Cherry Hill Mortgage Investment (CHMI) 10-Q12 Aug 142014 Q2 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2014	Aug. 12, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Entity Registrant Name	'Cherry Hill Mortgage Investment Corporation	'
Entity Central Index Key	'0001571776	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	7,509,543

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Assets	'	'
RMBS, available-for-sale	$337,662	$286,979
Investments in Excess MSRs at fair value	102,422	110,306
Cash and cash equivalents	14,452	10,375
Restricted cash	5,131	3,744
Derivative assets	127	4,613
Receivables from unsettled trades	'	7,239
Receivables and other assets	3,804	4,142
Total Assets	463,598	427,398
Liabilities	'	'
Repurchase agreements	293,747	261,302
Derivative liabilities	2,213	592
Dividends payable	3,830	3,375
Due to affiliates	809	616
Accrued expenses and other liabilities	245	391
Total Liabilities	300,844	266,276
Stockholders' Equity	'	'
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding as of June 30, 2014 and December 31, 2013	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized, 7,509,543 shares issued and outstanding at June 30, 2014 and 7,500,000 shares issued and outstanding at December 31, 2013	75	75
Additional paid-in capital	148,183	148,078
Retained earnings	10,188	17,695
Accumulated other comprehensive income (loss)	3,917	-5,033
Total CHMI Stockholders' Equity	162,363	160,815
Non-controlling interests in operating partnership	391	307
Total Stockholders' Equity	162,754	161,122
Total Liabilities and Stockholders' Equity	$463,598	$427,398

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]	'	'
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	7,509,543	7,500,000
Common stock, shares outstanding	7,509,543	7,500,000

Consolidated_Statements_of_Inc

Consolidated Statements of Income (Loss) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Statement [Abstract]	'	'	'	'
Interest income	$6,137	'	$12,148	'
Interest expense	1,006	'	1,953	'
Net interest income	5,131	'	10,195	'
Other income (loss)	0	0	0	0
Realized gain (loss) on RMBS, net	75	'	-274	'
Realized gain (loss) on derivatives, net	-187	'	-259	'
Unrealized gain (loss) on derivatives, net	-2,705	'	-6,148	'
Unrealized gain (loss) on investments in Excess MSRs	-1,648	'	-978	'
Total Income	666	'	2,536	'
Expenses	'	'	'	'
General and administrative expense	642	36	1,099	71
Management fee to affiliate	679	'	1,358	'
Total Expenses	1,321	36	2,457	71
Net Income (Loss)	-655	-36	79	-71
Net (income) loss allocated to LTIP-OP Units	3	'	-1	'
Net Income (Loss) Applicable to Common Stockholders	($652)	($36)	$78	($71)
Net Income (Loss) Per Share of Common Stock	'	'	'	'
Basic	($0.09)	($36)	$0.01	($71)
Diluted	($0.09)	($36)	$0.01	($71)
Weighted Average Number of Shares of Common Stock Outstanding	'	'	'	'
Basic	7,504,572	1,000	7,503,538	1,000
Diluted	7,509,543	1,000	7,508,112	1,000

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Loss) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement Of Income And Comprehensive Income [Abstract]	'	'	'	'
Net income (loss)	($655)	($36)	$79	($71)
Other comprehensive income (loss):	'	'	'	'
Net unrealized gain (loss) on RMBS	5,595	'	8,950	'
Other comprehensive income (loss)	5,595	'	8,950	'
Comprehensive income (loss)	$4,940	($36)	$9,029	($71)

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Stockholders' Equity (USD $)	Total	Common Stock [Member]		Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings (Deficit) [Member]	Non-Controlling Interest in Operating Partnership [Member]
Beginning Balance at Dec. 31, 2012	($24,000)	$0	[1]	$1,000	'	($25,000)	'
Beginning Balance, Shares at Dec. 31, 2012	'	1,000		'	'	'	'
Repurchase of common stock	-1,000	'		-1,000	'	'	'
Repurchase of common stock, Shares	'	-1,000		'	'	'	'
Issuance of common stock, net of offering costs	148,153,000	75,000		148,078,000	'	'	'
Issuance of common stock, net of offering costs, Shares	'	7,500,000		'	'	'	'
Net income	21,202,000	'		'	'	21,095,000	107,000
Other comprehensive income (loss)	-5,033,000	'		'	-5,033,000	'	'
LTIP-OP Unit awards	200,000	'		'	'	'	200,000
Common dividends declared	-3,375,000	'		'	'	-3,375,000	'
Ending Balance at Dec. 31, 2013	161,122,000	75,000		148,078,000	-5,033,000	17,695,000	307,000
Ending Balance, Shares at Dec. 31, 2013	7,500,000	7,500,000		'	'	'	'
Issuance of common stock, net of offering costs	105,000	0	[2]	105,000	'	'	'
Issuance of common stock, net of offering costs, Shares	'	9,543		'	'	'	'
Net income	79,000	'		'	'	78,000	1,000
Other comprehensive income (loss)	8,950,000	'		'	8,950,000	'	'
LTIP-OP Unit awards	117,000	'		'	'	'	117,000
Distribution paid on LTIP-OP Units	-34,000	'		'	'	'	-34,000
Common dividends declared	-7,585,000	'		'	'	-7,585,000	'
Ending Balance at Jun. 30, 2014	$162,754,000	$75,000		$148,183,000	$3,917,000	$10,188,000	$391,000
Ending Balance, Shares at Jun. 30, 2014	7,509,543	7,509,543		'	'	'	'

[1]	de minimis ($10 rounds to $0)
[2]	de minimis ($95 rounds to $0)

Consolidated_Statements_of_Cha1

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Statement Of Stockholders Equity [Abstract]	'	'
Common stock dividends per share declared	$1.01	$0.45

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
Cash Flows From Operating Activities	'
Net income (loss)	$79
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:	'
Change in fair value of investments in Excess MSRs	978
Accretion of premium and other amortization	817
Realized (gain) loss on RMBS, net	274
Unrealized (gain) loss on derivatives, net	6,148
Realized (gain) loss on derivatives, net	259
LTIP-OP Unit awards	117
Changes in:	'
Receivables from unsettled trades	7,239
Other assets	338
Due to affiliate	193
Accrued expenses and other liabilities	29
Net cash provided by (used in) operating activities	16,471
Cash Flows From Investing Activities	'
Purchase of RMBS	-65,055
Acquisition of Excess MSRs	-2,181
Proceeds from sale of RMBS	12,645
Cost of sale of derivatives	16
Principal paydown of Excess MSRs	9,087
Principal paydown of RMBS	9,456
Net cash provided by (used in) investing activities	-36,032
Cash Flows From Financing Activities	'
Repayments of repurchase agreements	-875,465
Margin deposits under repurchase agreements	-1,387
Purchase of derivatives	-361
Borrowings under repurchase agreements	907,910
Issuance of common stock, net of offering costs	105
LTIP-OP Units distributions paid	-35
Dividends paid	-7,129
Net cash provided by (used in) financing activities	23,638
Net Increase (Decrease) in Cash and Cash Equivalents	4,077
Cash and Cash Equivalents, Beginning of Period	10,375
Cash and Cash Equivalents, End of Period	14,452
Supplemental Disclosure of Cash Flow Information	'
Cash paid during the period for interest expense	1,782
Dividends declared but not paid	$3,830

Organization_and_Operations

Organization and Operations	6 Months Ended
Organization and Operations	Jun. 30, 2014
Accounting Policies [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, at December 31, 2012, the Company was authorized to issue 1,000 shares of common stock. On June 6, 2013, the Company amended and restated its charter and increased its authorized capitalization. Accordingly, at June 30, 2014 and December 31, 2013, the Company was 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 unaudited consolidated financial statements include the accounts of the Company’s subsidiaries, Cherry Hill Operating Partnership LP, Cherry Hill QRS I, LLC, Cherry Hill QRS II, LLC, CHMI Insurance Company, LLC and CHMI Solutions, Inc. (formerly, CHMI Solutions, LLC).
	On October 9, 2013, the Company completed an IPO of 6,500,000 shares of common stock and a concurrent private placement of 1,000,000 shares of common stock. The IPO and concurrent private placement resulted in the sale of 7,500,000 shares of common stock, at a price per share of $20.00. The net proceeds to the Company from the IPO and the concurrent private placement were approximately $148.1 million, after deducting offering-related expenses payable by the Company. 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 on residential mortgage loans (“Excess MSRs”) and residential mortgage-backed securities (“RMBS” or “securities”), the payment of principal and interest on which is guaranteed by a U.S. Government agency or a U.S. government sponsored enterprise (“Agency RMBS”).
	Prior to the IPO, the Company was a development stage company that had not commenced operations other than the organization of the Company. The Company completed the IPO and concurrent private placement on October 9, 2013, at which time the Company commenced operations.
	Prior to the IPO, the sole stockholder of the Company was Stanley Middleman. On December 4, 2012, Mr. Middleman made a $1,000 initial capital contribution to the Company in exchange for 1,000 shares of common stock, and, on October 9, 2013, the Company repurchased these shares from Mr. Middleman for $1,000.
	The Company is party to a management agreement (the “Management Agreement”) with Cherry Hill Mortgage Management, LLC (the “Manager”), a Delaware limited liability company which is controlled by Mr. Middleman. For a further discussion of the Management Agreement, see Note 7.
	The Company was taxed for U.S. federal income tax purposes as a Subchapter C corporation for the two month period from October 31, 2012 (date of inception) to December 31, 2012. On February 13, 2013, the Company elected to be taxed for U.S. federal income tax purposes as a Subchapter S corporation effective January 1, 2013, and, as such, all federal tax liabilities were the responsibility of the sole stockholder. In anticipation of the IPO, the Company elected to revoke its Subchapter S election on October 2, 2013 and will elect to be taxed as a REIT, as defined under the Code for U.S. federal income tax purposes commencing with the 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_Sign

Basis of Presentation and Significant Accounting Policies	6 Months Ended
Basis of Presentation and Significant Accounting Policies	Jun. 30, 2014
Accounting Policies [Abstract]	'
Basis of Presentation and Significant Accounting Policies	'
	Note 2 — Basis of Presentation and Significant Accounting Policies
	Basis of Accounting
	The accompanying unaudited 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 unaudited 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 consolidated financial statements reflect all necessary and recurring adjustments for fair presentation of the results for the interim periods presented herein.
	Emerging Growth Company Status
	On April 5, 2012, the Jumpstart Our Business Startups Act (the “JOBS Act”) was signed into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. Because the Company qualifies as an “emerging growth company,” it may, under Section 7(a)(2)(B) of the Securities Act of 1933, delay adoption of new or revised accounting standards applicable to public companies until such standards would otherwise apply to private companies. The Company has elected to take advantage of this extended transition period until the first to occur of the date that it (i) is no longer an “emerging growth company” or (ii) affirmatively and irrevocably opts out of this extended transition period. This election is irrevocable. As a result, the financial statements may not be comparable to those of other public companies that comply with such new or revised accounting standards. Until the date that the Company is no longer an “emerging growth company” or affirmatively and irrevocably opts out of the extended transition period, upon issuance of a new or revised accounting standard that applies to the financial statements and that has a different effective date for public and private companies, the Company will disclose the date on which adoption is required for non-emerging growth companies and the date on which it will adopt the recently issued accounting standard.
	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 fair value of RMBS, Excess MSRs, derivatives and credit losses including the period of time during which the Company anticipates an increase in the fair values of securities sufficient to recover unrealized losses on those securities, and other estimates that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities as of the date of the interim consolidated financial statements and the reported amounts of certain revenues and expenses during the reporting period. It is likely that changes in these estimates (e.g., valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. The Company’s estimates are inherently subjective in nature. Actual results could differ from the Company’s estimates and differences may be material.
	Risks and Uncertainties
	In the normal course of business, the Company encounters primarily two significant types of economic risk: market and credit. Market risk reflects changes in the value of investments in RMBS, Excess MSRs and derivatives due to changes in interest rates, spreads or other market factors. Credit risk is the risk of default on the Company’s investments in RMBS, Excess MSRs and derivatives that results from a borrower’s or derivative counterparty’s inability or unwillingness to make contractually required payments.
	Additionally, 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.
	Additionally, the Company is subject to significant tax risks. 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 (including any applicable alternative minimum tax), 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 – The Company classifies its investments in RMBS as securities available for sale. Although the Company generally intends to hold most of its securities until maturity, it may, from time to time, sell any of its securities as part of its overall management of its portfolio. Securities available for sale are carried at fair value with the net unrealized gains or losses reported as accumulated other comprehensive income or loss, a component of stockholders’ equity, to the extent impairment losses, if any, are considered temporary. Unrealized losses on securities are charged to earnings if they reflect a decline in value that is other-than-temporary, as described below.
	Fair value is determined under the guidance of ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). The Company determines fair value of its RMBS investments 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. In determining the fair value of RMBS, management’s judgment is used to arrive at fair value that considers prices obtained from third-party pricing providers and other applicable market data. The Company’s application of ASC 820 guidance is discussed in further detail in Note 9.
	Investment securities transactions are recorded on the trade date. Purchases of newly-issued securities are recorded when all significant uncertainties regarding the characteristics of the securities are removed, generally shortly before settlement 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 sold in the six month period ended June 30, 2014 were settled. Approximately $7.2 million in RMBS were sold but not yet settled and were receivable at December 31, 2013.
	Revenue Recognition – Interest income from coupon payments is accrued based on the outstanding principal amount of the RMBS and their contractual terms. Premiums and discounts associated with the purchase of the RMBS are accreted into interest income over the projected lives of the securities using the interest method. The Company’s policy for estimating prepayment speeds for calculating the effective yield is to evaluate historical performance, determine market consensus on prepayment speeds, and to factor in current market conditions. Adjustments are made for actual prepayment activity. Approximately $1.0 million and $900,000 in interest income is receivable at June 30, 2014 and December 31, 2013, respectively, and is classified within “Receivables and other assets” on the consolidated balance sheet.
	Impairment – The Company evaluates its RMBS, on a quarterly basis, to assess whether a decline in the fair value below the amortized cost basis is an other-than-temporary impairment (“OTTI”). The presence of OTTI is based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors as well as non-credit factors, such as changes in interest rates and market spreads. Impairment is considered other-than-temporary if an entity (i) intends to sell the security, (ii) will more likely than not be required to sell the security before it recovers in value, or (iii) does not expect to recover the security’s amortized cost basis, even if the entity does not intend to sell the security. Under these scenarios, the impairment is other-than-temporary and the full amount of impairment should be recognized currently in earnings and the cost basis of the security is adjusted. However, if an entity does not intend to sell the impaired security and it is more likely than not that it will not be required to sell before recovery, the OTTI should be separated into (i) the estimated amount relating to credit loss, or the credit component, and (ii) the amount relating to all other factors, or the non-credit component. Only the credit component is recognized currently in earnings, with the remainder of the loss recognized in other comprehensive income. The difference between the new amortized cost basis and the cash flows expected to be collected is accreted into interest income in accordance with the effective interest method.
	Investments in Excess MSRs
	Classification – Upon acquisition, the Company elected the fair value option to record its investments in Excess MSRs in order to provide users of the financial statements with better information regarding the effects of prepayment risk and other market factors on the Excess MSRs. Under this election, the Company records a valuation adjustment on its investments in Excess MSRs on a quarterly basis to recognize the changes in fair value in net income as described below. The valuation of Excess MSRs is not wholly based on listed price data; rather, the fair value is based upon internally developed models that are primarily based on observable market-based inputs, but which also include unobservable market data inputs (see Note 9).
	Revenue Recognition – Excess MSRs are aggregated into pools as applicable. Each pool of Excess MSRs is accounted for in the aggregate. Interest income for Excess MSRs is accreted into interest income on an effective yield or “interest” method, based upon the expected excess mortgage servicing amount over the expected life of the underlying mortgages. Changes to expected cash flows result in a cumulative retrospective adjustment, which will be recorded in the period in which the change in expected cash flows occurs. Under the retrospective method, the interest income recognized for a reporting period would be measured as the difference between the amortized cost basis at the end of the period and the amortized cost basis at the beginning of the period, plus any cash received during the period. The amortized cost basis is calculated as the present value of estimated future cash flows using an effective yield, which is the yield that equates all past actual and current estimated future cash flows to the initial investment. The difference between

	the fair value of Excess MSRs and their amortized cost basis is recorded on the income statement as “Unrealized gain (loss) on investments in Excess MSRs.” Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and a liquidity premium specific to the Excess MSRs and, therefore, may differ from their effective yields. Approximately $2.6 million and $2.8 million in Excess MSR cashflow is receivable at June 30, 2014 and December 31, 2013, respectively, and is classified within “Receivables and other assets” on the consolidated balance sheet.
	Derivatives and Hedging Activities
	Derivative transactions include swaps, swaptions and to-be-announced securities (“TBAs”). Swaps and swaptions are entered into by the Company solely for interest rate risk management purposes. TBAs are used for duration risk and basis risk management purposes. The decision of 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 as determined by management, including, among other factors, restrictions imposed by the Code. 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 derivative financial instruments contain credit risk to the extent that its bank counterparties may be unable to meet the terms of the agreements. The Company reduces such risk by limiting its counterparties to major financial institutions and by clearing its derivatives through exchanges. In addition, the potential risk of loss with any one party resulting from this type of credit risk is monitored. Management does not expect any material losses as a result of default by other parties.
	Classification – All derivatives are recognized as either assets or liabilities on the consolidated balance sheet and measured at fair value. Due to the nature of these instruments, they may be in a receivable/asset position or a payable/liability position at the end of an accounting period. Derivative amounts payable to, and receivable from, the same party under a contract may be offset as long as the following conditions are met: (i) each of the two parties owes the other determinable amounts; (ii) the reporting party has the right to offset the amount owed with the amount owed by the other party; (iii) the reporting party intends to offset; and (iv) the right to offset is enforceable by law. The Company reports the fair value of derivative instruments gross of cash paid or received pursuant to credit support agreements, and fair value is reflected on a net counterparty basis when the Company believes a legal right of offset exists under an enforceable master netting agreement. For further discussion on offsetting assets and liabilities, see Note 8.
	Revenue Recognition – With respect to interest rate swaps, swaptions and TBAs that have not been designated as hedges, any net payments under, or fluctuations in the fair value of, such derivatives have been recognized currently in “Realized and unrealized gains (losses) on derivatives, net” in the consolidated statements of income. These derivatives may, to some extent, be economically effective as hedges.
	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 as collateral against the Company’s derivatives and/or borrowings under its repurchase agreements.
	Due to Affiliate
	This represents amounts due to the Manager pursuant to the Management Agreement. For further information on the Management Agreement, see Note 7.

	Realized Gain (Loss) on RMBS and Derivatives, Net
	The following table presents gains and losses on sales of RMBS and derivatives for the periods indicated (dollars in thousands):


			Three Months Ended					Six Months Ended
			June 30,					June 30,
			2014			2013		2014			2013
	Realized gain (loss) on RMBS, net
	Gain on RMBS		$	75		$	—	$	75		$	—
	Loss on RMBS			—			—		(349	)		—

	Net realized gain (loss) on RMBS			75			—		(274	)		—
	Realized gain (loss) on derivatives, net			(187	)		—		(259	)		—
	Unrealized gain (loss) on derivatives, net			(2,705	)		—		(6,148	)		—

	Total		$	(2,817	)	$	—	$	(6,681	)	$	—
	Repurchase Agreements and Interest Expense
	The Company finances its investments in RMBS with short-term borrowings under master repurchase agreements. The repurchase agreements are generally short-term debt, which expire within one year. Borrowings under repurchase agreements generally bear interest rates of a specified margin over one-month LIBOR and are generally uncommitted. The repurchase 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 declaration 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 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, adjusted for unrealized gains or losses on RMBS, which are designated as available for sale.
	During the three month and six month periods ended June 30, 2014, accumulated other comprehensive income (loss) changed due to the following factors (dollars in thousands):


	Total Accumulated Other Comprehensive Income
			Three Months Ended
			30-Jun-14
	Accumulated other comprehensive gain (loss), March 31, 2014		$	(1,678	)
	Net unrealized gain (loss) on RMBS			5,595

Accumulated other comprehensive gain (loss), June 30, 2014		$	3,917

		Six Months Ended
		30-Jun-14
Accumulated other comprehensive gain (loss), December 31, 2013		$	(5,033	)
Net unrealized gain (loss) on RMBS			8,950

Accumulated other comprehensive gain (loss), June 30, 2014		$	3,917
Offering Costs
Offering costs of approximately $1.9 million incurred in connection with the Company’s IPO and concurrent private placement were reflected as a reduction of additional paid-in-capital at December 31, 2013. Offering costs incurred in connection with the IPO and concurrent private placement included, among others, the fees and disbursements of the Company’s counsel, the costs of printing the prospectus for the IPO, the fees paid to apply to list the Company’s common stock and all filing fees paid in connection with the IPO. However, the Manager agreed to pay the underwriting discounts and commissions and a structuring fee of 0.375% of the gross proceeds of the IPO and concurrent private placement without reimbursement from the Company.

Income Taxes
The Company will elect to be taxed as a REIT under the Code. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to stockholders within the time frame set forth in the Code, and the Company must also meet certain other requirements.
The Company assesses its tax positions for all open tax years and determines if it has any material unrecognized liabilities in accordance with ASC 740, Income Taxes. The Company records these liabilities to the extent it deems them more-likely-than-not to be incurred. The Company classifies interest and penalties on material uncertain tax positions, if any, as interest expense and operating expense, respectively, in its consolidated statements of income. The Company has not incurred any interest or penalties.
Recently Issued and/or Adopted Accounting Standards
Offsetting Assets and Liabilities – In December 2011, the FASB issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, which amended ASC 210, Balance Sheet. The amendments in this ASU enhance disclosures required by U.S. GAAP by requiring improved information about financial instruments and derivative instruments that are either (1) offset in accordance with ASC 210, Balance Sheet or ASC 815, Other Presentation Matters or (2) subject to an enforceable master netting arrangement or similar agreement. ASU 2011-11 is effective for the first interim or annual period beginning on or after January 1, 2013. In January 2013, the FASB issued ASU No. 2013-01, which limits the scope of ASU 2011-11 to certain derivatives, repurchase agreements and securities lending arrangements. ASU 2013-01 is also effective for the first interim or annual period beginning on or after January 1, 2013. Adopting both ASU 2011-11 and ASU 2013-01 did not have any impact on the Company’s consolidated financial condition or results of operations, but did impact financial statement disclosures – refer to Note 8.
Comprehensive Income – In February 2013, the FASB issued ASU No. 2013-02, which amends ASC 320, Comprehensive Income. ASU 2013-02 provides disclosure guidance on amounts reclassified out of Accumulated Other Comprehensive Income by component. The new guidance does not change the requirement to present items of net income and OCI and totals for net income, OCI and comprehensive income in a single continuous statement or two consecutive statements. ASU 2013-02 is effective for the first interim or annual period beginning on or after December 15, 2012. Adopting ASU 2013-02 did not have any impact on the Company’s consolidated financial statements.
Liabilities – In March 2013, the FASB issued ASU 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force). ASU 2013-04 requires additional disclosures about joint and several liability arrangements and requires the Company to measure obligations resulting from joint and several liability arrangements as the sum of the amount the Company agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the Company expects to pay on behalf of its co-obligors. ASU 2013-04 is effective for the fiscal years and interim periods beginning after December 15, 2013. Adopting ASU 2013-04 did not have any impact on the Company’s consolidated financial statements.
Presentation of an Unrecognized Tax Benefit – In July 2013, the FASB issued ASU No. 2013-11, which requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (“NOL”) carryforward or similar tax loss or tax credit carryforward, rather than as a liability when (1) the uncertain tax position would not reduce the NOL or other carryforward under the tax law of the applicable jurisdiction, and (2) the entity intends to use the deferred tax asset for that purpose. ASU 2013-11 does not require any new recurring disclosures. It is effective prospectively for fiscal years, and interim periods within those years, beginning on or after December 15, 2013, with early adoption permitted. Early adopting ASU 2013-11 did not have any impact on the Company’s consolidated financial statements.
Revenue Recognition – In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for fiscal years and interim periods beginning after December 15, 2016 and early adoption is not permitted. Management is evaluating the impact of ASU 2014-09; however, it is not expected to have a significant impact on the Company’s financial position, results of operations, or EPS.
Transfers and Servicing – In June 2014, the FASB issued ASU 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, which amends ASC 860, Transfers and Servicing. ASU 2014-11, which affects all entities that enter into repurchase-to-maturity transactions or repurchase financings, requires two accounting changes. First, ASU 2014-11 changes the accounting for repurchase-to-maturity transactions to secured borrowing accounting. Second, for repurchase financing arrangements, ASU 2014-11 requires separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. ASU 2014-11 also requires disclosures for certain transactions comprising (1) a transfer of a financial asset accounted for as a sale and (2) an agreement with the same transferee entered into in contemplation of the initial transfer that results in the transferor retaining substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. For those transactions outstanding at the reporting date, the transferor is required to disclose additional information by type of transaction. ASU 2014-11 also requires certain disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions that are accounted for as secured borrowings. The accounting changes in ASU 2014-11 are effective for public business entities for the first interim or annual period beginning after December 15, 2014. For public business entities, the disclosure for certain transactions accounted for as a sale is required to be presented for interim and annual periods beginning after December 15, 2014, and the disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015, with early adoption prohibited. Currently, management does not anticipate that the adoption of ASU 2014-11 will have a material impact on the consolidated financial statements.
Stock Compensation – In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved After the Requisite Service Period, which amends ASC 718, Compensation – Stock Compensation. ASU 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in ASC 718 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. As indicated in the definition of vest, the stated vesting period (which includes the period in which the performance target could be achieved) may differ from the requisite service period. ASU 2014-12 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, with early adoption permitted. Currently, management does not anticipate that the adoption of ASU 2014-12 will have a material impact on the consolidated financial statements.

Segment_Reporting

Segment Reporting	6 Months Ended
Segment Reporting	Jun. 30, 2014
Segment Reporting [Abstract]	'
Segment Reporting	'
	Note 3 — Segment Reporting
	The Company conducts its business through the following segments: (i) investments in RMBS; and (ii) investments in Excess MSRs. In addition, as of December 31, 2013, the Company has capitalized a taxable REIT subsidiary, Cherry Hill Solutions, Inc. (“Solutions”). Solutions was originally organized as Cherry Hill TRS, LLC, a Delaware limited liability company. In April 2014, the name was changed to CHMI Solutions, LLC. Effective June 30, 2014, CHMI Solutions, LLC was converted from a limited liability company to a Delaware corporation, in order to facilitate obtaining lender approval from the Federal Housing Administration. There have been no operations to date within Solutions, and the operations of Solutions are included in “All Other” until such time as Solutions becomes operational.
	“All Other” consists primarily of general and administrative expenses including compensation paid to the directors and stock-based compensation expense, and management fees paid and expenses reimbursed 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 on the Company’s segments is given below, together with a reconciliation to the same data for the Company as a whole (dollars in thousands):


			Excess MSRs				RMBS				All Other				Total
	Income Statement
	Three Months Ended June 30, 2014
	Interest income		$	3,629			$	2,508			$	—			$	6,137
	Interest expense			—				1,006				—				1,006

	Net interest income			3,629				1,502				—				5,131
	Other income			(1,648	)			(2,817	)			—				(4,465	)
	Other operating expenses			—				—				1,321				1,321

	Net income (loss)		$	1,981			$	(1,315	)		$	(1,321	)		$	(655	)
	Three Months Ended June 30, 2013
	Interest income		$	—			$	—			$	—			$	—
	Interest expense			—				—				—				—

	Net interest income			—				—				—				—
	Other income			—				—				—				—
	Other operating expenses			—				—				36				36

	Net income (loss)		$	—			$	—			$	(36	)		$	(36	)
	Six Months Ended June 30, 2014
	Interest income		$	7,314			$	4,834			$	—			$	12,148
	Interest expense			—				1,953				—				1,953

	Net interest income			7,314				2,881				—				10,195
	Other income			(978	)			(6,681	)			—				(7,659	)
	Other operating expenses			—				—				2,457				2,457

	Net income (loss)		$	6,336			$	(3,800	)		$	(2,457	)		$	79
	Six Months Ended June 30, 2013
	Interest income		$	—			$	—			$	—			$	—
	Interest expense			—				—				—				—

	Net interest income			—				—				—				—
	Other income			—				—				—				—
	Other operating expenses			—				—				71				71

	Net income (loss)		$	—			$	—			$	(71	)		$	(71	)
	Balance Sheet
	June 30, 2014
	Investments		$	102,422			$	337,662			$	—			$	440,084
	Other assets			2,583				6,300				14,631				23,514

	Total assets			105,005				343,962				14,631				463,598


	Debt			—				293,747				—				293,747
	Other liabilities			—				2,354				4,743				7,097

	Total liabilities			—				296,101				4,743				300,844
	GAAP book value		$	105,005			$	47,861			$	9,888			$	162,754
	December 31, 2013
	Investments		$	110,306			$	286,979			$	—			$	397,285
	Other assets			2,828				16,494				10,791				30,113

	Total assets			113,134				303,473				10,791				427,398
	Debt			—				261,302				—				261,302
Other liabilities			—				690				4,284				4,974

Total liabilities			—				261,992				4,284				266,276
GAAP book value		$	113,134			$	41,481			$	6,507			$	161,122

Investments_in_RMBS

Investments in RMBS	6 Months Ended
Investments in RMBS	Jun. 30, 2014
Real Estate [Abstract]	'
Investments in RMBS	'
	Note 4 — Investments in RMBS
	The following is a summary of the Company’s RMBS investments at June 30, 2014 and December 31, 2013, all of which 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 other-than-temporarily impaired, for which there were none for the six months ended June 30, 2014 (dollars in thousands):
	Summary of RMBS
	At June 30, 2014


							Gross Unrealized									Weighted Average
	Asset Type		Original Face		Book Value		Gains		Losses			Carrying		Number of		Rating		Coupon				Yield				Maturity
			Value									Value		Securities												(Years)
												(A)														(C)
	RMBS
	Fannie Mae		$	201,154	$	203,028	$	2,537	$	(7	)	$	205,558		24	(B)			3.88	%			3.59	%			24
	Freddie Mac			128,949		128,554		1,246		—			129,800		15	(B)			3.73	%			3.17	%			22
	CMOs			12,146		2,163		146		(5	)		2,304		2	Unrated			3.14	%			23.89	%			18

	Total/Weighted Average		$	342,249	$	333,745	$	3,929	$	(12	)	$	337,662		41				3.80	%			3.50	%			23
	Summary of RMBS
	At December 31, 2013


							Gross Unrealized									Weighted Average
	Asset Type		Original Face		Book Value		Gains		Losses			Carrying		Number of		Rating		Coupon				Yield				Maturity
			Value									Value		Securities												(Years)
												(A)														(C)
	RMBS
	Fannie Mae		$	173,015	$	179,556	$	—	$	(2,800	)	$	176,756		18	(B)			3.86	%			3.61	%			25
	Freddie Mac			109,431		112,456		—		(2,233	)		110,223		11	(B)			3.62	%			3.22	%			24

	Total/Weighted Average		$	282,446	$	292,012	$	—	$	(5,033	)	$	286,979		29				3.77	%			3.46	%			24

	(A)	See Note 9 regarding the estimation of fair value, which is equal to carrying value for all securities.
	(B)	The Company used an implied AAA rating for the Fannie Mae and Freddie Mac securities.
	(C)	The weighted average maturity is based on the timing of expected principal reduction on the assets.
	At June 30, 2014, and December 31, 2013, the Company pledged RMBS with a carrying value of approximately $312.0 million and $271.8 million, respectively, as collateral for repurchase agreements. At June 30, 2014, and December 31, 2013, the Company did not have any securities purchased from and financed with the same counterparty that met the conditions of ASC 860, Transfers and Servicing, to be considered linked transactions and, therefore, classified as derivatives.
	Unrealized losses that are considered other-than-temporary are recognized currently in earnings. During the six month periods ended June 30, 2014 and June 30, 2013, the Company did not record any other-than-temporary impairment charges (“OTTI”) with respect to its securities. Based on management’s analysis of these 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. 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 period. Such market factors include changes in market interest rates and credit spreads, or certain macroeconomic events, which did not 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. In addition, underlying loan default expectations and loss severities are analyzed in connection with a particular security’s credit support, as well as prepayment rates. The result of this evaluation is considered when determining management’s estimate of cash flows and in relation to the amount of the unrealized loss and the period elapsed since it was incurred. Significant judgment is required in this analysis. In connection with the foregoing, the Company weighs the fact that virtually all of its investments in RMBS are guaranteed by the U.S. government or a government sponsored enterprise.

	Additionally, for all securities in an unrealized loss position at June 30, 2014 and December 31, 2013, the Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell its securities before recovery of the amortized cost basis, which may be maturity.
	The following tables summarize the Company’s RMBS in an unrealized loss position, all of which are due to mark to market rather than default estimates, as of June 30, 2014 and December 31, 2013 (dollars in thousands):
	Unrealized Loss Positions
	At June 30, 2014


							Gross Unrealized									Weighted Average
	Asset Type		Original Face		Book Value		Gains		Losses			Carrying		Number of		Rating				Coupon				Yield				Maturity
			Value									Value		Securities														(Years)
												(A)																(C)
	Less than Twelve Months		$	342,249	$	333,745	$	3,929	$	(12	)	$	337,662		41		(B	)			3.8	%			3.5	%			23
	Twelve or More Months			—		—		—		—			—		—						—				—				—

	Total/Weighted Average		$	342,249	$	333,745	$	3,929	$	(12	)	$	337,662		41						3.8	%			3.5	%			23
	Unrealized Loss Positions
	At December 31, 2013


							Gross Unrealized									Weighted Average
	Asset Type		Original Face		Book Value		Gains		Losses			Carrying		Number of		Rating				Coupon				Yield				Maturity
			Value									Value		Securities														(Years)
												(A)																(C)
	Less than Twelve Months		$	282,446	$	292,012	$	—	$	(5,033	)	$	286,979		29		(B	)			3.77	%			3.46	%			24
	Twelve or More Months			—		—		—		—			—		—						—				—				—

	Total/Weighted Average		$	282,446	$	292,012	$	—	$	(5,033	)	$	286,979		29						3.77	%			3.46	%			24

(A)	See Note 9 regarding the estimation of fair value, which is equal to carrying value for all securities.
(B)	The Company used an implied AAA rating for the Fannie Mae and Freddie Mac securities, other than CMOs, which are unrated.
(C)	The weighted average maturity is based on the timing of expected principal reduction on the assets.

Investments_in_Excess_MSRs

Investments in Excess MSRs	6 Months Ended
Investments in Excess MSRs	Jun. 30, 2014
Investments Debt And Equity Securities [Abstract]	'
Investments in Excess MSRs	'
	Note 5 — Investments in Excess MSRs
	In October 2013, the Company entered into an agreement (“MSR Agreement 1”) with Freedom Mortgage Corporation (“Freedom Mortgage”), a residential mortgage servicer wholly-owned by the sole member of the Manager, to invest in Excess MSRs with Freedom Mortgage. Freedom Mortgage originated the mortgage servicing rights on a pool of residential fixed rate Ginnie Mae-eligible FHA and VA mortgage loans with an aggregate unpaid principal balance (“UPB”) of approximately $10.0 billion (“Pool 1”). Freedom Mortgage is entitled to receive an initial weighted average total mortgage servicing amount of approximately 28 basis points (“bps”) on the performing UPB, as well as any ancillary income from Pool 1. Pursuant to MSR Agreement 1, Freedom Mortgage performs all servicing functions and advancing functions related to Pool 1 for a basic fee (the contractual amount the servicer is entitled to for performing the servicing duties) of 8 bps. Therefore, the remainder, or “excess mortgage servicing amount,” is initially equal to a weighted average of 20 bps.
	The Company acquired the right to receive 85% of the excess mortgage servicing amount on Pool 1 and, subject to certain limitations and pursuant to a loan replacement agreement (the “Pool 1—Recapture Agreement”), 85% of the Excess MSRs on certain future mortgage loans originated by Freedom Mortgage that represent refinancings of loans in Pool l (which loans then become part of Pool 1) for approximately $60.6 million. Freedom Mortgage has co-invested, pari passu with the Company, in 15% of the Excess MSRs. Freedom Mortgage, as servicer, also retains the ancillary income and the servicing obligations and liabilities. If Freedom Mortgage is terminated as the servicer, the Company’s right to receive its portion of the excess mortgage servicing amount will also be terminated. To the extent that Freedom Mortgage is terminated as the servicer and receives a termination payment, the Company will be entitled to a pro rata share, or 85%, of such termination payment.
	The value, and absolute amount, of recapture activity tends to vary inversely with the direction of interest rates. When interest rates are falling, recapture rates tend to be higher due to increased opportunities for borrowers to refinance. As interest rates increase, however, there is likely to be less recapture activity. For Pool 1, since the Company expects interest rates to rise relative to what they had been in the past, which is likely to reduce the level of voluntary prepayments, the Company expects recapture rates to be significantly lower than what they had been in the past. As a result, the fair value of the related recapture agreement is expected to be lower than when the Company purchased the pool and entered into the recapture agreement. However, since prepayment rates are likely to decline at the same time, the Company expects overall prepayment rates to remain roughly constant.
	In October 2013, the Company entered into an agreement (“MSR Agreement 2”) with Freedom Mortgage to invest with Freedom Mortgage in another pool of Excess MSRs. Freedom Mortgage acquired the mortgage servicing rights from a third-party seller on a pool of residential Ginnie Mae-eligible VA hybrid adjustable rate mortgage loans with an outstanding principal balance of approximately $10.7 billion (“Pool 2”). Freedom Mortgage is entitled to receive an initial weighted average total mortgage servicing amount of 44 bps on the performing UPB, as well as any ancillary income from Pool 2. Pursuant to MSR Agreement 2, Freedom Mortgage performs all servicing functions and advancing functions related to Pool 2 for a basic fee of 10 bps. Therefore, the remainder, or “excess mortgage servicing amount” is initially equal to a weighted average of 34 bps.
	The Company acquired the right to receive 50% of the excess mortgage servicing amount on Pool 2 and, subject to certain limitations and pursuant to a loan replacement agreement (the “Pool 2—Recapture Agreement”), 50% of the Excess MSRs on certain future mortgage loans originated by Freedom Mortgage that represent refinancings of loans in Pool 2 (which loans then become part of Pool 2) for approximately $38.4 million. Freedom Mortgage has co-invested, pari passu with the Company, in 50% of the Excess MSRs. Freedom Mortgage, as servicer, also retains the ancillary income and the servicing obligations and liabilities. If Freedom Mortgage is terminated as the servicer, the Company’s right to receive its portion of the excess mortgage servicing amount will also be terminated. To the extent that Freedom Mortgage is terminated as the servicer and receives a termination payment, the Company will be entitled to a pro rata share, or 50%, of such termination payment.
	Pool 2 consists of adjustable rate mortgage loans, which have a higher prepayment speed than the fixed rate mortgage loans in Pool 1. The Company’s recapture percentage with respect to Pool 2 has been higher than anticipated. This has resulted in an increase in the fair value of the recapture agreement related to Pool 2.
	In October 2013, the Company also entered into a flow and bulk Excess MSR purchase agreement with Freedom Mortgage. This agreement provides that Freedom Mortgage will offer to sell to the Company a participation interest (between 65% and 85%) in the Excess MSRs on the eligible mortgage loans originated by Freedom Mortgage on a flow basis. In addition, Freedom will offer to sell to the Company a participation interest (between 40% and 85%) in the Excess MSRs on mortgage loans for which Freedom Mortgage acquires the MSRs from third parties. The pricing of the transactions must be approved by a majority of our independent directors based on, among other things, a valuation from a third party valuation service. The Company is not obligated to accept any such offer.

	On February 28, 2014, pursuant to the flow and bulk Excess MSR purchase agreement, the Company purchased from Freedom Mortgage Excess MSRs on mortgage loans originated by Freedom Mortgage during the first quarter of 2014 with an UPB of approximately $76.8 million. The Company acquired an approximate 85% interest in the Excess MSRs for approximately $567,000. The terms of the purchase include recapture provisions that are the same as those in the Excess MSR acquisition agreements the Company entered into with Freedom Mortgage in October 2013.
	On March 31, 2014, pursuant to the flow and bulk Excess MSR purchase agreement, the Company purchased from Freedom Mortgage Excess MSRs on mortgage loans originated by a third party originator with an aggregate UPB of approximately $159.8 million. Freedom Mortgage purchased the MSRs on these mortgage loans from a third party on January 31, 2014. The Company acquired an approximate 71% interest in the Excess MSRs for approximately $946,000. The terms of the purchase include recapture provisions that are the same as those in the Excess MSR acquisition agreements the Company entered into with Freedom Mortgage in October 2013.
	On June 30, 2014, pursuant to the flow and bulk Excess MSR purchase agreement, the Company purchased from Freedom Mortgage Excess MSRs on mortgage loans originated by Freedom Mortgage during the second quarter of 2014 with an aggregate UPB of approximately $98.1 million. The Company acquired an approximate 85% interest in the Excess MSRs for approximately $668,000. The terms of the purchase include recapture provisions that are the same as those in the Excess MSR acquisition agreements the Company entered into with Freedom Mortgage in October 2013.
	The mortgage loans underlying the Excess MSRs purchased in 2014 are collectively referred to as “Pool 2014,” and the recapture provisions, which are identical, are collectively referred to as the “Pool 2014—Recapture Agreement.”
	The following is a summary of the Company’s Excess MSRs (dollars in thousands):


			June 30, 2014
			Unpaid Principal			Amortized			Carrying Value		Weighted			Weighted		Changes in Fair
			Balance			Cost Basis			(B)		Average			Average		Value Recorded
						(A)					Coupon			Maturity		in Other
														(Years)		Income (Loss)
														(C)		(D)
	Pool 1		$	9,359,356		$	51,715		$	62,302		3.51	%		27.4	$	1,252
	Pool 1—Recapture Agreement						2,900			69		4.39	%		29.1		(913	)
	Pool 2			9,198,785			28,448			32,417		2.6	%		27.9		(3,671	)
	Pool 2—Recapture Agreement						2,554			5,595		4.26	%		29.5		2,449
	Pool 2014			329,059			2,134			2,039		3.74	%		28.9		(95	)
	Pool 2014—Recapture Agreement			—			—			—		4.06	%		29.3		—

	Total		$	18,887,200		$	87,751		$	102,422		3.15	%		27.8	$	(978	)


			December 31, 2013
			Unpaid Principal			Amortized			Carrying		Weighted			Weighted		Changes in
			Balance			Cost Basis			Value		Average			Average		Fair Value
						(A)			(B)		Coupon			Maturity		Recorded
														(Years)		in Other
														(C)		Income
																(Loss)
																(D)
	Pool 1		$	9,823,250		$	55,793		$	65,128		3.51	%		27.9	$	9,335
	Pool 1—Recapture Agreement						2,900			982							(1,918	)
	Pool 2			10,226,679			33,410			41,050		2.64	%		28.3		7,640
	Pool 2—Recapture Agreement						2,554			3,146							590

	Total		$	20,049,929		$	94,657		$	110,306		3.07	%		28.1	$	15,647

	(A)	The amortized cost basis of the recapture agreements is determined based on the relative fair values of the recapture agreements and related Excess MSRs at the time they were acquired.
	(B)	Carrying value represents the fair value of the pools or recapture agreements, as applicable (see Note 9).
	(C)	The weighted average maturity represents the weighted average expected timing of the receipt of cash flows of each investment.
	(D)	The portion of the change in fair value of the recapture agreement relating to loans recaptured as of June 30, 2014 and December 31, 2013 is reflected in the respective pool.
	The table below summarizes the geographic distribution for the top five states of the residential mortgage loans underlying the Excess MSRs:


			Percentage of Total Outstanding
			Unpaid Principal Balance
	State		June 30, 2014			December 31, 2013
	California			13.8	%		14.4	%
	Texas			10.2	%		10	%
	Florida			6.9	%		6.9	%
	Virginia			6.5	%		6.6	%
	North Carolina			5.6	%		5.6	%
	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 Excess MSRs.

Equity_and_Earnings_per_Share

Equity and Earnings per Share	6 Months Ended
Equity and Earnings per Share	Jun. 30, 2014
Equity [Abstract]	'
Equity and Earnings per Share	'
	Note 6 — Equity and Earnings per Share
	Equity Incentive Plan
	During 2013, the Board of Directors approved and the Company adopted the Cherry Hill Mortgage Investment Corporation 2013 Equity Incentive Plan (“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 Company’s operating partnership, Cherry Hill Operating Partnership, LP (the “Operating Partnership”).
	The following table presents certain information about the Company’s 2013 Plan as of June 30, 2014:


		Number of
		securities issued or to be
		issued upon exercise of
		outstanding options,
		warrants and rights
	LTIP-OP Units		68,850
	Shares of Common Stock		9,543
	LTIP-OP Units (sometimes referred to as profits interest 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 Company’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/exchange rights. Each LTIP-OP Unit awarded is deemed equivalent to an award of one share under the 2013 Plan and reduces the 2013 Plan’s share authorization for other awards on a one-for-one basis.
	During 2013 the Board of Directors approved a grant of 37,500 LTIP-OP Units upon the completion of the Company’s IPO on October 9, 2013 (the “grant date”). Of the total 37,500 LTIP-OP Units granted, 7,500 were granted to the Company’s independent directors, which vested immediately, and 30,000 LTIP-OP Units were granted to the Company’s executive officers and certain employees of Freedom Mortgage, which vest ratably over the first three year anniversaries of the grant date. The fair value of each LTIP-OP Unit was determined based on the offering price of the Company’s common stock on the grant date (IPO date) of $20.00. The aggregate grant date fair value of the total 37,500 LTIP-OP Units was $750,000.
	On June 10, 2014, the Company granted 31,350 LTIP-OP Units to ten individuals who regularly perform services for the Company through the Manager. The LTIP-OP Units vest ratably over the first three 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 grant date of $19.33. The aggregate grant date fair value of the total 31,350 LTIP-OP Units was approximately $606,000.
	As of June 30, 2014, 7,500 LTIP-OP Units have vested, and the Company recognized $117,000 and $0 in share-based compensation expense in June 30, 2014 and June 30, 2013, respectively, which is included in general and administrative expense. There were approximately $1.0 million of total unrecognized share-based compensation expense as of June 30, 2014, related to the 61,350 non-vested LTIP-OP Units. No share-based compensation expense was recognized during the six months ended June 30, 2013. 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 income statement.
	On January 27, 2014, the Company granted each of the independent directors pursuant to the 2013 Equity Incentive Plan 530 shares of common stock (for a total of 1,590 shares), which were fully vested on the date of grant, and 2,651 restricted shares of common stock (for a total of 7,953 shares) which vest one year from the grant date. The restricted shares of common stock are subject to forfeiture in certain circumstances.
	As of June 30, 2014, 1,421,607 shares of common stock remain available for future issuance under the 2013 Plan.

	Non-Controlling Interests in Operating Partnership
	Non-controlling interests in the Operating Partnership in the accompanying consolidated financial statements relate to partnership units in the Operating Partnership held by parties other than the Company, including the outstanding LTIP-OP Units.
	Certain individuals own LTIP-OP Units in the Operating Partnership. 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. LTIP-OP Units, upon conversion to OP Units, may be redeemed for cash or, at the Company’s option, shares of the Company’s common stock on a one-for-one basis. When an LTIP-OP Unit holder redeems an OP Unit or the OP Unit is converted into common stock, non-controlling interest in the Operating Partnership is reduced and the Company’s equity is increased.
	As of June 30, 2014, the non-controlling interest holders in the Operating Partnership owned 68,850 LTIP-OP Units, or approximately 0.9% of the Operating Partnership. Pursuant to ASC 810, Consolidation, regarding the accounting and reporting for non-controlling interests and changes in ownership interests of a subsidiary, changes in a parent’s ownership interest (and transactions with non-controlling interest unit holders in the Operating Partnership) while the parent retains its controlling interest in its subsidiary should be accounted for as equity transactions. The carrying amount of the non-controlling interest will be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the Company.
	Earnings per Share
	The Company is required to present both basic and diluted earnings per share (“EPS”). Basic EPS is calculated by dividing net income (loss) 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 (loss) 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, if there is a loss from continuing operations, the common stock equivalents are deemed anti-dilutive and earnings (loss) per share is calculated excluding the potential common shares.
	The following table presents basic net earnings per share of common stock for the six month periods ended June 30, 2014 and June 30, 2013 (dollars in thousands, except per share data):


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014		2013
	Numerator:
	Net income attributable to common stockholders and participating securities for basic earnings per share	$	(652	)	$	(36	)	$	78	$	(71	)

	Net income allocable to common stockholders	$	(652	)	$	(36	)	$	78	$	(71	)
	Denominator:
	Weighted average common shares outstanding		7,504,572			1,000			7,503,538		1,000
	Weighted average diluted shares outstanding		7,509,543			1,000			7,508,112		1,000
	Basic and Dilutive:
	Basic earnings per share	$	(0.09	)	$	(36.00	)	$	0.01	$	(71.00	)
	Diluted earnings per share	$	(0.09	)	$	(36.00	)	$	0.01	$	(71.00	)
	Common Stock Offerings
	In October 2013, the Company issued 7,500,000 shares of its common stock in its initial public offering and a concurrent private placement at a price of $20.00 per share for net proceeds of approximately $148.1 million.

Transactions_with_Affiliates_a

Transactions with Affiliates and Affiliated Entities	6 Months Ended
Transactions with Affiliates and Affiliated Entities	Jun. 30, 2014
Text Block [Abstract]	'
Transactions with Affiliates and Affiliated Entities	'
	Note 7 — Transactions with Affiliates and Affiliated Entities
	Manager
	The Company has entered into a 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”). The Management Agreement requires the Manager to manage the Company’s business affairs in conformity with the policies and the investment guidelines that are approved and monitored by the Company’s Board of Directors. The Management Agreement will remain in full force until October 9, 2016 and provides for automatically renewing one-year terms thereafter subject to certain termination rights. The Manager’s performance is reviewed annually and may be terminated by the Company for cause without payment of a termination fee, or may be terminated without cause with payment of a termination fee, as defined in the Management Agreement, 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 effective date of the termination, upon either the affirmative vote of at least two-thirds of the members of the board of directors or the affirmative vote of the holders of at least a majority of the outstanding common stock. 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 a quarterly management fee equal to the product of one quarter of the 1.5% Management Fee Annual Rate and the Stockholders’ Equity as of the end of such fiscal quarter.
	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 as needed by the Manager to enable 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. All of the Company’s executive officers and the officers of the Manager are also officers or employees of Freedom Mortgage. As a result, 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. Both the Manager and Freedom Mortgage are controlled by Mr. Stanley Middleman.
	From October 31, 2012 (date of inception) to December 31, 2012, and for the nine months ended September 30, 2013, the Company shared office space with Freedom Mortgage. In accordance with the Management Agreement between the Company and the Manager, for the period indicated above, the Manager did not allocate rent, overhead, reimbursable executives’ salaries, or other miscellaneous office expenses to the Company, as it had not commenced operations as of September 30, 2013 and had not generated revenue during the period. The Manager commenced allocating expenses to the Company in October 2013, the first month during which the Company commenced operations.
	The Management Agreement provides that the Company will reimburse the Manager for various expenses incurred by the Manager or its officers, and agents on the Company’s behalf, including costs of legal, accounting, tax, administrative and other similar services rendered for the Company by providers retained by the Manager or employees of Freedom Mortgage provided by the Manager, in amounts which are no greater than those which would be payable to outside professionals or consultants engaged to perform such services. For the periods indicated, “Management fee to affiliate” consisted of the following (dollars in thousands):


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2014		2013		2014		2013
	Management fees	$	604	$	—	$	1,208	$	—
	Expense reimbursement		75		—		150		—

	Total	$	679	$	—	$	1,358	$	—
	Other Affiliated Entities
	See Note 5 for a discussion of the co-investments in Excess MSRs with Freedom Mortgage.

Derivative_Instruments

Derivative Instruments	6 Months Ended
Derivative Instruments	Jun. 30, 2014
Derivative Instruments And Hedging Activities Disclosure [Abstract]	'
Derivative Instruments	'
	Note 8 — Derivative Instruments
	Interest Rate Swap Agreements, Swaptions and TBAs
	In order to help mitigate exposure to higher short-term interest rates in connection with its repurchase agreements, the Company enters into interest rate swap agreements. These 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 hedging instruments.
	In order to help mitigate duration risk and basis risk management, the Company utilizes 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, RMBS with certain principal and interest terms and certain types of underlying collateral, but the particular RMBS to be delivered is not identified until shortly before the TBA settlement date.
	The following table summarizes the outstanding notional amounts of derivative instruments as of June 30, 2014 and December 31, 2013 (dollars in thousands):


			June 30, 2014				December 31, 2013
	Non-hedge derivatives
	Notional amount of interest rate swaps		$	183,850			$	171,700
	Notional amount of swaptions			115,000				125,000
	Notional amount of TBAs, net			5,000				4,800

	Total notional amount		$	303,850			$	301,500
	The following table presents information about the Company’s interest rate swap agreements as of June 30, 2014 and December 31, 2013 (dollars in thousands):


			Weighted				Notional				Weighted				Weighted				Weighted
			Average				Amount				Average				Average				Average
			Maturity								Pay Rate				Receive				Years to
															Rate				Maturity
	June 30, 2014			2020			$	183,850				1.87	%			0.23	%			5.8
	December 31, 2013			2020			$	171,700				1.95	%			0.24	%			6.7
	Offsetting Assets and Liabilities
	The Company has netting arrangements in place with certain derivative counterparties pursuant to standard documentation developed by the International Swap and Derivatives Association, or ISDA. 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 swap and swaption assets and liabilities subject to such arrangements on a gross basis in its consolidated balance sheets, however TBAs are shown net. The Company presents repurchase agreements subject to master netting arrangements 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 table presents 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 June 30, 2014 and December 31, 2013 (dollars in thousands):


	June 30, 2014
							Gross				Net				Gross Amounts Not Offset in the
							Amounts				Amounts of				Consolidated Balance Sheet
							Offset in the				Assets
											Presented in
											the
			Gross Amounts				Consolidated				Consolidated				Financial				Cash Collateral				Net
			Recognized				Balance				Balance				Instruments				Received				Amount
							Sheet				Sheet								(Pledged)
	Assets
	Interest rate swaps		$	—			$	—			$	—			$	—			$	—			$	—
	Swaptions			127				—				127				(127	)			—				—
	TBAs			5,299				(5,299	)			—				—				—				—

	Total Assets		$	5,426			$	(5,299	)		$	127			$	(127	)		$	—			$	—
	Liabilities
	Repurchase agreements		$	293,747			$	—			$	293,747			$	(291,212	)		$	(2,535	)		$	—
	Interest rate swaps			2,162				—				2,162				434				(2,596	)			—
	Swaptions			—				—				—				—				—				—
	TBAs			5,350				(5,299	)			51				(51	)			—				—

	Total Liabilities		$	301,259			$	(5,299	)		$	295,960			$	(290,829	)		$	(5,131	)		$	—

	December 31, 2013
							Gross				Net				Gross Amounts Not Offset in the
							Amounts				Amounts of				Consolidated Balance Sheet
							Offset in the				Assets
											Presented in
											the
			Gross Amounts				Consolidated				Consolidated				Financial				Cash Collateral				Net
			Recognized				Balance				Balance				Instruments				Received				Amount
							Sheet				Sheet								(Pledged)
	Assets
	Interest rate swaps		$	2,531			$	—			$	2,531			$	(2,531	)		$	—			$	—
Swaptions			2,082				—				2,082				(2,082	)			—				—
TBAs			—				—				—				—				—				—

Total Assets		$	4,613			$	—			$	4,613			$	(4,613	)		$	—			$	—
Liabilities
Repurchase agreements		$	261,302			$	—			$	261,302			$	(257,558	)		$	(3,744	)		$	—
Interest rate swaps			592				—				592				(592	)			—				—
Swaptions			—				—				—				—				—				—
TBAs			—				—				—				—				—				—

Total Liabilities		$	261,894			$	—			$	261,894			$	(258,150	)		$	(3,744	)		$	—

The following table presents information about derivatives realized gain (loss), which is included on the consolidated statement of income as of June 30, 2014 and June 30, 2013 (dollars in thousands):


				Three Months Ended								Six Months Ended
				June 30,								June 30,
Non-Hedge Derivatives		Income Statement Location		2014				2013				2014				2013
Interest rate swaps		Realized gain/(loss) on derivative assets		$	(187	)		$	—			$	(259	)		$	—

Total				$	(187	)		$	—			$	(259	)		$	—

Fair_Value

Fair Value	6 Months Ended
Fair Value	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value	'
	Note 9 — Fair Value
	Fair Value Measurements
	ASC 820, Fair Value Measurements and Disclosure, (“ASC 820”) defines fair value as the price that would be received on the sale of 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 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.
	Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and details of the valuation models, key inputs to those models and significant assumptions utilized.
	RMBS
	The Company holds a portfolio of RMBS that are classified as available for sale and are carried at fair value on 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 June 30, 2014 and December 31, 2013.
	Excess MSRs
	The Company holds a portfolio of Excess MSRs that are reported at fair value on the consolidated balance sheets. Although Excess MSR transactions are observable in the marketplace, the valuation includes unobservable market data inputs (prepayment speeds, delinquency levels and discount rates). As a result, the Company classified 100% of its Excess MSRs as Level 3 fair value assets at June 30, 2014 and December 31, 2013.
	Derivative Instruments
	The Company may enter into a variety of derivative financial instruments as part of its economic hedging strategies. The Company principally executes over-the-counter derivative contracts, specifically interest rate swaps and swaptions. The Company utilizes third-party pricing providers to value its financial derivative instruments. The Company classified 100% of the interest rate swaps and swaptions as Level 2 fair value assets and liabilities at June 30, 2014 and December 31, 2013.
	The Company also enters into certain other derivative financial instruments, such as TBAs. These instruments are similar in form to the Company’s RMBS available for sale securities, and the Company utilizes a pricing service to value TBAs. As a result, the Company classified 100% of its TBAs as Level 2 fair value assets at June 30, 2014 and December 31, 2013.

	The Company has netting arrangements in place with certain derivative counterparties pursuant to standard documentation developed by the ISDA. Additionally, both the Company and the counterparties 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. Based on the Company’s assessment, there is no requirement for any additional adjustment to derivative valuations specifically for credit.
	Recurring Fair Value Measurements
	The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis at June 30, 2014 and December 31, 2013 (dollars in thousands).
	Recurring Fair Value Measurements
	At June 30, 2014


			Level 1			Level 2			Level 3				Carrying Value
	Assets
	RMBS
	Fannie Mae		$	—		$	205,558		$	—			$	205,558
	Freddie Mac			—			129,800			—				129,800

	RMBS total			—			335,358			—				335,358
	CMOs			—			2,304			—				2,304
	Derivative assets
	Interest rate swaps			—			—			—				—
	Interest rate swaptions			—			127			—				127
	TBAs			—			5,299			—				5,299

	Derivative assets total			—			5,426			—				5,426
	Excess MSRs			—			—			102,422				102,422

	Total Assets		$	—		$	343,088		$	102,422			$	445,510
	Liabilities
	Derivative liabilities
	Interest rate swaps			—			2,162			—				2,162
	TBAs			—			5,350			—				5,350

	Derivative liabilities total			—			7,512			—				7,512

	Total Liabilities		$	—		$	7,512		$	—			$	7,512
	Recurring Fair Value Measurements
	At December 31, 2013


			Level 1			Level 2			Level 3				Carrying Value
	Assets
	RMBS
	Fannie Mae		$	—		$	176,756		$	—			$	176,756
	Freddie Mac			—			110,223			—				110,223

	RMBS total			—			286,979			—				286,979
	CMOs			—			—			—				—
Derivative assets
Interest rate swaps			—			2,531			—				2,531
Interest rate swaptions			—			2,082			—				2,082
TBAs			—			—			—				—

Derivative assets total			—			4,613			—				4,613
Excess MSRs			—			—			110,306				110,306

Total Assets		$	—		$	291,592		$	110,306			$	401,898
Liabilities
Derivative liabilities
Interest rate swaps			—			592			—				592
TBAs			—			—			—				—

Derivative liabilities total			—			592			—				592

Total Liabilities		$	—		$	592		$	—			$	592

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 June 30, 2014 and December 31, 2013, 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 instruments requires significant judgment by the third-party pricing providers and/or management. The third-party pricing providers and/or 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 the third-party pricing provider in the absence of market information. Assumptions used by the third-party pricing provider due to lack of observable inputs may significantly impact the resulting fair value and, therefore, the Company’s financial statements. The Company’s management reviews all valuations that are based on pricing information received from a third-party pricing provider. 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 Excess MSRs based on internal pricing models rather than quotations, and compares these internal models against 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 June 30, 2014 and December 31, 2013 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 (Excess MSRs) measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013 (dollars in thousands):
Level 3 Fair Value Measurements
At June 30, 2014


		Level 3 (A)
		Pool 1			Pool 2			Pool 2014				Total
Balance at December 31, 2013		$	66,110		$	44,196		$	—			$	110,306
Unrealized gain included in Net Income			339			(1,222	)		(95	)			(978	)
Purchases and principal paydowns
Purchases									2,181				2,181
Proceeds from principal paydowns			(4,078	)		(4,962	)		(47	)			(9,087	)

Balance at June 30, 2014		$	62,371		$	38,012		$	2,039			$	102,422
Level 3 Fair Value Measurements
At December 31, 2013


		Level 3 (A)
		Pool 1			Pool 2			Total
Balance at December 31, 2012		$	—		$	—		$	—
Unrealized gain included in Net Income			7,417			8,230			15,647
Purchases and principal paydowns
Purchases			60,561			38,407			98,968
Proceeds from principal paydowns			(1,868	)		(2,441	)		(4,309	)

Balance at December 31, 2013		$	66,110		$	44,196		$	110,306

(A)	Includes the recapture agreement for each respective pool.

The tables below present information about the significant unobservable inputs used in the fair value measurement of the Company’s Excess MSRs classified as Level 3 fair value assets as of June 30, 2014 and December 31, 2013 (dollars in thousands):
Fair Value Measurements
At June 30, 2014


		Fair Value (A)			Valuation Technique		Unobservable Input (B)	Range		Weighted
		Fair Value (A)			Valuation Technique		Unobservable Input (B)	Range		Average
Pool 1		$	62,371		Discounted cash flow		Constant prepayment speed	5.1% - 10.4%			8.2	%
							Uncollected Payments	2.8% - 7.0%			6.4	%
							Discount rate	—			13	%
Pool 2		$	38,012		Discounted cash flow		Constant prepayment speed	12.5% - 23.7%			18.4	%
							Uncollected Payments	8.5% - 11.5%			9.8	%
							Discount rate	—			17.8	%
Pool 2014		$	2,039		Discounted cash flow		Constant prepayment speed	5.0% - 11.1%			9.2	%
							Uncollected Payments	2.3% - 5.9%			5.3	%
							Discount rate	—			11.3	%
TOTAL		$	102,422		Discounted cash flow
Fair Value Measurements
At December 31, 2013


		Fair Value (A)			Valuation Technique		Unobservable Input (B)	Range		Weighted
		Fair Value (A)			Valuation Technique		Unobservable Input (B)	Range		Average
Pool 1		$	66,110		Discounted cash flow		Constant prepayment speed	4.8% - 9.6%			7.4	%
							Uncollected Payments	2.0% - 7.0%			6.2	%
							Discount rate	—			14.3	%
Pool 2		$	44,196		Discounted cash flow		Constant prepayment speed	9.7% - 23.6%			18	%
							Uncollected Payments	2.0% - 12.0%			9.2	%
							Discount rate	—			18.4	%
TOTAL		$	110,306		Discounted cash flow

(A)	Includes the recapture agreement for each respective pool.
(B)	Significant increases (decreases) in any of the inputs in isolation may result in significantly lower (higher) fair value measurement. 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 Instruments
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 sheet, 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, Excess MSRs, 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 of these instruments.

	•		The carrying value of repurchase agreements 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.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2014
Commitments And Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Note 10 — Commitments and Contingencies
	The following represents commitments and contingencies of the Company as of June 30, 2014 and December 31, 2013:
	Management Agreement
	The Company pays the Manager a quarterly management fee equal to the product of one quarter of the 1.5% Management Fee Annual Rate and the Stockholders’ Equity as of the end of such fiscal quarter. Additionally, the Company does not directly employ any personnel. Instead, the Company relies on resources of Freedom Mortgage to provide the Manager with the necessary resources to conduct Company operations. For further discussion regarding the Management Fee, refer to 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 June 30, 2014.
	Commitments to Purchase RMBS
	As of June 30, 2014 and December 31, 2013, the Company held forward TBA purchase commitments with counterparties, which are forward RMBS trades, whereby the Company committed to purchasing 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 is not yet designated. The securities are typically “to be announced” 48 hours prior to the established trade settlement date. At June 30, 2014 and December 31, 2013, the Company is obligated to purchase approximately $5.3 million and $35.9 million of Fannie-Mae guaranteed RMBS respectively. At December 31, 2013, the Company was obliged to sell approximately $30.3 million of Fannie-Mae guaranteed RMBS, but it has no obligation to sell these securities at June 30, 2014.
	Acknowledgement Agreement
	In order to have Ginnie Mae acknowledge our interest in Excess MSRs related to FHA and VA mortgage loans that have been pooled into securities guaranteed by Ginnie Mae, the Company entered into an acknowledgment agreement with Ginnie Mae and Freedom Mortgage. Under that agreement, if Freedom Mortgage fails to make a required payment to the holders of the Ginnie Mae-guaranteed RMBS, the Company would be obligated to make that payment even though the payment may relate to loans for which the Company does not own any Excess MSRs.
	The Company’s failure to make that payment could result in liability to Ginnie Mae for any losses or claims that it suffers as a result. In addition, under an acknowledgment agreement with Fannie Mae or Freddie Mac, the Company could be exposed to potential liability in the event of a payment default by an approved seller/servicer. However, the amount of the potential liability to Fannie Mae or Freddie Mac would be limited to the mortgage loans in the servicing portfolio identified in the acknowledgment agreement.
	Management has determined, as of June 30, 2014 the risk of material loss to be remote and thus no liability has been accrued.

Repurchase_Agreements

Repurchase Agreements	6 Months Ended
Repurchase Agreements	Jun. 30, 2014
Banking And Thrift [Abstract]	'
Repurchase Agreements	'
	Note 11 – Repurchase Agreements
	The Company had outstanding approximately $293.7 million and $261.3 million of repurchase agreements, with weighted average borrowing rates of 0.36% and 0.39%, as of June 30, 2014 and December 31, 2013, respectively, after giving effect to the Company’s interest rate swaps. The Company’s obligations under these agreements had weighted average remaining maturities of 57 days and 29 days as of June 30, 2014 and December 31, 2013, respectively. RMBS and cash have been pledged as collateral under these repurchase agreements (see Note 4).
	At June 30, 2014, the repurchase agreements had the following remaining maturities and weighted average rates (dollars in thousands):


		Repurchase		Weighted Average
		Agreements		Rate
	Less than one month	$	107,205		0.35	%
	One to three months		142,298		0.35	%
	Greater than three months		44,244		0.38	%

	Total/Weighted Average	$	293,747		0.36	%
	At December 31, 2013, the repurchase agreements had the following remaining maturities and weighted average rates (dollars in thousands):


		Repurchase		Weighted Average
		Agreements		Rate
	Less than one month	$	134,001		0.39	%
	One to three months		127,301		0.4	%
	Greater than three months		—		—

	Total/Weighted Average	$	261,302		0.39	%

Income_Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Note 12 – Income Taxes
	For the period October 31, 2012 (date of inception) to December 31, 2012, the Company was taxable as a corporation and, as such, was subject to federal, state and local taxation. The Company incurred certain expenses during the period but had not commenced operations.
	On January 1, 2013, the Company elected to be taxed as a Subchapter S corporation and, as such, all federal tax liabilities are the responsibility of the Company’s sole stockholder, Mr. Stanley Middleman. The Company had no state and local income tax liability for the period that it was taxed as a Subchapter S corporation. On October 2, 2013, the Company elected to revoke its Subchapter S election.
	The Company will elect to be taxed as a REIT under the Code for U.S. federal income tax purposes commencing with its year ended December 31, 2013. As long as the Company qualifies as a REIT, the Company generally will not be subject to U.S. federal income taxes on its taxable income to the extent it annually distributes its net taxable income to stockholders, does not engage in prohibited transactions, and maintains its intended qualification as a REIT. The majority of states also recognize the Company’s REIT status. For the taxable year ended December 31, 2013, the Company met the conditions for REIT status set forth above.

Subsequent_Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Note 13 – Subsequent Events
	Events subsequent to June 30, 2014, were evaluated and no additional events were

Basis_of_Presentation_and_Sign1

Basis of Presentation and Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Basis of Accounting

The accompanying unaudited 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 unaudited 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 consolidated financial statements reflect all necessary and recurring adjustments for fair presentation of the results for the interim periods presented herein.

Emerging Growth Company Status

On April 5, 2012, the Jumpstart Our Business Startups Act (the “JOBS Act”) was signed into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. Because the Company qualifies as an “emerging growth company,” it may, under Section 7(a)(2)(B) of the Securities Act of 1933, delay adoption of new or revised accounting standards applicable to public companies until such standards would otherwise apply to private companies. The Company has elected to take advantage of this extended transition period until the first to occur of the date that it (i) is no longer an “emerging growth company” or (ii) affirmatively and irrevocably opts out of this extended transition period. This election is irrevocable. As a result, the financial statements may not be comparable to those of other public companies that comply with such new or revised accounting standards. Until the date that the Company is no longer an “emerging growth company” or affirmatively and irrevocably opts out of the extended transition period, upon issuance of a new or revised accounting standard that applies to the financial statements and that has a different effective date for public and private companies, the Company will disclose the date on which adoption is required for non-emerging growth companies and the date on which it will adopt the recently issued accounting standard.

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 fair value of RMBS, Excess MSRs, derivatives and credit losses including the period of time during which the Company anticipates an increase in the fair values of securities sufficient to recover unrealized losses on those securities, and other estimates that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities as of the date of the interim consolidated financial statements and the reported amounts of certain revenues and expenses during the reporting period. It is likely that changes in these estimates (e.g., valuation changes due to supply and demand, credit performance, prepayments, interest rates, or other reasons) will occur in the near term. The Company’s estimates are inherently subjective in nature. Actual results could differ from the Company’s estimates and differences may be material.

Risks and Uncertainties

In the normal course of business, the Company encounters primarily two significant types of economic risk: market and credit. Market risk reflects changes in the value of investments in RMBS, Excess MSRs and derivatives due to changes in interest rates, spreads or other market factors. Credit risk is the risk of default on the Company’s investments in RMBS, Excess MSRs and derivatives that results from a borrower’s or derivative counterparty’s inability or unwillingness to make contractually required payments.

Additionally, 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.

Additionally, the Company is subject to significant tax risks. 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 (including any applicable alternative minimum tax), 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 – The Company classifies its investments in RMBS as securities available for sale. Although the Company generally intends to hold most of its securities until maturity, it may, from time to time, sell any of its securities as part of its overall management of its portfolio. Securities available for sale are carried at fair value with the net unrealized gains or losses reported as accumulated other comprehensive income or loss, a component of stockholders’ equity, to the extent impairment losses, if any, are considered temporary. Unrealized losses on securities are charged to earnings if they reflect a decline in value that is other-than-temporary, as described below.

Fair value is determined under the guidance of ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). The Company determines fair value of its RMBS investments 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. In determining the fair value of RMBS, management’s judgment is used to arrive at fair value that considers prices obtained from third-party pricing providers and other applicable market data. The Company’s application of ASC 820 guidance is discussed in further detail in Note 9.

Investment securities transactions are recorded on the trade date. Purchases of newly-issued securities are recorded when all significant uncertainties regarding the characteristics of the securities are removed, generally shortly before settlement 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 sold in the six month period ended June 30, 2014 were settled. Approximately $7.2 million in RMBS were sold but not yet settled and was receivable at December 31, 2013.

Revenue Recognition – Interest income from coupon payments is accrued based on the outstanding principal amount of the RMBS and their contractual terms. Premiums and discounts associated with the purchase of the RMBS are accreted into interest income over the projected lives of the securities using the interest method. The Company’s policy for estimating prepayment speeds for calculating the effective yield is to evaluate historical performance, determine market consensus on prepayment speeds, and to factor in current market conditions. Adjustments are made for actual prepayment activity. Approximately $1.0 million and $900,000 in interest income is receivable at June 30, 2014 and December 31, 2013, respectively, and is classified within “Receivables and other assets” on the consolidated balance sheet.

Impairment – The Company evaluates its RMBS, on a quarterly basis, to assess whether a decline in the fair value below the amortized cost basis is an other-than-temporary impairment (“OTTI”). The presence of OTTI is based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors as well as non-credit factors, such as changes in interest rates and market spreads. Impairment is considered other-than-temporary if an entity (i) intends to sell the security, (ii) will more likely than not be required to sell the security before it recovers in value, or (iii) does not expect to recover the security’s amortized cost basis, even if the entity does not intend to sell the security. Under these scenarios, the impairment is other-than-temporary and the full amount of impairment should be recognized currently in earnings and the cost basis of the security is adjusted. However, if an entity does not intend to sell the impaired security and it is more likely than not that it will not be required to sell before recovery, the OTTI should be separated into (i) the estimated amount relating to credit loss, or the credit component, and (ii) the amount relating to all other factors, or the non-credit component. Only the credit component is recognized currently in earnings, with the remainder of the loss recognized in other comprehensive income. The difference between the new amortized cost basis and the cash flows expected to be collected is accreted into interest income in accordance with the effective interest method.

Investments in Excess MSRs

Classification – Upon acquisition, the Company elected the fair value option to record its investments in Excess MSRs in order to provide users of the financial statements with better information regarding the effects of prepayment risk and other market factors on the Excess MSRs. Under this election, the Company records a valuation adjustment on its investments in Excess MSRs on a quarterly basis to recognize the changes in fair value in net income as described below. The valuation of Excess MSRs is not wholly based on listed price data; rather, the fair value is based upon internally developed models that are primarily based on observable market-based inputs, but which also include unobservable market data inputs (see Note 9).

Revenue Recognition – Excess MSRs are aggregated into pools as applicable. Each pool of Excess MSRs is accounted for in the aggregate. Interest income for Excess MSRs is accreted into interest income on an effective yield or “interest” method, based upon the expected excess mortgage servicing amount over the expected life of the underlying mortgages. Changes to expected cash flows result in a cumulative retrospective adjustment, which will be recorded in the period in which the change in expected cash flows occurs. Under the retrospective method, the interest income recognized for a reporting period would be measured as the difference between the amortized cost basis at the end of the period and the amortized cost basis at the beginning of the period, plus any cash received during the period. The amortized cost basis is calculated as the present value of estimated future cash flows using an effective yield, which is the yield that equates all past actual and current estimated future cash flows to the initial investment. The difference between

the fair value of Excess MSRs and their amortized cost basis is recorded on the income statement as “Unrealized gain (loss) on investments in Excess MSRs.” Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and a liquidity premium specific to the Excess MSRs and, therefore, may differ from their effective yields. Approximately $2.6 million and $2.8 million in Excess MSR cashflow is receivable at June 30, 2014 and December 31, 2013, respectively, and is classified within “Receivables and other assets” on the consolidated balance sheet.

Derivatives and Hedging Activities

Derivative transactions include swaps, swaptions and to-be-announced securities (“TBAs”). Swaps and swaptions are entered into by the Company solely for interest rate risk management purposes. TBAs are used for duration risk and basis risk management purposes. The decision of 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 as determined by management, including, among other factors, restrictions imposed by the Code. 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 derivative financial instruments contain credit risk to the extent that its bank counterparties may be unable to meet the terms of the agreements. The Company reduces such risk by limiting its counterparties to major financial institutions and by clearing its derivatives through exchanges. In addition, the potential risk of loss with any one party resulting from this type of credit risk is monitored. Management does not expect any material losses as a result of default by other parties.

Classification – All derivatives are recognized as either assets or liabilities on the consolidated balance sheet and measured at fair value. Due to the nature of these instruments, they may be in a receivable/asset position or a payable/liability position at the end of an accounting period. Derivative amounts payable to, and receivable from, the same party under a contract may be offset as long as the following conditions are met: (i) each of the two parties owes the other determinable amounts; (ii) the reporting party has the right to offset the amount owed with the amount owed by the other party; (iii) the reporting party intends to offset; and (iv) the right to offset is enforceable by law. The Company reports the fair value of derivative instruments gross of cash paid or received pursuant to credit support agreements, and fair value is reflected on a net counterparty basis when the Company believes a legal right of offset exists under an enforceable master netting agreement. For further discussion on offsetting assets and liabilities, see Note 8.

Revenue Recognition – With respect to interest rate swaps, swaptions and TBAs that have not been designated as hedges, any net payments under, or fluctuations in the fair value of, such derivatives have been recognized currently in “Realized and unrealized gains (losses) on derivatives, net” in the consolidated statements of income. These derivatives may, to some extent, be economically effective as hedges.

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 as collateral against the Company’s derivatives and/or borrowings under its repurchase agreements.

Due to Affiliate

This represents amounts due to the Manager pursuant to the Management Agreement. For further information on the Management Agreement, see Note 7.

Realized Gain (Loss) on RMBS and Derivatives, Net

The following table presents gains and losses on sales of RMBS and derivatives for the periods indicated (dollars in thousands):

Three Months Ended

Six Months Ended

June 30,

2014

2013

2014

2013

Realized gain (loss) on RMBS, net

Gain on RMBS

—

Loss on RMBS

—

(349

)

—

Net realized gain (loss) on RMBS

—

(274

)

—

Realized gain (loss) on derivatives, net

(187

)

—

(259

)

—

Unrealized gain (loss) on derivatives, net

(2,705

)

—

(6,148

)

—

Total

(2,817

)

—

(6,681

)

—

Repurchase Agreements and Interest Expense

The Company finances its investments in RMBS with short-term borrowings under master repurchase agreements. The repurchase agreements are generally short-term debt, which expire within one year. Borrowings under repurchase agreements generally bear interest rates of a specified margin over one-month LIBOR and are generally uncommitted. The repurchase 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 declaration 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 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, adjusted for unrealized gains or losses on RMBS, which are designated as available for sale.

During the three month and six month periods ended June 30, 2014, accumulated other comprehensive income (loss) changed due to the following factors (dollars in thousands):

Total Accumulated Other Comprehensive Income

Three Months Ended

30-Jun-14

Accumulated other comprehensive gain (loss), March 31, 2014

(1,678

)

Net unrealized gain (loss) on RMBS

5,595

Accumulated other comprehensive gain (loss), June 30, 2014

3,917

Six Months Ended

30-Jun-14

Accumulated other comprehensive gain (loss), December 31, 2013

(5,033

)

Net unrealized gain (loss) on RMBS

8,950

Accumulated other comprehensive gain (loss), June 30, 2014

3,917

Offering Costs

Offering costs of approximately $1.9 million incurred in connection with the Company’s IPO and concurrent private placement were reflected as a reduction of additional paid-in-capital at December 31, 2013. Offering costs incurred in connection with the IPO and concurrent private placement included, among others, the fees and disbursements of the Company’s counsel, the costs of printing the prospectus for the IPO, the fees paid to apply to list the Company’s common stock and all filing fees paid in connection with the IPO. However, the Manager agreed to pay the underwriting discounts and commissions and a structuring fee of 0.375% of the gross proceeds of the IPO and concurrent private placement without reimbursement from the Company.

Income Taxes

The Company will elect to be taxed as a REIT under the Code. To qualify as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to stockholders within the time frame set forth in the Code, and the Company must also meet certain other requirements.

The Company assesses its tax positions for all open tax years and determines if it has any material unrecognized liabilities in accordance with ASC 740, Income Taxes. The Company records these liabilities to the extent it deems them more-likely-than-not to be incurred. The Company classifies interest and penalties on material uncertain tax positions, if any, as interest expense and operating expense, respectively, in its consolidated statements of income. The Company has not incurred any interest or penalties.

Recently Issued and/or Adopted Accounting Standards

Offsetting Assets and Liabilities – In December 2011, the FASB issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, which amended ASC 210, Balance Sheet. The amendments in this ASU enhance disclosures required by U.S. GAAP by requiring improved information about financial instruments and derivative instruments that are either (1) offset in accordance with ASC 210, Balance Sheet or ASC 815, Other Presentation Matters or (2) subject to an enforceable master netting arrangement or similar agreement. ASU 2011-11 is effective for the first interim or annual period beginning on or after January 1, 2013. In January 2013, the FASB issued ASU No. 2013-01, which limits the scope of ASU 2011-11 to certain derivatives, repurchase agreements and securities lending arrangements. ASU 2013-01 is also effective for the first interim or annual period beginning on or after January 1, 2013. Adopting both ASU 2011-11 and ASU 2013-01 did not have any impact on the Company’s consolidated financial condition or results of operations, but did impact financial statement disclosures – refer to Note 8.

Comprehensive Income – In February 2013, the FASB issued ASU No. 2013-02, which amends ASC 320, Comprehensive Income. ASU 2013-02 provides disclosure guidance on amounts reclassified out of Accumulated Other Comprehensive Income by component. The new guidance does not change the requirement to present items of net income and OCI and totals for net income, OCI and comprehensive income in a single continuous statement or two consecutive statements. ASU 2013-02 is effective for the first interim or annual period beginning on or after December 15, 2012. Adopting ASU 2013-02 did not have any impact on the Company’s consolidated financial statements.

Liabilities – In March 2013, the FASB issued ASU 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force). ASU 2013-04 requires additional disclosures about joint and several liability arrangements and requires the Company to measure obligations resulting from joint and several liability arrangements as the sum of the amount the Company agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the Company expects to pay on behalf of its co-obligors. ASU 2013-04 is effective for the fiscal years and interim periods beginning after December 15, 2013. Adopting ASU 2013-04 did not have any impact on the Company’s consolidated financial statements.

Presentation of an Unrecognized Tax Benefit – In July 2013, the FASB issued ASU No. 2013-11, which requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (“NOL”) carryforward or similar tax loss or tax credit carryforward, rather than as a liability when (1) the uncertain tax position would not reduce the NOL or other carryforward under the tax law of the applicable jurisdiction, and (2) the entity intends to use the deferred tax asset for that purpose. ASU 2013-11 does not require any new recurring disclosures. It is effective prospectively for fiscal years, and interim periods within those years, beginning on or after December 15, 2013, with early adoption permitted. Early adopting ASU 2013-11 did not have any impact on the Company’s consolidated financial statements.

Revenue Recognition – In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for fiscal years and interim periods beginning after December 15, 2016 and early adoption is not permitted. Management is evaluating the impact of ASU 2014-09; however, it is not expected to have a significant impact on the Company’s financial position, results of operations, or EPS.

Transfers and Servicing – In June 2014, the FASB issued ASU 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, which amends ASC 860, Transfers and Servicing. ASU 2014-11, which affects all entities that enter into repurchase-to-maturity transactions or repurchase financings, requires two accounting changes. First, ASU 2014-11 changes the accounting for repurchase-to-maturity transactions to secured borrowing accounting. Second, for repurchase financing arrangements, ASU 2014-11 requires separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. ASU 2014-11 also requires disclosures for certain transactions comprising (1) a transfer of a financial asset accounted for as a sale and (2) an agreement with the same transferee entered into in contemplation of the initial transfer that results in the transferor retaining substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. For those transactions outstanding at the reporting date, the transferor is required to disclose additional information by type of transaction. ASU 2014-11 also requires certain disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions that are accounted for as secured borrowings. The accounting changes in ASU 2014-11 are effective for public business entities for the first interim or annual period beginning after December 15, 2014. For public business entities, the disclosure for certain transactions accounted for as a sale is required to be presented for interim and annual periods beginning after December 15, 2014, and the disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015, with early adoption prohibited. Currently, management does not anticipate that the adoption of ASU 2014-11 will have a material impact on the consolidated financial statements.

Stock Compensation – In June 2014, the FASB issued ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved After the Requisite Service Period, which amends ASC 718, Compensation – Stock Compensation. ASU 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in ASC 718 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. As indicated in the definition of vest, the stated vesting period (which includes the period in which the performance target could be achieved) may differ from the requisite service period. ASU 2014-12 is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015, with early adoption permitted. Currently, management does not anticipate that the adoption of ASU 2014-12 will have a material impact on the consolidated financial statements.

Consolidation

Pursuant to ASC 810, Consolidation, regarding the accounting and reporting for non-controlling interests and changes in ownership interests of a subsidiary, changes in a parent’s ownership interest (and transactions with non-controlling interest unit holders in the Operating Partnership) while the parent retains its controlling interest in its subsidiary should be accounted for as equity transactions.

Earnings per Share

In accordance with ASC 260, Earnings Per Share, if there is a loss from continuing operations, the common stock equivalents are deemed anti-dilutive and earnings (loss) per share is calculated excluding the potential common shares.

Basis_of_Presentation_and_Sign2

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Summary of Gains and Losses on Sale of RMBS and Derivatives	'
	The following table presents gains and losses on sales of RMBS and derivatives for the periods indicated (dollars in thousands):


		Three Months Ended					Six Months Ended
		June 30,					June 30,
		2014			2013		2014			2013
	Realized gain (loss) on RMBS, net
	Gain on RMBS	$	75		$	—	$	75		$	—
	Loss on RMBS		—			—		(349	)		—

	Net realized gain (loss) on RMBS		75			—		(274	)		—
	Realized gain (loss) on derivatives, net		(187	)		—		(259	)		—
	Unrealized gain (loss) on derivatives, net		(2,705	)		—		(6,148	)		—

	Total	$	(2,817	)	$	—	$	(6,681	)	$	—
Changes of Accumulated Other Comprehensive Income (Loss)	'
	During the three month and six month periods ended June 30, 2014, accumulated other comprehensive income (loss) changed due to the following factors (dollars in thousands):


	Total Accumulated Other Comprehensive Income
		Three Months Ended
		30-Jun-14
	Accumulated other comprehensive gain (loss), March 31, 2014	$	(1,678	)
	Net unrealized gain (loss) on RMBS		5,595

	Accumulated other comprehensive gain (loss), June 30, 2014	$	3,917

		Six Months Ended
		30-Jun-14
	Accumulated other comprehensive gain (loss), December 31, 2013	$	(5,033	)
	Net unrealized gain (loss) on RMBS		8,950

	Accumulated other comprehensive gain (loss), June 30, 2014	$	3,917

Segment_Reporting_Tables

Segment Reporting (Tables)	6 Months Ended
Segment Reporting (Tables)	Jun. 30, 2014
Segment Reporting [Abstract]	'
Summary of Financial Data on CHMI's Segments with Reconciliation	'
	Summary financial data on the Company’s segments is given below, together with a reconciliation to the same data for the Company as a whole (dollars in thousands):


			Excess MSRs				RMBS				All Other				Total
	Income Statement
	Three Months Ended June 30, 2014
	Interest income		$	3,629			$	2,508			$	—			$	6,137
	Interest expense			—				1,006				—				1,006

	Net interest income			3,629				1,502				—				5,131
	Other income			(1,648	)			(2,817	)			—				(4,465	)
	Other operating expenses			—				—				1,321				1,321

	Net income (loss)		$	1,981			$	(1,315	)		$	(1,321	)		$	(655	)
	Three Months Ended June 30, 2013
	Interest income		$	—			$	—			$	—			$	—
	Interest expense			—				—				—				—

	Net interest income			—				—				—				—
	Other income			—				—				—				—
	Other operating expenses			—				—				36				36

	Net income (loss)		$	—			$	—			$	(36	)		$	(36	)
	Six Months Ended June 30, 2014
	Interest income		$	7,314			$	4,834			$	—			$	12,148
	Interest expense			—				1,953				—				1,953

	Net interest income			7,314				2,881				—				10,195
	Other income			(978	)			(6,681	)			—				(7,659	)
	Other operating expenses			—				—				2,457				2,457

	Net income (loss)		$	6,336			$	(3,800	)		$	(2,457	)		$	79
	Six Months Ended June 30, 2013
	Interest income		$	—			$	—			$	—			$	—
	Interest expense			—				—				—				—

	Net interest income			—				—				—				—
	Other income			—				—				—				—
	Other operating expenses			—				—				71				71

	Net income (loss)		$	—			$	—			$	(71	)		$	(71	)
	Balance Sheet
	June 30, 2014
	Investments		$	102,422			$	337,662			$	—			$	440,084
	Other assets			2,583				6,300				14,631				23,514

	Total assets			105,005				343,962				14,631				463,598


	Debt			—				293,747				—				293,747
	Other liabilities			—				2,354				4,743				7,097

	Total liabilities			—				296,101				4,743				300,844
	GAAP book value		$	105,005			$	47,861			$	9,888			$	162,754
	December 31, 2013
	Investments		$	110,306			$	286,979			$	—			$	397,285
	Other assets			2,828				16,494				10,791				30,113

	Total assets			113,134				303,473				10,791				427,398
	Debt			—				261,302				—				261,302
	Other liabilities			—				690				4,284				4,974

	Total liabilities			—				261,992				4,284				266,276
GAAP book value		$	113,134			$	41,481			$	6,507			$	161,122

Investments_in_RMBS_Tables

Investments in RMBS (Tables)	6 Months Ended
Investments in RMBS (Tables)	Jun. 30, 2014
Real Estate [Abstract]	'
Summary of Company's RMBS Investments	'
	The following is a summary of the Company’s RMBS investments at June 30, 2014 and December 31, 2013, all of which 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 other-than-temporarily impaired, for which there were none for the six months ended June 30, 2014 (dollars in thousands):
	Summary of RMBS
	At June 30, 2014


							Gross Unrealized									Weighted Average
	Asset Type		Original Face		Book Value		Gains		Losses			Carrying		Number of		Rating		Coupon				Yield				Maturity
			Value									Value		Securities												(Years)
												(A)														(C)
	RMBS
	Fannie Mae		$	201,154	$	203,028	$	2,537	$	(7	)	$	205,558		24	(B)			3.88	%			3.59	%			24
	Freddie Mac			128,949		128,554		1,246		—			129,800		15	(B)			3.73	%			3.17	%			22
	CMOs			12,146		2,163		146		(5	)		2,304		2	Unrated			3.14	%			23.89	%			18

	Total/Weighted Average		$	342,249	$	333,745	$	3,929	$	(12	)	$	337,662		41				3.80	%			3.50	%			23
	Summary of RMBS
	At December 31, 2013


							Gross Unrealized									Weighted Average
	Asset Type		Original Face		Book Value		Gains		Losses			Carrying		Number of		Rating		Coupon				Yield				Maturity
			Value									Value		Securities												(Years)
												(A)														(C)
	RMBS
	Fannie Mae		$	173,015	$	179,556	$	—	$	(2,800	)	$	176,756		18	(B)			3.86	%			3.61	%			25
	Freddie Mac			109,431		112,456		—		(2,233	)		110,223		11	(B)			3.62	%			3.22	%			24

	Total/Weighted Average		$	282,446	$	292,012	$	—	$	(5,033	)	$	286,979		29				3.77	%			3.46	%			24

	(A)	See Note 9 regarding the estimation of fair value, which is equal to carrying value for all securities.
	(B)	The Company used an implied AAA rating for the Fannie Mae and Freddie Mac securities.
	(C)	The weighted average maturity is based on the timing of expected principal reduction on the assets.
Summary of Company's RMBS in an Unrealized Loss Position	'
	The following tables summarize the Company’s RMBS in an unrealized loss position, all of which are due to mark to market rather than default estimates, as of June 30, 2014 and December 31, 2013 (dollars in thousands):
	Unrealized Loss Positions
	At June 30, 2014


							Gross Unrealized									Weighted Average
	Asset Type		Original Face		Book Value		Gains		Losses			Carrying		Number of		Rating				Coupon				Yield				Maturity
			Value									Value		Securities														(Years)
												(A)																(C)
	Less than Twelve Months		$	342,249	$	333,745	$	3,929	$	(12	)	$	337,662		41		(B	)			3.8	%			3.5	%			23
	Twelve or More Months			—		—		—		—			—		—						—				—				—

	Total/Weighted Average		$	342,249	$	333,745	$	3,929	$	(12	)	$	337,662		41						3.8	%			3.5	%			23
	Unrealized Loss Positions
	At December 31, 2013


							Gross Unrealized									Weighted Average
	Asset Type		Original Face		Book Value		Gains		Losses			Carrying		Number of		Rating				Coupon				Yield				Maturity
			Value									Value		Securities														(Years)
												(A)																(C)
	Less than Twelve Months		$	282,446	$	292,012	$	—	$	(5,033	)	$	286,979		29		(B	)			3.77	%			3.46	%			24
	Twelve or More Months			—		—		—		—			—		—						—				—				—

	Total/Weighted Average		$	282,446	$	292,012	$	—	$	(5,033	)	$	286,979		29						3.77	%			3.46	%			24

	(A)	See Note 9 regarding the estimation of fair value, which is equal to carrying value for all securities.
	(B)	The Company used an implied AAA rating for the Fannie Mae and Freddie Mac securities, other than CMOs, which are unrated.
	(C)	The weighted average maturity is based on the timing of expected principal reduction on the assets.

Investments_in_Excess_MSRs_Tab

Investments in Excess MSRs (Tables)	6 Months Ended
Investments in Excess MSRs (Tables)	Jun. 30, 2014
Investments Debt And Equity Securities [Abstract]	'
Summary of Company's Excess MSRs	'
	The following is a summary of the Company’s Excess MSRs (dollars in thousands):


			June 30, 2014
			Unpaid Principal			Amortized			Carrying Value		Weighted			Weighted		Changes in Fair
			Balance			Cost Basis			(B)		Average			Average		Value Recorded
						(A)					Coupon			Maturity		in Other
														(Years)		Income (Loss)
														(C)		(D)
	Pool 1		$	9,359,356		$	51,715		$	62,302		3.51	%		27.4	$	1,252
	Pool 1—Recapture Agreement						2,900			69		4.39	%		29.1		(913	)
	Pool 2			9,198,785			28,448			32,417		2.6	%		27.9		(3,671	)
	Pool 2—Recapture Agreement						2,554			5,595		4.26	%		29.5		2,449
	Pool 2014			329,059			2,134			2,039		3.74	%		28.9		(95	)
	Pool 2014—Recapture Agreement			—			—			—		4.06	%		29.3		—

	Total		$	18,887,200		$	87,751		$	102,422		3.15	%		27.8	$	(978	)


			December 31, 2013
			Unpaid Principal			Amortized			Carrying		Weighted			Weighted		Changes in
			Balance			Cost Basis			Value		Average			Average		Fair Value
						(A)			(B)		Coupon			Maturity		Recorded
														(Years)		in Other
														(C)		Income
																(Loss)
																(D)
	Pool 1		$	9,823,250		$	55,793		$	65,128		3.51	%		27.9	$	9,335
	Pool 1—Recapture Agreement						2,900			982							(1,918	)
	Pool 2			10,226,679			33,410			41,050		2.64	%		28.3		7,640
	Pool 2—Recapture Agreement						2,554			3,146							590

	Total		$	20,049,929		$	94,657		$	110,306		3.07	%		28.1	$	15,647

	(A)	The amortized cost basis of the recapture agreements is determined based on the relative fair values of the recapture agreements and related Excess MSRs at the time they were acquired.
	(B)	Carrying value represents the fair value of the pools or recapture agreements, as applicable (see Note 9).
	(C)	The weighted average maturity represents the weighted average expected timing of the receipt of cash flows of each investment.
	(D)	The portion of the change in fair value of the recapture agreement relating to loans recaptured as of June 30, 2014 and December 31, 2013 is reflected in the respective pool.
Summary of Geographic Distribution of Underlying Residential Mortgage Loans of Excess MSRs	'
	The table below summarizes the geographic distribution for the top five states of the residential mortgage loans underlying the Excess MSRs:


			Percentage of Total Outstanding
			Unpaid Principal Balance
	State		June 30, 2014			December 31, 2013
	California			13.8	%		14.4	%
	Texas			10.2	%		10	%
	Florida			6.9	%		6.9	%
	Virginia			6.5	%		6.6	%
	North Carolina			5.6	%		5.6	%

Equity_and_Earnings_per_Share_

Equity and Earnings per Share (Tables)	6 Months Ended
Equity and Earnings per Share (Tables)	Jun. 30, 2014
Equity [Abstract]	'
Information About Company's 2013 Plan	'
	The following table presents certain information about the Company’s 2013 Plan as of June 30, 2014:


		Number of
		securities issued or to be
		issued upon exercise of
		outstanding options,
		warrants and rights
	LTIP-OP Units		68,850
	Shares of Common Stock		9,543
Schedule of Basic Net Earnings per Share of Common Stock	'
	The following table presents basic net earnings per share of common stock for the six month periods ended June 30, 2014 and June 30, 2013 (dollars in thousands, except per share data):


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014		2013
	Numerator:
	Net income attributable to common stockholders and participating securities for basic earnings per share	$	(652	)	$	(36	)	$	78	$	(71	)

	Net income allocable to common stockholders	$	(652	)	$	(36	)	$	78	$	(71	)
	Denominator:
	Weighted average common shares outstanding		7,504,572			1,000			7,503,538		1,000
	Weighted average diluted shares outstanding		7,509,543			1,000			7,508,112		1,000
	Basic and Dilutive:
	Basic earnings per share	$	(0.09	)	$	(36.00	)	$	0.01	$	(71.00	)
	Diluted earnings per share	$	(0.09	)	$	(36.00	)	$	0.01	$	(71.00	)

Transactions_with_Affiliates_a1

Transactions with Affiliates and Affiliated Entities (Tables)	6 Months Ended
	Jun. 30, 2014
Text Block [Abstract]	'
Reimbursement of Expenses Incurred	'
	For the periods indicated, “Management fee to affiliate” consisted of the following (dollars in thousands):


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2014		2013		2014		2013
	Management fees	$	604	$	—	$	1,208	$	—
	Expense reimbursement		75		—		150		—

	Total	$	679	$	—	$	1,358	$	—

Derivative_Instruments_Tables

Derivative Instruments (Tables)	6 Months Ended
Derivative Instruments (Tables)	Jun. 30, 2014
Derivative Instruments And Hedging Activities Disclosure [Abstract]	'
Summary of Outstanding Notional Amounts of Derivative Instruments	'
	The following table summarizes the outstanding notional amounts of derivative instruments as of June 30, 2014 and December 31, 2013 (dollars in thousands):


		June 30, 2014				December 31, 2013
	Non-hedge derivatives
	Notional amount of interest rate swaps	$	183,850			$	171,700
	Notional amount of swaptions		115,000				125,000
	Notional amount of TBAs, net		5,000				4,800

	Total notional amount	$	303,850			$	301,500
Summary of Information about Company's Interest Rate Swap Agreements	'
	The following table presents information about the Company’s interest rate swap agreements as of June 30, 2014 and December 31, 2013 (dollars in thousands):


		Weighted				Notional				Weighted				Weighted				Weighted
		Average				Amount				Average				Average				Average
		Maturity								Pay Rate				Receive				Years to
														Rate				Maturity
	June 30, 2014		2020			$	183,850				1.87	%			0.23	%			5.8
	December 31, 2013		2020			$	171,700				1.95	%			0.24	%			6.7
Summary of Assets and Liabilities Subject to Master Netting Arrangements or Similar Agreements	'
	The following table presents 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 June 30, 2014 and December 31, 2013 (dollars in thousands):


	June 30, 2014
						Gross				Net				Gross Amounts Not Offset in the
						Amounts				Amounts of				Consolidated Balance Sheet
						Offset in the				Assets
										Presented in
										the
		Gross Amounts				Consolidated				Consolidated				Financial				Cash Collateral			Net
		Recognized				Balance				Balance				Instruments				Received			Amount
						Sheet				Sheet								(Pledged)
	Assets
	Interest rate swaps	$	—			$	—			$	—			$	—			$	—		$	—
	Swaptions		127				—				127				(127	)			—			—
	TBAs		5,299				(5,299	)			—				—				—			—

	Total Assets	$	5,426			$	(5,299	)		$	127			$	(127	)		$	—		$	—
	Liabilities
	Repurchase agreements	$	293,747			$	—			$	293,747			$	(291,212	)		$	(2,535	)	$	—
	Interest rate swaps		2,162				—				2,162				434				(2,596	)		—
	Swaptions		—				—				—				—				—			—
	TBAs		5,350				(5,299	)			51				(51	)			—			—

	Total Liabilities	$	301,259			$	(5,299	)		$	295,960			$	(290,829	)		$	(5,131	)	$	—

	December 31, 2013
						Gross				Net				Gross Amounts Not Offset in the
						Amounts				Amounts of				Consolidated Balance Sheet
						Offset in the				Assets
										Presented in
										the
		Gross Amounts				Consolidated				Consolidated				Financial				Cash Collateral			Net
		Recognized				Balance				Balance				Instruments				Received			Amount
						Sheet				Sheet								(Pledged)
	Assets
	Interest rate swaps	$	2,531			$	—			$	2,531			$	(2,531	)		$	—		$	—
	Swaptions		2,082				—				2,082				(2,082	)			—			—
	TBAs		—				—				—				—				—			—

	Total Assets	$	4,613			$	—			$	4,613			$	(4,613	)		$	—		$	—
	Liabilities
	Repurchase agreements	$	261,302			$	—			$	261,302			$	(257,558	)		$	(3,744	)	$	—
	Interest rate swaps		592				—				592				(592	)			—			—
	Swaptions		—				—				—				—				—			—
	TBAs		—				—				—				—				—			—

	Total Liabilities	$	261,894			$	—			$	261,894			$	(258,150	)		$	(3,744	)	$	—
Summary of Realized Gain (Loss) Related to Derivatives	'
	The following table presents information about derivatives realized gain (loss), which is included on the consolidated statement of income as of June 30, 2014 and June 30, 2013 (dollars in thousands):


				Three Months Ended								Six Months Ended
				June 30,								June 30,
	Non-Hedge Derivatives	Income Statement Location		2014				2013				2014				2013
	Interest rate swaps	Realized gain/(loss) on derivative assets		$	(187	)		$	—			$	(259	)		$	—

	Total			$	(187	)		$	—			$	(259	)		$	—

Fair_Value_Tables

Fair Value (Tables)	6 Months Ended
Fair Value (Tables)	Jun. 30, 2014
Fair Value Disclosures [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 at June 30, 2014 and December 31, 2013 (dollars in thousands).
	Recurring Fair Value Measurements
	At June 30, 2014


			Level 1			Level 2			Level 3				Carrying Value
	Assets
	RMBS
	Fannie Mae		$	—		$	205,558		$	—			$	205,558
	Freddie Mac			—			129,800			—				129,800

	RMBS total			—			335,358			—				335,358
	CMOs			—			2,304			—				2,304
	Derivative assets
	Interest rate swaps			—			—			—				—
	Interest rate swaptions			—			127			—				127
	TBAs			—			5,299			—				5,299

	Derivative assets total			—			5,426			—				5,426
	Excess MSRs			—			—			102,422				102,422

	Total Assets		$	—		$	343,088		$	102,422			$	445,510
	Liabilities
	Derivative liabilities
	Interest rate swaps			—			2,162			—				2,162
	TBAs			—			5,350			—				5,350

	Derivative liabilities total			—			7,512			—				7,512

	Total Liabilities		$	—		$	7,512		$	—			$	7,512
	Recurring Fair Value Measurements
	At December 31, 2013


			Level 1			Level 2			Level 3				Carrying Value
	Assets
	RMBS
	Fannie Mae		$	—		$	176,756		$	—			$	176,756
	Freddie Mac			—			110,223			—				110,223

	RMBS total			—			286,979			—				286,979
	CMOs			—			—			—				—
	Derivative assets
	Interest rate swaps			—			2,531			—				2,531
	Interest rate swaptions			—			2,082			—				2,082
	TBAs			—			—			—				—

	Derivative assets total			—			4,613			—				4,613
	Excess MSRs			—			—			110,306				110,306

	Total Assets		$	—		$	291,592		$	110,306			$	401,898
	Liabilities
	Derivative liabilities
	Interest rate swaps			—			592			—				592
	TBAs			—			—			—				—

	Derivative liabilities total			—			592			—				592

	Total Liabilities		$	—		$	592		$	—			$	592
Company's Level 3 Assets (Excess MSRs) Measured at Fair Value on Recurring Basis	'
	The tables below present the reconciliation for the Company’s Level 3 assets (Excess MSRs) measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013 (dollars in thousands):
	Level 3 Fair Value Measurements
	At June 30, 2014


			Level 3 (A)
			Pool 1			Pool 2			Pool 2014				Total
	Balance at December 31, 2013		$	66,110		$	44,196		$	—			$	110,306
	Unrealized gain included in Net Income			339			(1,222	)		(95	)			(978	)
	Purchases and principal paydowns
	Purchases									2,181				2,181
	Proceeds from principal paydowns			(4,078	)		(4,962	)		(47	)			(9,087	)

	Balance at June 30, 2014		$	62,371		$	38,012		$	2,039			$	102,422
	Level 3 Fair Value Measurements
	At December 31, 2013


			Level 3 (A)
			Pool 1			Pool 2			Total
	Balance at December 31, 2012		$	—		$	—		$	—
	Unrealized gain included in Net Income			7,417			8,230			15,647
	Purchases and principal paydowns
	Purchases			60,561			38,407			98,968
	Proceeds from principal paydowns			(1,868	)		(2,441	)		(4,309	)

	Balance at December 31, 2013		$	66,110		$	44,196		$	110,306

	(A)	Includes the recapture agreement for each respective pool.
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 Excess MSRs classified as Level 3 fair value assets as of June 30, 2014 and December 31, 2013 (dollars in thousands):
	Fair Value Measurements
	At June 30, 2014


			Fair Value (A)			Valuation Technique		Unobservable Input (B)	Range		Weighted
			Fair Value (A)			Valuation Technique		Unobservable Input (B)	Range		Average
	Pool 1		$	62,371		Discounted cash flow		Constant prepayment speed	5.1% - 10.4%			8.2	%
								Uncollected Payments	2.8% - 7.0%			6.4	%
								Discount rate	—			13	%
	Pool 2		$	38,012		Discounted cash flow		Constant prepayment speed	12.5% - 23.7%			18.4	%
								Uncollected Payments	8.5% - 11.5%			9.8	%
								Discount rate	—			17.8	%
	Pool 2014		$	2,039		Discounted cash flow		Constant prepayment speed	5.0% - 11.1%			9.2	%
								Uncollected Payments	2.3% - 5.9%			5.3	%
								Discount rate	—			11.3	%
	TOTAL		$	102,422		Discounted cash flow
	Fair Value Measurements
	At December 31, 2013


			Fair Value (A)			Valuation Technique		Unobservable Input (B)	Range		Weighted
			Fair Value (A)			Valuation Technique		Unobservable Input (B)	Range		Average
	Pool 1		$	66,110		Discounted cash flow		Constant prepayment speed	4.8% - 9.6%			7.4	%
								Uncollected Payments	2.0% - 7.0%			6.2	%
								Discount rate	—			14.3	%
	Pool 2		$	44,196		Discounted cash flow		Constant prepayment speed	9.7% - 23.6%			18	%
								Uncollected Payments	2.0% - 12.0%			9.2	%
								Discount rate	—			18.4	%
	TOTAL		$	110,306		Discounted cash flow

	(A)	Includes the recapture agreement for each respective pool.
	(B)	Significant increases (decreases) in any of the inputs in isolation may result in significantly lower (higher) fair value measurement. 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)	6 Months Ended
Repurchase Agreements (Tables)	Jun. 30, 2014
Banking And Thrift [Abstract]	'
Remaining Maturities and Weighted Average Rates	'
	At June 30, 2014, the repurchase agreements had the following remaining maturities and weighted average rates (dollars in thousands):


		Repurchase		Weighted Average
		Agreements		Rate
	Less than one month	$	107,205		0.35	%
	One to three months		142,298		0.35	%
	Greater than three months		44,244		0.38	%

	Total/Weighted Average	$	293,747		0.36	%
	At December 31, 2013, the repurchase agreements had the following remaining maturities and weighted average rates (dollars in thousands):


		Repurchase		Weighted Average
		Agreements		Rate
	Less than one month	$	134,001		0.39	%
	One to three months		127,301		0.4	%
	Greater than three months		—		—

	Total/Weighted Average	$	261,302		0.39	%

Organization_and_Operations_Ad

Organization and Operations - Additional Information (Detail) (USD $)	0 Months Ended	1 Months Ended	6 Months Ended	12 Months Ended		0 Months Ended
	Oct. 09, 2013	Oct. 31, 2013	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2012	Oct. 09, 2013	Oct. 09, 2013	Oct. 09, 2013	Dec. 04, 2012
	Oct. 09, 2013	Oct. 31, 2013	Jun. 30, 2014	Dec. 31, 2013	Dec. 31, 2012	IPO [Member]	Private Placement [Member]	Stanley Middleman [Member]	Stanley Middleman [Member]
Organization And Basis Of Presentation [Line Items]	'	'	'	'	'	'	'	'	'
Common stock, shares authorized	'	'	500,000,000	500,000,000	'	'	'	'	'
Preferred stock, shares authorized	'	'	100,000,000	100,000,000	'	'	'	'	'
Common stock, shares issued	'	'	7,509,543	7,500,000	1,000	'	'	'	'
Common stock, par value	'	'	$0.01	$0.01	'	'	'	'	'
Preferred stock, par value	'	'	$0.01	$0.01	'	'	'	'	'
Common stock issued, shares	7,500,000	7,500,000	'	'	'	6,500,000	1,000,000	'	1,000
Common stock issued through initial public offering and concurrent private placement, price per share	$20	'	'	'	'	'	'	'	'
Net proceeds from IPO and concurrent private placement	$148,100,000	'	$105,000	$148,153,000	'	'	'	'	'
Date of conducting IPO and concurrent private placement of common stock	'	'	9-Oct-13	'	'	'	'	'	'
Initial capital contribution by sole stockholder to the company	'	'	'	'	'	'	'	'	1,000
Amount of repurchased shares	'	'	'	$1,000	'	'	'	$1,000	'

Basis_of_Presentation_and_Sign3

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Significant Accounting Policies [Line Items]	'	'
Number of taxable years for disqualified from treatment as a REIT	'4 years	'
Receivables from unsettled trades	'	$7,239,000
Income receivable	3,804,000	4,142,000
Short-term debt, expiration period	'1 year	'
Interest rates of borrowings under repurchase agreements, description	'Borrowings under repurchase agreements generally bear interest rates of a specified margin over one-month LIBOR and are generally uncommitted.	'
Minimum percentage of REIT taxable income required for distribution	90.00%	'
Expenses related to IPO incurred by the Manager	1,900,000	'
Percentage of underwriting discounts and commissions and structuring fee	0.38%	'
RMBS Sold Not Yet Settled Identified as Receivable [Member]	'	'
Significant Accounting Policies [Line Items]	'	'
Receivables from unsettled trades	'	7,200,000
Agency RMBS Interest Income Identified as Receivable [Member]	'	'
Significant Accounting Policies [Line Items]	'	'
Income receivable	1,000,000	900,000
Excess Mortgage Servicing Rights Income Identified as Receivable [Member]	'	'
Significant Accounting Policies [Line Items]	'	'
Income receivable	$2,600,000	$2,800,000
Minimum [Member]	'	'
Significant Accounting Policies [Line Items]	'	'
Consolidate percentage of investment on entities	50.00%	'
Maximum [Member]	'	'
Significant Accounting Policies [Line Items]	'	'
Period of short-term investment	'90 days	'

Basis_of_Presentation_and_Sign4

Basis of Presentation and Significant Accounting Policies - Summary of Gains and Losses on Sale of RMBS and Derivatives (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Accounting Policies [Abstract]	'	'	'	'
Gain on RMBS	$75	'	$75	'
Loss on RMBS	'	'	-349	'
Net realized gain (loss) on RMBS	75	'	-274	'
Realized gain (loss) on derivatives, net	-187	'	-259	'
Unrealized gain (loss) on derivatives, net	-2,705	'	-6,148	'
Total	($2,817)	'	($6,681)	'

Basis_of_Presentation_and_Sign5

Basis of Presentation and Significant Accounting Policies - Changes of Accumulated Other Comprehensive Income (Loss) (Detail) (USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2014
Accounting Policies [Abstract]	'	'
Accumulated other comprehensive gain (loss), Beginning balance	($1,678)	($5,033)
Net unrealized gain (loss) on RMBS	5,595	8,950
Accumulated other comprehensive gain (loss), Ending balance	$3,917	$3,917

Segment_Reporting_Summary_of_F

Segment Reporting - Summary of Financial Data on CHMI's Segments with Reconciliation (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Segment Reporting Information [Line Items]	'	'	'	'	'
Interest income	$6,137	'	$12,148	'	'
Interest expense	1,006	'	1,953	'	'
Net interest income	5,131	'	10,195	'	'
Other income	-4,465	'	-7,659	'	'
Other operating expenses	1,321	36	2,457	71	'
Net income (loss)	-655	-36	79	-71	'
Investments	440,084	'	440,084	'	397,285
Other assets	23,514	'	23,514	'	30,113
Total Assets	463,598	'	463,598	'	427,398
Debt	293,747	'	293,747	'	261,302
Other liabilities	7,097	'	7,097	'	4,974
Total Liabilities	300,844	'	300,844	'	266,276
GAAP book value	162,754	'	162,754	'	161,122
Excess MSRs [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Interest income	3,629	'	7,314	'	'
Net interest income	3,629	'	7,314	'	'
Other income	-1,648	'	-978	'	'
Net income (loss)	1,981	'	6,336	'	'
Investments	102,422	'	102,422	'	110,306
Other assets	2,583	'	2,583	'	2,828
Total Assets	105,005	'	105,005	'	113,134
GAAP book value	105,005	'	105,005	'	113,134
RMBS [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Interest income	2,508	'	4,834	'	'
Interest expense	1,006	'	1,953	'	'
Net interest income	1,502	'	2,881	'	'
Other income	-2,817	'	-6,681	'	'
Net income (loss)	-1,315	'	-3,800	'	'
Investments	337,662	'	337,662	'	286,979
Other assets	6,300	'	6,300	'	16,494
Total Assets	343,962	'	343,962	'	303,473
Debt	293,747	'	293,747	'	261,302
Other liabilities	2,354	'	2,354	'	690
Total Liabilities	296,101	'	296,101	'	261,992
GAAP book value	47,861	'	47,861	'	41,481
Other Segments [Member]	'	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'	'
Other operating expenses	1,321	36	2,457	71	'
Net income (loss)	-1,321	-36	-2,457	-71	'
Other assets	14,631	'	14,631	'	10,791
Total Assets	14,631	'	14,631	'	10,791
Other liabilities	4,743	'	4,743	'	4,284
Total Liabilities	4,743	'	4,743	'	4,284
GAAP book value	$9,888	'	$9,888	'	$6,507

Investments_in_RMBS_Summary_of

Investments in RMBS - Summary of Changes in Company's RMBS Investments (Detail) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
	Security	Security
Schedule of Available-for-sale Securities [Line Items]	'	'
Original Face Value	$342,249	$282,446
Quantity	'	282,446
Book Value	333,745	292,012
Gross Unrealized Gains	3,929	'
Gross Unrealized Losses	-12	-5,033
Carrying Value	337,662	286,979
Number of Securities	41	29
Weighted Average Coupon	3.80%	3.77%
Weighted Average Yield	3.50%	3.46%
Weighted Average Maturity (Years)	'23 years	'24 years
CMOs [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Original Face Value	12,146	'
Book Value	2,163	'
Gross Unrealized Gains	146	'
Gross Unrealized Losses	-5	'
Carrying Value	2,304	'
Number of Securities	2	'
Weighted Average Rating	'Unrated	'
Weighted Average Coupon	3.14%	'
Weighted Average Yield	23.89%	'
Weighted Average Maturity (Years)	'18 years	'
RMBS [Member] \| Fannie Mae [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Original Face Value	201,154	'
Quantity	'	173,015
Book Value	203,028	179,556
Gross Unrealized Gains	2,537	'
Gross Unrealized Losses	-7	-2,800
Carrying Value	205,558	176,756
Number of Securities	24	18
Weighted Average Rating	'(B)	'(B)
Weighted Average Coupon	3.88%	3.86%
Weighted Average Yield	3.59%	3.61%
Weighted Average Maturity (Years)	'24 years	'25 years
RMBS [Member] \| Freddie Mac [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Original Face Value	128,949	'
Quantity	'	109,431
Book Value	128,554	112,456
Gross Unrealized Gains	1,246	'
Gross Unrealized Losses	'	-2,233
Carrying Value	$129,800	$110,223
Number of Securities	15	11
Weighted Average Rating	'(B)	'(B)
Weighted Average Coupon	3.73%	3.62%
Weighted Average Yield	3.17%	3.22%
Weighted Average Maturity (Years)	'22 years	'24 years

Investments_in_RMBS_Additional

Investments in RMBS - Additional Information (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Collateral for repurchase agreements	$293,747	$261,302
RMBS [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Collateral for repurchase agreements	$312,000	$271,800

Investments_in_RMBS_Summary_of1

Investments in RMBS - Summary of Company's RMBS in an Unrealized Loss Position (Detail) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
	Security	Security
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]	'	'
Original Face Value	$342,249	$282,446
Book Value	333,745	292,012
Gross Unrealized Gains	3,929	'
Gross Unrealized Losses	-12	-5,033
Carrying Value	337,662	286,979
Number of Securities	41	29
Weighted Average Coupon	3.80%	3.77%
Weighted Average Yield	3.50%	3.46%
Weighted Average Maturity (Years)	'23 years	'24 years
Less than Twelve Months [Member]	'	'
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]	'	'
Original Face Value	342,249	282,446
Book Value	333,745	292,012
Gross Unrealized Gains	3,929	'
Gross Unrealized Losses	-12	-5,033
Carrying Value	$337,662	$286,979
Number of Securities	41	29
Weighted Average Rating	'(B )	'(B )
Weighted Average Coupon	3.80%	3.77%
Weighted Average Yield	3.50%	3.46%
Weighted Average Maturity (Years)	'23 years	'24 years

Investments_in_Excess_MSRs_Add

Investments in Excess MSRs - Additional Information (Detail) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Oct. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Oct. 31, 2013

Feb. 28, 2014

Mar. 31, 2014

Jun. 30, 2014

Excess MSR Pool 1 [Member]

Excess MSR Pool 2 [Member]

Excess MSR On Flow Basis [Member]

Excess Mortgage Service Right [Member]

Freedom Mortgage Excess Service Right [Member]

Minimum [Member]

Maximum [Member]

Minimum [Member]

Maximum [Member]

Investment In Excess Mortgage Servicing Rights [Line Items]

Mortgage loans with an outstanding principal balance

$18,887,200,000

$20,049,929,000

$9,359,356,000

$9,823,250,000

$10,000,000,000

$9,198,785,000

$10,226,679,000

$10,700,000,000

Weighted average mortgage servicing amount on unpaid balance, in basis points

0.28%

0.44%

Contractual amount for performing servicing functions, in basis points

0.08%

0.10%

Excess mortgage servicing amount, in basis points

3.15%

3.07%

3.51%

0.20%

2.60%

2.64%

0.34%

Excess mortgage servicing amount

85.00%

50.00%

Refinancings of loans in MSR Pool l

60,600,000

38,400,000

Percentage of freedom to co-invest in excess MSRs, pari passu

15.00%

50.00%

Entitled to a pro rata share

85.00%

50.00%

Participation interest, percentage

65.00%

85.00%

40.00%

85.00%

Aggregate unpaid principal balance

76,800,000

159,800,000

98,100,000

Excess mortgage servicing acquired, percentage

85.00%

71.00%

85.00%

Excess mortgage servicing acquired, amount

$567,000

$946,000

$668,000

Investments_in_Excess_MSRs_Sum

Investments in Excess MSRs - Summary of Company's Excess MSRs (Detail) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013	Oct. 31, 2013
Investment In Excess Mortgage Servicing Rights [Line Items]	'	'	'
Securities in an Unrealized Loss Position, Unpaid Principal Balance	$18,887,200	$20,049,929	'
Securities in an Unrealized Loss Position, Amortized Cost Basis	87,751	94,657	'
Securities in an Unrealized Loss Position, Carrying Value	102,422	110,306	'
Securities in an Unrealized Loss Position, Weighted Average Coupon	3.15%	3.07%	'
Securities in an Unrealized Loss Position, Weighted Average Maturity (Years)	'27 years 9 months 18 days	'28 years 1 month 6 days	'
Securities in an Unrealized Loss Position, Changes in Fair Value Recorded in Other Income (Loss)	-978	15,647	'
Excess MSR Pool 1 [Member]	'	'	'
Investment In Excess Mortgage Servicing Rights [Line Items]	'	'	'
Securities in an Unrealized Loss Position, Unpaid Principal Balance	9,359,356	9,823,250	10,000,000
Securities in an Unrealized Loss Position, Amortized Cost Basis	51,715	55,793	'
Securities in an Unrealized Loss Position, Carrying Value	62,302	65,128	'
Securities in an Unrealized Loss Position, Weighted Average Coupon	3.51%	3.51%	0.20%
Securities in an Unrealized Loss Position, Weighted Average Maturity (Years)	'27 years 4 months 24 days	'27 years 10 months 24 days	'
Securities in an Unrealized Loss Position, Changes in Fair Value Recorded in Other Income (Loss)	1,252	9,335	'
MSR Pool 1 - Recapture Agreement [Member]	'	'	'
Investment In Excess Mortgage Servicing Rights [Line Items]	'	'	'
Securities in an Unrealized Loss Position, Amortized Cost Basis	2,900	2,900	'
Securities in an Unrealized Loss Position, Carrying Value	69	982	'
Securities in an Unrealized Loss Position, Weighted Average Coupon	4.39%	'	'
Securities in an Unrealized Loss Position, Weighted Average Maturity (Years)	'29 years 1 month 6 days	'	'
Securities in an Unrealized Loss Position, Changes in Fair Value Recorded in Other Income (Loss)	-913	-1,918	'
Excess MSR Pool 2 [Member]	'	'	'
Investment In Excess Mortgage Servicing Rights [Line Items]	'	'	'
Securities in an Unrealized Loss Position, Unpaid Principal Balance	9,198,785	10,226,679	10,700,000
Securities in an Unrealized Loss Position, Amortized Cost Basis	28,448	33,410	'
Securities in an Unrealized Loss Position, Carrying Value	32,417	41,050	'
Securities in an Unrealized Loss Position, Weighted Average Coupon	2.60%	2.64%	0.34%
Securities in an Unrealized Loss Position, Weighted Average Maturity (Years)	'27 years 10 months 24 days	'28 years 3 months 18 days	'
Securities in an Unrealized Loss Position, Changes in Fair Value Recorded in Other Income (Loss)	-3,671	7,640	'
MSR Pool 2 - Recapture Agreement [Member]	'	'	'
Investment In Excess Mortgage Servicing Rights [Line Items]	'	'	'
Securities in an Unrealized Loss Position, Amortized Cost Basis	2,554	2,554	'
Securities in an Unrealized Loss Position, Carrying Value	5,595	3,146	'
Securities in an Unrealized Loss Position, Weighted Average Coupon	4.26%	'	'
Securities in an Unrealized Loss Position, Weighted Average Maturity (Years)	'29 years 6 months	'	'
Securities in an Unrealized Loss Position, Changes in Fair Value Recorded in Other Income (Loss)	2,449	590	'
Excess Mortgage Service Rights Pool 2014 [Member]	'	'	'
Investment In Excess Mortgage Servicing Rights [Line Items]	'	'	'
Securities in an Unrealized Loss Position, Unpaid Principal Balance	329,059	'	'
Securities in an Unrealized Loss Position, Amortized Cost Basis	2,134	'	'
Securities in an Unrealized Loss Position, Carrying Value	2,039	'	'
Securities in an Unrealized Loss Position, Weighted Average Coupon	3.74%	'	'
Securities in an Unrealized Loss Position, Weighted Average Maturity (Years)	'28 years 10 months 24 days	'	'
Securities in an Unrealized Loss Position, Changes in Fair Value Recorded in Other Income (Loss)	($95)	'	'
Pool 2014 - Recapture Agreement [Member]	'	'	'
Investment In Excess Mortgage Servicing Rights [Line Items]	'	'	'
Securities in an Unrealized Loss Position, Weighted Average Coupon	4.06%	'	'
Securities in an Unrealized Loss Position, Weighted Average Maturity (Years)	'29 years 3 months 18 days	'	'

Investments_in_Excess_MSRs_Sum1

Investments in Excess MSRs - Summary of Geographic Distribution of Underlying Residential Mortgage Loans of Excess MSRs (Detail)	Jun. 30, 2014	Dec. 31, 2013
California [Member]	'	'
Investment In Excess Mortgage Servicing Rights [Line Items]	'	'
State Concentration	13.80%	14.40%
Texas [Member]	'	'
Investment In Excess Mortgage Servicing Rights [Line Items]	'	'
State Concentration	10.20%	10.00%
Florida [Member]	'	'
Investment In Excess Mortgage Servicing Rights [Line Items]	'	'
State Concentration	6.90%	6.90%
Virginia [Member]	'	'
Investment In Excess Mortgage Servicing Rights [Line Items]	'	'
State Concentration	6.50%	6.60%
North Carolina [Member]	'	'
Investment In Excess Mortgage Servicing Rights [Line Items]	'	'
State Concentration	5.60%	5.60%

Equity_and_Earnings_per_Share_1

Equity and Earnings per Share - Information About Company's 2013 Plan (Detail) (2013 Equity Incentive Plan [Member])	Jun. 30, 2014
Long Term Incentive Plan Units [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of securities issued or to be issued upon exercise of outstanding options, warrants and rights	68,850
Common Stock [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Number of securities issued or to be issued upon exercise of outstanding options, warrants and rights	9,543

Equity_and_Earnings_per_Share_2

Equity and Earnings per Share - Equity Incentive Plan - Additional Information (Detail) (USD $)

0 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

12 Months Ended

6 Months Ended

0 Months Ended

Jun. 10, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 10, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jan. 27, 2014

Long Term Incentive Plan Units [Member]

2013 Plan [Member]

2013 Equity Incentive Plan [Member]

Individual

General and Administrative Expense [Member]

Directors [Member]

Executive Officers [Member]

Long Term Incentive Plan Units [Member]

Common Stock [Member]

Restricted Common Stock [Member]

Directors [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of share equivalent to unit awarded

Aggregate grant date fair value

31,350

37,500

7,500

30,000

1,590

530

7,953

2,651

Number of anniversaries years of the grant date

'3 years

Aggregate grant date fair value LTIP-OP units

$606,000

$750,000

Price of the Company's common stock on the grant date

$20

$19.33

Number of individuals granted units under the plan

LTIP-OP unit vested

7,500

Share-based compensation expense recognized

117,000

Share-based compensation expense related to non-vested

61,350

Unrecognized share-based compensation expense

$1,000,000

Period of unrecognized share-based compensation expense expected to vest

'3 years

Vesting period of restricted shares

'1 year

Shares of common stock remain available for future issuance

1,421,607

Equity_and_Earnings_per_Share_3

Equity and Earnings per Share - Non-Controlling Interest in Operating Partnership - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2014
Noncontrolling Interest [Line Items]	'
Shares redemption description	'LTIP-OP Units, upon conversion to OP Units, may be redeemed for cash or, at the Company's option, shares of the Company's common stock on a one-for-one basis
Long Term Incentive Plan Units [Member]	'
Noncontrolling Interest [Line Items]	'
Number of LTIP units owned by non-controlling interest holders in Operating Partnership	68,850
Percentage of operating partnership	0.90%

Equity_and_Earnings_per_Share_4

Equity and Earnings per Share - Schedule of Basic Net Earnings per Share of Common Stock (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Numerator:	'	'	'	'
Net income attributable to common stockholders and participating securities for basic earnings per share	($652)	($36)	$78	($71)
Net income allocable to common stockholders	($652)	($36)	$78	($71)
Denominator:	'	'	'	'
Weighted average common shares outstanding	7,504,572	1,000	7,503,538	1,000
Weighted average diluted shares outstanding	7,509,543	1,000	7,508,112	1,000
Basic and Dilutive:	'	'	'	'
Basic earnings per share	($0.09)	($36)	$0.01	($71)
Diluted earnings per share	($0.09)	($36)	$0.01	($71)

Equity_and_Earnings_per_Share_5

Equity and Earnings per Share - Common Stock Offerings - Additional Information (Detail) (USD $)	0 Months Ended	1 Months Ended	6 Months Ended
In Thousands, except Share data, unless otherwise specified	Oct. 09, 2013	Oct. 31, 2013	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share [Abstract]	'	'	'	'
Number of shares in common stock in a public & private offering	7,500,000	7,500,000	'	'
Common stock per share price	'	$20	'	'
Net proceeds of share amount	'	$148,100	$105	'

Transactions_with_Affiliates_a2

Transactions with Affiliates and Affiliated Entities - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2014
Investments In And Advances To Affiliates Schedule Of Investments [Abstract]	'
Renew of management agreement subject to termination	'1 year
Manager termination description	'The Managerbs performance is reviewed annually and may be terminated by the Company for cause without payment of a termination fee, or may be terminated without cause with payment of a termination fee, as defined in the Management Agreement, 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 effective date of the termination, upon either the affirmative vote of at least two-thirds of the members of the board of directors or the affirmative vote of the holders of at least a majority of the outstanding common stock.
Percentage of annual management fee paid equal to gross equity	1.50%

Transactions_with_Affiliates_a3

Transactions with Affiliates and Affiliated Entities - Reimbursement of Expenses Incurred (Detail) (USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2014
Investments In And Advances To Affiliates Schedule Of Investments [Abstract]	'	'
Management fees	$604	$1,208
Expense reimbursement	75	150
Total	$679	$1,358

Derivative_Instruments_Summary

Derivative Instruments - Summary of Outstanding Notional Amounts of Derivative Instruments (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Interest Rate Swaps [Member]	'	'
Derivative [Line Items]	'	'
Total notional amount	$183,850	$171,700
Not Designated as Hedging Instrument [Member]	'	'
Derivative [Line Items]	'	'
Total notional amount	303,850	301,500
Not Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member]	'	'
Derivative [Line Items]	'	'
Total notional amount	183,850	171,700
Not Designated as Hedging Instrument [Member] \| Interest Rate Swaptions [Member]	'	'
Derivative [Line Items]	'	'
Total notional amount	115,000	125,000
Not Designated as Hedging Instrument [Member] \| TBAs [Member]	'	'
Derivative [Line Items]	'	'
Total notional amount	$5,000	$4,800

Derivative_Instruments_Summary1

Derivative Instruments - Summary of Information about Company's Interest Rate Swap Agreements (Detail) (Interest Rate Swaps [Member], USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Interest Rate Swaps [Member]	'	'
Derivative [Line Items]	'	'
Weighted Average Maturity	'2020	'2020
Notional Amount	$183,850	$171,700
Weighted Average Pay Rate	1.87%	1.95%
Weighted Average Receive Rate	0.23%	0.24%
Weighted Average Years to Maturity	'5 years 9 months 18 days	'6 years 8 months 12 days

Derivative_Instruments_Summary2

Derivative Instruments - Summary of Assets and Liabilities Subject to Master Netting Arrangements or Similar Agreements (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]	'	'
Gross Amounts Recognized	$301,259	$261,894
Gross Amounts Offset in the Consolidated Balance Sheet	-5,299	'
Net Amounts of Assets Presented in the Consolidated Balance Sheet	2,213	592
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	-290,829	-258,150
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received (Pledged)	-5,131	-3,744
Net Amount	'	'
Gross Amounts Recognized	5,426	4,613
Gross Amounts Offset in the Consolidated Balance Sheet	-5,299	'
Net Amounts of Assets Presented in the Consolidated Balance Sheet	127	4,613
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	-127	-4,613
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received	'	'
Net Amount	'	'
Interest Rate Swaps [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Gross Amounts Recognized	2,162	592
Gross Amounts Offset in the Consolidated Balance Sheet	'	'
Net Amounts of Assets Presented in the Consolidated Balance Sheet	2,162	592
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	434	-592
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received (Pledged)	-2,596	'
Net Amount	'	'
Gross Amounts Recognized	'	2,531
Gross Amounts Offset in the Consolidated Balance Sheet	'	'
Net Amounts of Assets Presented in the Consolidated Balance Sheet	'	2,531
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	'	-2,531
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received	'	'
Net Amount	'	'
Interest Rate Swaptions [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Gross Amounts Recognized	'	'
Gross Amounts Offset in the Consolidated Balance Sheet	'	'
Net Amounts of Assets Presented in the Consolidated Balance Sheet	'	'
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	'	'
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received (Pledged)	'	'
Net Amount	'	'
Gross Amounts Recognized	127	2,082
Gross Amounts Offset in the Consolidated Balance Sheet	'	'
Net Amounts of Assets Presented in the Consolidated Balance Sheet	127	2,082
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	-127	-2,082
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received	'	'
Net Amount	'	'
TBAs [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Gross Amounts Recognized	5,350	'
Gross Amounts Offset in the Consolidated Balance Sheet	-5,299	'
Net Amounts of Assets Presented in the Consolidated Balance Sheet	51	'
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	-51	'
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received (Pledged)	'	'
Net Amount	'	'
Gross Amounts Recognized	5,299	'
Gross Amounts Offset in the Consolidated Balance Sheet	-5,299	'
Net Amounts of Assets Presented in the Consolidated Balance Sheet	'	'
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	'	'
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received	'	'
Net Amount	'	'
Repurchase Agreements [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Gross Amounts Recognized	293,747	261,302
Gross Amounts Offset in the Consolidated Balance Sheet	'	'
Net Amounts of Assets Presented in the Consolidated Balance Sheet	293,747	261,302
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	-291,212	-257,558
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received (Pledged)	-2,535	-3,744
Net Amount	'	'

Derivative_Instruments_Summary3

Derivative Instruments - Summary of Realized Gain (Loss) Related to Derivatives (Detail) (Not Designated as Hedging Instrument [Member], USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Gain/(loss) on derivatives	($187)	$0	($259)	$0
Realized Gain/(Loss) on Derivative Assets [Member] \| Interest Rate Swaps [Member]	'	'	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'	'	'
Gain/(loss) on derivatives	($187)	$0	($259)	$0

Fair_Value_Additional_Informat

Fair Value - Additional Information (Detail)	Jun. 30, 2014	Dec. 31, 2013
Fair Value, Inputs, Level 2 [Member]	'	'
Financial Instruments And Fair Value Measurements [Line Items]	'	'
Percentage of MSR classified as fair value assets	100.00%	100.00%
Fair Value, Inputs, Level 2 [Member] \| Interest Rate Swaps and Swaptions [Member]	'	'
Financial Instruments And Fair Value Measurements [Line Items]	'	'
Percentage of MSR classified as fair value assets	100.00%	100.00%
Fair Value, Inputs, Level 2 [Member] \| TBAs [Member]	'	'
Financial Instruments And Fair Value Measurements [Line Items]	'	'
Percentage of MSR classified as fair value assets	100.00%	100.00%
Fair Value, Inputs, Level 3 [Member]	'	'
Financial Instruments And Fair Value Measurements [Line Items]	'	'
Percentage of MSR classified as fair value assets	100.00%	100.00%

Fair_Value_Companys_Assets_and

Fair Value - Company's Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Assets	'	'
Total Assets	$463,598	$427,398
Liabilities	'	'
Total Liabilities	300,844	266,276
Fair Value, Measurements, Recurring [Member]	'	'
Assets	'	'
Total Assets	445,510	401,898
Liabilities	'	'
Total Liabilities	7,512	592
Fair Value, Measurements, Recurring [Member] \| Fannie Mae [Member]	'	'
Assets	'	'
Total Assets	205,558	176,756
Fair Value, Measurements, Recurring [Member] \| Freddie Mac [Member]	'	'
Assets	'	'
Total Assets	129,800	110,223
Fair Value, Measurements, Recurring [Member] \| RMBS [Member]	'	'
Assets	'	'
Total Assets	335,358	286,979
Fair Value, Measurements, Recurring [Member] \| CMOs [Member]	'	'
Assets	'	'
Total Assets	2,304	'
Fair Value, Measurements, Recurring [Member] \| Derivative Assets [Member]	'	'
Assets	'	'
Total Assets	5,426	4,613
Fair Value, Measurements, Recurring [Member] \| Excess Mortgage Servicing Right [Member]	'	'
Assets	'	'
Total Assets	102,422	110,306
Fair Value, Measurements, Recurring [Member] \| Derivative Liabilities [Member]	'	'
Liabilities	'	'
Total Liabilities	7,512	592
Fair Value, Measurements, Recurring [Member] \| Interest Rate Swaps [Member] \| Derivative Assets [Member]	'	'
Assets	'	'
Total Assets	0	2,531
Fair Value, Measurements, Recurring [Member] \| Interest Rate Swaps [Member] \| Derivative Liabilities [Member]	'	'
Liabilities	'	'
Total Liabilities	2,162	592
Fair Value, Measurements, Recurring [Member] \| Interest Rate Swaptions [Member] \| Derivative Assets [Member]	'	'
Assets	'	'
Total Assets	127	2,082
Fair Value, Measurements, Recurring [Member] \| TBAs [Member] \| Derivative Assets [Member]	'	'
Assets	'	'
Total Assets	5,299	'
Fair Value, Measurements, Recurring [Member] \| TBAs [Member] \| Derivative Liabilities [Member]	'	'
Liabilities	'	'
Total Liabilities	5,350	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]	'	'
Assets	'	'
Total Assets	0	'
Liabilities	'	'
Total Liabilities	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Fannie Mae [Member]	'	'
Assets	'	'
Total Assets	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Freddie Mac [Member]	'	'
Assets	'	'
Total Assets	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| RMBS [Member]	'	'
Assets	'	'
Total Assets	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| CMOs [Member]	'	'
Assets	'	'
Total Assets	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Derivative Assets [Member]	'	'
Assets	'	'
Total Assets	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Excess Mortgage Servicing Right [Member]	'	'
Assets	'	'
Total Assets	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Derivative Liabilities [Member]	'	'
Liabilities	'	'
Total Liabilities	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Interest Rate Swaps [Member] \| Derivative Assets [Member]	'	'
Assets	'	'
Total Assets	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Interest Rate Swaps [Member] \| Derivative Liabilities [Member]	'	'
Liabilities	'	'
Total Liabilities	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Interest Rate Swaptions [Member] \| Derivative Assets [Member]	'	'
Assets	'	'
Total Assets	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| TBAs [Member] \| Derivative Assets [Member]	'	'
Assets	'	'
Total Assets	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| TBAs [Member] \| Derivative Liabilities [Member]	'	'
Liabilities	'	'
Total Liabilities	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]	'	'
Assets	'	'
Total Assets	343,088	291,592
Liabilities	'	'
Total Liabilities	7,512	592
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fannie Mae [Member]	'	'
Assets	'	'
Total Assets	205,558	176,756
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Freddie Mac [Member]	'	'
Assets	'	'
Total Assets	129,800	110,223
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| RMBS [Member]	'	'
Assets	'	'
Total Assets	335,358	286,979
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| CMOs [Member]	'	'
Assets	'	'
Total Assets	2,304	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Derivative Assets [Member]	'	'
Assets	'	'
Total Assets	5,426	4,613
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Excess Mortgage Servicing Right [Member]	'	'
Assets	'	'
Total Assets	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Derivative Liabilities [Member]	'	'
Liabilities	'	'
Total Liabilities	7,512	592
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Interest Rate Swaps [Member] \| Derivative Assets [Member]	'	'
Assets	'	'
Total Assets	0	2,531
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Interest Rate Swaps [Member] \| Derivative Liabilities [Member]	'	'
Liabilities	'	'
Total Liabilities	2,162	592
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Interest Rate Swaptions [Member] \| Derivative Assets [Member]	'	'
Assets	'	'
Total Assets	127	2,082
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| TBAs [Member] \| Derivative Assets [Member]	'	'
Assets	'	'
Total Assets	5,299	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| TBAs [Member] \| Derivative Liabilities [Member]	'	'
Liabilities	'	'
Total Liabilities	5,350	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]	'	'
Assets	'	'
Total Assets	102,422	110,306
Liabilities	'	'
Total Liabilities	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Fannie Mae [Member]	'	'
Assets	'	'
Total Assets	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Freddie Mac [Member]	'	'
Assets	'	'
Total Assets	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| RMBS [Member]	'	'
Assets	'	'
Total Assets	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| CMOs [Member]	'	'
Assets	'	'
Total Assets	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Derivative Assets [Member]	'	'
Assets	'	'
Total Assets	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Excess Mortgage Servicing Right [Member]	'	'
Assets	'	'
Total Assets	102,422	110,306
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Derivative Liabilities [Member]	'	'
Liabilities	'	'
Total Liabilities	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Interest Rate Swaps [Member] \| Derivative Assets [Member]	'	'
Assets	'	'
Total Assets	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Interest Rate Swaps [Member] \| Derivative Liabilities [Member]	'	'
Liabilities	'	'
Total Liabilities	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Interest Rate Swaptions [Member] \| Derivative Assets [Member]	'	'
Assets	'	'
Total Assets	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| TBAs [Member] \| Derivative Assets [Member]	'	'
Assets	'	'
Total Assets	0	'
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| TBAs [Member] \| Derivative Liabilities [Member]	'	'
Liabilities	'	'
Total Liabilities	$0	'

Fair_Value_Companys_Level_3_As

Fair Value - Company's Level 3 Assets (Excess MSRs) Measured at Fair Value on Recurring Basis (Detail) (USD $)	6 Months Ended			12 Months Ended	6 Months Ended	12 Months Ended	6 Months Ended	12 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014
			Fair Value, Inputs, Level 3 [Member]	Fair Value, Inputs, Level 3 [Member]	Excess MSR Pool 1 [Member]	Excess MSR Pool 1 [Member]	Excess MSR Pool 2 [Member]	Excess MSR Pool 2 [Member]	Excess Mortgage Service Rights Pool 2014 [Member]
					Fair Value, Inputs, Level 3 [Member]	Fair Value, Inputs, Level 3 [Member]	Fair Value, Inputs, Level 3 [Member]	Fair Value, Inputs, Level 3 [Member]	Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'	'	'	'	'	'	'	'
Balance at December 31, 2012	$110,306,000	'	$110,306,000	'	$66,110,000	'	$44,196,000	'	'
Unrealized gain included in Net Income	-978,000	'	-978,000	15,647,000	339,000	7,417,000	-1,222,000	8,230,000	-95,000
Purchases and principal paydowns	'	'	'	'	'	'	'	'	'
Purchases	2,181,000	'	2,181,000	98,968,000	'	60,561,000	'	38,407,000	2,181,000
Proceeds from principal paydowns	'	'	-9,087,000	-4,309,000	-4,078,000	-1,868,000	-4,962,000	-2,441,000	-47,000
Balance at December 31, 2013	$102,422,000	'	$102,422,000	$110,306,000	$62,371,000	$66,110,000	$38,012,000	$44,196,000	$2,039,000

Fair_Value_Significant_Unobser

Fair Value - Significant Unobservable Inputs Used in Fair Value Measurement (Detail) (Discounted Cash Flow [Member], USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Minimum [Member] \| Excess Mortgage Service Right Pool One [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Constant prepayment speed	5.10%	'
Uncollected Payments	2.80%	'
Minimum [Member] \| Excess Mortgage Service Right Pool Two [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Constant prepayment speed	12.50%	'
Uncollected Payments	8.50%	'
Minimum [Member] \| Excess Mortgage Service Rights Pool 2014 [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Constant prepayment speed	5.00%	'
Uncollected Payments	2.30%	'
Maximum [Member] \| Excess Mortgage Service Right Pool One [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Constant prepayment speed	10.40%	'
Uncollected Payments	7.00%	'
Maximum [Member] \| Excess Mortgage Service Right Pool Two [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Constant prepayment speed	23.70%	'
Uncollected Payments	11.50%	'
Maximum [Member] \| Excess Mortgage Service Rights Pool 2014 [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Constant prepayment speed	11.10%	'
Uncollected Payments	5.90%	'
Weighted Average [Member] \| Excess Mortgage Service Right Pool One [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Constant prepayment speed	8.20%	'
Uncollected Payments	6.40%	'
Discount rate	13.00%	'
Weighted Average [Member] \| Excess Mortgage Service Right Pool Two [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Constant prepayment speed	18.40%	'
Uncollected Payments	9.80%	'
Discount rate	17.80%	'
Weighted Average [Member] \| Excess Mortgage Service Rights Pool 2014 [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Constant prepayment speed	9.20%	'
Uncollected Payments	5.30%	'
Discount rate	11.30%	'
Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Fair Value	$102,422	$110,306
Valuation Technique	'Discounted cash flow	'Discounted cash flow
Fair Value, Inputs, Level 3 [Member] \| Excess Mortgage Service Right Pool One [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Fair Value	62,371	66,110
Valuation Technique	'Discounted cash flow	'Discounted cash flow
Fair Value, Inputs, Level 3 [Member] \| Excess Mortgage Service Right Pool Two [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Fair Value	38,012	44,196
Valuation Technique	'Discounted cash flow	'Discounted cash flow
Fair Value, Inputs, Level 3 [Member] \| Excess Mortgage Service Rights Pool 2014 [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Fair Value	$2,039	'
Valuation Technique	'Discounted cash flow	'
Fair Value, Inputs, Level 3 [Member] \| Minimum [Member] \| Excess Mortgage Service Right Pool One [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Constant prepayment speed	'	4.80%
Uncollected Payments	'	2.00%
Fair Value, Inputs, Level 3 [Member] \| Minimum [Member] \| Excess Mortgage Service Right Pool Two [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Constant prepayment speed	'	9.70%
Uncollected Payments	'	2.00%
Fair Value, Inputs, Level 3 [Member] \| Maximum [Member] \| Excess Mortgage Service Right Pool One [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Constant prepayment speed	'	9.60%
Uncollected Payments	'	7.00%
Fair Value, Inputs, Level 3 [Member] \| Maximum [Member] \| Excess Mortgage Service Right Pool Two [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Constant prepayment speed	'	23.60%
Uncollected Payments	'	12.00%
Fair Value, Inputs, Level 3 [Member] \| Weighted Average [Member] \| Excess Mortgage Service Right Pool One [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Constant prepayment speed	'	7.40%
Uncollected Payments	'	6.20%
Discount rate	'	14.30%
Fair Value, Inputs, Level 3 [Member] \| Weighted Average [Member] \| Excess Mortgage Service Right Pool Two [Member]	'	'
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'
Constant prepayment speed	'	18.00%
Uncollected Payments	'	9.20%
Discount rate	'	18.40%

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
	Jun. 30, 2014	Fannie Mae [Member]	Fannie Mae [Member]
Contingencies And Commitments [Line Items]	'	'	'
CHMI pays the Manager a quarterly management fee equal to the product of one	1.50%	'	'
Accruals of legal and regulatory claims	$0	'	'
Securities obliged to purchased	'	5,300,000	35,900,000
Securities obliged to sell	'	$0	$30,300,000

Repurchase_Agreements_Addition

Repurchase Agreements - Additional Information (Detail) (USD $)	6 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Brokers And Dealers [Abstract]	'	'
Repurchase agreements outstanding	$293.70	$261.30
Weighted average borrowing rates	0.36%	0.36%
Interest rate swaps percentage	0.39%	0.39%
Weighted average of remaining maturities days	'57 days	'29 days

Repurchase_Agreements_Remainin

Repurchase Agreements - Remaining Maturities and Weighted Average Rates (Detail) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Brokers And Dealers [Abstract]	'	'
Less than one month, Repurchase Agreements	$107,205	$134,001
One to three months, Repurchase Agreements	142,298	127,301
Greater than three months, Repurchase Agreements	44,244	0
Total Repurchase Agreements	$293,747	$261,302
Less than one month, Weighted Average Rate	0.35%	0.39%
One to three months, Weighted Average Rate	0.35%	0.40%
Greater than three months, Weighted Average Rate	0.38%	'
Weighted Average Rate	0.36%	0.39%

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (S Corporation [Member], USD $)	Jan. 01, 2013
S Corporation [Member]	'
Income Taxes [Line Items]	'
State and local income tax liability	$0