Cherry Hill Mortgage Investment (CHMI) 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 09, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	Cherry Hill Mortgage Investment Corporation
Entity Central Index Key	0001571776
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		16,769,318
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
RMBS, available-for-sale (including pledged assets of $1,897,432 and $1,698,688, respectively)	$ 1,985,958	$ 1,770,110
Investments in Servicing Related Assets at fair value (including pledged assets of $304,029 and $294,907, respectively)	304,029	294,907
Cash and cash equivalents	47,561	31,834
Restricted cash	5,368	8,185
Derivative assets	15,848	24,258
Receivables and other assets	27,890	23,983
Total Assets	2,386,654	2,153,277
Liabilities
Repurchase agreements	1,785,345	1,598,592
Derivative liabilities	1,608	3,816
Notes payable	160,674	157,543
Dividends payable	9,807	11,847
Due to affiliates	1,767	2,003
Accrued expenses and other liabilities	13,155	15,545
Total Liabilities	1,972,356	1,789,346
Stockholders' Equity
Common stock, $0.01 par value, 500,000,000 shares authorized and 16,658,170 shares issued and outstanding as of March 31, 2019 and 500,000,000 shares authorized and 16,652,170 shares issued and outstanding as of December 31, 2018	167	167
Additional paid-in capital	298,746	298,614
Retained earnings	3,867	34,653
Accumulated other comprehensive income (loss)	(6,419)	(38,400)
Total Cherry Hill Mortgage Investment Corporation Stockholders' Equity	411,360	360,673
Non-controlling interests in Operating Partnership	2,938	3,258
Total Stockholders' Equity	414,298	363,931
Total Liabilities and Stockholders' Equity	2,386,654	2,153,277
Series A Preferred Stock [Member]
Stockholders' Equity
Preferred stock value	66,859	65,639
Series B Preferred Stock [Member]
Stockholders' Equity
Preferred stock value	$ 48,140	$ 0

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Assets
RMBS, pledged assets available-for-sale		$ 1,897,432	$ 1,698,688
Investments in Servicing Related pledged assets at fair value	[1]	$ 304,029	$ 294,907
Stockholders' Equity
Preferred stock, par value (in dollars per share)		$ 0.01
Preferred stock, shares authorized (in shares)		100,000,000
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		500,000,000	500,000,000
Common stock, shares issued (in shares)		16,658,170	16,652,170
Common stock, shares outstanding (in shares)		16,658,170	16,652,170
Series A Preferred Stock [Member]
Stockholders' Equity
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)		100,000,000	100,000,000
Preferred stock, shares issued (in shares)		2,767,686	2,718,206
Preferred stock, shares outstanding (in shares)		2,767,686	2,718,206
Preferred stock, liquidation preference		$ 69,192	$ 67,955
Series B Preferred Stock [Member]
Stockholders' Equity
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)		100,000,000	100,000,000
Preferred stock, shares issued (in shares)		2,000,000	0
Preferred stock, shares outstanding (in shares)		2,000,000	0
Preferred stock, liquidation preference		$ 50,000	$ 0
[1]	Carrying value approximates the fair value of the pools (see Note 9).

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Income
Interest income		$ 16,969	$ 13,415
Interest expense		10,744	7,543
Net interest income		6,225	5,872
Servicing fee income		17,188	8,650
Servicing costs		3,821	1,712
Net servicing income		13,367	6,938
Other income (loss)
Realized loss on RMBS, net		0	(4,881)
Realized gain (loss) on derivatives, net		(7,476)	13
Unrealized gain (loss) on derivatives, net		(8,272)	19,626
Unrealized gain (loss) on investments in MSRs		(27,175)	12,498
Total Income		(23,331)	40,066
Expenses
General and administrative expense		963	877
Management fee to affiliate		1,809	1,315
Total Expenses		2,772	2,192
Income (Loss) Before Income Taxes		(26,103)	37,874
Provision for (Benefit from) corporate business taxes	[1]	(4,965)	2,635
Net Income (Loss)		(21,138)	35,239
Net (income) loss allocated to noncontrolling interests in Operating Partnership		349	(456)
Dividends on preferred stock		1,841	1,213
Net Income (Loss) Applicable to Common Stockholders		$ (22,630)	$ 33,570
Net Income (Loss) Per Share of Common Stock
Basic (in dollars per share)		$ (1.36)	$ 2.64
Diluted (in dollars per share)		$ (1.36)	$ 2.64
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)		16,646,114	12,713,265
Diluted (in shares)		16,654,370	12,721,464
[1]	The provision for income taxes is recorded at the TRS level.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Consolidated Statements of Comprehensive Income (Unaudited) [Abstract]
Net income (loss)	$ (21,138)	$ 35,239
Other comprehensive income (loss):
Net unrealized gain (loss) on RMBS	31,981	(35,924)
Reclassification of net realized gain on RMBS included in earnings	0	4,881
Other comprehensive income (loss)	31,981	(31,043)
Comprehensive income	10,843	4,196
Comprehensive income attributable to noncontrolling interests in Operating Partnership	179	54
Dividends on preferred stock	1,841	1,213
Comprehensive income attributable to common stockholders	$ 8,823	$ 2,929

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings (Deficit) [Member]	Non-Controlling Interest in Operating Partnership [Member]	Total	Series A Preferred Stock [Member]Common Stock [Member]	Series A Preferred Stock [Member]Preferred Stock [Member]	Series A Preferred Stock [Member]Additional Paid-in Capital [Member]	Series A Preferred Stock [Member]Accumulated Other Comprehensive Income (Loss) [Member]	Series A Preferred Stock [Member]Retained Earnings (Deficit) [Member]	Series A Preferred Stock [Member]Non-Controlling Interest in Operating Partnership [Member]	Series A Preferred Stock [Member]	Series B Preferred Stock [Member]Common Stock [Member]	Series B Preferred Stock [Member]Preferred Stock [Member]	Series B Preferred Stock [Member]Additional Paid-in Capital [Member]	Series B Preferred Stock [Member]Accumulated Other Comprehensive Income (Loss) [Member]	Series B Preferred Stock [Member]Retained Earnings (Deficit) [Member]	Series B Preferred Stock [Member]Non-Controlling Interest in Operating Partnership [Member]	Series B Preferred Stock [Member]
Beginning balance at Dec. 31, 2017	$ 127	$ 57,917	$ 229,642	$ (2,942)	$ 35,238	$ 2,475	$ 322,457
Beginning balance (in shares) at Dec. 31, 2017	12,721,464	2,400,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	$ 0	$ 0	37	0	0	0	37
Issuance of common stock (in shares)	0	0
Issuance of preferred stock	$ 0	$ 0	0	0	0	0	0
Issuance of preferred stock (in shares)	0	0
Net Income (Loss) before dividends on preferred stock	$ 0	$ 0	0	0	34,783	456	35,239
Other Comprehensive Income	0	0	0	(31,043)	0	0	(31,043)
LTIP-OP Unit awards	0	0	0	0	0	138	138
Distribution paid on LTIP-OP Units	0	0	0	0	0	(83)	(83)
Common dividends declared	0	0	0	0	(6,235)	0	(6,235)
Preferred dividends declared								$ 0	$ 0	$ 0	$ 0	$ (1,213)	$ 0	$ (1,213)
Ending balance at Mar. 31, 2018	$ 127	$ 57,917	229,679	(33,985)	62,573	2,986	319,297
Ending balance (in shares) at Mar. 31, 2018	12,721,464	2,400,000
Beginning balance at Dec. 31, 2018	$ 167	$ 65,639	298,614	(38,400)	34,653	3,258	$ 363,931
Beginning balance (in shares) at Dec. 31, 2018	16,652,170	2,718,206					16,652,170
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	$ 0	$ 0	132	0	0	0	$ 132
Issuance of common stock (in shares)	6,000	0
Issuance of preferred stock	$ 0	$ 49,360	0	0	0	0	49,360
Issuance of preferred stock (in shares)	0	2,049,480
Conversion of OP units	$ 0	$ 0	0	0	0	(103)	(103)
Net Income (Loss) before dividends on preferred stock	0	0	0	0	(20,789)	(349)	(21,138)
Other Comprehensive Income	0	0	0	31,981	0	0	31,981
LTIP-OP Unit awards	0	0	0	0	0	266	266
Distribution paid on LTIP-OP Units	0	0	0	0	0	(134)	(134)
Common dividends declared	0	0	0	0	(8,156)	0	(8,156)
Preferred dividends declared								$ 0	$ 0	$ 0	$ 0	$ (1,419)	$ 0	$ (1,419)	$ 0	$ 0	$ 0	$ 0	$ (422)	$ 0	$ (422)
Ending balance at Mar. 31, 2019	$ 167	$ 114,999	$ 298,746	$ (6,419)	$ 3,867	$ 2,938	$ 414,298
Ending balance (in shares) at Mar. 31, 2019	16,658,170	4,767,686					16,658,170

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common dividends declared (in dollars per share)	$ 0.49	$ 0.49
Series A Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred dividends declared (in dollars per share)	0.5125	$ 0.5125
Series B Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred dividends declared (in dollars per share)	$ 0.3667

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows From Operating Activities
Net income (loss)	$ (21,138)	$ 35,239
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Realized loss on RMBS, net	0	4,881
Change in fair value of investments in Servicing Related Assets	27,175	(12,498)
Realized (gain) loss on derivatives, net	7,476	(13)
Unrealized (gain) loss on derivatives, net	8,272	(19,626)
Realized gain on TBA dollar rolls, net	(406)	(259)
Amortization of premiums on investment securities	1,889	3,460
Amortization of deferred financing costs	199	31
LTIP-OP Unit awards	266	138
Changes in:
Receivables and other assets	(3,907)	(1,082)
Due to affiliates	(236)	1,403
Accrued interest on derivatives	(1,754)	716
Accrued expenses and other liabilities, and dividends payable	(4,430)	4,747
Net cash provided by operating activities	13,406	17,137
Cash Flows From Investing Activities
Purchase of RMBS	(220,328)	(40,556)
Principal paydown of RMBS	34,571	41,644
Proceeds from sale of RMBS	0	157,758
Acquisition of MSRs	(36,296)	(52,841)
Purchase of derivatives	(83)	(842)
Sale of derivatives	1,735	954
Net cash provided by (used in) investing activities	(220,401)	106,117
Cash Flows From Financing Activities
Borrowings under repurchase agreements	1,967,107	1,904,638
Repayments of repurchase agreements	(1,780,354)	(2,070,613)
Proceeds from derivative financing	(9,038)	17,548
Proceeds from bank loans	10,782	36,195
Principal paydown of bank loans	(7,850)	(502)
Dividends paid	(9,997)	(7,448)
LTIP-OP Units distributions paid	(134)	(83)
Conversion of OP units	(103)	0
Issuance of common stock, net of offering costs	132	37
Issuance of preferred stock, net of offering costs	49,360	0
Net cash provided by (used in) financing activities	219,905	(120,228)
Net Increase in Cash, Cash Equivalents and Restricted Cash	12,910	3,026
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	40,019	56,495
Cash, Cash Equivalents and Restricted Cash, End of Period	52,929	59,521
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest expense	10,219	8,800
Dividends declared but not paid	$ 9,807	$ 7,257

Organization and Operations

Organization and Operations	3 Months Ended
	Mar. 31, 2019
Organization and Operations [Abstract]
Organization and Operations	Note 1 — Organization and Operations Cherry Hill Mortgage Investment Corporation (together with its consolidated subsidiaries, the “Company”) was organized in the state of Maryland on October 31, 2012 to invest in residential mortgage assets in the United States. Under the Company’s charter, the Company is authorized to issue up to 500,000,000 shares of common stock and 100,000,000 shares of preferred stock, each with a par value of $0.01 per share. The accompanying interim consolidated financial statements include the accounts of the Company’s subsidiaries, Cherry Hill Operating Partnership, LP (the “Operating Partnership”), Cherry Hill QRS I, LLC, Cherry Hill QRS II, LLC, Cherry Hill QRS III, LLC (“QRS III”), Cherry Hill QRS IV, LLC (“QRS IV”), Cherry Hill QRS V, LLC ("QRS V"), CHMI Solutions, Inc. (“CHMI Solutions”) and Aurora Financial Group, Inc. (“Aurora”). The Company is party to a management agreement (the “Management Agreement”) with Cherry Hill Mortgage Management, LLC (the “Manager”), a Delaware limited liability company established by Mr. Stanley Middleman. The Manager is a party to a Services Agreement with Freedom Mortgage Corporation (“Freedom Mortgage”), which is owned and controlled by Mr. Middleman. The Manager is owned by a “blind trust” for the benefit of Mr. Middleman. For a further discussion of the Management Agreement, see Note 7. The Company has elected to be taxed as a real estate investment trust (“REIT”), as defined under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its short taxable year ended December 31, 2013. As long as the Company continues to comply with a number of requirements under federal tax law and maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income taxes to the extent that the Company distributes its taxable income to its stockholders on an annual basis and does not engage in prohibited transactions. However, certain activities that the Company may perform may cause it to earn income that will not be qualifying income for REIT purposes.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Basis of Presentation and Significant Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Note 2 — Basis of Presentation and Significant Accounting Policies Basis of Accounting The accompanying interim consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. The interim consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. The Company consolidates those entities in which it has an investment of 50% or more and has control over significant operating, financial and investing decisions of the entity. The interim consolidated financial statements reflect all necessary and recurring adjustments for fair presentation of the results for the interim periods presented herein. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make a number of significant estimates and assumptions. These include estimates of: the fair value of mortgage servicing rights (“MSRs” or “Servicing Related Assets”); residential mortgage-backed securities (“RMBS” or “securities”) and derivatives; credit losses, including the period of time during which the Company anticipates an increase in the fair values of RMBS sufficient to recover unrealized losses on those RMBS; and other estimates that affect the reported amounts of certain assets, revenues, liabilities and expenses as of the date of, and for the periods covered by, the consolidated interim financial statements. It is likely that changes in these estimates will occur in the near term. The Company’s estimates are inherently subjective. Actual results could differ from the Company’s estimates, and the differences may be material. Risks and Uncertainties In the normal course of business, the Company encounters primarily two significant types of economic risk: credit and market. Credit risk is the risk of default on the Company’s investments in RMBS, Servicing Related Assets and derivatives that results from a borrower’s or derivative counterparty’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments in RMBS, Servicing Related Assets and derivatives due to changes in interest rates, spreads or other market factors, including prepayment speeds on the Company’s RMBS and Servicing Related Assets. The Company is subject to the risks involved with real estate and real estate-related debt instruments. These include, among others, the risks normally associated with changes in the general economic climate, changes in the mortgage market, changes in tax laws, interest rate levels, and the availability of financing. The Company also is subject to certain risks relating to its status as a REIT for U.S. federal income tax purposes. If the Company were to fail to qualify as a REIT in any taxable year, the Company would be subject to U.S. federal income tax on its REIT income, which could be material. Unless entitled to relief under certain statutory provisions, the Company would also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost. Investments in RMBS Classification Fair value is determined under the guidance of Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures Investment securities transactions are recorded on the trade date. At disposition, the net realized gain or loss is determined on the basis of the cost of the specific investment and is included in earnings. All RMBS purchased and sold in the three-month period ended March 31, 2019 were settled prior to period-end. All RMBS purchased and sold in the year ended December 31, 2018 were settled prior to year-end. Revenue Recognition – Impairment – Investments in MSRs Classification Revenue Recognition Servicing fee income received and servicing expenses incurred are reported on the consolidated statements of income (loss). The difference between the fair value of MSRs and their amortized cost basis is recorded on the consolidated statements of income (loss) as “Unrealized gain (loss) on investments in MSRs.” Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and liquidity premium specific to the MSRs and, therefore, may differ from their effective yields. As a result of the Company’s investments in MSRs, it is obligated from time to time to repurchase an underlying loan from the applicable agency for which it is being serviced due to an alleged breach of a representation or warranty. Loans acquired in this manner are recorded at the purchase price less any principal recoveries and are then offered for sale in the scratch and dent market. Derivatives and Hedging Activities Derivative transactions include swaps, swaptions, Treasury futures and “to-be-announced” securities (“TBAs”). Swaps and swaptions are entered into by the Company solely for interest rate risk management purposes. TBAs and Treasury futures are used for duration risk and basis risk management purposes. The decision as to whether or not a given transaction/position (or portion thereof) is economically hedged is made on a case-by-case basis, based on the risks involved and other factors as determined by senior management, including restrictions imposed by the Code on REITs. In determining whether to economically hedge a risk, the Company may consider whether other assets, liabilities, firm commitments and anticipated transactions already offset or reduce the risk. All transactions undertaken as economic hedges are entered into with a view towards minimizing the potential for economic losses that could be incurred by the Company. Generally, derivatives entered into are not intended to qualify as hedges under GAAP, unless specifically stated otherwise. The Company’s bi-lateral derivative financial instruments contain credit risk to the extent that its counterparties may be unable to meet the terms of the agreements. The Company reduces such risk by limiting its exposure to any one counterparty. In addition, the potential risk of loss with any one party resulting from this type of credit risk is monitored. The Company’s interest rate swaps are required to be cleared on an exchange, which further mitigates, but does not eliminate, credit risk. Management does not expect any material losses as a result of default by other parties to its derivative financial instruments. Classification Revenue Recognition Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid short-term investments with maturities of 90 days or less when purchased to be cash equivalents. Substantially all amounts on deposit with major financial institutions exceed insured limits. Restricted cash represents the Company’s cash held by counterparties (i) as collateral against the Company’s derivatives ($2.7 million and $687,000 at March 31, 2019 and December 31, 2018, respectively) and (ii) as collateral for borrowings under its repurchase agreements (approximately $2.6 million and $7.5 million at March 31, 2019 and December 31, 2018, respectively). The Company’s centrally cleared interest rate swaps require that the Company post an “initial margin” amount determined by the clearing exchange, which is generally intended to be set at a level sufficient to protect the exchange from the interest rate swap’s maximum estimated single-day price movement. The Company also exchanges “variation margin” based upon daily changes in fair value, as measured by the exchange. As a result of amendments to rules governing certain central clearing activities, the exchange of variation margin is a settlement of the interest rate swap, as opposed to pledged collateral. Accordingly, beginning in the first quarter of 2018 and in subsequent periods, the Company has accounted for the receipt or payment of variation margin on interest rate swaps as a direct reduction or increase to the carrying value of the interest rate swap asset or liability. At March 31, 2019, approximately $5.9 million of variation margin was reported as a decrease to the interest rate swap liability, at fair value. Variation margin pledged or received is netted on a counterparty basis and classified within restricted cash, due from counterparties, or due to counterparties on the Company’s consolidated balance sheets. Due to Affiliate The sum under “Due to affiliates” on the consolidated balance sheets represents amounts due to the Manager pursuant to the Management Agreement. For further information on the Management Agreement, see Note 7. Income Taxes The Company elected to be taxed as a REIT under Code Sections 856 through 860 beginning with its short taxable year ended December 31, 2013. U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pay tax at regular corporate income tax rates to the extent that it annually distributes less than 100% of its taxable income. The Company’s taxable REIT subsidiary (“TRS”), CHMI Solutions, as well as CHMI Solutions’s wholly-owned subsidiary, Aurora, are subject to U.S. federal income taxes on their taxable income. To maintain qualification as a REIT, the Company also must meet certain other requirements such as assets it may hold, income it may generate and its stockholder composition. The Company accounts for income taxes in accordance with ASC 740, Income Taxes Realized Gain (Loss) on Investments, Net The following table presents gains and losses on sales of the specified categories of investments for the periods indicated (dollars in thousands): Three Months Ended March 31, 2019 2018 Realized loss on RMBS, net Loss on RMBS $ - $ (4,881 ) Net realized loss on RMBS - (4,881 ) Realized gain (loss) on derivatives, net (7,476 ) 13 Unrealized gain (loss) on derivatives, net (8,272 ) 19,626 Unrealized gain (loss) on investments in MSRs, net (27,175 ) 12,498 Total $ (42,923 ) $ 27,256 Repurchase Agreements and Interest Expense The Company finances its investments in RMBS with short-term borrowings under master repurchase agreements. Borrowings under the repurchase agreements are generally short-term debt due within one year. These borrowings generally bear interest rates of a specified margin over one-month LIBOR. The repurchase agreements represent uncommitted financing. Borrowings under these agreements are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Interest is recorded at the contractual amount on an accrual basis. Dividends Payable Because the Company is organized as a REIT under the Code, it is required by law to distribute annually at least 90% of its REIT taxable income, which it does in the form of quarterly dividend payments. The Company accrues the dividend payable on the accounting date, which causes an offsetting reduction in retained earnings. Comprehensive Income Comprehensive income is defined as the change in equity of a business enterprise during a period resulting from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. For the Company’s purposes, comprehensive income represents net income, as presented in the consolidated statements of income (loss), adjusted for unrealized gains or losses on RMBS, which are designated as available for sale. Recent Accounting Pronouncements Leases Leases Credit Losses Financial Instruments—Credit Losses Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement Changes in Stockholders’ Equity Changes in Presentation Certain prior period amounts have been reclassified to conform to current period presentation.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Reporting	Note 3 — Segment Reporting The Company conducts its business through the following segments: (i) investments in RMBS; (ii) investments in Servicing Related Assets; and (iii) “All Other,” which consists primarily of general and administrative expenses, including fees paid to the Company’s directors and management fees and reimbursements paid to the Manager pursuant to the Management Agreement (See Note 7). For segment reporting purposes, the Company does not allocate interest income on short-term investments or general and administrative expenses. Summary financial data with respect to the Company’s segments is given below, together with a reconciliation to the same data for the Company as a whole (dollars in thousands): Servicing Related Assets RMBS All Other Total Income Statement Three Months Ended March 31, 2019 Interest income $ 258 $ 16,711 $ - $ 16,969 Interest expense 1,188 9,555 1 10,744 Net interest income (expense) (930 ) 7,156 (1 ) 6,225 Servicing fee income 17,188 - - 17,188 Servicing costs 3,821 - - 3,821 Net servicing income 13,367 - - 13,367 Other loss (24,967 ) (17,956 ) - (42,923 ) Other operating expenses - - 2,772 2,772 Benefit from corporate business taxes (4,965 ) - - (4,965 ) Net loss $ (7,565 ) $ (10,800 ) $ (2,773 ) $ (21,138 ) Three Months Ended March 31, 2018 Interest income $ - $ 13,415 $ - $ 13,415 Interest expense 213 7,330 - 7,543 Net interest income (expense) (213 ) 6,085 - 5,872 Servicing fee income 8,650 - - 8,650 Servicing costs 1,712 - - 1,712 Net servicing income 6,938 - - 6,938 Other income 12,498 14,758 - 27,256 Other operating expenses - - 2,192 2,192 Provision for corporate business taxes 2,635 - - 2,635 Net income (loss) $ 16,588 $ 20,843 $ (2,192 ) $ 35,239 Servicing Related Assets RMBS All Other Total Balance Sheet March 31, 2019 Investments $ 304,029 $ 1,985,958 $ - $ 2,289,987 Other assets 23,682 25,059 47,926 96,667 Total assets 327,711 2,011,017 47,926 2,386,654 Debt 160,674 1,785,345 - 1,946,019 Other liabilities 5,156 8,123 13,058 26,337 Total liabilities 165,830 1,793,468 13,058 1,972,356 Book value $ 161,881 $ 217,549 $ 34,868 $ 414,298 December 31, 2018 Investments $ 294,907 $ 1,770,110 $ - $ 2,065,017 Other assets 17,817 38,165 32,278 88,260 Total assets 312,724 1,808,275 32,278 2,153,277 Debt 157,543 1,598,592 - 1,756,135 Other liabilities 7,488 10,440 15,283 33,211 Total liabilities 165,031 1,609,032 15,283 1,789,346 Book value $ 147,693 $ 199,243 $ 16,995 $ 363,931

Investments in RMBS

Investments in RMBS	3 Months Ended
	Mar. 31, 2019
Investments in RMBS [Abstract]
Investments in RMBS	Note 4 — Investments in RMBS RMBS on which the payment of principal and interest is guaranteed by a U.S. government agency or a U.S. government sponsored enterprise are referred to as “Agency RMBS.” All of the Company’s RMBS are classified as available for sale and are, therefore, reported at fair value with changes in fair value recorded in other comprehensive income (loss) except for securities that are OTTI (dollars in thousands): Summary of RMBS Assets As of March 31, 2019 Asset Type Original Face Value Book Value Gross Unrealized Carrying Value (A) Number of Securities Weighted Average Gains Losses Rating Coupon Yield (C) Maturity (Years) (D) RMBS Fannie Mae $ 1,481,219 $ 1,303,878 $ 4,766 $ (14,879 ) $ 1,293,765 167 (B) 3.88 % 3.71 % 25 Freddie Mac 632,876 545,181 2,678 (5,220 ) 542,639 71 (B) 3.77 % 3.63 % 27 CMOs 147,129 143,170 6,529 (145 ) 149,554 34 (B) 5.64 % 5.63 % 16 Total/Weighted Average $ 2,261,224 $ 1,992,229 $ 13,973 $ (20,244 ) $ 1,985,958 272 3.97 % 3.83 % 25 As of December 31, 2018 Asset Type Original Face Value Book Value Gross Unrealized Carrying Value (A) Number of Securities Weighted Average Gains Losses Rating Coupon Yield (C) Maturity (Years) (D) RMBS Fannie Mae $ 1,362,606 $ 1,208,854 $ 224 $ (30,914 ) $ 1,178,164 154 (B) 3.87 % 3.70 % 25 Freddie Mac 548,862 471,148 246 (12,386 ) 459,008 63 (B) 3.75 % 3.60 % 27 CMOs 130,629 128,418 5,136 (616 ) 132,938 30 (B) 5.79 % 5.78 % 15 Total/Weighted Average $ 2,042,097 $ 1,808,420 $ 5,606 $ (43,916 ) $ 1,770,110 247 3.98 % 3.82 % 25 (A) See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities. (B) The Company used an implied AAA rating for the Agency RMBS. Collateralized mortgage obligations (“CMOs”) issued by Fannie Mae or Freddie Mac consist of loss share securities, the majority of which, by unpaid principal balance (“UPB”), are unrated or rated below investment grade at March 31, 2019 by at least one nationally recognized statistical rating organization (“NRSRO”). Private label securities are rated investment grade by at least one NRSRO as of March 31, 2019. (C) The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities. (D) The weighted average maturity is based on the timing of expected principal reduction on the assets. Summary of RMBS Assets by Maturity As of March 31, 2019 Years to Maturity Original Face Value Book Value Gross Unrealized Carrying Value (A) Number of Securities Weighted Average Gains Losses Rating Coupon Yield (C) Maturity (Years) (D) 5-10 Years $ 39,581 $ 27,946 $ 1,509 $ (70 ) $ 29,385 10 (B) 5.49 % 5.41 % 09 Over 10 Years 2,221,643 1,964,283 12,464 (20,174 ) 1,956,573 262 (B) 3.95 % 3.81 % 25 Total/Weighted Average $ 2,261,224 $ 1,992,229 $ 13,973 $ (20,244 ) $ 1,985,958 272 3.97 % 3.83 % 25 As of December 31, 2018 Years to Maturity Original Face Value Book Value Gross Unrealized Carrying Value (A) Number of Securities Weighted Average Gains Losses Rating Coupon Yield (C) Maturity (Years) (D) 5-10 Years $ 24,377 $ 15,100 $ 731 $ (134 ) $ 15,697 7 (B) 4.97 % 4.93 % 09 Over 10 Years 2,017,720 1,793,320 4,875 (43,782 ) 1,754,413 240 (B) 3.97 % 3.81 % 25 Total/Weighted Average $ 2,042,097 $ 1,808,420 $ 5,606 $ (43,916 ) $ 1,770,110 247 3.98 % 3.82 % 25 (A) See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities. (B) The Company used an implied AAA rating for the Agency RMBS. CMOs issued by Fannie Mae or Freddie Mac consist of loss share securities, the majority of which, by UPB, are unrated or rated below investment grade at March 31, 2019 by at least one NRSRO. Private label securities are rated investment grade by at least one NRSRO as of March 31, 2019. (C) The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities. (D) The weighted average maturity is based on the timing of expected principal reduction on the assets. At March 31, 2019 and December 31, 2018, the Company pledged Agency RMBS with a carrying value of approximately $1,897.4 million and $1,698.7 million, respectively, as collateral for borrowings under repurchase agreements. At March 31, 2019 and December 31, 2018, the Company did not have any securities purchased from and financed with the same counterparty that did not meet the conditions of ASC 860, Transfers and Servicing Based on management’s analysis of the Company’s securities, the performance of the underlying loans and changes in market factors, management determined that unrealized losses as of the balance sheet date on the Company’s securities were primarily the result of changes in market factors, rather than issuer-specific credit impairment, and such losses were considered temporary. The Company performed analyses in relation to such securities, using management’s best estimate of their cash flows, which support its belief that the carrying values of such securities were fully recoverable over their expected holding periods. Such market factors include changes in market interest rates and credit spreads and certain macroeconomic events, none of which will directly impact the Company’s ability to collect amounts contractually due. Management continually evaluates the credit status of each of the Company’s securities and the collateral supporting those securities. This evaluation includes a review of the credit of the issuer of the security (if applicable), the credit rating of the security (if applicable), the key terms of the security (including credit support), debt service coverage and loan to value ratios, the performance of the pool of underlying loans and the estimated value of the collateral supporting such loans, including the effect of local, industry and broader economic trends and factors. Significant judgment is required in this analysis. In connection with the above, the Company weighs the fact that substantially all of its investments in RMBS are guaranteed by U.S. government agencies or U.S. government sponsored enterprises. Unrealized losses that are considered OTTI are recognized in earnings. The Company did not record any OTTI charges during the three-month periods ended March 31, 2019 or March 31, 2018. The following tables summarize the Company’s securities in an unrealized loss position as of the dates indicated (dollars in thousands): RMBS Unrealized Loss Positions As of March 31, 2019 Duration in Loss Position Original Face Value Book Value Gross Unrealized Losses Carrying Value (A) Number of Securities Weighted Average Rating Coupon Yield (C) Maturity (Years) (D) Less than Twelve Months $ 3,201 $ 12,456 $ (145 ) $ 12,311 4 (B) 5.94 % 5.94 % 15 Twelve or More Months 10,348 1,267,062 (20,099 ) 1,246,963 179 (B) 3.80 % 3.61 % 25 Total/Weighted Average $ 13,549 $ 1,279,518 $ (20,244 ) $ 1,259,274 183 3.82 % 3.64 % 25 As of December 31, 2018 Duration in Loss Position Original Face Value Book Value Gross Unrealized Losses Carrying Value (A) Number of Securities Weighted Average Rating Coupon Yield (C) Maturity (Years) (D) Less than Twelve Months $ 13,909 $ 224,617 $ (1,563 ) $ 223,054 28 (B) 4.26 % 4.14 % 24 Twelve or More Months 10,446 1,321,115 (42,353 ) 1,278,762 181 (B) 3.78 % 3.60 % 25 Total/Weighted Average $ 24,355 $ 1,545,732 $ (43,916 ) $ 1,501,816 209 3.85 % 3.68 % 25 (A) See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities. (B) The Company used an implied AAA rating for the Agency RMBS. CMOs issued by Fannie Mae or Freddie Mac consist of loss share securities, the majority of which, by UPB, are unrated or rated below investment grade at March 31, 2019 by at least one NRSRO. Private label securities are rated investment grade or better by at least one NRSRO as of March 31, 2019. (C) The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities. (D) The weighted average maturity is based on the timing of expected principal reduction on the assets. Except for the security for which the Company has recognized OTTI, the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases which may be maturity.

Investments in Servicing Relate

Investments in Servicing Related Assets	3 Months Ended
	Mar. 31, 2019
Investments in Servicing Related Assets [Abstract]
Investments in Servicing Related Assets	Note 5 — Investments in Servicing Related Assets On May 29, 2015, in conjunction with the acquisition of Aurora, the Company acquired MSRs on conventional mortgage loans with an aggregate UPB of approximately $718.4 million at the time of acquisition. Subsequently, Aurora acquired portfolios of Fannie Mae, Freddie Mac and Ginnie Mae MSRs with an aggregate UPB of approximately $30.8 billion as of the respective acquisition dates. The following is a summary of the Company’s Servicing Related Assets as of the dates indicated (dollars in thousands): Servicing Related Assets Summary As of March 31, 2019 Unpaid Principal Balance Cost Basis Carrying Value (A) Weighted Average Coupon Weighted Average Maturity (Years) (B) Changes in Fair Value Recorded in Other Income (Loss) MSRs Conventional $ 24,148,731 $ 290,988 (C) $ 265,667 4.40 % 27.3 $ (25,321 ) Government 3,378,234 40,216 (C) 38,362 3.37 % 26.5 (1,854 ) MSR Total/Weighted Average $ 27,526,965 $ 331,204 $ 304,029 4.28 % 27.2 $ (27,175 ) As of December 31, 2018 Unpaid Principal Balance Cost Basis Carrying Value (A) Weighted Average Coupon Weighted Average Maturity (Years) (B) Changes in Fair Value Recorded in Other Income (Loss) MSRs Conventional $ 21,366,980 $ 258,070 (C) $ 254,691 4.37 % 27.3 $ (3,379 ) Government 3,480,009 40,410 (C) 40,216 3.37 % 26.8 (194 ) MSR Total/Weighted Average $ 24,846,989 $ 298,480 $ 294,907 4.23 % 27.2 $ (3,573 ) (A) Carrying value represents the fair value of the pools (see Note 9). (B) The weighted average maturity represents the weighted average expected timing of the receipt of cash flows of each investment. (C) MSR cost basis consists of the carrying value of the prior period, adjusted for any purchases, sales and principal paydowns of the underlying mortgage loans. The tables below summarize the geographic distribution for the states representing 5% or greater of the aggregate UPB of the residential mortgage loans underlying the Servicing Related Assets as of the dates indicated: Geographic Concentration of Servicing Related Assets As of March 31, 2019 Percentage of Total Outstanding Unpaid Principal Balance California 12.8 % Texas 6.2 % Maryland 5.2 % All other 75.8 % Total 100.0 % As of December 31, 2018 Percentage of Total Outstanding Unpaid Principal Balance California 12.7 % Texas 6.4 % Florida 5.1 % All other 75.8 % Total 100.0 % Geographic concentrations of investments expose the Company to the risk of economic downturns within the relevant states. Any such downturn in a state where the Company holds significant investments could affect the underlying borrower’s ability to make the mortgage payment and, therefore, could have a meaningful, negative impact on the Company’s Servicing Related Assets.

Equity and Earnings per Common

Equity and Earnings per Common Share	3 Months Ended
	Mar. 31, 2019
Equity and Earnings per Common Share [Abstract]
Equity and Earnings per Common Share	Note 6 — Equity and Earnings per Common Share Common and Preferred Stock On October 9, 2013, the Company completed an initial public offering (the “IPO”) and a concurrent private placement of its common stock. The Company did not conduct any activity prior to the IPO and the concurrent private placement. Substantially all of the net proceeds from the IPO and the concurrent private placement were used to invest in excess mortgage servicing rights and RMBS. On March 29, 2017, the Company issued and sold 5,175,000 shares of its common stock, par value $0.01 per share, raising approximately $81.1 million after underwriting discounts and commissions but before expenses of approximately $229,000. All of the net proceeds were invested in RMBS. On August 17, 2017, the Company issued and sold 2,400,000 shares of its 8.20% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), raising approximately $58.1 million after underwriting discounts and commissions but before expenses of approximately $193,000. All of the net proceeds from the Series A Preferred Stock offering were also invested in RMBS. The Series A Preferred Stock ranks senior to the Company’s common stock with respect to rights to the payment of dividends and the distribution of assets upon the Company’s liquidation, dissolution or winding up. The Series A Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by the Company or converted by the holders of the Series A Preferred Stock into the Company’s common stock in connection with certain changes of control. The Series A Preferred Stock is not redeemable by the Company prior to August 17, 2022, except under circumstances intended to preserve the Company’s qualification as a REIT for U.S. federal income tax purposes and except upon the occurrence of certain changes of control. On and after August 17, 2022, the Company may, at its option, redeem the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price equal to $25.00 per share, plus any accumulated and unpaid dividends to, but not including, the date fixed for redemption. If the Company does not exercise its rights to redeem the Series A Preferred Stock upon certain changes in control, the holders of the Series A Preferred Stock have the right to convert some or all of their shares of Series A Preferred Stock into a number of shares of the Company’s common stock based on a defined formula, subject to a share cap, or alternative consideration. The share cap on each share of Series A Preferred Stock is 2.62881 shares of common stock, subject to certain adjustments. The Company pays cumulative cash dividends at the rate of 8.20% per annum of the $25.00 per share liquidation preference (equivalent to $2.05 per annum per share) on the Series A Preferred Stock, in arrears, on or about the 15 th On June 4, 2018, the Company issued and sold 2,750,000 shares of its common stock, par value $0.01 per share. The underwriters subsequently exercised their option to purchase an additional 338,857 shares for total proceeds of approximately $53.8 million after underwriting discounts and commissions but before expenses of approximately $265,000. All of the net proceeds were invested in RMBS. On February 11, 2019, the Company completed an offering of 1,800,000 shares of the Company’s 8.250% Series B Fixed-to-Floating Rate Cumulative Redeemable Stock, par value $0.01 per share (the “Series B Preferred Stock”). $48.4 million after underwriting discounts and commissions but before expenses of approximately $285,000. The net proceeds were invested in RMBS and MSRs. The Series B Preferred Stock ranks senior to the Company’s common stock with respect to rights to the payment of dividends and the distribution of assets upon the Company’s liquidation, dissolution or winding up, and on parity with the Company’s Series A Preferred Stock with respect to rights to the payment of dividends and the distribution of assets upon the Company’s liquidation, dissolution or winding up. The Series B Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by the Company or converted by the holders of the Series B Preferred Stock into the Company’s common stock in connection with certain changes of control. The Series B Preferred Stock is not redeemable by the Company prior to April 15, 2024, except under circumstances intended to preserve the Company’s qualification as a REIT for U.S. federal income tax purposes and except upon the occurrence of certain changes of control. On and after April 15, 2024, the Company may, at its option, redeem the Series B Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price equal to $25.00 per share, plus any accumulated and unpaid dividends to, but not including, the date fixed for redemption. If the Company does not exercise its rights to redeem the Series B Preferred Stock upon certain changes in control, the holders of the Series B Preferred Stock have the right to convert some or all of their shares of Series B Preferred Stock into a number of shares of the Company’s common stock based on a defined formula, subject to a share cap, or alternative consideration. The share cap on each share of Series B Preferred Stock is 2.68962 shares of common stock, subject to certain adjustments. Holders of Series B Preferred Stock will be entitled to receive cumulative cash dividends (i) from and including February 11, 2019 to, but excluding, April 15, 2024 at a fixed rate equal to 8.250% per annum of the $25.00 per share liquidation preference (equivalent to $2.0625 per annum per share) and (ii) from and including April 15, 2024, at a floating rate equal to three-month LIBOR plus a spread of 5.631% per annum. Dividends are payable quarterly in arrears on the 15 th The Company anticipates that a significant portion of the paydowns of the RMBS acquired with offering proceeds will be deployed into the acquisition of MSRs. The Company may also sell certain of these RMBS and deploy the net proceeds from such sales to the extent necessary to fund the purchase price of MSRs. Common Stock ATM Program In August 2018, the Company instituted an at-the-market offering (the “Common Stock ATM Program”) of up to $50,000,000 of its common stock. Under the Common Stock ATM Program, the Company may, but is not obligated to, sell shares of common stock from time to time through one or more selling agents. The Common Stock ATM Program has no set expiration date and may be renewed or terminated by the Company at any time. The Company did not issue any shares of common stock under the Common Stock ATM Program during the three-month period ended March 31, 2019. Preferred Stock ATM Program In April 2018, the Company instituted an at-the-market offering (the “Preferred Series A ATM Program”) of up to $35,000,000 of its Series A Preferred Stock. Under the Preferred Series A ATM Program, the Company may, but is not obligated to, sell shares of Series A Preferred Stock from time to time through one or more selling agents. The Preferred Series A ATM Program has no set expiration date and may be renewed or terminated by the Company at any time. During the three-month period ended March 31, 2019, the Company issued and sold 49,480 shares of Series A Preferred Stock under the Preferred Series A ATM Program. The shares were sold at a weighted average price of $25.05 per share for gross proceeds of approximately $1.2 million before fees of approximately $20,000. Equity Incentive Plan During 2013, the board of directors approved and the Company adopted the Cherry Hill Mortgage Investment Corporation 2013 Equity Incentive Plan (the “2013 Plan”). The 2013 Plan provides for the grant of options to purchase shares of the Company’s common stock, stock awards, stock appreciation rights, performance units, incentive awards and other equity-based awards, including long term incentive plan units (“LTIP-OP Units”) of the Operating Partnership. LTIP-OP Units are a special class of partnership interest in the Operating Partnership. LTIP-OP Units may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. Initially, LTIP-OP Units do not have full parity with the Operating Partnership’s common units of limited partnership interest (“OP Units”) with respect to liquidating distributions; however, LTIP-OP Units receive, whether vested or not, the same per-unit distributions as OP Units and are allocated their pro-rata share of the Operating Partnership’s net income or loss. Under the terms of the LTIP-OP Units, the Operating Partnership will revalue its assets upon the occurrence of certain specified events, and any increase in the Operating Partnership’s valuation from the time of grant of the LTIP-OP Units until such event will be allocated first to the holders of LTIP-OP Units to equalize the capital accounts of such holders with the capital accounts of the holders of OP Units. Upon equalization of the capital accounts of the holders of LTIP-OP Units with the other holders of OP Units, the LTIP-OP Units will achieve full parity with OP Units for all purposes, including with respect to liquidating distributions. If such parity is reached, vested LTIP-OP Units may be converted into an equal number of OP Units at any time and, thereafter, enjoy all the rights of OP Units, including redemption rights. Each LTIP-OP Unit awarded is deemed equivalent to an award of one share of the Company’s common stock under the 2013 Plan and reduces the 2013 Plan’s share authorization for other awards on a one-for-one basis. An LTIP-OP Unit and a share of common stock of the Company have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Operating Partnership. Holders of LTIP-OP Units that have reached parity with OP Units have the right to redeem their LTIP-OP Units, subject to certain restrictions. The redemption is required to be satisfied in cash, or at the Company’s option, the Company may purchase the OP Units for common stock, calculated as follows: one share of the Company’s common stock, or cash equal to the fair value of a share of the Company’s common stock at the time of redemption, for each LTIP-OP Unit. When an LTIP-OP Unit holder redeems an OP Unit (as described above), non-controlling interest in the Operating Partnership is reduced and the Company’s equity is increased. LTIP-OP Units vest ratably over the first three annual anniversaries of the grant date. The fair value of each LTIP-OP Unit was determined based on the closing price of the Company’s common stock on the applicable grant date in all other cases. The following table sets forth the number of shares of the Company’s common stock and the values thereof (based on the closing prices on the respective dates of grant) granted to the Company’s independent directors under the 2013 Plan. Except as otherwise indicated, all shares are fully vested. The following tables present certain information about the 2013 Plan as of the dates indicated: Equity Incentive Plan Information LTIP-OP Units Shares of Common Stock Number of Securities Remaining Available For Future Issuance Under Equity Compensation Plans Issuance Price Issued Forfeited Converted Issued Forfeited December 31, 2017 (178,500 ) 916 12,917 (49,619 ) 3,155 1,288,869 Number of securities issued or to be issued upon exercise - - - - - - March 31, 2018 (178,500 ) 916 12,917 (49,619 ) 3,155 1,288,869 December 31, 2018 (223,900 ) 916 12,917 (57,875 ) 3,155 1,235,213 Number of securities issued or to be issued upon exercise (66,375 ) - - - (66,375 ) $ 17.64 Number of securities issued or to be issued upon exercise - 6,000 (6,000 ) - - $ 17.23 March 31, 2019 (290,275 ) 916 18,917 (63,875 ) 3,155 1,168,838 The Company recognized approximately $266,000 and $138,000 in share-based compensation expense in the three-month periods ended March 31, 2019 and March 31, 2018, respectively. There was approximately $2.0 million and $1.1 million of total unrecognized share-based compensation expense as of March 31, 2019 and December 31, 2018, respectively, all of which was related to unvested LTIP-OP Units. This unrecognized share-based compensation expense is expected to be recognized ratably over the remaining vesting period of up to three years. The aggregate expense related to the LTIP-OP Unit grants is presented as “General and administrative expense” in the Company’s consolidated statements of income. Non-Controlling Interests in Operating Partnership Non-controlling interests in the Operating Partnership in the accompanying consolidated financial statements relate to LTIP-OP Units and OP Units issued upon conversion of LTIP-OP Units, in either case, held by parties other than the Company. As of March 31, 2019, the non-controlling interest holders in the Operating Partnership owned 270,442 LTIP-OP Units, or approximately 1.6% of the units of the Operating Partnership. Pursuant to ASC 810, Consolidation Earnings per Share The Company is required to present both basic and diluted earnings per common share (“EPS”). Basic EPS is calculated by dividing net income applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted EPS is calculated by dividing net income applicable to common stockholders by the weighted average number of shares of common stock outstanding plus the additional dilutive effect of common stock equivalents during each period. In accordance with ASC 260, Earnings Per Share The following table presents basic earnings per share of common stock for the periods indicated (dollars in thousands, except per share data): Earnings per Common Share Information Three Months Ended March 31, 2019 2018 Numerator: Net income (loss) allocable to common stockholders $ (21,138 ) $ 35,239 Net (income) loss allocated to noncontrolling interests in Operating Partnership 349 (456 ) Dividends on preferred stock 1,841 1,213 Net income (loss) attributable to common stockholders $ (22,630 ) $ 33,570 Denominator: Weighted average common shares outstanding 16,646,114 12,713,265 Weighted average diluted shares outstanding 16,654,370 12,721,464 Basic and Diluted: Basic $ (1.36 ) $ 2.64 Diluted $ (1.36 ) $ 2.64 There were no participating securities or equity instruments outstanding that were anti-dilutive for purposes of calculating earnings per share for the periods presented.

Transactions with Affiliates an

Transactions with Affiliates and Affiliated Entities	3 Months Ended
	Mar. 31, 2019
Transactions with Affiliates and Affiliated Entities [Abstract]
Transactions with Affiliates and Affiliated Entities	Note 7 — Transactions with Affiliates and Affiliated Entities Manager The Company has entered into the Management Agreement with the Manager, pursuant to which the Manager provides for the day-to-day management of the Company’s operations. The Management Agreement requires the Manager to manage the Company’s business affairs in conformity with the policies that are approved and monitored by the Company’s board of directors. The term of the Management Agreement will expire on October 22, 2020 and will be automatically renewed for a one-year term on such date and on each anniversary of such date thereafter unless terminated or not renewed as described below. Either we or our Manager may elect not to renew the Management Agreement upon expiration of its initial term or any renewal term by providing written notice of non-renewal at least 180 days, but not more than 270 days, before expiration. In the event we elect not to renew the term, we will be required to pay our Manager a termination fee equal to three times the average annual management fee amount earned by the Manager during the two four-quarter periods ending as of the end of the most recently completed fiscal quarter prior to the non-renewal. We may terminate the Management Agreement at any time for cause effective upon 30 days prior written notice of termination from us to our Manager, in which case no termination fee would be due. Our board of directors will review our Manager’s performance prior to the automatic renewal thereof and, as a result of such review, upon the affirmative vote of at least two-thirds of the members of our board of directors or of the holders of a majority of our outstanding common stock, we may terminate the Management Agreement based upon unsatisfactory performance by our Manager that is materially detrimental to us or a determination by our independent directors that the management fees payable to our Manager are not fair, subject to the right of our Manager to prevent such a termination by agreeing to a reduction of the management fees payable to our Manager. Upon any termination of the Management Agreement based on unsatisfactory performance or unfair management fees, we are required to pay our Manager the termination fee described above. Our Manager may terminate the Management Agreement, without payment of the termination fee, in the event we become regulated as an investment company under the Investment Company Act of 1940, as amended. Our Manager may also terminate the Management Agreement upon 60 days’ written notice if we default in the performance of any material term of the Management Agreement and the default continues for a period of 30 days after written notice to us, whereupon we would be required to pay our Manager the termination fee described above. Pursuant to the Management Agreement, the Manager, under the supervision of the Company’s board of directors, formulates investment strategies, arranges for the acquisition of assets, arranges for financing, monitors the performance of the Company’s assets and provides certain advisory, administrative and managerial services in connection with the operations of the Company. For performing these services, the Company pays the Manager the management fee which is payable in cash quarterly in arrears, in an amount equal to 1.5% per annum of the Company’s stockholders’ equity (as defined in the Management Agreement). The Manager is a party to a services agreement (the “Services Agreement”) with Freedom Mortgage, pursuant to which Freedom Mortgage provides to the Manager the personnel, services and resources needed by the Manager to carry out its obligations and responsibilities under the Management Agreement. The Company is a named third-party beneficiary to the Services Agreement and, as a result, has, as a non-exclusive remedy, a direct right of action against Freedom Mortgage in the event of any breach by the Manager of any of its duties, obligations or agreements under the Management Agreement that arise out of or result from any breach by Freedom Mortgage of its obligations under the Services Agreement. The Services Agreement will terminate upon the termination of the Management Agreement. Pursuant to the Services Agreement, the Manager will make certain payments to Freedom Mortgage in connection with the services provided. The Management Agreement between the Company and the Manager was negotiated between related parties, and the terms, including fees payable, may not be as favorable to the Company as if it had been negotiated with an unaffiliated third party. At the time the Management Agreement was negotiated, both the Manager and Freedom Mortgage were controlled by Mr. Stanley Middleman, who is also a shareholder of the Company. Ownership of the Manager has been transferred to CHMM Blind Trust, a grantor trust for the benefit of Mr. Middleman. The Management Agreement provides that the Company will reimburse the Manager for (i) various expenses incurred by the Manager or its officers, and agents on the Company’s behalf, including costs of software, legal, accounting, tax, administrative and other similar services rendered for the Company by providers retained by the Manager and (ii) the allocable portion of the compensation paid to specified officers dedicated to the Company. The amounts under “Due to affiliates” on the consolidated balance sheets consisted of the following for the periods indicated (dollars in thousands): Management Fees and Compensation Reimbursement to Affiliate Three Months Ended March 31, 2019 2018 Management fees $ 1,571 $ 1,124 Compensation reimbursement 238 191 Total $ 1,809 $ 1,315 Subservicing Agreement Freedom Mortgage is directly servicing the Company’s portfolio of Ginnie Mae MSRs pursuant to a subservicing agreement entered into on June 10, 2015. Freedom Mortgage has given notice of termination of the subservicing agreement without cause, which will be effective in the second or third quarter of 2019. Under this agreement, Freedom Mortgage will continue to service the applicable mortgage loans in accordance with applicable law and the requirements of the applicable agency, and the Company will continue to pay customary fees to Freedom Mortgage for specified services, until the servicing is transferred. Joint Marketing Recapture Agreement In June 2016, Aurora entered into a joint marketing recapture agreement with Freedom Mortgage. Pursuant to this agreement, Freedom Mortgage attempts to refinance certain mortgage loans underlying Aurora’s MSR portfolio subserviced by Freedom Mortgage as directed by Aurora. If a loan is refinanced, Aurora will pay Freedom Mortgage a fee for its origination services. Freedom Mortgage will be entitled to sell the loan for its own benefit and will transfer the related MSR to Aurora. The agreement had an initial term of one year, subject to automatic renewals of one year each. This agreement will terminate upon termination of the subservicing agreement with Freedom Mortgage in the second or third quarter of 2019. During the three-month period ended March 31, 2019, MSRs on 15 loans with an aggregate UPB of approximately $3.4 million had been received from Freedom Mortgage which generated approximately $4,200 in fees due to Freedom Mortgage. During the year ended December 31, 2018, MSRs on 98 loans with an aggregate UPB of approximately $21.5 million had been received from Freedom Mortgage which generated approximately $32,000 in fees due to Freedom Mortgage. Other Transactions with Affiliated Persons The Company leases four employees from Freedom Mortgage and reimburses Freedom Mortgage on a monthly basis. The Company entered into a loan servicing purchase and sale agreement with Freedom Mortgage on December 15, 2016. The amount of holdback remaining under this agreement was approximately $757,000 and $757,000 as of March 31, 2019 and December 31, 2018, respectively.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2019
Derivative Instruments [Abstract]
Derivative Instruments	Note 8 — Derivative Instruments Interest Rate Swap Agreements, Swaptions, TBAs and Treasury Futures In order to help mitigate exposure to higher short-term interest rates in connection with borrowings under its repurchase agreements, the Company enters into interest rate swap agreements and swaption agreements. Interest rate swap agreements establish an economic fixed rate on related borrowings because the variable-rate payments received on the interest rate swap agreements largely offset interest accruing on the related borrowings, leaving the fixed-rate payments to be paid on the interest rate swap agreements as the Company’s effective borrowing rate, subject to certain adjustments including changes in spreads between variable rates on the interest rate swap agreements and actual borrowing rates. A swaption is an option granting its owner the right but not the obligation to enter into an underlying swap. The Company’s interest rate swap agreements and swaptions have not been designated as qualifying hedging instruments for GAAP purposes. In order to help mitigate duration risk and manage basis risk, the Company utilizes Treasury futures and forward-settling purchases and sales of RMBS where the underlying pools of mortgage loans are TBAs. Pursuant to these TBA transactions, the Company agrees to purchase or sell, for future delivery, Agency RMBS with certain principal and interest terms and certain types of underlying collateral, but the particular Agency RMBS to be delivered is not identified until shortly before the TBA settlement date. Unless otherwise indicated, references to Treasury futures include options on Treasury futures. The following table summarizes the outstanding notional amounts of derivative instruments as of the dates indicated (dollars in thousands): Derivatives March 31, 2019 December 31, 2018 Notional amount of interest rate swaps $ 1,535,000 $ 1,380,000 Notional amount of swaptions 55,000 110,000 Notional amount of TBAs, net 165,000 35,000 Notional amount of Treasury futures 186,200 80,000 Notional amount of options on Treasury futures (30,000 ) - Total notional amount $ 1,911,200 $ 1,605,000 The following table presents information about the Company’s interest rate swap agreements as of the dates indicated (dollars in thousands): Notional Amount Weighted Average Pay Rate Weighted Average Receive Rate Weighted Average Years to Maturity March 31, 2019 $ 1,535,000 2.15 % 2.68 % 5.2 December 31, 2018 $ 1,380,000 2.18 % 2.61 % 5.1 The following table presents information about the Company’s interest rate swaption agreements as of the dates indicated (dollars in thousands): Notional Amount Weighted Average Pay Rate Weighted Average Receive Rate (A) Weighted Average Years to Maturity March 31, 2019 $ 55,000 3.37 % LIBOR-BBA % 10.5 December 31, 2018 $ 110,000 3.25 % LIBOR-BBA % 10.0 (A) Floats in accordance with LIBOR. The following table presents information about realized gain (loss) on derivatives, which is included on the consolidated statements of income for the periods indicated (dollars in thousands): Realized Gains (Losses) on Derivatives Derivatives Consolidated Statements of Income (Loss) Location Three Months Ended March 31, 2019 2018 Interest rate swaps Realized gain (loss) on derivatives, net $ (8,024 ) $ (422 ) Swaptions Realized gain (loss) on derivatives, net (762 ) (274 ) TBAs Realized gain (loss) on derivatives, net (220 ) (29 ) Treasury futures Realized gain on derivatives, net 1,530 738 Total $ (7,476 ) $ 13 Offsetting Assets and Liabilities The Company has netting arrangements in place with all of its derivative counterparties pursuant to standard documentation developed by the International Swap and Derivatives Association. Under GAAP, if the Company has a valid right of offset, it may offset the related asset and liability and report the net amount. The Company presents interest rate swaps, swaptions and Treasury futures assets and liabilities on a gross basis in its consolidated balance sheets, but in the case of interest rate swaps beginning in 2018, net of variation margin. The Company presents TBA assets and liabilities on a net basis in its consolidated balance sheets. The Company presents repurchase agreements in this section even though they are not derivatives because they are subject to master netting arrangements. However, repurchase agreements are presented on a gross basis. Additionally, the Company does not offset financial assets and liabilities with the associated cash collateral on the consolidated balance sheets. The following tables present information about the Company’s assets and liabilities that are subject to master netting arrangements or similar agreements and can potentially be offset on the Company’s consolidated balance sheets as of the dates indicated (dollars in thousands): Offsetting Assets and Liabilities As of March 31, 2019 Gross Amounts of Recognized Assets or Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets and Liabilities Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amount Financial Instruments Cash Collateral Received (Pledged) Assets Interest rate swaps $ 13,352 $ - $ 13,352 $ (13,352 ) $ - $ - Interest Rate swaptions 9 - 9 (9 ) - - TBAs 1,901 (431 ) 1,470 (1,470 ) - - Treasury futures 1,017 - 1,017 1,720 (2,737 ) - Total Assets $ 16,279 $ (431 ) $ 15,848 $ (13,111 ) $ (2,737 ) $ - Liabilities Repurchase agreements $ 1,785,345 $ - $ 1,785,345 $ (1,782,714 ) $ (2,631 ) $ - Interest rate swaps 1,608 - 1,608 (1,608 ) - - TBAs 431 (431 ) - - - - Total Liabilities $ 1,787,384 $ (431 ) $ 1,786,953 $ (1,784,322 ) $ (2,631 ) $ - As of December 31, 2018 Gross Amounts of Recognized Assets or Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets and Liabilities Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amount Financial Instruments Cash Collateral Received (Pledged) Assets Interest rate swaps $ 23,176 $ - $ 23,176 $ (23,176 ) $ - $ - Interest Rate swaptions 170 - 170 (170 ) - - TBAs 349 (181 ) 168 (168 ) - - Treasury futures 744 - 744 (57 ) (687 ) - Total Assets $ 24,439 $ (181 ) $ 24,258 $ (23,571 ) $ (687 ) $ - Liabilities Repurchase agreements $ 1,598,592 $ - $ 1,598,592 $ (1,591,094 ) $ (7,498 ) $ - Interest rate swaps 3,816 - 3,816 (3,816 ) - TBAs 181 (181 ) - - - - Treasury futures - - - - - - Total Liabilities $ 1,602,589 $ (181 ) $ 1,602,408 $ (1,594,910 ) $ (7,498 ) $ -

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2019
Fair Value [Abstract]
Fair Value	Note 9 – Fair Value Fair Value Measurements ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 clarifies that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). Additionally, ASC 820 requires an entity to consider all aspects of nonperformance risk, including the entity’s own credit standing, when measuring the fair value of a liability. ASC 820 establishes a three level hierarchy to be used when measuring and disclosing fair value. An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. Following is a description of the three levels: • Level 1 inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date under current market conditions. Additionally, the entity must have the ability to access the active market and the quoted prices cannot be adjusted by the entity. • Level 2 inputs include quoted prices in active markets for similar assets or liabilities; quoted prices in inactive markets for identical or similar assets or liabilities; or inputs that are observable or can be corroborated by observable market data by correlation or other means for substantially the full-term of the assets or liabilities. • Level 3 unobservable inputs are supported by little or no market activity. The unobservable inputs represent the assumptions that management believes market participants would use to price the assets and liabilities, including risk. Generally, Level 3 assets and liabilities are valued using pricing models, discounted cash flow methodologies, or similar techniques that require significant judgment or estimation. Recurring Fair Value Measurements The following is a description of the methods used to estimate the fair values of the Company’s assets and liabilities measured at fair value on a recurring basis, as well as the basis for classifying these assets and liabilities as Level 2 or 3 within the fair value hierarchy. The Company’s valuations consider assumptions that it believes a market participant would consider in valuing the assets and liabilities, the most significant of which are disclosed below. The Company reassesses and periodically adjusts the underlying inputs and assumptions used in the valuations for recent historical experience, as well as for current and expected relevant market conditions. RMBS The Company holds a portfolio of RMBS that are classified as available for sale and are carried at fair value in the consolidated balance sheets. The Company determines the fair value of its RMBS based upon prices obtained from third-party pricing providers. The third-party pricing providers use pricing models that generally incorporate such factors as coupons, primary and secondary mortgage rates, rate reset period, issuer, prepayment speeds, credit enhancements and expected life of the security. As a result, the Company classified 100% of its RMBS as Level 2 fair value assets at March 31, 2019 and December 31, 2018. MSRs The Company holds a portfolio of MSRs that are reported at fair value in the consolidated balance sheets. The Company uses a discounted cash flow model to estimate the fair value of these assets. Although MSR transactions are observable in the marketplace, the valuation includes unobservable market data inputs (prepayment speeds, delinquency levels, costs to service and discount rates). As a result, the Company classified 100% of its MSRs as Level 3 fair value assets at March 31, 2019 and December 31, 2018. Derivative Instruments The Company enters into a variety of derivative instruments as part of its economic hedging strategies. The Company executes interest rate swaps, swaptions, TBAs and treasury futures. The Company utilizes third-party pricing providers to value its derivative instruments. As a result, the Company classified 100% of its derivative instruments as Level 2 fair value assets and liabilities at March 31, 2019 and December 31, 2018. Both the Company and the derivative counterparties under their netting arrangements are required to post cash collateral based upon the net underlying market value of the Company’s open positions with the counterparties. Posting of cash collateral typically occurs daily, subject to certain dollar thresholds. Due to the existence of netting arrangements, as well as frequent cash collateral posting at low posting thresholds, credit exposure to the Company and/or counterparties is considered materially mitigated. The Company’s interest rate swaps are required to be cleared on an exchange, which further mitigates, but does not eliminate, credit risk. Based on the Company’s assessment, there is no requirement for any additional adjustment to derivative valuations specifically for credit. The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated (dollars in thousands). Recurring Fair Value Measurements As of March 31, 2019 Level 1 Level 2 Level 3 Carrying Value Assets RMBS Fannie Mae $ - $ 1,293,765 $ - $ 1,293,765 Freddie Mac - 542,639 - 542,639 CMOs - 149,554 - 149,554 RMBS total - 1,985,958 - 1,985,958 Derivative assets Interest rate swaps - 13,352 - 13,352 Interest rate swaptions - 9 - 9 TBAs - 1,470 - 1,470 Treasury futures - 1,017 - 1,017 Derivative assets total - 15,848 - 15,848 Servicing related assets - - 304,029 304,029 Total Assets $ - $ 2,001,806 $ 304,029 $ 2,305,835 Liabilities Derivative liabilities Interest rate swaps - 1,608 - 1,608 TBAs - - - - Treasury futures - - - - Derivative liabilities total - 1,608 - 1,608 Total Liabilities $ - $ 1,608 $ - $ 1,608 As of December 31, 2018 Level 1 Level 2 Level 3 Carrying Value Assets RMBS Fannie Mae $ - $ 1,178,164 $ - $ 1,178,164 Freddie Mac - 459,008 - 459,008 CMOs - 132,938 - 132,938 RMBS total - 1,770,110 - 1,770,110 Derivative assets Interest rate swaps - 23,176 - 23,176 Interest rate swaptions - 170 - 170 TBAs - 168 - 168 Treasury futures - 744 - 744 Derivative assets total - 24,258 - 24,258 Servicing related assets - - 294,907 294,907 Total Assets $ - $ 1,794,368 $ 294,907 $ 2,089,275 Liabilities Derivative liabilities Interest rate swaps - 3,816 - 3,816 TBAs - - - - Treasury futures - - - - Derivative liabilities total - 3,816 - 3,816 Total Liabilities $ - $ 3,816 $ - $ 3,816 The Company may be required to measure certain assets or liabilities at fair value from time to time. These periodic fair value measures typically result from application of certain impairment measures under GAAP. These items would constitute nonrecurring fair value measures under ASC 820. As of March 31, 2019 and December 31, 2018, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis in the periods presented. Level 3 Assets and Liabilities The valuation of Level 3 assets and liabilities requires significant judgment by the third-party pricing providers and management. The third-party pricing providers and management rely on inputs such as market price quotations from market makers (either market or indicative levels), original transaction price, recent transactions in the same or similar instruments, and changes in financial ratios or cash flows to determine fair value. Level 3 instruments may also be discounted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by third-party pricing providers and management in the absence of market information. Assumptions used by third-party pricing providers and management due to lack of observable inputs may significantly impact the resulting fair value and, therefore, the Company’s consolidated financial statements. The Company’s management reviews all valuations that are based on pricing information received from third-party pricing providers. As part of this review, prices are compared against other pricing or input data points in the marketplace, along with internal valuation expertise, to ensure the pricing is reasonable. In connection with the above, the Company estimates the fair value of its Servicing Related Assets based on internal pricing models rather than quotations, and compares the results of these internal models against the results from models generated by third-party valuation specialists. The determination of estimated cash flows used in pricing models is inherently subjective and imprecise. Changes in market conditions, as well as changes in the assumptions or methodology used to determine fair value, could result in a significant change to estimated fair values. It should be noted that minor changes in assumptions or estimation methodologies can have a material effect on these derived or estimated fair values, and that the fair values reflected below are indicative of the interest rate and credit spread environments as of March 31, 2019 and December 31, 2018 and do not take into consideration the effects of subsequent changes in market or other factors. The tables below present the reconciliation for the Company’s Level 3 assets (Servicing Related Assets) measured at fair value on a recurring basis as of the dates indicated (dollars in thousands): Level 3 Fair Value Measurements As of March 31, 2019 Level 3 (A) MSRs Balance at December 31, 2018 $ 294,907 Purchases, sales and principal paydowns: Purchases 36,887 Other changes (B) (591 ) Purchases, sales and principal paydowns: $ 36,296 Changes in Fair Value due to: Changes in valuation inputs or assumptions used in valuation model (20,913 ) Other changes in fair value (C) (6,262 ) Unrealized gain (loss) included in Net Income $ (27,175 ) Balance at March 31, 2019 $ 304,029 As of December 31, 2018 Level 3 (A) MSRs Balance at December 31, 2017 $ 122,806 Purchases, sales and principal paydowns: Purchases 178,192 Other changes (B) (2,518 ) Purchases, sales and principal paydowns: $ 175,674 Changes in Fair Value due to: Changes in valuation inputs or assumptions used in valuation model 14,648 Other changes in fair value (C) (18,221 ) Unrealized gain (loss) included in Net Income $ (3,573 ) Balance at December 31, 2018 $ 294,907 (A) Includes the recapture agreement for each respective pool. (B) Represents purchase price adjustments, principally contractual prepayment protection, and changes due to the Company’s repurchase of the underlying collateral. (C) Represents changes due to realization of expected cash flows and estimated MSR runoff. The tables below present information about the significant unobservable inputs used in the fair value measurement of the Company’s Servicing Related Assets classified as Level 3 fair value assets as of the dates indicated (dollars in thousands): Fair Value Measurements As of March 31, 2019 Fair Value Valuation Technique Unobservable Input (A) Range Weighted Average MSRs Conventional $ 265,667 Discounted cash flow Constant prepayment speed 6.4% - 75.6 % 10.7 % Uncollected payments 0.4% - 1.4 % 0.7 % Discount rate 9.3 % Annual cost to service, per loan $ 74 Government $ 38,362 Discounted cash flow Constant prepayment speed 6.0% - 25.1 % 10.0 % Uncollected payments 2.4% - 12.7 % 2.7 % Discount rate 12.0 % Annual cost to service, per loan $ 111 TOTAL $ 304,029 As of December 31, 2018 Fair Value Valuation Technique Unobservable Input (A) Range Weighted Average MSRs Conventional $ 254,691 Discounted cash flow Constant prepayment speed 4.5% - 20.6 % 9.1 % Uncollected payments 0.5% - 11.7 % 0.9 % Discount rate 9.3 % Annual cost to service, per loan $ 70 Government $ 40,216 Discounted cash flow Constant prepayment speed 6.3% - 17.9 % 8.9 % Uncollected payments 3.1% - 12.4 % 4.2 % Discount rate 12.0 % Annual cost to service, per loan $ 111 TOTAL $ 294,907 (A) Significant increases (decreases) in any of the inputs in isolation may result in significantly lower (higher) fair value measurements. A change in the assumption used for discount rates may be accompanied by a directionally similar change in the assumption used for the probability of uncollected payments and a directionally opposite change in the assumption used for prepayment rates. Fair Value of Financial Assets and Liabilities In accordance with ASC 820, the Company is required to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the consolidated balance sheets, for which fair value can be estimated. The following describes the Company’s methods for estimating the fair value for financial instruments. • RMBS available for sale securities, Servicing Related Assets, derivative assets and derivative liabilities are recurring fair value measurements; carrying value equals fair value. See discussion of valuation methods and assumptions within the “Fair Value Measurements” section of this footnote. • Cash and cash equivalents and restricted cash have a carrying value which approximates fair value because of the short maturities of these instruments. • The carrying value of repurchase agreements and corporate debt that mature in less than one year generally approximates fair value due to the short maturities. The Company does not hold any repurchase agreements that are considered long-term. Corporate debt that matures in more than one year consists solely of financing secured by Aurora’s Servicing Related Assets. Approximately ninety percent of the debt is revolving and bears interest at adjustable rates, while the remaining portion is amortizing and bears interest at a fixed rate. Due to the amount of the fixed debt relative to that of all of the corporate debt, the Company considers that the amount of the corporate debt generally approximates fair value.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 10 — Commitments and Contingencies The commitments and contingencies of the Company as of March 31, 2019 and December 31, 2018 are described below. Management Agreement The Company pays the Manager a quarterly management fee, calculated and payable quarterly in arrears, equal to the product of one quarter of the 1.5% management fee annual rate and the stockholders’ equity, adjusted as set forth in the Management Agreement as of the end of such fiscal quarter. The Manager relies on resources of Freedom Mortgage to provide the Manager with the necessary resources to conduct the Company’s operations. For further discussion regarding the management fee, see Note 7. Legal and Regulatory From time to time, the Company may be subject to potential liability under laws and government regulations and various claims and legal actions arising in the ordinary course of business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. Based on information currently available, management is not aware of any legal or regulatory claims that would have a material effect on the Company’s consolidated financial statements, and, therefore, no accrual is required as of March 31, 2019 and December 31, 2018. Commitments to Purchase/Sell RMBS As of March 31, 2019 and December 31, 2018, the Company held forward TBA purchase and sale commitments, respectively, with counterparties, which are forward Agency RMBS trades, whereby the Company committed to purchasing or selling a pool of securities at a particular interest rate. As of the date of the trade, the mortgage-backed securities underlying the pool that will be delivered to fulfill a TBA trade are not yet designated. The securities are typically “to be announced” 48 hours prior to the established trade settlement date. As of March 31, 2019 and December 31, 2018, the Company was not obligated to purchase or sell any Agency RMBS securities. Acknowledgment Agreements In connection with the MSR Financing Facility (as defined below) entered into by Aurora and QRS III, those parties also entered into an acknowledgment agreement with Fannie Mae. Pursuant to that agreement, Fannie Mae consented to the pledge by Aurora and QRS III of their respective interests in MSRs for loans owned or securitized by Fannie Mae, and acknowledged the security interest of the lender in those MSRs. See Note 12—Notes Payable for a description of the MSR Financing Facility. In connection with the MSR Revolver (as defined below), Aurora, QRS V, and the lender, with a limited joinder by the Company, entered into an Acknowledgement Agreement with Freddie Mac pursuant to which Freddie Mac consented to the pledge of the Freddie Mac MSRs securing the MSR Revolver. Aurora and the lender also entered into a Consent Agreement with Freddie Mac pursuant to which Freddie Mac consented to the pledge of Aurora’s rights to reimbursement for advances on the underlying loans. See Note 12—Notes Payable for a description of the MSR Revolver.

Repurchase Agreements

Repurchase Agreements	3 Months Ended
	Mar. 31, 2019
Repurchase Agreements [Abstract]
Repurchase Agreements	Note 11 – Repurchase Agreements The Company had outstanding approximately $ 1,785.3 78 The repurchase agreements had the following remaining maturities and weighted average rates as of the dates indicated (dollars in thousands): Repurchase Agreements Characteristics As of March 31, 2019 Repurchase Agreements Weighted Average Rate Less than one month $ 325,284 2.85 % One to three months 820,112 2.71 % Greater than three months 639,949 2.72 % Total/Weighted Average $ 1,785,345 2.74 % As of December 31, 2018 Repurchase Agreements Weighted Average Rate Less than one month $ 776,666 2.51 % One to three months 821,926 2.56 % Greater than three months - - % Total/Weighted Average $ 1,598,592 2.54 % There were no overnight or demand securities as of March 31, 2019 or December 31, 2018.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2019
Notes Payable [Abstract]
Notes Payable	Note 12 – Notes Payable In September 2016, Aurora and QRS III entered into a loan and security agreement (the “MSR Financing Facility”), pursuant to which Aurora and QRS III pledged their respective rights in all existing and future MSRs for loans owned or securitized by Fannie Mae to secure borrowings up to a maximum of $25.0 million outstanding at any one time. On March 20, 2018, Aurora and QRS III entered into an amendment that increased the maximum amount of the MSR Financing Facility from $25.0 million to $75.0 million and extended the revolving period, during which only interest payments are due, to March 2020. On December 20, 2018, Aurora and QRS III entered into an amendment that increased the maximum amount of the MSR Financing Facility from $75.0 million to $100.0 million and extended the revolving period to December 20, 2020. During the revolving period, borrowings bear interest at a rate equal to a spread over one-month LIBOR subject to a floor. At the end of the revolving period, the outstanding amount will be converted to a three-year term loan that will bear interest at a rate calculated at a spread over the rate for one-year interest rate swaps. The revolving period may be further extended by agreement. The Company has previously guaranteed repayment of all indebtedness under the MSR Financing Facility. Approximately $ 100.0 In May 2017, the Company, Aurora and QRS IV obtained a $20.0 million loan (the “MSR Term Facility”) secured by the pledge of Aurora’s Ginnie Mae MSRs and the Company’s ownership interest in QRS IV. The loan bears interest at a fixed rate of 6.18% per annum, amortizes on a ten-year amortization schedule and is due on May 18, 2022. In July 2018, the Company, Aurora and QRS V (collectively with Aurora and the Company, the “Borrowers”) entered into a $25.0 million revolving credit facility (the “MSR Revolver”) pursuant to which Aurora pledged all of its existing and future MSRs on loans owned or securitized by Freddie Mac. The term of the MSR Revolver is 364 days with the Borrowers’ option for two renewals for similar terms followed by a one-year term out feature with a 24-month amortization schedule. The MSR Revolver was upsized to $45 million in September 2018. The Company also has the ability to request up to an additional $5.0 million of borrowings. Amounts borrowed bear interest at an adjustable rate equal to a spread above one-month LIBOR. Approximately $ 45.0 The outstanding long-term borrowings had the following remaining maturities as of the dates indicated (dollars in thousands): Long-Term Borrowings Repayment Characteristics As of March 31, 2019 2019 2020 2021 2022 2023 2024 Total MSR Term Facility Borrowings under MSR Term Facility $ 1,500 $ 2,000 $ 2,000 $ 10,996 $ - $ - $ 16,496 MSR Financing Facility Borrowings under MSR Financing Facility $ - $ 6,419 $ 93,581 $ - $ - $ - $ 100,000 MSR Revolver Borrowings under MSR Revolver Facility $ - $ - $ 45,000 $ - $ - $ - $ 45,000 Total $ 1,500 $ 8,419 $ 140,581 $ 10,996 $ - $ - $ 161,496 As of December 31, 2018 2019 2020 2021 2022 2023 2024 Total MSR Term Facility Borrowings under MSR Term Facility $ 2,000 $ 2,000 $ 2,000 $ 10,996 $ - $ - $ 16,996 MSR Financing Facility Borrowings under MSR Financing Facility $ - $ 6,195 $ 90,305 $ - $ - $ - $ 96,500 MSR Revolver Borrowings under MSR Revolver Facility $ - $ - $ 45,000 $ - $ - $ - $ 45,000 Total $ 2,000 $ 8,195 $ 137,305 $ 10,996 $ - $ - $ 158,496

Receivables and Other Assets

Receivables and Other Assets	3 Months Ended
	Mar. 31, 2019
Receivables and Other Assets [Abstract]
Receivables and Other Assets	Note 13 – Receivables and Other Assets The assets comprising “Receivables and other assets” as of March 31, 2019 and December 31, 2018 are summarized in the following table (dollars in thousands): Receivables and Other Assets March 31, 2019 December 31, 2018 Servicing advances $ 9,227 $ 9,942 Interest receivable 7,241 6,540 Deferred tax receivable 2,887 - Repurchased loans held for sale 3,758 2,814 Other receivables 4,777 4,687 Total other assets $ 27,890 $ 23,983 The Company only records as an asset those servicing advances that the Company deems recoverable.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	3 Months Ended
	Mar. 31, 2019
Accrued Expenses and Other Liabilities [Abstract]
Accrued Expenses and Other Liabilities	Note 14 – Accrued Expenses and Other Liabilities The liabilities comprising “Accrued expenses and other liabilities” as of March 31, 2019 and December 31, 2018 are summarized in the following table (dollars in thousands): Accrued Expenses and Other Liabilities March 31, 2019 December 31, 2018 Accrued interest payable $ 7,683 $ 8,019 Escrow funds held 37 37 Net current tax payable 152 152 Net deferred tax payable - 2,078 Accrued expenses 5,283 5,259 Total accrued expenses and other liabilities $ 13,155 $ 15,545

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Taxes [Abstract]
Income Taxes	Note 15 – Income Taxes The Company elected to be taxed as a REIT under Code Sections 856 through 860 beginning with its short taxable year ended December 31, 2013. As a REIT, the Company generally will not be subject to U.S. federal income tax to the extent that it distributes its taxable income to its stockholders. To maintain qualification as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to its stockholders and meet certain other requirements such as assets it may hold, income it may generate and its stockholder composition. It is the Company’s policy to distribute all or substantially all of its REIT taxable income. To the extent there is any undistributed REIT taxable income at the end of a year, the Company can elect to distribute such shortfall within the next year as permitted by the Code. Effective January 1, 2014, CHMI Solutions elected to be taxed as a corporation for U.S. federal income tax purposes; prior to this date, CHMI Solutions was a disregarded entity for U.S. federal income tax purposes. CHMI Solutions has jointly elected with the Company, the ultimate beneficial owner of CHMI Solutions, to be treated as a TRS of the Company, and all activities conducted through CHMI Solutions and its wholly-owned subsidiary Aurora, are subject to federal and state income taxes. CHMI Solutions files a consolidated tax return with Aurora and is fully taxed as a U.S. C-Corporation. The state and local tax jurisdictions for which the Company is subject to tax filing obligations recognize the Company’s status as a REIT, and therefore, the Company generally does not pay income tax in such jurisdictions. CHMI Solutions and Aurora are subject to U.S. federal, state and local income taxes. The components of the Company’s income tax expense (benefit) are as follows for the periods indicated below (dollars in thousands): Three Months Ended March 31, 2019 2018 Current federal income tax expense (benefit) $ - $ 39 Current state income tax expense (benefit) - 12 Deferred federal income tax expense (benefit) (4,051 ) 2,108 Deferred state income tax expense (benefit) (914 ) 476 Provision for (Benefit from) Corporate Business Taxes $ (4,965 ) $ 2,635 The following is a reconciliation of the statutory federal rate to the effective rate, for the periods indicated below (dollars in thousands): Three Months Ended March 31, 2019 2018 Computed income tax (benefit) expense at federal rate $ (5,482 ) 21.0 % $ 7,698 20.3 % State taxes (benefit), net of federal tax, if applicable (914 ) 3.5 % 485 1.3 % REIT income not subject to tax (benefit) 1,431 (5.5 ) % (5,548 ) (14.6 )% Provision for (Benefit from) Corporate Business Taxes/Effective Tax Rate (A) $ (4,965 ) 19.0 % $ 2,635 7.0 % (A) The provision for income taxes is recorded at the TRS level. The Company’s consolidated balance sheets, at March 31, 2019 and December 31, 2018, contain the following current and deferred tax liabilities and assets, which are recorded at the TRS level (dollars in thousands): Three Months Ended March 31, 2019 2018 Income taxes payable Federal income taxes payable $ - $ 39 State and local income taxes payable - 12 Income taxes payable $ - $ 51 March 31, 2019 December 31, 2018 Deferred tax (assets) liabilities Deferred tax - organizational expenses $ (2 ) $ (4 ) Deferred tax - mortgage servicing rights (2,664 ) 2,082 Deferred tax - net operating loss (221 ) - Total net deferred tax (assets) liabilities $ (2,887 ) $ 2,078 The deferred tax assets and liabilities as of March 31, 2019 and December 31, 2018, respectively, were each primarily related to MSRs. No valuation allowance has been established at March 31, 2019 or December 31, 2018. As of Mach 31, 2019 and December 31, 2018, deferred tax liabilities are included in “Accrued expenses and other liabilities” in the consolidated balance sheets. Based on the Company’s evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in the Company’s consolidated financial statements. Additionally, there were no amounts accrued for penalties or interest as of or during the periods presented in these consolidated financial statements. The Company’s 2017, 2016, 2015, 2014, 2013 and 2012 federal, state and local income tax returns remain open for examination by the relevant authorities.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 16 – Subsequent Events Events subsequent to March 31, 2019 were evaluated and no additional events were identified requiring further disclosure in the interim consolidated financial statements.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Basis of Presentation and Significant Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying interim consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. The interim consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. The Company consolidates those entities in which it has an investment of 50% or more and has control over significant operating, financial and investing decisions of the entity. The interim consolidated financial statements reflect all necessary and recurring adjustments for fair presentation of the results for the interim periods presented herein.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make a number of significant estimates and assumptions. These include estimates of: the fair value of mortgage servicing rights (“MSRs” or “Servicing Related Assets”); residential mortgage-backed securities (“RMBS” or “securities”) and derivatives; credit losses, including the period of time during which the Company anticipates an increase in the fair values of RMBS sufficient to recover unrealized losses on those RMBS; and other estimates that affect the reported amounts of certain assets, revenues, liabilities and expenses as of the date of, and for the periods covered by, the consolidated interim financial statements. It is likely that changes in these estimates will occur in the near term. The Company’s estimates are inherently subjective. Actual results could differ from the Company’s estimates, and the differences may be material.
Risks and Uncertainties	Risks and Uncertainties In the normal course of business, the Company encounters primarily two significant types of economic risk: credit and market. Credit risk is the risk of default on the Company’s investments in RMBS, Servicing Related Assets and derivatives that results from a borrower’s or derivative counterparty’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments in RMBS, Servicing Related Assets and derivatives due to changes in interest rates, spreads or other market factors, including prepayment speeds on the Company’s RMBS and Servicing Related Assets. The Company is subject to the risks involved with real estate and real estate-related debt instruments. These include, among others, the risks normally associated with changes in the general economic climate, changes in the mortgage market, changes in tax laws, interest rate levels, and the availability of financing. The Company also is subject to certain risks relating to its status as a REIT for U.S. federal income tax purposes. If the Company were to fail to qualify as a REIT in any taxable year, the Company would be subject to U.S. federal income tax on its REIT income, which could be material. Unless entitled to relief under certain statutory provisions, the Company would also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost.
Investments in RMBS	Investments in RMBS Classification Fair value is determined under the guidance of Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures Investment securities transactions are recorded on the trade date. At disposition, the net realized gain or loss is determined on the basis of the cost of the specific investment and is included in earnings. All RMBS purchased and sold in the three-month period ended March 31, 2019 were settled prior to period-end. All RMBS purchased and sold in the year ended December 31, 2018 were settled prior to year-end. Revenue Recognition – Impairment –
Investments in MSRs	Investments in MSRs Classification Revenue Recognition Servicing fee income received and servicing expenses incurred are reported on the consolidated statements of income (loss). The difference between the fair value of MSRs and their amortized cost basis is recorded on the consolidated statements of income (loss) as “Unrealized gain (loss) on investments in MSRs.” Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and liquidity premium specific to the MSRs and, therefore, may differ from their effective yields. As a result of the Company’s investments in MSRs, it is obligated from time to time to repurchase an underlying loan from the applicable agency for which it is being serviced due to an alleged breach of a representation or warranty. Loans acquired in this manner are recorded at the purchase price less any principal recoveries and are then offered for sale in the scratch and dent market.
Derivatives and Hedging Activities	Derivatives and Hedging Activities Derivative transactions include swaps, swaptions, Treasury futures and “to-be-announced” securities (“TBAs”). Swaps and swaptions are entered into by the Company solely for interest rate risk management purposes. TBAs and Treasury futures are used for duration risk and basis risk management purposes. The decision as to whether or not a given transaction/position (or portion thereof) is economically hedged is made on a case-by-case basis, based on the risks involved and other factors as determined by senior management, including restrictions imposed by the Code on REITs. In determining whether to economically hedge a risk, the Company may consider whether other assets, liabilities, firm commitments and anticipated transactions already offset or reduce the risk. All transactions undertaken as economic hedges are entered into with a view towards minimizing the potential for economic losses that could be incurred by the Company. Generally, derivatives entered into are not intended to qualify as hedges under GAAP, unless specifically stated otherwise. The Company’s bi-lateral derivative financial instruments contain credit risk to the extent that its counterparties may be unable to meet the terms of the agreements. The Company reduces such risk by limiting its exposure to any one counterparty. In addition, the potential risk of loss with any one party resulting from this type of credit risk is monitored. The Company’s interest rate swaps are required to be cleared on an exchange, which further mitigates, but does not eliminate, credit risk. Management does not expect any material losses as a result of default by other parties to its derivative financial instruments. Classification Revenue Recognition
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid short-term investments with maturities of 90 days or less when purchased to be cash equivalents. Substantially all amounts on deposit with major financial institutions exceed insured limits. Restricted cash represents the Company’s cash held by counterparties (i) as collateral against the Company’s derivatives ($2.7 million and $687,000 at March 31, 2019 and December 31, 2018, respectively) and (ii) as collateral for borrowings under its repurchase agreements (approximately $2.6 million and $7.5 million at March 31, 2019 and December 31, 2018, respectively). The Company’s centrally cleared interest rate swaps require that the Company post an “initial margin” amount determined by the clearing exchange, which is generally intended to be set at a level sufficient to protect the exchange from the interest rate swap’s maximum estimated single-day price movement. The Company also exchanges “variation margin” based upon daily changes in fair value, as measured by the exchange. As a result of amendments to rules governing certain central clearing activities, the exchange of variation margin is a settlement of the interest rate swap, as opposed to pledged collateral. Accordingly, beginning in the first quarter of 2018 and in subsequent periods, the Company has accounted for the receipt or payment of variation margin on interest rate swaps as a direct reduction or increase to the carrying value of the interest rate swap asset or liability. At March 31, 2019, approximately $5.9 million of variation margin was reported as a decrease to the interest rate swap liability, at fair value. Variation margin pledged or received is netted on a counterparty basis and classified within restricted cash, due from counterparties, or due to counterparties on the Company’s consolidated balance sheets.
Due to Affiliate	Due to Affiliate The sum under “Due to affiliates” on the consolidated balance sheets represents amounts due to the Manager pursuant to the Management Agreement. For further information on the Management Agreement, see Note 7.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under Code Sections 856 through 860 beginning with its short taxable year ended December 31, 2013. U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pay tax at regular corporate income tax rates to the extent that it annually distributes less than 100% of its taxable income. The Company’s taxable REIT subsidiary (“TRS”), CHMI Solutions, as well as CHMI Solutions’s wholly-owned subsidiary, Aurora, are subject to U.S. federal income taxes on their taxable income. To maintain qualification as a REIT, the Company also must meet certain other requirements such as assets it may hold, income it may generate and its stockholder composition. The Company accounts for income taxes in accordance with ASC 740, Income Taxes
Realized Gain (Loss) on Investments, Net	Realized Gain (Loss) on Investments, Net The following table presents gains and losses on sales of the specified categories of investments for the periods indicated (dollars in thousands): Three Months Ended March 31, 2019 2018 Realized loss on RMBS, net Loss on RMBS $ - $ (4,881 ) Net realized loss on RMBS - (4,881 ) Realized gain (loss) on derivatives, net (7,476 ) 13 Unrealized gain (loss) on derivatives, net (8,272 ) 19,626 Unrealized gain (loss) on investments in MSRs, net (27,175 ) 12,498 Total $ (42,923 ) $ 27,256
Repurchase Agreements and Interest Expense	Repurchase Agreements and Interest Expense The Company finances its investments in RMBS with short-term borrowings under master repurchase agreements. Borrowings under the repurchase agreements are generally short-term debt due within one year. These borrowings generally bear interest rates of a specified margin over one-month LIBOR. The repurchase agreements represent uncommitted financing. Borrowings under these agreements are treated as collateralized financing transactions and are carried at their contractual amounts, as specified in the respective agreements. Interest is recorded at the contractual amount on an accrual basis.
Dividends Payable	Dividends Payable Because the Company is organized as a REIT under the Code, it is required by law to distribute annually at least 90% of its REIT taxable income, which it does in the form of quarterly dividend payments. The Company accrues the dividend payable on the accounting date, which causes an offsetting reduction in retained earnings.
Comprehensive Income	Comprehensive Income Comprehensive income is defined as the change in equity of a business enterprise during a period resulting from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. For the Company’s purposes, comprehensive income represents net income, as presented in the consolidated statements of income (loss), adjusted for unrealized gains or losses on RMBS, which are designated as available for sale.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Leases Leases Credit Losses Financial Instruments—Credit Losses Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement Changes in Stockholders’ Equity
Changes in Presentation	Changes in Presentation Certain prior period amounts have been reclassified to conform to current period presentation.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2019
Basis of Presentation and Significant Accounting Policies [Abstract]
Gains and Losses on Sale of Specified Categories of Investments	The following table presents gains and losses on sales of the specified categories of investments for the periods indicated (dollars in thousands): Three Months Ended March 31, 2019 2018 Realized loss on RMBS, net Loss on RMBS $ - $ (4,881 ) Net realized loss on RMBS - (4,881 ) Realized gain (loss) on derivatives, net (7,476 ) 13 Unrealized gain (loss) on derivatives, net (8,272 ) 19,626 Unrealized gain (loss) on investments in MSRs, net (27,175 ) 12,498 Total $ (42,923 ) $ 27,256

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Financial Data on CHMI's Segments with Reconciliation	Summary financial data with respect to the Company’s segments is given below, together with a reconciliation to the same data for the Company as a whole (dollars in thousands): Servicing Related Assets RMBS All Other Total Income Statement Three Months Ended March 31, 2019 Interest income $ 258 $ 16,711 $ - $ 16,969 Interest expense 1,188 9,555 1 10,744 Net interest income (expense) (930 ) 7,156 (1 ) 6,225 Servicing fee income 17,188 - - 17,188 Servicing costs 3,821 - - 3,821 Net servicing income 13,367 - - 13,367 Other loss (24,967 ) (17,956 ) - (42,923 ) Other operating expenses - - 2,772 2,772 Benefit from corporate business taxes (4,965 ) - - (4,965 ) Net loss $ (7,565 ) $ (10,800 ) $ (2,773 ) $ (21,138 ) Three Months Ended March 31, 2018 Interest income $ - $ 13,415 $ - $ 13,415 Interest expense 213 7,330 - 7,543 Net interest income (expense) (213 ) 6,085 - 5,872 Servicing fee income 8,650 - - 8,650 Servicing costs 1,712 - - 1,712 Net servicing income 6,938 - - 6,938 Other income 12,498 14,758 - 27,256 Other operating expenses - - 2,192 2,192 Provision for corporate business taxes 2,635 - - 2,635 Net income (loss) $ 16,588 $ 20,843 $ (2,192 ) $ 35,239 Servicing Related Assets RMBS All Other Total Balance Sheet March 31, 2019 Investments $ 304,029 $ 1,985,958 $ - $ 2,289,987 Other assets 23,682 25,059 47,926 96,667 Total assets 327,711 2,011,017 47,926 2,386,654 Debt 160,674 1,785,345 - 1,946,019 Other liabilities 5,156 8,123 13,058 26,337 Total liabilities 165,830 1,793,468 13,058 1,972,356 Book value $ 161,881 $ 217,549 $ 34,868 $ 414,298 December 31, 2018 Investments $ 294,907 $ 1,770,110 $ - $ 2,065,017 Other assets 17,817 38,165 32,278 88,260 Total assets 312,724 1,808,275 32,278 2,153,277 Debt 157,543 1,598,592 - 1,756,135 Other liabilities 7,488 10,440 15,283 33,211 Total liabilities 165,031 1,609,032 15,283 1,789,346 Book value $ 147,693 $ 199,243 $ 16,995 $ 363,931

Investments in RMBS (Tables)

Investments in RMBS (Tables)	3 Months Ended
	Mar. 31, 2019
Investments in RMBS [Abstract]
Summary of RMBS Investments	All of the Company’s RMBS are classified as available for sale and are, therefore, reported at fair value with changes in fair value recorded in other comprehensive income (loss) except for securities that are OTTI (dollars in thousands): Summary of RMBS Assets As of March 31, 2019 Asset Type Original Face Value Book Value Gross Unrealized Carrying Value (A) Number of Securities Weighted Average Gains Losses Rating Coupon Yield (C) Maturity (Years) (D) RMBS Fannie Mae $ 1,481,219 $ 1,303,878 $ 4,766 $ (14,879 ) $ 1,293,765 167 (B) 3.88 % 3.71 % 25 Freddie Mac 632,876 545,181 2,678 (5,220 ) 542,639 71 (B) 3.77 % 3.63 % 27 CMOs 147,129 143,170 6,529 (145 ) 149,554 34 (B) 5.64 % 5.63 % 16 Total/Weighted Average $ 2,261,224 $ 1,992,229 $ 13,973 $ (20,244 ) $ 1,985,958 272 3.97 % 3.83 % 25 As of December 31, 2018 Asset Type Original Face Value Book Value Gross Unrealized Carrying Value (A) Number of Securities Weighted Average Gains Losses Rating Coupon Yield (C) Maturity (Years) (D) RMBS Fannie Mae $ 1,362,606 $ 1,208,854 $ 224 $ (30,914 ) $ 1,178,164 154 (B) 3.87 % 3.70 % 25 Freddie Mac 548,862 471,148 246 (12,386 ) 459,008 63 (B) 3.75 % 3.60 % 27 CMOs 130,629 128,418 5,136 (616 ) 132,938 30 (B) 5.79 % 5.78 % 15 Total/Weighted Average $ 2,042,097 $ 1,808,420 $ 5,606 $ (43,916 ) $ 1,770,110 247 3.98 % 3.82 % 25 (A) See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities. (B) The Company used an implied AAA rating for the Agency RMBS. Collateralized mortgage obligations (“CMOs”) issued by Fannie Mae or Freddie Mac consist of loss share securities, the majority of which, by unpaid principal balance (“UPB”), are unrated or rated below investment grade at March 31, 2019 by at least one nationally recognized statistical rating organization (“NRSRO”). Private label securities are rated investment grade by at least one NRSRO as of March 31, 2019. (C) The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities. (D) The weighted average maturity is based on the timing of expected principal reduction on the assets.
Summary of RMBS Investments by Maturity	Summary of RMBS Assets by Maturity As of March 31, 2019 Years to Maturity Original Face Value Book Value Gross Unrealized Carrying Value (A) Number of Securities Weighted Average Gains Losses Rating Coupon Yield (C) Maturity (Years) (D) 5-10 Years $ 39,581 $ 27,946 $ 1,509 $ (70 ) $ 29,385 10 (B) 5.49 % 5.41 % 09 Over 10 Years 2,221,643 1,964,283 12,464 (20,174 ) 1,956,573 262 (B) 3.95 % 3.81 % 25 Total/Weighted Average $ 2,261,224 $ 1,992,229 $ 13,973 $ (20,244 ) $ 1,985,958 272 3.97 % 3.83 % 25 As of December 31, 2018 Years to Maturity Original Face Value Book Value Gross Unrealized Carrying Value (A) Number of Securities Weighted Average Gains Losses Rating Coupon Yield (C) Maturity (Years) (D) 5-10 Years $ 24,377 $ 15,100 $ 731 $ (134 ) $ 15,697 7 (B) 4.97 % 4.93 % 09 Over 10 Years 2,017,720 1,793,320 4,875 (43,782 ) 1,754,413 240 (B) 3.97 % 3.81 % 25 Total/Weighted Average $ 2,042,097 $ 1,808,420 $ 5,606 $ (43,916 ) $ 1,770,110 247 3.98 % 3.82 % 25 (A) See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities. (B) The Company used an implied AAA rating for the Agency RMBS. CMOs issued by Fannie Mae or Freddie Mac consist of loss share securities, the majority of which, by UPB, are unrated or rated below investment grade at March 31, 2019 by at least one NRSRO. Private label securities are rated investment grade by at least one NRSRO as of March 31, 2019. (C) The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities. (D) The weighted average maturity is based on the timing of expected principal reduction on the assets.
Summary of RMBS Securities in an Unrealized Loss Position	The following tables summarize the Company’s securities in an unrealized loss position as of the dates indicated (dollars in thousands): RMBS Unrealized Loss Positions As of March 31, 2019 Duration in Loss Position Original Face Value Book Value Gross Unrealized Losses Carrying Value (A) Number of Securities Weighted Average Rating Coupon Yield (C) Maturity (Years) (D) Less than Twelve Months $ 3,201 $ 12,456 $ (145 ) $ 12,311 4 (B) 5.94 % 5.94 % 15 Twelve or More Months 10,348 1,267,062 (20,099 ) 1,246,963 179 (B) 3.80 % 3.61 % 25 Total/Weighted Average $ 13,549 $ 1,279,518 $ (20,244 ) $ 1,259,274 183 3.82 % 3.64 % 25 As of December 31, 2018 Duration in Loss Position Original Face Value Book Value Gross Unrealized Losses Carrying Value (A) Number of Securities Weighted Average Rating Coupon Yield (C) Maturity (Years) (D) Less than Twelve Months $ 13,909 $ 224,617 $ (1,563 ) $ 223,054 28 (B) 4.26 % 4.14 % 24 Twelve or More Months 10,446 1,321,115 (42,353 ) 1,278,762 181 (B) 3.78 % 3.60 % 25 Total/Weighted Average $ 24,355 $ 1,545,732 $ (43,916 ) $ 1,501,816 209 3.85 % 3.68 % 25 (A) See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities. (B) The Company used an implied AAA rating for the Agency RMBS. CMOs issued by Fannie Mae or Freddie Mac consist of loss share securities, the majority of which, by UPB, are unrated or rated below investment grade at March 31, 2019 by at least one NRSRO. Private label securities are rated investment grade or better by at least one NRSRO as of March 31, 2019. (C) The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities. (D) The weighted average maturity is based on the timing of expected principal reduction on the assets. Except for the security for which the Company has recognized OTTI, the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases which may be maturity.

Investments in Servicing Rela_2

Investments in Servicing Related Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Investments in Servicing Related Assets [Abstract]
Servicing Related Assets	The following is a summary of the Company’s Servicing Related Assets as of the dates indicated (dollars in thousands): Servicing Related Assets Summary As of March 31, 2019 Unpaid Principal Balance Cost Basis Carrying Value (A) Weighted Average Coupon Weighted Average Maturity (Years) (B) Changes in Fair Value Recorded in Other Income (Loss) MSRs Conventional $ 24,148,731 $ 290,988 (C) $ 265,667 4.40 % 27.3 $ (25,321 ) Government 3,378,234 40,216 (C) 38,362 3.37 % 26.5 (1,854 ) MSR Total/Weighted Average $ 27,526,965 $ 331,204 $ 304,029 4.28 % 27.2 $ (27,175 ) As of December 31, 2018 Unpaid Principal Balance Cost Basis Carrying Value (A) Weighted Average Coupon Weighted Average Maturity (Years) (B) Changes in Fair Value Recorded in Other Income (Loss) MSRs Conventional $ 21,366,980 $ 258,070 (C) $ 254,691 4.37 % 27.3 $ (3,379 ) Government 3,480,009 40,410 (C) 40,216 3.37 % 26.8 (194 ) MSR Total/Weighted Average $ 24,846,989 $ 298,480 $ 294,907 4.23 % 27.2 $ (3,573 ) (A) Carrying value represents the fair value of the pools (see Note 9). (B) The weighted average maturity represents the weighted average expected timing of the receipt of cash flows of each investment. (C) MSR cost basis consists of the carrying value of the prior period, adjusted for any purchases, sales and principal paydowns of the underlying mortgage loans.
Geographic Concentration of Servicing Related Assets	The tables below summarize the geographic distribution for the states representing 5% or greater of the aggregate UPB of the residential mortgage loans underlying the Servicing Related Assets as of the dates indicated: Geographic Concentration of Servicing Related Assets As of March 31, 2019 Percentage of Total Outstanding Unpaid Principal Balance California 12.8 % Texas 6.2 % Maryland 5.2 % All other 75.8 % Total 100.0 % As of December 31, 2018 Percentage of Total Outstanding Unpaid Principal Balance California 12.7 % Texas 6.4 % Florida 5.1 % All other 75.8 % Total 100.0 %

Equity and Earnings per Commo_2

Equity and Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2019
Equity and Earnings per Common Share [Abstract]
Information about Company's 2013 Plan	The following tables present certain information about the 2013 Plan as of the dates indicated: Equity Incentive Plan Information LTIP-OP Units Shares of Common Stock Number of Securities Remaining Available For Future Issuance Under Equity Compensation Plans Issuance Price Issued Forfeited Converted Issued Forfeited December 31, 2017 (178,500 ) 916 12,917 (49,619 ) 3,155 1,288,869 Number of securities issued or to be issued upon exercise - - - - - - March 31, 2018 (178,500 ) 916 12,917 (49,619 ) 3,155 1,288,869 December 31, 2018 (223,900 ) 916 12,917 (57,875 ) 3,155 1,235,213 Number of securities issued or to be issued upon exercise (66,375 ) - - - (66,375 ) $ 17.64 Number of securities issued or to be issued upon exercise - 6,000 (6,000 ) - - $ 17.23 March 31, 2019 (290,275 ) 916 18,917 (63,875 ) 3,155 1,168,838
Basic Earnings per Share of Common Stock	The following table presents basic earnings per share of common stock for the periods indicated (dollars in thousands, except per share data): Earnings per Common Share Information Three Months Ended March 31, 2019 2018 Numerator: Net income (loss) allocable to common stockholders $ (21,138 ) $ 35,239 Net (income) loss allocated to noncontrolling interests in Operating Partnership 349 (456 ) Dividends on preferred stock 1,841 1,213 Net income (loss) attributable to common stockholders $ (22,630 ) $ 33,570 Denominator: Weighted average common shares outstanding 16,646,114 12,713,265 Weighted average diluted shares outstanding 16,654,370 12,721,464 Basic and Diluted: Basic $ (1.36 ) $ 2.64 Diluted $ (1.36 ) $ 2.64

Transactions with Affiliates _2

Transactions with Affiliates and Affiliated Entities (Tables)	3 Months Ended
	Mar. 31, 2019
Transactions with Affiliates and Affiliated Entities [Abstract]
Management Fees and Compensation Reimbursement to Affiliate	The Management Agreement provides that the Company will reimburse the Manager for (i) various expenses incurred by the Manager or its officers, and agents on the Company’s behalf, including costs of software, legal, accounting, tax, administrative and other similar services rendered for the Company by providers retained by the Manager and (ii) the allocable portion of the compensation paid to specified officers dedicated to the Company. The amounts under “Due to affiliates” on the consolidated balance sheets consisted of the following for the periods indicated (dollars in thousands): Management Fees and Compensation Reimbursement to Affiliate Three Months Ended March 31, 2019 2018 Management fees $ 1,571 $ 1,124 Compensation reimbursement 238 191 Total $ 1,809 $ 1,315

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments [Abstract]
Outstanding Notional Amounts of Derivative Instruments	The following table summarizes the outstanding notional amounts of derivative instruments as of the dates indicated (dollars in thousands): Derivatives March 31, 2019 December 31, 2018 Notional amount of interest rate swaps $ 1,535,000 $ 1,380,000 Notional amount of swaptions 55,000 110,000 Notional amount of TBAs, net 165,000 35,000 Notional amount of Treasury futures 186,200 80,000 Notional amount of options on Treasury futures (30,000 ) - Total notional amount $ 1,911,200 $ 1,605,000
Information about Company's Interest Rate Swap Agreements	The following table presents information about the Company’s interest rate swap agreements as of the dates indicated (dollars in thousands): Notional Amount Weighted Average Pay Rate Weighted Average Receive Rate Weighted Average Years to Maturity March 31, 2019 $ 1,535,000 2.15 % 2.68 % 5.2 December 31, 2018 $ 1,380,000 2.18 % 2.61 % 5.1
Information about Company's Interest Rate Swaption Agreements	The following table presents information about the Company’s interest rate swaption agreements as of the dates indicated (dollars in thousands): Notional Amount Weighted Average Pay Rate Weighted Average Receive Rate (A) Weighted Average Years to Maturity March 31, 2019 $ 55,000 3.37 % LIBOR-BBA % 10.5 December 31, 2018 $ 110,000 3.25 % LIBOR-BBA % 10.0 (A) Floats in accordance with LIBOR.
Realized Gain (Loss) Related to Derivatives	The following table presents information about realized gain (loss) on derivatives, which is included on the consolidated statements of income for the periods indicated (dollars in thousands): Realized Gains (Losses) on Derivatives Derivatives Consolidated Statements of Income (Loss) Location Three Months Ended March 31, 2019 2018 Interest rate swaps Realized gain (loss) on derivatives, net $ (8,024 ) $ (422 ) Swaptions Realized gain (loss) on derivatives, net (762 ) (274 ) TBAs Realized gain (loss) on derivatives, net (220 ) (29 ) Treasury futures Realized gain on derivatives, net 1,530 738 Total $ (7,476 ) $ 13
Offsetting Assets	The following tables present information about the Company’s assets and liabilities that are subject to master netting arrangements or similar agreements and can potentially be offset on the Company’s consolidated balance sheets as of the dates indicated (dollars in thousands): Offsetting Assets and Liabilities As of March 31, 2019 Gross Amounts of Recognized Assets or Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets and Liabilities Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amount Financial Instruments Cash Collateral Received (Pledged) Assets Interest rate swaps $ 13,352 $ - $ 13,352 $ (13,352 ) $ - $ - Interest Rate swaptions 9 - 9 (9 ) - - TBAs 1,901 (431 ) 1,470 (1,470 ) - - Treasury futures 1,017 - 1,017 1,720 (2,737 ) - Total Assets $ 16,279 $ (431 ) $ 15,848 $ (13,111 ) $ (2,737 ) $ - As of December 31, 2018 Gross Amounts of Recognized Assets or Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets and Liabilities Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amount Financial Instruments Cash Collateral Received (Pledged) Assets Interest rate swaps $ 23,176 $ - $ 23,176 $ (23,176 ) $ - $ - Interest Rate swaptions 170 - 170 (170 ) - - TBAs 349 (181 ) 168 (168 ) - - Treasury futures 744 - 744 (57 ) (687 ) - Total Assets $ 24,439 $ (181 ) $ 24,258 $ (23,571 ) $ (687 ) $ -
Offsetting Liabilities	The following tables present information about the Company’s assets and liabilities that are subject to master netting arrangements or similar agreements and can potentially be offset on the Company’s consolidated balance sheets as of the dates indicated (dollars in thousands): Offsetting Assets and Liabilities As of March 31, 2019 Liabilities Repurchase agreements $ 1,785,345 $ - $ 1,785,345 $ (1,782,714 ) $ (2,631 ) $ - Interest rate swaps 1,608 - 1,608 (1,608 ) - - TBAs 431 (431 ) - - - - Total Liabilities $ 1,787,384 $ (431 ) $ 1,786,953 $ (1,784,322 ) $ (2,631 ) $ - As of December 31, 2018 Liabilities Repurchase agreements $ 1,598,592 $ - $ 1,598,592 $ (1,591,094 ) $ (7,498 ) $ - Interest rate swaps 3,816 - 3,816 (3,816 ) - TBAs 181 (181 ) - - - - Treasury futures - - - - - - Total Liabilities $ 1,602,589 $ (181 ) $ 1,602,408 $ (1,594,910 ) $ (7,498 ) $ -

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value [Abstract]
Company's Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated (dollars in thousands). Recurring Fair Value Measurements As of March 31, 2019 Level 1 Level 2 Level 3 Carrying Value Assets RMBS Fannie Mae $ - $ 1,293,765 $ - $ 1,293,765 Freddie Mac - 542,639 - 542,639 CMOs - 149,554 - 149,554 RMBS total - 1,985,958 - 1,985,958 Derivative assets Interest rate swaps - 13,352 - 13,352 Interest rate swaptions - 9 - 9 TBAs - 1,470 - 1,470 Treasury futures - 1,017 - 1,017 Derivative assets total - 15,848 - 15,848 Servicing related assets - - 304,029 304,029 Total Assets $ - $ 2,001,806 $ 304,029 $ 2,305,835 Liabilities Derivative liabilities Interest rate swaps - 1,608 - 1,608 TBAs - - - - Treasury futures - - - - Derivative liabilities total - 1,608 - 1,608 Total Liabilities $ - $ 1,608 $ - $ 1,608 As of December 31, 2018 Level 1 Level 2 Level 3 Carrying Value Assets RMBS Fannie Mae $ - $ 1,178,164 $ - $ 1,178,164 Freddie Mac - 459,008 - 459,008 CMOs - 132,938 - 132,938 RMBS total - 1,770,110 - 1,770,110 Derivative assets Interest rate swaps - 23,176 - 23,176 Interest rate swaptions - 170 - 170 TBAs - 168 - 168 Treasury futures - 744 - 744 Derivative assets total - 24,258 - 24,258 Servicing related assets - - 294,907 294,907 Total Assets $ - $ 1,794,368 $ 294,907 $ 2,089,275 Liabilities Derivative liabilities Interest rate swaps - 3,816 - 3,816 TBAs - - - - Treasury futures - - - - Derivative liabilities total - 3,816 - 3,816 Total Liabilities $ - $ 3,816 $ - $ 3,816
Company's Level 3 Assets (Servicing Related Assets) Measured at Fair Value on Recurring Basis	The tables below present the reconciliation for the Company’s Level 3 assets (Servicing Related Assets) measured at fair value on a recurring basis as of the dates indicated (dollars in thousands): Level 3 Fair Value Measurements As of March 31, 2019 Level 3 (A) MSRs Balance at December 31, 2018 $ 294,907 Purchases, sales and principal paydowns: Purchases 36,887 Other changes (B) (591 ) Purchases, sales and principal paydowns: $ 36,296 Changes in Fair Value due to: Changes in valuation inputs or assumptions used in valuation model (20,913 ) Other changes in fair value (C) (6,262 ) Unrealized gain (loss) included in Net Income $ (27,175 ) Balance at March 31, 2019 $ 304,029 As of December 31, 2018 Level 3 (A) MSRs Balance at December 31, 2017 $ 122,806 Purchases, sales and principal paydowns: Purchases 178,192 Other changes (B) (2,518 ) Purchases, sales and principal paydowns: $ 175,674 Changes in Fair Value due to: Changes in valuation inputs or assumptions used in valuation model 14,648 Other changes in fair value (C) (18,221 ) Unrealized gain (loss) included in Net Income $ (3,573 ) Balance at December 31, 2018 $ 294,907 (A) Includes the recapture agreement for each respective pool. (B) Represents purchase price adjustments, principally contractual prepayment protection, and changes due to the Company’s repurchase of the underlying collateral. (C) Represents changes due to realization of expected cash flows and estimated MSR runoff.
Significant Unobservable Inputs Used in Fair Value Measurement	The tables below present information about the significant unobservable inputs used in the fair value measurement of the Company’s Servicing Related Assets classified as Level 3 fair value assets as of the dates indicated (dollars in thousands): Fair Value Measurements As of March 31, 2019 Fair Value Valuation Technique Unobservable Input (A) Range Weighted Average MSRs Conventional $ 265,667 Discounted cash flow Constant prepayment speed 6.4% - 75.6 % 10.7 % Uncollected payments 0.4% - 1.4 % 0.7 % Discount rate 9.3 % Annual cost to service, per loan $ 74 Government $ 38,362 Discounted cash flow Constant prepayment speed 6.0% - 25.1 % 10.0 % Uncollected payments 2.4% - 12.7 % 2.7 % Discount rate 12.0 % Annual cost to service, per loan $ 111 TOTAL $ 304,029 As of December 31, 2018 Fair Value Valuation Technique Unobservable Input (A) Range Weighted Average MSRs Conventional $ 254,691 Discounted cash flow Constant prepayment speed 4.5% - 20.6 % 9.1 % Uncollected payments 0.5% - 11.7 % 0.9 % Discount rate 9.3 % Annual cost to service, per loan $ 70 Government $ 40,216 Discounted cash flow Constant prepayment speed 6.3% - 17.9 % 8.9 % Uncollected payments 3.1% - 12.4 % 4.2 % Discount rate 12.0 % Annual cost to service, per loan $ 111 TOTAL $ 294,907 (A) Significant increases (decreases) in any of the inputs in isolation may result in significantly lower (higher) fair value measurements. A change in the assumption used for discount rates may be accompanied by a directionally similar change in the assumption used for the probability of uncollected payments and a directionally opposite change in the assumption used for prepayment rates.

Repurchase Agreements (Tables)

Repurchase Agreements (Tables)	3 Months Ended
	Mar. 31, 2019
Repurchase Agreements [Abstract]
Repurchase Agreements Remaining Maturities and Weighted Average Rates	The repurchase agreements had the following remaining maturities and weighted average rates as of the dates indicated (dollars in thousands): Repurchase Agreements Characteristics As of March 31, 2019 Repurchase Agreements Weighted Average Rate Less than one month $ 325,284 2.85 % One to three months 820,112 2.71 % Greater than three months 639,949 2.72 % Total/Weighted Average $ 1,785,345 2.74 % As of December 31, 2018 Repurchase Agreements Weighted Average Rate Less than one month $ 776,666 2.51 % One to three months 821,926 2.56 % Greater than three months - - % Total/Weighted Average $ 1,598,592 2.54 %

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2019
Notes Payable [Abstract]
Outstanding Long-Term Borrowings Remaining Maturities	The outstanding long-term borrowings had the following remaining maturities as of the dates indicated (dollars in thousands): Long-Term Borrowings Repayment Characteristics As of March 31, 2019 2019 2020 2021 2022 2023 2024 Total MSR Term Facility Borrowings under MSR Term Facility $ 1,500 $ 2,000 $ 2,000 $ 10,996 $ - $ - $ 16,496 MSR Financing Facility Borrowings under MSR Financing Facility $ - $ 6,419 $ 93,581 $ - $ - $ - $ 100,000 MSR Revolver Borrowings under MSR Revolver Facility $ - $ - $ 45,000 $ - $ - $ - $ 45,000 Total $ 1,500 $ 8,419 $ 140,581 $ 10,996 $ - $ - $ 161,496 As of December 31, 2018 2019 2020 2021 2022 2023 2024 Total MSR Term Facility Borrowings under MSR Term Facility $ 2,000 $ 2,000 $ 2,000 $ 10,996 $ - $ - $ 16,996 MSR Financing Facility Borrowings under MSR Financing Facility $ - $ 6,195 $ 90,305 $ - $ - $ - $ 96,500 MSR Revolver Borrowings under MSR Revolver Facility $ - $ - $ 45,000 $ - $ - $ - $ 45,000 Total $ 2,000 $ 8,195 $ 137,305 $ 10,996 $ - $ - $ 158,496

Receivables and Other Assets (T

Receivables and Other Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Receivables and Other Assets [Abstract]
Receivables and Other Assets	The assets comprising “Receivables and other assets” as of March 31, 2019 and December 31, 2018 are summarized in the following table (dollars in thousands): Receivables and Other Assets March 31, 2019 December 31, 2018 Servicing advances $ 9,227 $ 9,942 Interest receivable 7,241 6,540 Deferred tax receivable 2,887 - Repurchased loans held for sale 3,758 2,814 Other receivables 4,777 4,687 Total other assets $ 27,890 $ 23,983

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Accrued Expenses and Other Liabilities [Abstract]
Accrued Expenses and Other Liabilities	The liabilities comprising “Accrued expenses and other liabilities” as of March 31, 2019 and December 31, 2018 are summarized in the following table (dollars in thousands): Accrued Expenses and Other Liabilities March 31, 2019 December 31, 2018 Accrued interest payable $ 7,683 $ 8,019 Escrow funds held 37 37 Net current tax payable 152 152 Net deferred tax payable - 2,078 Accrued expenses 5,283 5,259 Total accrued expenses and other liabilities $ 13,155 $ 15,545

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2019
Income Taxes [Abstract]
Income Tax Expense (Benefit)	The components of the Company’s income tax expense (benefit) are as follows for the periods indicated below (dollars in thousands): Three Months Ended March 31, 2019 2018 Current federal income tax expense (benefit) $ - $ 39 Current state income tax expense (benefit) - 12 Deferred federal income tax expense (benefit) (4,051 ) 2,108 Deferred state income tax expense (benefit) (914 ) 476 Provision for (Benefit from) Corporate Business Taxes $ (4,965 ) $ 2,635
Reconciliation of Statutory Federal Rate to Effective Rate	The following is a reconciliation of the statutory federal rate to the effective rate, for the periods indicated below (dollars in thousands): Three Months Ended March 31, 2019 2018 Computed income tax (benefit) expense at federal rate $ (5,482 ) 21.0 % $ 7,698 20.3 % State taxes (benefit), net of federal tax, if applicable (914 ) 3.5 % 485 1.3 % REIT income not subject to tax (benefit) 1,431 (5.5 ) % (5,548 ) (14.6 )% Provision for (Benefit from) Corporate Business Taxes/Effective Tax Rate (A) $ (4,965 ) 19.0 % $ 2,635 7.0 % (A) The provision for income taxes is recorded at the TRS level.
Current and Deferred Tax Liabilities and Assets	The Company’s consolidated balance sheets, at March 31, 2019 and December 31, 2018, contain the following current and deferred tax liabilities and assets, which are recorded at the TRS level (dollars in thousands): Three Months Ended March 31, 2019 2018 Income taxes payable Federal income taxes payable $ - $ 39 State and local income taxes payable - 12 Income taxes payable $ - $ 51 March 31, 2019 December 31, 2018 Deferred tax (assets) liabilities Deferred tax - organizational expenses $ (2 ) $ (4 ) Deferred tax - mortgage servicing rights (2,664 ) 2,082 Deferred tax - net operating loss (221 ) - Total net deferred tax (assets) liabilities $ (2,887 ) $ 2,078

Organization and Operations (De

Organization and Operations (Details) - $ / shares	Mar. 31, 2019	Dec. 31, 2018	Aug. 17, 2017
Class of Stock Disclosures [Abstract]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Preferred stock, shares authorized (in shares)	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, par value (in dollars per share)	$ 0.01
Series A Preferred Stock [Member]
Class of Stock Disclosures [Abstract]
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Cash and Cash Equivalents and Restricted Cash [Abstract]
Restricted cash	$ 5,368		$ 8,185
Variation margin	5,900
Realized loss on RMBS, net [Abstract]
Loss on RMBS	0	$ (4,881)
Net realized loss on RMBS	0	(4,881)
Realized gain (loss) on derivatives, net	(7,476)	13
Unrealized gain (loss) on derivatives, net	(8,272)	19,626
Unrealized gain (loss) on investments in MSRs, net	(27,175)	12,498
Total	(42,923)	27,256
RMBS [Member]
Investments in RMBS [Abstract]
OTTI securities	0	$ 0
Derivatives [Member]
Cash and Cash Equivalents and Restricted Cash [Abstract]
Restricted cash	2,700		687
Repurchase Agreements [Member]
Cash and Cash Equivalents and Restricted Cash [Abstract]
Restricted cash	2,600		7,500
Receivables and Other Assets [Member] | RMBS [Member]
Investments in RMBS [Abstract]
Income receivable	$ 6,400		$ 5,700

Segment Reporting (Details)

Segment Reporting (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Segment Reporting Profit (Loss) and Other Information [Abstract]
Interest income		$ 16,969	$ 13,415
Interest expense		10,744	7,543
Net interest income (expense)		6,225	5,872
Servicing fee income		17,188	8,650
Servicing costs		3,821	1,712
Net servicing income		13,367	6,938
Other income (loss)		(42,923)	27,256
Other operating expenses		2,772	2,192
(Benefit from) provision for corporate business taxes	[1]	(4,965)	2,635
Net Income (Loss)		(21,138)	35,239
Investments		2,289,987		$ 2,065,017
Other assets		96,667		88,260
Total Assets		2,386,654		2,153,277
Debt		1,946,019		1,756,135
Other liabilities		26,337		33,211
Total Liabilities		1,972,356		1,789,346
Book value		414,298		363,931
Servicing Related Assets [Member] | Operating Segments [Member]
Segment Reporting Profit (Loss) and Other Information [Abstract]
Interest income		258	0
Interest expense		1,188	213
Net interest income (expense)		(930)	(213)
Servicing fee income		17,188	8,650
Servicing costs		3,821	1,712
Net servicing income		13,367	6,938
Other income (loss)		(24,967)	12,498
Other operating expenses		0	0
(Benefit from) provision for corporate business taxes		(4,965)	2,635
Net Income (Loss)		(7,565)	16,588
Investments		304,029		294,907
Other assets		23,682		17,817
Total Assets		327,711		312,724
Debt		160,674		157,543
Other liabilities		5,156		7,488
Total Liabilities		165,830		165,031
Book value		161,881		147,693
RMBS [Member] | Operating Segments [Member]
Segment Reporting Profit (Loss) and Other Information [Abstract]
Interest income		16,711	13,415
Interest expense		9,555	7,330
Net interest income (expense)		7,156	6,085
Servicing fee income		0	0
Servicing costs		0	0
Net servicing income		0	0
Other income (loss)		(17,956)	14,758
Other operating expenses		0	0
(Benefit from) provision for corporate business taxes		0	0
Net Income (Loss)		(10,800)	20,843
Investments		1,985,958		1,770,110
Other assets		25,059		38,165
Total Assets		2,011,017		1,808,275
Debt		1,785,345		1,598,592
Other liabilities		8,123		10,440
Total Liabilities		1,793,468		1,609,032
Book value		217,549		199,243
All Other [Member]
Segment Reporting Profit (Loss) and Other Information [Abstract]
Interest income		0	0
Interest expense		1	0
Net interest income (expense)		(1)	0
Servicing fee income		0	0
Servicing costs		0	0
Net servicing income		0	0
Other income (loss)		0	0
Other operating expenses		2,772	2,192
(Benefit from) provision for corporate business taxes		0	0
Net Income (Loss)		(2,773)	$ (2,192)
Investments		0		0
Other assets		47,926		32,278
Total Assets		47,926		32,278
Debt		0		0
Other liabilities		13,058		15,283
Total Liabilities		13,058		15,283
Book value		$ 34,868		$ 16,995
[1]	The provision for income taxes is recorded at the TRS level.

Investments in RMBS (Details)

Investments in RMBS (Details) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2019USD ($)Security	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)Security
Residential Mortgage-Backed Securities [Abstract]
Carrying value		$ 1,985,958		$ 1,770,110
Carrying value of collateral for repurchase agreements		1,897,432		1,698,688
OTTI charges recognized in earnings		0	$ 0
RMBS [Member]
Residential Mortgage-Backed Securities [Abstract]
Original face value		2,261,224		2,042,097
Book value		1,992,229		1,808,420
Gross unrealized gains		13,973		5,606
Gross unrealized losses		(20,244)		(43,916)
Carrying value	[1]	$ 1,985,958		$ 1,770,110
Number of securities | Security		272		247
Weighted average coupon		3.97%		3.98%
Weighted average yield	[2]	3.83%		3.82%
Weighted average maturity	[3]	25 years		25 years
Carrying value of collateral for repurchase agreements		$ 1,897,400		$ 1,698,700
RMBS [Member] | Fannie Mae [Member]
Residential Mortgage-Backed Securities [Abstract]
Original face value		1,481,219		1,362,606
Book value		1,303,878		1,208,854
Gross unrealized gains		4,766		224
Gross unrealized losses		(14,879)		(30,914)
Carrying value	[1]	$ 1,293,765		$ 1,178,164
Number of securities | Security		167		154
Weighted average rating	[4]
Weighted average coupon		3.88%		3.87%
Weighted average yield	[2]	3.71%		3.70%
Weighted average maturity	[3]	25 years		25 years
RMBS [Member] | Freddie Mac [Member]
Residential Mortgage-Backed Securities [Abstract]
Original face value		$ 632,876		$ 548,862
Book value		545,181		471,148
Gross unrealized gains		2,678		246
Gross unrealized losses		(5,220)		(12,386)
Carrying value	[1]	$ 542,639		$ 459,008
Number of securities | Security		71		63
Weighted average rating	[4]
Weighted average coupon		3.77%		3.75%
Weighted average yield	[2]	3.63%		3.60%
Weighted average maturity	[3]	27 years		27 years
RMBS [Member] | CMOs [Member]
Residential Mortgage-Backed Securities [Abstract]
Original face value		$ 147,129		$ 130,629
Book value		143,170		128,418
Gross unrealized gains		6,529		5,136
Gross unrealized losses		(145)		(616)
Carrying value	[1]	$ 149,554		$ 132,938
Number of securities | Security		34		30
Weighted average rating	[4]
Weighted average coupon		5.64%		5.79%
Weighted average yield	[2]	5.63%		5.78%
Weighted average maturity	[3]	16 years		15 years
[1]	See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities.
[2]	The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities.
[3]	The weighted average maturity is based on the timing of expected principal reduction on the assets.
[4]	The Company used an implied AAA rating for the Agency RMBS. Collateralized mortgage obligations ("CMOs") issued by Fannie Mae or Freddie Mac consist of loss share securities, the majority of which, by unpaid principal balance ("UPB"), are unrated or rated below investment grade at March 31, 2019 by at least one nationally recognized statistical rating organization ("NRSRO"). Private label securities are rated investment grade by at least one NRSRO as of March 31, 2019.

Investments in RMBS, Assets by

Investments in RMBS, Assets by Maturity (Details) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2019USD ($)Security	Dec. 31, 2018USD ($)Security
RMBS, Assets by Maturity [Abstract]
Carrying value		$ 1,985,958	$ 1,770,110
RMBS [Member]
RMBS, Assets by Maturity [Abstract]
Original face value		2,261,224	2,042,097
Book value		1,992,229	1,808,420
Gross unrealized gains		13,973	5,606
Gross unrealized losses		(20,244)	(43,916)
Carrying value	[1]	$ 1,985,958	$ 1,770,110
Number of securities | Security		272	247
Weighted average coupon		3.97%	3.98%
Weighted average yield	[2]	3.83%	3.82%
Weighted average maturity	[3]	25 years	25 years
RMBS [Member] | 5-10 Years [Member]
RMBS, Assets by Maturity [Abstract]
Original face value		$ 39,581	$ 24,377
Book value		27,946	15,100
Gross unrealized gains		1,509	731
Gross unrealized losses		(70)	(134)
Carrying value	[1]	$ 29,385	$ 15,697
Number of securities | Security		10	7
Weighted average rating	[4]
Weighted average coupon		5.49%	4.97%
Weighted average yield	[2]	5.41%	4.93%
Weighted average maturity	[3]	9 years	9 years
RMBS [Member] | Over 10 Years [Member]
RMBS, Assets by Maturity [Abstract]
Original face value		$ 2,221,643	$ 2,017,720
Book value		1,964,283	1,793,320
Gross unrealized gains		12,464	4,875
Gross unrealized losses		(20,174)	(43,782)
Carrying value	[1]	$ 1,956,573	$ 1,754,413
Number of securities | Security		262	240
Weighted average rating	[4]
Weighted average coupon		3.95%	3.97%
Weighted average yield	[2]	3.81%	3.81%
Weighted average maturity	[3]	25 years	25 years
[1]	See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities.
[2]	The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities.
[3]	The weighted average maturity is based on the timing of expected principal reduction on the assets.
[4]	The Company used an implied AAA rating for the Agency RMBS. CMOs issued by Fannie Mae or Freddie Mac consist of loss share securities, the majority of which, by UPB, are unrated or rated below investment grade at March 31, 2019 by at least one NRSRO. Private label securities are rated investment grade by at least one NRSRO as of March 31, 2019.

Investments in RMBS, Unrealized

Investments in RMBS, Unrealized Loss Positions (Details) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2019USD ($)Security	Dec. 31, 2018USD ($)Security
RMBS, Unrealized Loss Positions [Abstract]
Carrying value		$ 1,985,958	$ 1,770,110
RMBS [Member]
RMBS, Unrealized Loss Positions [Abstract]
Original face value		2,261,224	2,042,097
Book value		1,992,229	1,808,420
Gross unrealized losses		(20,244)	(43,916)
Carrying value	[1]	$ 1,985,958	$ 1,770,110
Number of securities | Security		272	247
Weighted average coupon		3.97%	3.98%
Weighted average yield	[2]	3.83%	3.82%
Weighted average maturity	[3]	25 years	25 years
RMBS [Member] | Unrealized Loss Positions [Member]
RMBS, Unrealized Loss Positions [Abstract]
Original face value		$ 13,549	$ 24,355
Book value		1,279,518	1,545,732
Gross unrealized losses		(20,244)	(43,916)
Carrying value	[1]	$ 1,259,274	$ 1,501,816
Number of securities | Security		183	209
Weighted average coupon		3.82%	3.85%
Weighted average yield	[2]	3.64%	3.68%
Weighted average maturity	[4]	25 years	25 years
RMBS [Member] | Less than Twelve Months [Member] | Unrealized Loss Positions [Member]
RMBS, Unrealized Loss Positions [Abstract]
Original face value		$ 3,201	$ 13,909
Book value		12,456	224,617
Gross unrealized losses		(145)	(1,563)
Carrying value	[1]	$ 12,311	$ 223,054
Number of securities | Security		4	28
Weighted average rating	[5]
Weighted average coupon		5.94%	4.26%
Weighted average yield	[2]	5.94%	4.14%
Weighted average maturity	[4]	15 years	24 years
RMBS [Member] | Twelve or More Months [Member] | Unrealized Loss Positions [Member]
RMBS, Unrealized Loss Positions [Abstract]
Original face value		$ 10,348	$ 10,446
Book value		1,267,062	1,321,115
Gross unrealized losses		(20,099)	(42,353)
Carrying value	[1]	$ 1,246,963	$ 1,278,762
Number of securities | Security		179	181
Weighted average rating	[5]
Weighted average coupon		3.80%	3.78%
Weighted average yield	[2]	3.61%	3.60%
Weighted average maturity	[4]	25 years	25 years
[1]	See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities.
[2]	The weighted average yield is based on the most recent gross monthly interest income, which is then annualized and divided by the book value of settled securities.
[3]	The weighted average maturity is based on the timing of expected principal reduction on the assets.
[4]	The weighted average maturity is based on the timing of expected principal reduction on the assets. Except for the security for which the Company has recognized OTTI, the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases which may be maturity.
[5]	The Company used an implied AAA rating for the Agency RMBS. CMOs issued by Fannie Mae or Freddie Mac consist of loss share securities, the majority of which, by UPB, are unrated or rated below investment grade at March 31, 2019 by at least one NRSRO. Private label securities are rated investment grade or better by at least one NRSRO as of March 31, 2019.

Investments in Servicing Rela_3

Investments in Servicing Related Assets (Details) - Aurora Financial Group, Inc. [Member] - USD ($) $ in Millions	Mar. 31, 2019	May 29, 2015
Mortgage Loans on Real Estate [Abstract]
Aggregate unpaid principal balance		$ 718.4
Mortgage Servicing Rights (MSRs) [Member]
Mortgage Loans on Real Estate [Abstract]
Aggregate unpaid principal balance	$ 30,800

Investments in Servicing Rela_4

Investments in Servicing Related Assets, Summary (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2019	Dec. 31, 2018
Servicing Asset [Abstract]
Unpaid principal balance		$ 27,526,965	$ 24,846,989
Cost basis		331,204	298,480
Carrying value	[1]	$ 304,029	$ 294,907
Weighted average coupon		4.28%	4.23%
Weighted average maturity	[2]	27 years 2 months 12 days	27 years 2 months 12 days
Changes in fair value recorded in other income (loss)		$ (27,175)	$ (3,573)
Mortgage Service Right Conventional [Member]
Servicing Asset [Abstract]
Unpaid principal balance		24,148,731	21,366,980
Cost basis	[3]	290,988	258,070
Carrying value	[1]	$ 265,667	$ 254,691
Weighted average coupon		4.40%	4.37%
Weighted average maturity	[2]	27 years 3 months 18 days	27 years 3 months 18 days
Changes in fair value recorded in other income (loss)		$ (25,321)	$ (3,379)
Mortgage Service Right Government [Member]
Servicing Asset [Abstract]
Unpaid principal balance		3,378,234	3,480,009
Cost basis	[3]	40,216	40,410
Carrying value	[1]	$ 38,362	$ 40,216
Weighted average coupon		3.37%	3.37%
Weighted average maturity	[2]	26 years 6 months	26 years 9 months 18 days
Changes in fair value recorded in other income (loss)		$ (1,854)	$ (194)
[1]	Carrying value approximates the fair value of the pools (see Note 9).
[2]	The weighted average maturity represents the weighted average expected timing of the receipt of cash flows of each investment.
[3]	MSR cost basis consists of the carrying value of the prior period, adjusted for any purchases, sales and principal paydowns of the underlying mortgage loans.

Investments in Servicing Rela_5

Investments in Servicing Related Assets, Geographic Concentration (Details)	Mar. 31, 2019	Dec. 31, 2018
Servicing Related Assets, Geographic Concentration [Abstract]
Outstanding unpaid principal balance	100.00%	100.00%
California [Member]
Servicing Related Assets, Geographic Concentration [Abstract]
Outstanding unpaid principal balance	12.80%	12.70%
Texas [Member]
Servicing Related Assets, Geographic Concentration [Abstract]
Outstanding unpaid principal balance	6.20%	6.40%
Maryland [Member]
Servicing Related Assets, Geographic Concentration [Abstract]
Outstanding unpaid principal balance	5.20%
Florida [Member]
Servicing Related Assets, Geographic Concentration [Abstract]
Outstanding unpaid principal balance		5.10%
All Other [Member]
Servicing Related Assets, Geographic Concentration [Abstract]
Outstanding unpaid principal balance	75.80%	75.80%

Equity and Earnings per Commo_3

Equity and Earnings per Common Share, Common and Preferred Stock (Details) - USD ($)	Feb. 11, 2019	Jun. 04, 2018	Aug. 17, 2017	Mar. 29, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Class of Stock Disclosures [Abstract]
Date of conducting IPO and concurrent private placement of common stock					Oct. 9, 2013
Stock issued and sold (in shares)		2,750,000		5,175,000
Common stock issued, price per share (in dollars per share)		$ 0.01		$ 0.01
Common stock issued and sold, value				$ 81,100,000	$ 132,000	$ 37,000
Preferred stock, par value (in dollars per share)					$ 0.01
Proceeds from issuance of stock					$ 49,360,000	0
Stock issuance expense		$ 265,000		$ 229,000
Stock exercised to purchase additional shares (in shares)		338,857
Proceeds from issuance of common stock		$ 53,800,000			$ 132,000	$ 37,000
Series A Preferred Stock [Member]
Class of Stock Disclosures [Abstract]
Preferred stock, par value (in dollars per share)			$ 0.01		$ 0.01		$ 0.01
Preferred stock issued (in shares)			2,400,000		2,767,686		2,718,206
Preferred stock dividend rate			8.20%		8.20%
Proceeds from issuance of stock			$ 58,100,000
Stock issuance expense			$ 193,000
Cash redemption price (in dollars per share)					$ 25
Shares issued upon conversion, preferred stock (in shares)					2.62881
Percentage of cash dividends rate			8.20%		8.20%
Liquidation preference per share (in dollars per share)					$ 25
Cumulative cash dividends (in dollars per share)					2.05
Series B Preferred Stock [Member]
Class of Stock Disclosures [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01				$ 0.01		$ 0.01
Preferred stock issued (in shares)	1,800,000				2,000,000		0
Proceeds from issuance of stock	$ 48,400,000
Stock issuance expense	$ 285,000
Stock exercised to purchase additional shares (in shares)	200,000
Percentage of offering of fixed-to-floating rate cumulative redeemable stock	8.25%
Cash redemption price (in dollars per share)	$ 25
Shares issued upon conversion, preferred stock (in shares)	2.68962
Series B Preferred Stock [Member] | LIBOR [Member]
Class of Stock Disclosures [Abstract]
Percentage of offering of fixed-to-floating rate cumulative redeemable stock					8.25%
Shares issued upon conversion, preferred stock (in shares)					2.0625
Liquidation preference per share (in dollars per share)					$ 25
Term of floating rate					3 months
Basis spread on variable rate					5.631%
Common Stock [Member]
Class of Stock Disclosures [Abstract]
Stock issued and sold (in shares)					6,000	0
Common stock issued and sold, value					$ 0	$ 0

Equity and Earnings per Commo_4

Equity and Earnings per Common Share, Common Stock and Preferred Stock ATM Program (Details) - USD ($)	Jun. 04, 2018	Mar. 29, 2017	Aug. 31, 2018	Apr. 30, 2018	Mar. 31, 2019	Mar. 31, 2018
Class of Stock Disclosures [Abstract]
Stock issued and sold (in shares)	2,750,000	5,175,000
Issuance of common stock, net of offering costs	$ 53,800,000				$ 132,000	$ 37,000
Series A Preferred Stock [Member] | Preferred Stock ATM Program [Member]
Class of Stock Disclosures [Abstract]
Preferred stock value authorized				$ 35,000,000
Stock issued and sold (in shares)					49,480
Weighted average price (in dollars per share)					$ 25.05
Issuance of common stock, net of offering costs					$ 1,200,000
Stock issuance fee					$ 20,000
Common Stock [Member]
Class of Stock Disclosures [Abstract]
Stock issued and sold (in shares)					6,000	0
Common Stock [Member] | Common Stock ATM Program [Member]
Class of Stock Disclosures [Abstract]
Common stock value authorized			$ 50,000,000
Stock issued and sold (in shares)					0

Equity and Earnings per Commo_5

Equity and Earnings per Common Share, Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 04, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Mar. 29, 2017
Equity Incentive Plan Information [Abstract]
Shares of Common Stock Issued, number of securities issued or to be issued upon exercise (in shares)	(338,857)
Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans, Beginning Balance (in shares)		1,235,213	1,288,869
Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans During the Period (in shares)			0
Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans, Ending Balance (in shares)		1,168,838	1,288,869
Issuance Price (in dollars per share)	$ 0.01				$ 0.01
January 2, 2019 [Member]
Equity Incentive Plan Information [Abstract]
Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans During the Period (in shares)		(66,375)
Issuance Price (in dollars per share)		$ 17.64
March 26, 2019 [Member]
Equity Incentive Plan Information [Abstract]
Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans During the Period (in shares)		0
Issuance Price (in dollars per share)		$ 17.23
LTIP-OP Units [Member]
Equity Incentive Plan Information [Abstract]
LTIP-OP Units, Beginning Balance (in shares)		(223,900)	(178,500)
LTIP-OP Units, number of securities issued or to be issued upon exercise (in shares)			0
LTIP-OP Units, Ending Balance (in shares)		(290,275)	(178,500)
LTIP-OP Units Forfeited, Beginning Balance (in shares)		916	916
LTIP-OP Units Forfeited, number of securities issued or to be issued upon exercise (in shares)			0
LTIP-OP Units Forfeited, Ending Balance (in shares)		916	916
LTIP-OP Units Converted, Beginning Balance (in shares)		12,917	12,917
LTIP-OP Units Converted, number of securities issued or to be issued upon exercise (in shares)			0
LTIP-OP Units Converted, Ending Balance (in shares)		18,917	12,917
LTIP-OP unit vesting period		3 years
Share-based compensation expense recognized		$ 266	$ 138
Unrecognized share-based compensation expense		$ 2,000		$ 1,100
LTIP-OP Units [Member] | January 2, 2019 [Member]
Equity Incentive Plan Information [Abstract]
LTIP-OP Units, number of securities issued or to be issued upon exercise (in shares)		(66,375)
LTIP-OP Units Forfeited, number of securities issued or to be issued upon exercise (in shares)		0
LTIP-OP Units [Member] | March 26, 2019 [Member]
Equity Incentive Plan Information [Abstract]
LTIP-OP Units Forfeited, number of securities issued or to be issued upon exercise (in shares)		0
LTIP-OP Units Converted, number of securities issued or to be issued upon exercise (in shares)		6,000
LTIP-OP Units [Member] | Maximum [Member]
Equity Incentive Plan Information [Abstract]
Period of recognition of unrecognized share-based compensation expense		3 years
Common Stock [Member]
Equity Incentive Plan Information [Abstract]
Shares of Common Stock Issued, Beginning Balance (in shares)		(57,875)	(49,619)
Shares of Common Stock Issued, number of securities issued or to be issued upon exercise (in shares)			0
Shares of Common Stock Issued, Ending Balance (in shares)		(63,875)	(49,619)
Shares of Common Stock Forfeited, Beginning Balance (in shares)		3,155	3,155
Shares of Common Stock Forfeited, number of securities issued or to be issued upon exercise (in shares)			0
Shares of Common Stock Forfeited, Ending Balance (in shares)		3,155	3,155
Common Stock [Member] | January 2, 2019 [Member]
Equity Incentive Plan Information [Abstract]
Shares of Common Stock Issued, number of securities issued or to be issued upon exercise (in shares)		0
Shares of Common Stock Forfeited, number of securities issued or to be issued upon exercise (in shares)		0
Common Stock [Member] | March 26, 2019 [Member]
Equity Incentive Plan Information [Abstract]
Shares of Common Stock Issued, number of securities issued or to be issued upon exercise (in shares)		(6,000)
Shares of Common Stock Forfeited, number of securities issued or to be issued upon exercise (in shares)		0
2013 Plan [Member] | LTIP-OP Units [Member]
Equity Incentive Plan Information [Abstract]
Number of share equivalent to unit awarded (in shares)		1

Equity and Earnings per Commo_6

Equity and Earnings per Common Share, Non-Controlling Interests in Operating Partnership (Details) - LTIP-OP Units [Member] - Operating Partnership [Member]	Mar. 31, 2019shares
Noncontrolling Interest in Operating Partnership [Abstract]
Number of LTIP units owned by non-controlling interest holders in Operating Partnership (in shares)	270,442
Percentage of operating partnership	1.60%

Equity and Earnings per Commo_7

Equity and Earnings per Common Share, Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator [Abstract]
Net income (loss) allocable to common stockholders	$ (21,138)	$ 35,239
Net (income) loss allocated to noncontrolling interests in Operating Partnership	349	(456)
Dividends on preferred stock	1,841	1,213
Net income (loss) attributable to common stockholders	$ (22,630)	$ 33,570
Denominator [Abstract]
Weighted average common shares outstanding (in shares)	16,646,114	12,713,265
Weighted average diluted shares outstanding (in shares)	16,654,370	12,721,464
Basic and Diluted [Abstract]
Basic (in dollars per share)	$ (1.36)	$ 2.64
Diluted (in dollars per share)	$ (1.36)	$ 2.64
Anti-dilutive securities (in shares)	0	0

Transactions with Affiliates _3

Transactions with Affiliates and Affiliated Entities (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2019USD ($)LoanEmployee	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)Loan
Information about Related Party [Abstract]
Renew of management agreement subject to termination	1 year
Management agreement subject to termination, notice period for termination to manager	30 days
Management agreement subject to termination, period of notice by manager in the event of default	60 days
Management agreement subject to termination, period of termination fee payment in the event of default	30 days
Percentage of annual management fee paid equal to gross equity	1.50%
Management fees	$ 1,571,000	$ 1,124,000
Compensation reimbursement	238,000	191,000
Total	$ 1,809,000	$ 1,315,000
Minimum [Member]
Information about Related Party [Abstract]
Management agreement subject to non-renewal, notice period	180 days
Maximum [Member]
Information about Related Party [Abstract]
Management agreement subject to non-renewal, notice period	270 days
Freedom Mortgage Excess Service Right [Member]
Information about Related Party [Abstract]
Joint marketing recapture agreement initial term	1 year
Joint marketing recapture agreement automatic renewals term	1 year
Number of MSRs loans | Loan	15		98
Aggregate unpaid principal balance	$ 3,400,000		$ 21,500,000
Amount due to affiliated entity	$ 4,200		32,000
Number of employees leases from mortgage | Employee	4
Remaining holdback amount	$ 757,000		$ 757,000

Derivative Instruments, Outstan

Derivative Instruments, Outstanding Notional Amounts and Interest Rate Swap Agreements of Derivative Instruments (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2019	Dec. 31, 2018
Notional Amount of Interest Rate Swaps [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Total notional amount		$ 1,535,000	$ 1,380,000
Weighted average pay rate		2.15%	2.18%
Weighted average receive rate		2.68%	2.61%
Weighted average years to maturity		5 years 2 months 12 days	5 years 1 month 6 days
Notional Amount of Swaptions [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Total notional amount		$ 55,000	$ 110,000
Weighted average pay rate		3.37%	3.25%
Weighted average years to maturity		10 years 6 months	10 years
Notional Amount of Swaptions [Member] | LIBOR [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Weighted average receive rate type	[1]	LIBOR-BBA%
Not Designated as Hedging Instrument [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Total notional amount		$ 1,911,200	$ 1,605,000
Not Designated as Hedging Instrument [Member] | Notional Amount of Interest Rate Swaps [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Total notional amount		1,535,000	1,380,000
Not Designated as Hedging Instrument [Member] | Notional Amount of Swaptions [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Total notional amount		55,000	110,000
Not Designated as Hedging Instrument [Member] | Notional Amount of TBAs, Net [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Total notional amount		165,000	35,000
Not Designated as Hedging Instrument [Member] | Notional Amount of Treasury Futures [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Total notional amount		186,200	80,000
Not Designated as Hedging Instrument [Member] | Notional Amount of Options on Treasury Futures [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Total notional amount			$ 0
Not Designated as Hedging Instrument [Member] | Notional Amount of Options on Treasury Futures [Member] | Short [Member]
Outstanding Notional Amounts and Interest Rate Swap Agreements [Abstract]
Total notional amount		$ 30,000
[1]	Floats in accordance with LIBOR.

Derivative Instruments, Realize

Derivative Instruments, Realized Gain (Loss) Related to Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Realized gain (loss) on derivatives, net	$ (7,476)	$ 13
Not Designated as Hedging Instrument [Member]
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Realized gain (loss) on derivatives, net	(7,476)	13
Not Designated as Hedging Instrument [Member] | Realized Gain (Loss) on Derivatives, Net [Member] | Interest Rate Swaps [Member]
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Realized gain (loss) on derivatives, net	(8,024)	(422)
Not Designated as Hedging Instrument [Member] | Realized Gain (Loss) on Derivatives, Net [Member] | Swaptions [Member]
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Realized gain (loss) on derivatives, net	(762)	(274)
Not Designated as Hedging Instrument [Member] | Realized Gain (Loss) on Derivatives, Net [Member] | TBAs [Member]
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Realized gain (loss) on derivatives, net	(220)	(29)
Not Designated as Hedging Instrument [Member] | Realized Gain (Loss) on Derivatives, Net [Member] | Treasury Futures [Member]
Derivative, Gain (Loss) on Derivative, Net [Abstract]
Realized gain (loss) on derivatives, net	$ 1,530	$ 738

Derivative Instruments, Offsett

Derivative Instruments, Offsetting Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Offsetting Derivative Assets [Abstract]
Gross amounts of recognized assets or liabilities	$ 16,279	$ 24,439
Gross amounts offset in the consolidated balance sheet	(431)	(181)
Net amounts of assets presented in the consolidated balance sheet	15,848	24,258
Gross amounts not offset in the consolidated balance sheet in financial instruments	(13,111)	(23,571)
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)	(2,737)	(687)
Net amount	0	0
Interest Rate Swaps [Member]
Offsetting Derivative Assets [Abstract]
Gross amounts of recognized assets or liabilities	13,352	23,176
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	13,352	23,176
Gross amounts not offset in the consolidated balance sheet in financial instruments	(13,352)	(23,176)
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)	0	0
Net amount	0	0
Swaptions [Member]
Offsetting Derivative Assets [Abstract]
Gross amounts of recognized assets or liabilities	9	170
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	9	170
Gross amounts not offset in the consolidated balance sheet in financial instruments	(9)	(170)
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)	0	0
Net amount	0	0
TBAs [Member]
Offsetting Derivative Assets [Abstract]
Gross amounts of recognized assets or liabilities	1,901	349
Gross amounts offset in the consolidated balance sheet	(431)	(181)
Net amounts of assets presented in the consolidated balance sheet	1,470	168
Gross amounts not offset in the consolidated balance sheet in financial instruments	(1,470)	(168)
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)	0	0
Net amount	0	0
Treasury Futures [Member]
Offsetting Derivative Assets [Abstract]
Gross amounts of recognized assets or liabilities	1,017	744
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of assets presented in the consolidated balance sheet	1,017	744
Gross amounts not offset in the consolidated balance sheet in financial instruments	1,720	(57)
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)	(2,737)	(687)
Net amount	$ 0	$ 0

Derivative Instruments, Offse_2

Derivative Instruments, Offsetting Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Offsetting Derivative Liabilities [Abstract]
Gross amounts of recognized assets or liabilities	$ 1,787,384	$ 1,602,589
Gross amounts offset in the consolidated balance sheet	(431)	(181)
Net amounts of liabilities presented in the consolidated balance sheet	1,786,953	1,602,408
Gross amounts not offset in the consolidated balance sheet in financial instruments	(1,784,322)	(1,594,910)
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)	(2,631)	(7,498)
Net amount	0	0
Repurchase Agreements [Member]
Offsetting Derivative Liabilities [Abstract]
Gross amounts of recognized assets or liabilities	1,785,345	1,598,592
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	1,785,345	1,598,592
Gross amounts not offset in the consolidated balance sheet in financial instruments	(1,782,714)	(1,591,094)
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)	(2,631)	(7,498)
Net amount	0	0
Interest Rate Swaps [Member]
Offsetting Derivative Liabilities [Abstract]
Gross amounts of recognized assets or liabilities	1,608	3,816
Gross amounts offset in the consolidated balance sheet	0	0
Net amounts of liabilities presented in the consolidated balance sheet	1,608	3,816
Gross amounts not offset in the consolidated balance sheet in financial instruments	(1,608)	(3,816)
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)	0	0
Net amount	0	0
TBAs [Member]
Offsetting Derivative Liabilities [Abstract]
Gross amounts of recognized assets or liabilities	431	181
Gross amounts offset in the consolidated balance sheet	(431)	(181)
Net amounts of liabilities presented in the consolidated balance sheet	0	0
Gross amounts not offset in the consolidated balance sheet in financial instruments	0	0
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)	0	0
Net amount	$ 0	0
Treasury Futures [Member]
Offsetting Derivative Liabilities [Abstract]
Gross amounts of recognized assets or liabilities		0
Gross amounts offset in the consolidated balance sheet		0
Net amounts of liabilities presented in the consolidated balance sheet		0
Gross amounts not offset in the consolidated balance sheet in financial instruments		0
Gross amounts not offset in the consolidated balance sheet in cash collateral received (pledged)		0
Net amount		$ 0

Fair Value, Company's Assets an

Fair Value, Company's Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Assets [Abstract]
Derivative assets total		$ 15,848	$ 24,258
Servicing related assets	[1]	304,029	294,907
Liabilities [Abstract]
Derivative liabilities total		1,608	3,816
Interest Rate Swaps [Member]
Assets [Abstract]
Derivative assets total		13,352	23,176
Interest Rate Swaptions [Member]
Assets [Abstract]
Derivative assets total		9	170
TBAs [Member]
Assets [Abstract]
Derivative assets total		1,470	168
Treasury Futures [Member]
Assets [Abstract]
Derivative assets total		1,017	744
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Derivative assets total		0	0
Servicing related assets		0	0
Total Assets		0	0
Liabilities [Abstract]
Derivative liabilities total		0	0
Total Liabilities		0	0
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Derivative assets total		15,848	24,258
Servicing related assets		0	0
Total Assets		2,001,806	1,794,368
Liabilities [Abstract]
Derivative liabilities total		1,608	3,816
Total Liabilities		1,608	3,816
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Derivative assets total		0	0
Servicing related assets		304,029	294,907
Total Assets		304,029	294,907
Liabilities [Abstract]
Derivative liabilities total		0	0
Total Liabilities		0	0
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps [Member] | Level 1 [Member]
Assets [Abstract]
Derivative assets total		0	0
Liabilities [Abstract]
Derivative liabilities total		0	0
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps [Member] | Level 2 [Member]
Assets [Abstract]
Derivative assets total		13,352	23,176
Liabilities [Abstract]
Derivative liabilities total		1,608	3,816
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps [Member] | Level 3 [Member]
Assets [Abstract]
Derivative assets total		0	0
Liabilities [Abstract]
Derivative liabilities total		0	0
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaptions [Member] | Level 1 [Member]
Assets [Abstract]
Derivative assets total		0	0
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaptions [Member] | Level 2 [Member]
Assets [Abstract]
Derivative assets total		9	170
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaptions [Member] | Level 3 [Member]
Assets [Abstract]
Derivative assets total		0	0
Fair Value, Measurements, Recurring [Member] | TBAs [Member] | Level 1 [Member]
Assets [Abstract]
Derivative assets total		0	0
Liabilities [Abstract]
Derivative liabilities total		0	0
Fair Value, Measurements, Recurring [Member] | TBAs [Member] | Level 2 [Member]
Assets [Abstract]
Derivative assets total		1,470	168
Liabilities [Abstract]
Derivative liabilities total		0	0
Fair Value, Measurements, Recurring [Member] | TBAs [Member] | Level 3 [Member]
Assets [Abstract]
Derivative assets total		0	0
Liabilities [Abstract]
Derivative liabilities total		0	0
Fair Value, Measurements, Recurring [Member] | Treasury Futures [Member] | Level 1 [Member]
Assets [Abstract]
Derivative assets total		0	0
Liabilities [Abstract]
Derivative liabilities total		0	0
Fair Value, Measurements, Recurring [Member] | Treasury Futures [Member] | Level 2 [Member]
Assets [Abstract]
Derivative assets total		1,017	744
Liabilities [Abstract]
Derivative liabilities total		0	0
Fair Value, Measurements, Recurring [Member] | Treasury Futures [Member] | Level 3 [Member]
Assets [Abstract]
Derivative assets total		0	0
Liabilities [Abstract]
Derivative liabilities total		0	0
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member]
Assets [Abstract]
Derivative assets total		15,848	24,258
Servicing related assets		304,029	294,907
Total Assets		2,305,835	2,089,275
Liabilities [Abstract]
Derivative liabilities total		1,608	3,816
Total Liabilities		1,608	3,816
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Interest Rate Swaps [Member]
Assets [Abstract]
Derivative assets total		13,352	23,176
Liabilities [Abstract]
Derivative liabilities total		1,608	3,816
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Interest Rate Swaptions [Member]
Assets [Abstract]
Derivative assets total		9	170
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | TBAs [Member]
Assets [Abstract]
Derivative assets total		1,470	168
Liabilities [Abstract]
Derivative liabilities total		0	0
Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | Treasury Futures [Member]
Assets [Abstract]
Derivative assets total		1,017	744
Liabilities [Abstract]
Derivative liabilities total		$ 0	$ 0
RMBS [Member] | Level 2 [Member]
Derivative Instruments Classified as Fair Value Assets and Liabilities [Abstract]
Percentage of derivative instruments classified as fair value assets and liabilities		100.00%	100.00%
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets [Abstract]
RMBS total		$ 0	$ 0
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Assets [Abstract]
RMBS total		1,985,958	1,770,110
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Assets [Abstract]
RMBS total		0	0
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | CMOs [Member] | Level 1 [Member]
Assets [Abstract]
RMBS total		0	0
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | CMOs [Member] | Level 2 [Member]
Assets [Abstract]
RMBS total		149,554	132,938
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | CMOs [Member] | Level 3 [Member]
Assets [Abstract]
RMBS total		0	0
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Carrying Value [Member]
Assets [Abstract]
RMBS total		1,985,958	1,770,110
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Carrying Value [Member] | CMOs [Member]
Assets [Abstract]
RMBS total		149,554	132,938
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Fannie Mae [Member] | Level 1 [Member]
Assets [Abstract]
RMBS total		0	0
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Fannie Mae [Member] | Level 2 [Member]
Assets [Abstract]
RMBS total		1,293,765	1,178,164
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Fannie Mae [Member] | Level 3 [Member]
Assets [Abstract]
RMBS total		0	0
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Fannie Mae [Member] | Carrying Value [Member]
Assets [Abstract]
RMBS total		1,293,765	1,178,164
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Freddie Mac [Member] | Level 1 [Member]
Assets [Abstract]
RMBS total		0	0
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Freddie Mac [Member] | Level 2 [Member]
Assets [Abstract]
RMBS total		542,639	459,008
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Freddie Mac [Member] | Level 3 [Member]
Assets [Abstract]
RMBS total		0	0
RMBS [Member] | Fair Value, Measurements, Recurring [Member] | Freddie Mac [Member] | Carrying Value [Member]
Assets [Abstract]
RMBS total		$ 542,639	$ 459,008
MSRs [Member] | Level 3 [Member]
Derivative Instruments Classified as Fair Value Assets and Liabilities [Abstract]
Percentage of derivative instruments classified as fair value assets and liabilities		100.00%	100.00%
Derivative Instruments [Member] | Level 2 [Member]
Derivative Instruments Classified as Fair Value Assets and Liabilities [Abstract]
Percentage of derivative instruments classified as fair value assets and liabilities		100.00%	100.00%
[1]	Carrying value approximates the fair value of the pools (see Note 9).

Fair Value, Company's Level 3 A

Fair Value, Company's Level 3 Assets (Servicing Related Assets) Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2019	Dec. 31, 2018
Servicing Related Assets [Abstract]
Beginning balance	[1]	$ 294,907
Changes in Fair Value due to [Abstract]
Ending balance	[1]	304,029	$ 294,907
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Servicing Related Assets [Abstract]
Beginning balance		294,907
Changes in Fair Value due to [Abstract]
Ending balance		304,029	294,907
MSRs [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Servicing Related Assets [Abstract]
Beginning balance	[2]	294,907	122,806
Purchases, sales and principal paydowns [Abstract]
Purchases	[2]	36,887	178,192
Other changes	[2],[3]	(591)	(2,518)
Purchases, sales and principal paydowns	[2]	36,296	175,674
Changes in Fair Value due to [Abstract]
Changes in valuation inputs or assumptions used in valuation model	[2]	(20,913)	14,648
Other changes in fair value	[2],[4]	(6,262)	(18,221)
Unrealized gain (loss) included in Net Income	[2]	(27,175)	(3,573)
Ending balance	[2]	$ 304,029	$ 294,907
[1]	Carrying value approximates the fair value of the pools (see Note 9).
[2]	Includes the recapture agreement for each respective pool.
[3]	Represents purchase price adjustments, principally contractual prepayment protection, and changes due to the Company's repurchase of the underlying collateral.
[4]	Represents changes due to realization of expected cash flows and estimated MSR runoff.

Fair Value, Significant Unobser

Fair Value, Significant Unobservable Inputs Used in Fair Value Measurement (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2019	Dec. 31, 2018
Fair Value of Financial Assets [Abstract]
Percentage of revolving debt		90.00%
Level 3 [Member] | Discounted Cash Flow [Member]
Valuation Technique and Input, Description [Abstract]
Fair Value		$ 304,029	$ 294,907
Level 3 [Member] | Discounted Cash Flow [Member] | MSRs Conventional [Member]
Valuation Technique and Input, Description [Abstract]
Fair Value		265,667	254,691
Annual cost to service, per loan	[1]	$ 74	$ 70
Level 3 [Member] | Discounted Cash Flow [Member] | MSRs Conventional [Member] | Minimum [Member]
Valuation Technique and Input, Description [Abstract]
Constant prepayment speed	[1]	6.40%	4.50%
Uncollected Payments	[1]	0.40%	0.50%
Level 3 [Member] | Discounted Cash Flow [Member] | MSRs Conventional [Member] | Maximum [Member]
Valuation Technique and Input, Description [Abstract]
Constant prepayment speed	[1]	75.60%	20.60%
Uncollected Payments	[1]	1.40%	11.70%
Level 3 [Member] | Discounted Cash Flow [Member] | MSRs Conventional [Member] | Weighted Average [Member]
Valuation Technique and Input, Description [Abstract]
Constant prepayment speed	[1]	10.70%	9.10%
Uncollected Payments	[1]	0.70%	0.90%
Discount rate	[1]	9.30%	9.30%
Level 3 [Member] | Discounted Cash Flow [Member] | MSRs Government [Member]
Valuation Technique and Input, Description [Abstract]
Fair Value		$ 38,362	$ 40,216
Annual cost to service, per loan	[1]	$ 111	$ 111
Level 3 [Member] | Discounted Cash Flow [Member] | MSRs Government [Member] | Minimum [Member]
Valuation Technique and Input, Description [Abstract]
Constant prepayment speed	[1]	6.00%	6.30%
Uncollected Payments	[1]	2.40%	3.10%
Level 3 [Member] | Discounted Cash Flow [Member] | MSRs Government [Member] | Maximum [Member]
Valuation Technique and Input, Description [Abstract]
Constant prepayment speed	[1]	25.10%	17.90%
Uncollected Payments	[1]	12.70%	12.40%
Level 3 [Member] | Discounted Cash Flow [Member] | MSRs Government [Member] | Weighted Average [Member]
Valuation Technique and Input, Description [Abstract]
Constant prepayment speed	[1]	10.00%	8.90%
Uncollected Payments	[1]	2.70%	4.20%
Discount rate	[1]	12.00%	12.00%
[1]	Significant increases (decreases) in any of the inputs in isolation may result in significantly lower (higher) fair value measurements. A change in the assumption used for discount rates may be accompanied by a directionally similar change in the assumption used for the probability of uncollected payments and a directionally opposite change in the assumption used for prepayment rates.

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Commitments and Contingencies [Abstract]
Percentage of annual management fee paid equal to gross equity	1.50%
Accruals of legal and regulatory claims	$ 0	$ 0
Securities obligated to purchase	0	0
Securities obligated to sell	$ 0	$ 0

Repurchase Agreements (Details)

Repurchase Agreements (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)Security	Dec. 31, 2018USD ($)Security
Repurchase Agreements [Abstract]
Weighted average of remaining maturities days	78 days	38 days
Repurchase Agreement Characteristics Remaining Maturities [Abstract]
Less than one month, repurchase agreements	$ 325,284	$ 776,666
One to three months, repurchase agreements	820,112	821,926
Greater than three months, repurchase agreements	639,949	0
Total repurchase agreements	$ 1,785,345	$ 1,598,592
Repurchase Agreement Characteristics, Weighted Average Rates [Abstract]
Less than one month, weighted average rate	2.85%	2.51%
One to three months, weighted average rate	2.71%	2.56%
Greater than three months, weighted average rate	2.72%	0.00%
Weighted average rate	2.74%	2.54%
Number of overnight or demand securities | Security	0	0

Notes Payable (Details)

Notes Payable (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)RenewalOption	Dec. 31, 2018USD ($)	Dec. 20, 2018USD ($)	Sep. 30, 2018USD ($)	Jul. 31, 2018USD ($)	Mar. 20, 2018USD ($)	May 31, 2017USD ($)	Sep. 30, 2016USD ($)
Maturities of Long-Term Borrowings [Abstract]
2019	$ 1,500	$ 2,000
2020	8,419	8,195
2021	140,581	137,305
2022	10,996	10,996
2023	0	0
2024	0	0
Long-term borrowings	$ 161,496	158,496
MSR Financing Facility [Member]
Debt Instruments [Abstract]
Maximum borrowing amount			$ 100,000			$ 75,000		$ 25,000
Debt instrument term of variable rate	1 month
Debt instrument conversion term	3 years
Period of variable spread rate basis on interest rate swap	1 year
Debt instrument maturity date	Dec. 20, 2020
Maturities of Long-Term Borrowings [Abstract]
2019	$ 0	0
2020	6,419	6,195
2021	93,581	90,305
2022	0	0
2023	0	0
2024	0	0
Long-term borrowings	$ 100,000	96,500
MSR Term Facility [Member]
Debt Instruments [Abstract]
Maximum borrowing amount							$ 20,000
Interest rate on loans payable							6.18%
Debt instrument, amortization period	10 years
Debt instrument maturity date	May 18, 2022
Maturities of Long-Term Borrowings [Abstract]
2019	$ 1,500	2,000
2020	2,000	2,000
2021	2,000	2,000
2022	10,996	10,996
2023	0	0
2024	0	0
Long-term borrowings	$ 16,496	16,996
MSR Revolver [Member]
Debt Instruments [Abstract]
Maximum borrowing amount				$ 45,000	$ 25,000
Debt instrument term of variable rate	1 month
Debt instrument, amortization period	24 months
Debt instrument term period	364 days
Number of Borrowers' option renewals | RenewalOption	2
Term out feature of credit facility	1 year
Additional borrowing capacity				$ 5,000
Maturities of Long-Term Borrowings [Abstract]
2019	$ 0	0
2020	0	0
2021	45,000	45,000
2022	0	0
2023	0	0
2024	0	0
Long-term borrowings	$ 45,000	$ 45,000

Receivables and Other Assets (D

Receivables and Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Receivables and Other Assets [Abstract]
Servicing advances	$ 9,227	$ 9,942
Interest receivable	7,241	6,540
Deferred tax receivable	2,887	0
Repurchased loans held for sale	3,758	2,814
Other receivables	4,777	4,687
Total other assets	$ 27,890	$ 23,983

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accrued Expenses and Other Liabilities [Abstract]
Accrued interest payable	$ 7,683	$ 8,019
Escrow funds held	37	37
Net current tax payable	152	152
Net deferred tax payable	0	2,078
Accrued expenses	5,283	5,259
Total accrued expenses and other liabilities	$ 13,155	$ 15,545

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Components of Income Tax Expense (Benefit) [Abstract]
Current federal income tax expense (benefit)		$ 0	$ 39
Current state income tax expense (benefit)		0	12
Deferred federal income tax expense (benefit)		(4,051)	2,108
Deferred state income tax expense (benefit)		(914)	476
Provision for (Benefit from) Corporate Business Taxes	[1]	(4,965)	2,635
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Computed income tax (benefit) expense at federal rate		(5,482)	7,698
State taxes (benefit), net of federal tax, if applicable		(914)	485
REIT income not subject to tax (benefit)		1,431	(5,548)
Provision for (Benefit from) Corporate Business Taxes	[1]	$ (4,965)	$ 2,635
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Computed income tax (benefit) expense at federal rate		21.00%	20.30%
State taxes (benefit), net of federal tax, if applicable		3.50%	1.30%
REIT income not subject to tax (benefit)		(5.50%)	(14.60%)
Provision for (Benefit from) Corporate Business Taxes/Effective Tax Rate	[1]	19.00%	7.00%
Income taxes payable [Abstract]
Federal income taxes payable		$ 0	$ 39
State and local income taxes payable		0	12
Income taxes payable		0	$ 51
Deferred tax (assets) liabilities [Abstract]
Deferred tax - organizational expenses		(2)		$ (4)
Deferred tax - mortgage servicing rights		(2,664)		2,082
Deferred tax - net operating loss		(221)		0
Total net deferred tax assets		(2,887)
Total net deferred tax liabilities				2,078
Valuation allowance		$ 0		$ 0
[1]	The provision for income taxes is recorded at the TRS level.