000
Proceeds from sale of loans			$ 34,600,000	$ 164,000,000
Nonperforming Financing Receivable | Loans receivable | Residential mortgage
Mortgage Loans on Real Estate [Line Items]
Number of loans acquired | loan								5,797
Unpaid principal balance of loans and real estate acquired								$ 1,600,000,000
Market value of underlying properties collateralizing loans acquired								$ 1,400,000,000
Number of mortgage loans liquidated | loan			137	164	270	135	420	251
Performing Financing Receivable | Loans receivable | Residential mortgage
Mortgage Loans on Real Estate [Line Items]
Number of loans acquired | loan		879
Number of mortgage loans liquidated | loan			52	770
Market value of underlying properties collateralizing loans held for investment acquired		$ 271,100,000
Balance of performing loans held for investment			$ 8,773,000		$ 8,773,000		$ 8,773,000		$ 18,398,000
Residential portfolio segment | Nonperforming Financing Receivable | Loans receivable | Residential mortgage
Mortgage Loans on Real Estate [Line Items]
Foreclosure, number of loans in process | loan			6,316		6,316		6,316		7,841
Foreclosure, carrying value of loans in process			$ 1,258,792,000		$ 1,258,792,000		$ 1,258,792,000		$ 1,466,798,000
Balance of performing loans held for investment			2,460,005,000		$ 2,460,005,000		2,460,005,000		$ 2,935,961,000
Asset-backed Securities Trust 2014-1 and 2014-2 | Secured debt
Mortgage Loans on Real Estate [Line Items]
Repayment of loans collateralizing secured debt			$ 2,000,000
Wells Fargo Repurchase Agreement | Secured debt
Mortgage Loans on Real Estate [Line Items]
Purchase price of securities sold under agreements to repurchase							$ 16,400,000

Mortgage loans - Certain Loans

Mortgage loans - Certain Loans Acquired Not Accounted For As Debt Securities (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Accretable Yield
Balance at the beginning of the period		$ 7,640
Additions		0
Payments and other reductions, net		(3,285)
Accretion	$ (200)	(469)	$ 0
Balance at the end of the period	3,886	3,886
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group [Abstract]
Balance at the beginning of the period		12,535
Additions		37
Payments and other reductions, net		(7,064)
Accretion		469
Balance at the end of the period	$ 5,977	$ 5,977

Real estate assets, net (Detail

Real estate assets, net (Details) $ in Thousands	Jun. 28, 2015USD ($)loan	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)loanproperty	Jun. 30, 2015USD ($)loanproperty	Jun. 30, 2014USD ($)loanproperty	Dec. 31, 2014USD ($)property
Real Estate [Abstract]
Number of real estate properties directly acquired | loan			190	0	190
Investment in real estate | $			$ 27,569	$ 0	$ 27,569
Number of real estate properties to be directly acquired | loan	1,325
Purchase price for acquisition of real estate | $	$ 112,600
Number of real estate properties held for use		3,977	1,766	3,977	1,766	3,349
Number of real estate properties rented		777	102	777	102	336
Number of real estate properties listed for rent		96	40	96	40	197
Number of real estate properties in various stages of lease preparation		111	140	111	140	254
Number of real estate properties under evaluation for rental portfolio		2,993	1,484	2,993	1,484	2,562
Number of real estate properties held for sale		819	192	819	192	611
Real estate assets held for sale (from consolidated VIE) | $		$ 134,027	$ 27,600	$ 134,027	$ 27,600	$ 92,230
Impairment recognized on REO properties | $		7,800		7,800		4,900
Real estate assets held for sale fair value | $		$ 153,900		$ 153,900		$ 96,000
Number of real estate properties sold		321	22	575	24
Net realized gain on real estate | $		$ 12,404	$ 1,234	$ 23,012	$ 1,234

Fair value of financial instr27

Fair value of financial instruments - Fair value, assets and liabilities measured on recurring and nonrecurring basis (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets held for sale	$ 153,900	$ 96,000
Level 1, Quoted prices in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	0	0
Repurchase agreements at fair value	0	0
Other secured borrowings	0	0
Level 2, Observable inputs other than Level 1 prices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	0	0
Repurchase agreements at fair value	810,236	1,015,000
Other secured borrowings	521,500	336,409
Level 3, Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	5,977	12,535
Repurchase agreements at fair value	0	0
Other secured borrowings	0	0
Fair value measurements, recurring | Level 1, Quoted prices in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	0	0
Fair value measurements, recurring | Level 2, Observable inputs other than Level 1 prices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	0	0
Fair value measurements, recurring | Level 3, Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans	1,716,489	1,959,044
Fair value measurements, nonrecurring | Level 1, Quoted prices in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets held for sale	0	0
Transfer of real estate owned to mortgage loans	0	0
Transfer of mortgage loans to real estate owned	0	0
Fair value measurements, nonrecurring | Level 2, Observable inputs other than Level 1 prices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets held for sale	0	0
Transfer of real estate owned to mortgage loans	0	0
Transfer of mortgage loans to real estate owned	0	0
Fair value measurements, nonrecurring | Level 3, Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate assets held for sale	153,868	96,041
Transfer of real estate owned to mortgage loans	2,865	8,400
Transfer of mortgage loans to real estate owned	$ 271,547	$ 595,668

Fair value of financial instr28

Fair value of financial instruments - Fair value, assets measure on recurring basis, unobservable inputs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfer of real estate owned to mortgage loans			$ 2,865	$ 3,594
Residential mortgage | Fair value, inputs, level 3 | Loans receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,853,495	$ 1,766,142	1,959,044	1,207,163
Investment in mortgage loans	0	300,503	0	913,011
Net unrealized gain on mortgage loans	42,209	105,042	103,343	170,172
Net realized gain on mortgage loans	19,272	10,819	34,654	20,140
Mortgage loan dispositions and payments	(82,070)	(44,314)	(147,238)	(83,772)
Real estate tax advances to borrowers	4,264	4,716	11,391	12,722
Reclassification of realized gains on real estate sold from unrealized gains	13,175	0	23,977	0
Transfer of real estate owned to mortgage loans	1,509	5,563	2,865	5,563
Transfer of mortgage loans to real estate owned	(135,365)	(124,443)	(271,547)	(220,971)
Ending balance at June 30	1,716,489	2,024,028	1,716,489	2,024,028
Net unrealized gain on mortgage loans held at the end of the period	$ 29,784	$ 70,623	$ 80,852	$ 108,820

Fair value of financial instr29

Fair value of financial instruments - Fair value by delinquency (Details) - Loans receivable - Residential mortgage $ in Thousands	Jun. 30, 2015USD ($)loan	Dec. 31, 2014USD ($)loan
Performing Financing Receivable
Unpaid principal balance
Mortgage loans	$ 8,773	$ 18,398
Residential portfolio segment | Nonperforming Financing Receivable
Number of loans
Current | loan	727	670
Foreclosure | loan	6,316	7,841
Mortgage Loans | loan	9,134	10,963
Carrying Value
Current	$ 117,544	$ 107,467
Foreclosure	1,258,792	1,466,798
Mortgage loans	1,716,489	1,959,044
Unpaid principal balance
Current	165,532	159,731
Foreclosure	1,767,873	2,172,047
Mortgage loans	2,460,005	2,935,961
Market value of underlying properties(1)
Current	169,272	160,654
Foreclosure	1,654,676	1,951,606
Mortgage loans	$ 2,337,835	$ 2,693,525
Residential portfolio segment | Nonperforming Financing Receivable | 30 to 59 Days Past Due
Number of loans
Past Due | loan	102	109
Carrying Value
Past Due	$ 16,148	$ 15,424
Unpaid principal balance
Past Due	22,309	22,629
Market value of underlying properties(1)
Past Due	$ 24,784	$ 24,046
Residential portfolio segment | Nonperforming Financing Receivable | 60 to 89 Days Past Due
Number of loans
Past Due | loan	59	57
Carrying Value
Past Due	$ 7,128	$ 7,921
Unpaid principal balance
Past Due	10,398	11,624
Market value of underlying properties(1)
Past Due	$ 11,972	$ 12,510
Residential portfolio segment | Nonperforming Financing Receivable | Equal to Greater than 90 Days Past Due
Number of loans
Past Due | loan	1,930	2,286
Carrying Value
Past Due	$ 316,877	$ 361,434
Unpaid principal balance
Past Due	493,893	569,930
Market value of underlying properties(1)
Past Due	$ 477,131	$ 544,709
Residential portfolio segment | Performing Financing Receivable
Number of loans
Current | loan	13	68
Mortgage Loans | loan	44	102
Carrying Value
Current	$ 1,908	$ 8,317
Mortgage loans	5,977	12,535
Unpaid principal balance
Current	2,531	11,938
Market value of underlying properties(1)
Current	3,760	15,154
Mortgage loans	$ 11,117	$ 22,452
Residential portfolio segment | Performing Financing Receivable | 30 to 59 Days Past Due
Number of loans
Past Due | loan	6	6
Carrying Value
Past Due	$ 1,045	$ 1,118
Unpaid principal balance
Past Due	1,440	1,667
Market value of underlying properties(1)
Past Due	$ 1,909	$ 2,004
Residential portfolio segment | Performing Financing Receivable | 60 to 89 Days Past Due
Number of loans
Past Due | loan	5	4
Carrying Value
Past Due	$ 466	$ 359
Unpaid principal balance
Past Due	1,254	644
Market value of underlying properties(1)
Past Due	$ 1,253	$ 670
Residential portfolio segment | Performing Financing Receivable | Equal to Greater than 90 Days Past Due
Number of loans
Past Due | loan	17	24
Foreclosure | loan	3
Carrying Value
Past Due	$ 2,457	$ 2,741
Foreclosure	101
Unpaid principal balance
Past Due	3,126	4,149
Foreclosure	422
Market value of underlying properties(1)
Past Due	3,847	$ 4,624
Foreclosure	$ 348

Fair value of financial instr30

Fair value of financial instruments - Fair value inputs, quantitative information (Details) - Residential mortgage - Loans receivable - Fair value, inputs, level 3 - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair value inputs, assets, quantitative information [Line Items]
Equity discount rate	15.00%	15.00%
Debt to asset ratio	65.00%	65.00%
Cost of funds	3.50%	3.50%
LIBOR reference rate	1 month LIBOR	1 month LIBOR
Minimum
Fair value inputs, assets, quantitative information [Line Items]
Annual change in home pricing index	0.00%	(0.10%)
Loan resolution probabilities — modification	0.00%	0.00%
Loan resolution probabilities — rental	0.00%	0.00%
Loan resolution probabilities — liquidation	0.00%	0.00%
Loan resolution timelines (in years)	1 month	1 month
Value of underlying properties	$ 500	$ 3,000
Maximum
Fair value inputs, assets, quantitative information [Line Items]
Annual change in home pricing index	7.50%	7.60%
Loan resolution probabilities — modification	44.70%	44.70%
Loan resolution probabilities — rental	100.00%	100.00%
Loan resolution probabilities — liquidation	100.00%	100.00%
Loan resolution timelines (in years)	5 years 4 months	5 years 4 months
Value of underlying properties	$ 5,500,000	$ 5,300,000

Borrowings - Repurchase Agreeme

Borrowings - Repurchase Agreements (Details) - USD ($)	Jun. 30, 2015	Apr. 20, 2015	Apr. 10, 2015	Dec. 31, 2014	Sep. 25, 2014	Sep. 23, 2013	Mar. 22, 2013
Debt [Line Items]
Other secured borrowings (from consolidated VIE)	$ 523,925,000			$ 324,082,000
Asset-backed securities Class M notes
Debt [Line Items]
Other secured borrowings (from consolidated VIE)	32,000,000			32,000,000	$ 32,000,000
Asset-backed securities Class M notes | ARLP 2014-1 | Secured debt
Debt [Line Items]
Book value of collateral	17,000,000
Asset-backed securities Class A notes
Debt [Line Items]
Other secured borrowings (from consolidated VIE)	142,919,000			150,000,000	$ 150,000,000
Asset-backed securities Class A notes | ARLP 2014-2 | Secured debt
Debt [Line Items]
Book value of collateral	$ 45,100,000
Secured debt
Debt [Line Items]
Interest rate	3.30%
Maximum borrowing capacity				1,200,000,000
Secured debt | Residential
Debt [Line Items]
Maximum borrowing capacity	$ 1,038,053,000			1,225,000,000
Book value of collateral	1,595,887,000			1,819,559,000
Secured Debt	810,200,000			1,015,000,000
Secured debt | CS repurchase agreement due April 18, 2016
Debt [Line Items]
Maximum borrowing capacity		$ 275,000,000
Secured debt | CS repurchase agreement due April 18, 2016 | Secured debt, Class M notes
Debt [Line Items]
Secured Debt	10,600,000
Secured debt | CS repurchase agreement due April 18, 2016 | Secured debt, Class A notes Trust 2
Debt [Line Items]
Secured Debt	29,400,000
Secured debt | CS repurchase agreement due April 18, 2016 | Residential
Debt [Line Items]
Maximum borrowing capacity	275,000,000			225,000,000			$ 100,000,000
Book value of collateral	367,114,000			332,618,000
Secured Debt	202,855,000			222,044,000
Secured debt | Wells repurchase agreement due March 23, 2016 | Residential
Debt [Line Items]
Maximum borrowing capacity	471,303,000			750,000,000		$ 200,000,000
Book value of collateral	949,984,000			1,036,409,000
Secured Debt	471,303,000			569,509,000
Secured debt | DB repurchase agreement due March 11, 2016 | Residential
Debt [Line Items]
Maximum borrowing capacity	91,750,000			250,000,000
Book value of collateral	208,958,000			450,532,000
Secured Debt	91,750,000			$ 223,447,000
Secured debt | Nomura loan agreement | Residential
Debt [Line Items]
Maximum borrowing capacity	200,000,000		$ 100,000,000
Book value of collateral	69,831,000
Secured Debt	$ 44,328,000

Borrowings - Other Secured Debt

Borrowings - Other Secured Debt (Details) - USD ($)	Dec. 28, 2014	Sep. 30, 2014	Jun. 30, 2015	Jun. 29, 2015	Feb. 09, 2015	Dec. 31, 2014	Nov. 25, 2014	Sep. 25, 2014
Debt Instrument [Line Items]
Other secured borrowings (from consolidated VIE)			$ 523,925,000			$ 324,082,000
Securities sold under agreements to repurchase		$ 15,000,000
Purchase price of securities sold under agreements to repurchase		$ 15,000,000
Number of days master repurchase agreement may be extended	89 days
Loans | ARLP 2014-2
Debt Instrument [Line Items]
Book value of the underlying securitized assets			329,000,000
Loans | ARLP 2015-1
Debt Instrument [Line Items]
Book value of the underlying securitized assets			275,700,000
Loans | ARLP 2014-1
Debt Instrument [Line Items]
Book value of the underlying securitized assets			208,500,000
Asset-backed Securities Class A Notes 2015-1
Debt Instrument [Line Items]
Other secured borrowings (from consolidated VIE)			$ 205,000,000	$ 205,000,000
Interest rate on debt			4.01%	4.01%
Secured debt issued to affiliates			$ (34,000,000)	$ (34,000,000)
Asset-backed Securities Class M Notes 2015-1
Debt Instrument [Line Items]
Other secured borrowings (from consolidated VIE)			$ 60,000,000	$ 60,000,000
Interest rate on debt			0.00%
Secured debt issued to affiliates			$ (60,000,000)
Asset-backed securities Class A notes Trust 2
Debt Instrument [Line Items]
Other secured borrowings (from consolidated VIE)			$ 255,144,000		$ 50,700,000	$ 269,820,000	$ 270,800,000
Interest rate on debt			3.87%			3.85%	3.85%
Secured debt issued to affiliates			$ (45,138,000)			$ (95,729,000)	$ (95,800,000)
Asset-backed securities Class M notes Trust 2
Debt Instrument [Line Items]
Other secured borrowings (from consolidated VIE)			$ 234,010,000			$ 234,010,000	$ 234,000,000
Interest rate on debt			0.00%			0.00%
Secured debt issued to affiliates			$ (234,010,000)			$ (234,010,000)
Asset-backed securities Class A notes
Debt Instrument [Line Items]
Other secured borrowings (from consolidated VIE)			$ 142,919,000			$ 150,000,000		$ 150,000,000
Interest rate on debt			3.47%			3.47%		3.47%
Secured debt issued to affiliates			$ (14,991,000)			$ (15,000,000)
Asset-backed securities Class M notes
Debt Instrument [Line Items]
Other secured borrowings (from consolidated VIE)			$ 32,000,000			$ 32,000,000		$ 32,000,000
Interest rate on debt			4.25%			4.25%		4.25%
Secured debt issued to affiliates			$ (32,000,000)			$ (32,000,000)
Repurchase agreement NewSource
Debt Instrument [Line Items]
Securities sold under agreements to repurchase			$ 14,991,000			$ 14,991,000
Securities sold under agreement to repurchase, interest rate	5.00%		5.00%			5.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - Jun. 30, 2015 - USD ($)	Total
Commitments and Contingencies Disclosure [Abstract]
Agreed upon attoneys fees	$ 6,000,000
Loss contingency accrual	$ 3,000,000

Related party transactions (Det

Related party transactions (Details)	Apr. 01, 2015	Mar. 31, 2015property	Dec. 28, 2014	Sep. 30, 2014USD ($)	Dec. 21, 2012property	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Related party transaction [Line Items]
US Treasury rate term		10 years
Securities sold under agreements to repurchase				$ 15,000,000
Purchase price of securities sold under agreements to repurchase				$ 15,000,000
Number of days master repurchase agreement may be extended			89 days
Related party general and administrative						$ 0	$ 2,675,000	$ 0	$ 3,598,000
Repurchase agreement NewSource
Related party transaction [Line Items]
Securities sold under agreements to repurchase						$ 14,991,000		$ 14,991,000		$ 14,991,000
Securities sold under agreement to repurchase, interest rate			5.00%			5.00%		5.00%		5.00%
Altisource Residential Corporation | Affiliated entity
Related party transaction [Line Items]
Base management fee, percent of qualified average invested capital		1.50%
Conversion fee, percent of market value of new rental properties		1.50%
Incentive management fee, percent of incentive fee payable in common stock		25.00%
Related party general and administrative							15,500,000
Altisource Residential Corporation | Affiliated entity | Asset management fee, threshold one
Related party transaction [Line Items]
Incentive management fee, percent of average invested capital		25.00%
Base management fee, number of rental properties cap | property		2,500
Incentive management fee, percent of invested capital in excess of threshold		20.00%
Altisource Residential Corporation | Affiliated entity | Asset management fee, threshold two
Related party transaction [Line Items]
Incentive management fee, percent of average invested capital		1.75%
Base management fee, number of rental properties floor | property		2,500
Incentive management fee, number of rental properties cap | property		4,499
Incentive management fee, number of rental properties floor | property					2,500
Incentive management fee, percent of invested capital in excess of threshold		22.50%
Altisource Residential Corporation | Affiliated entity | Asset management fee, threshold three
Related party transaction [Line Items]
Incentive management fee, percent of average invested capital		2.00%
Incentive management fee, number of rental properties floor | property		4,500
Incentive management fee, percent of invested capital in excess of threshold		25.00%
Altisource Residential Corporation | Affiliated entity | Asset Management Agreement (AMA)
Related party transaction [Line Items]
Contract term		15 years
Automatic renewal term	5 years
Altisource Residential Corporation | Affiliated entity | Selling, general and administrative expenses
Related party transaction [Line Items]
Related party general and administrative						$ 5,200,000
Altisource Residential Corporation | Affiliated entity | Selling, general and administrative expenses | Conversion fee [Member]
Related party transaction [Line Items]
Related party expenses						399,000
Altisource Residential Corporation | Affiliated entity | Selling, general and administrative expenses | Base management fee [Member]
Related party transaction [Line Items]
Related party expenses						4,800,000
Altisource Residential Corporation | Affiliated entity | Net income attributable to noncontrolling interest in consolidated affiliate | Expense reimbursements
Related party transaction [Line Items]
Related party expenses							1,789,000		3,258,000
Altisource Residential Corporation | Affiliated entity | Net income attributable to noncontrolling interest in consolidated affiliate | Conversion fee [Member]
Related party transaction [Line Items]
Related party expenses								$ 399,000
Altisource Residential Corporation | Affiliated entity | Net income attributable to noncontrolling interest in consolidated affiliate | Professional fee sharing for negotiation of AMA
Related party transaction [Line Items]
Related party expenses						0		2,000,000
Altisource Residential Corporation | Affiliated entity | Net income attributable to noncontrolling interest in consolidated affiliate | Management incentive fee
Related party transaction [Line Items]
Related party expenses						0	13,715,000	14,900,000	24,626,000
Residential and NewSource | Affiliated entity | Net income attributable to noncontrolling interest in consolidated affiliate | Expense reimbursements
Related party transaction [Line Items]
Related party expenses						0		750,000
Residential and NewSource | Affiliated entity | Net income attributable to noncontrolling interest in consolidated affiliate | Base management fee [Member]
Related party transaction [Line Items]
Related party expenses						$ 4,962,000		$ 5,172,000
Altisource and Ocwen | Affiliated entity | Residential property operating expenses | Residential property operating expenses
Related party transaction [Line Items]
Related party expenses							3,169,000		4,219,000
Altisource and Ocwen | Affiliated entity | Related party general and administrative expenses | Salaries and benefits
Related party transaction [Line Items]
Related party expenses							612,000		1,129,000
Ocwen Financial Corporation | Affiliated entity | Residential property operating expenses | Mortgage loan servicing costs
Related party transaction [Line Items]
Related party expenses							14,942,000		25,432,000
Ocwen Financial Corporation | Affiliated entity | Related party general and administrative expenses | Office and occupancy costs
Related party transaction [Line Items]
Related party expenses							69,000		143,000
Altisource Portfolio Solutions | Affiliated entity | Related party general and administrative expenses | Due diligence and unsuccessful deal costs
Related party transaction [Line Items]
Related party expenses							1,655,000		1,766,000
NewSource Reinsurance Company Ltd. | Affiliated entity | Net income attributable to noncontrolling interest in consolidated affiliate | Base management fee [Member]
Related party transaction [Line Items]
Related party expenses							$ 210,000		$ 521,000
Minimum | Altisource Residential Corporation | Affiliated entity
Related party transaction [Line Items]
Incentive management fee, return on invested capital		7.00%
Maximum | Altisource Residential Corporation | Affiliated entity
Related party transaction [Line Items]
Incentive management fee, return on invested capital		8.25%

Share-based payments (Details)

Share-based payments (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Share-based compensation arrangement by share-based payment award [Line Items]
Value of restricted stock granted to directors annually			$ 60,000		$ 45,000
Required service period for restricted stock			1 year
Director attendance requirement			75.00%
Share-based compensation expense	$ 2,100,000	$ (500,000)	$ 2,900,000	$ 2,700,000
Unamortized stock compensation	$ 23,100,000	$ 22,300,000	$ 23,100,000	$ 22,300,000
Weighted average remaining amortization period of unamortized share based compensation			1 year 10 months	3 years 1 month
Market based restricted stock
Share-based compensation arrangement by share-based payment award [Line Items]
Shares of restricted stock granted			44,132	8,765
Weighted average grant date fair value of market based restricted stock granted			$ 181.02	$ 791.27
Restricted Stock [Member]
Share-based compensation arrangement by share-based payment award [Line Items]
Shares of restricted stock granted			1,122	205
Weighted average grant date fair value of market based restricted stock granted			$ 162.66	$ 1,090.26

Income taxes (Details)

Income taxes (Details)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income tax exemption, percentage	90.00%

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net income	$ 743	$ 13,230	$ 7,631	$ 20,058
Preferred Stock Issuance Cost Adjustment	50	0	103	0
Income available to common stockholders	693	13,230	7,528	20,058
Income available to common stockholders after assumed conversions	$ 743	$ 13,230	$ 7,631	$ 20,058
Weighted average common stock outstanding – basic (usd per share)	2,218,533	2,255,278	2,211,357	2,310,931
Stock options using treasury method	230,243	250,287	231,478	262,033
Restricted stock	98,179	169,341	109,487	176,665
Preferred shares if converted	200,000	200,000	200,000	115,556
Weighted average common stock outstanding – diluted (usd per share)	2,746,955	2,874,906	2,752,322	2,865,185
Earnings per basic share (usd per share)	$ 0.31	$ 5.87	$ 3.40	$ 8.68
Earnings per diluted share (usd per share)	$ 0.27	$ 4.60	$ 2.77	$ 7
Antidilutive securities excluded from earnings per share computation	16,947		29,674