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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2014	Nov. 12, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
Trading Symbol	CHMI
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 - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Assets
RMBS, available-for-sale	$ 375,622	$ 286,979
Investments in Excess MSRs at fair value	96,022	110,306
Cash and cash equivalents	13,486	10,375
Restricted cash	6,299	3,744
Derivative assets	481	4,613
Receivables from unsettled trades		7,239
Receivables and other assets	3,753	4,142
Total Assets	495,663	427,398
Liabilities
Repurchase agreements	329,239	261,302
Derivative liabilities	1,804	592
Dividends payable	3,830	3,375
Due to affiliates	530	616
Accrued expenses and other liabilities	387	391
Total Liabilities	335,790	266,276
Stockholders' Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding as of September 30, 2014 and December 31, 2013
Common stock, $0.01 par value, 500,000,000 shares authorized, 7,509,543 shares issued and outstanding at September 30, 2014 and 7,500,000 shares issued and outstanding at December 31, 2013	75	75
Additional paid-in capital	148,221	148,078
Retained earnings	9,146	17,695
Accumulated other comprehensive income (loss)	1,947	(5,033)
Total CHMI Stockholders' Equity	159,389	160,815
Non-controlling interests in operating partnership	484	307
Total Stockholders' Equity	159,873	161,122
Total Liabilities and Stockholders' Equity	$ 495,663	$ 427,398

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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 Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]
Interest income	$ 6,244		$ 18,392
Interest expense	1,164		3,117
Net interest income	5,080		15,275
Other income (loss)	0	$ 0	0	$ 0
Realized gain (loss) on RMBS, net	48		(226)
Realized gain (loss) on derivatives, net	(1,025)		(1,284)
Unrealized gain (loss) on derivatives, net	2,025		(4,123)
Unrealized gain (loss) on investments in Excess MSRs	(2,050)		(3,028)
Total Income	4,078		6,614
Expenses
General and administrative expense	744	36	1,843	107
Management fee to affiliate	520		1,878
Total Expenses	1,264	36	3,721	107
Net Income (Loss)	2,814	(36)	2,893	(107)
Net (income) loss allocated to LTIP - OP Units	(26)		(27)
Net Income (Loss) Applicable to Common Stockholders	$ 2,788	$ (36)	$ 2,866	$ (107)
Net income (Loss) Per Share of Common Stock
Basic	$ 0.37	$ (36.00)	$ 0.38	$ (107.00)
Diluted	$ 0.37	$ (36.00)	$ 0.38	$ (107.00)
Weighted Average Number of Shares of Common Stock Outstanding
Basic	7,506,560	1,000	7,504,546	1,000
Diluted	7,509,543	1,000	7,508,589	1,000

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 2,814	$ (36)	$ 2,893	$ (107)
Other comprehensive income (loss):
Net unrealized gain (loss) on RMBS	(1,970)		6,980
Other comprehensive income (loss)	(1,970)		6,980
Comprehensive income (loss)	$ 844	$ (36)	$ 9,873	$ (107)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands

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)

$ 0

^[1]

$ 1

$ (25)

Beginning Balance, Shares at Dec. 31, 2012

1,000

Repurchase of common stock

(1)

Repurchase of common stock, Shares

(1,000)

Issuance of common stock, net of offering costs

148,153

$ 75

148,078

Issuance of common stock, net of offering costs, Shares

7,500,000

Net Income

21,202

21,095

$ 107

Other comprehensive income (loss)

(5,033)

$ (5,033)

LTIP-OP Unit awards

200

Common dividends declared

(3,375)

Ending Balance at Dec. 31, 2013

$ 161,122

$ 75

148,078

(5,033)

17,695

307

Ending Balance, Shares at Dec. 31, 2013

7,500,000

Issuance of common stock, net of offering costs

$ 143

$ 0

^[2]

143

Issuance of common stock, net of offering costs, Shares

9,543

Net Income

2,893

2,866

Other comprehensive income (loss)

6,980

LTIP-OP Unit awards

219

Distribution paid on LTIP-OP Units

(69)

Common dividends declared

(11,415)

Ending Balance at Sep. 30, 2014

$ 159,873

$ 75

$ 148,221

$ 1,947

$ 9,146

$ 484

Ending Balance, Shares at Sep. 30, 2014

7,509,543

[1]	de minimis ($10 rounds to $0)
[2]	de minimis ($115 rounds to $0)

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Statement of Stockholders' Equity [Abstract]
Common stock dividends per share declared	$ 1.52	$ 0.45

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash Flows From Operating Activities
Net income (loss)	$ 2,893	$ (107)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in fair value of investments in Excess MSRs	3,028
Accretion of premium and other amortization	1,333
Realized (gain) loss on RMBS, net	226
Unrealized (gain) loss on derivatives, net	4,123
Realized (gain) loss on derivatives, net	1,284
LTIP-OP Unit awards	219
Changes in:
Receivables from unsettled trades	7,239
Other assets	389
Due to affiliate	(86)
Accrued expenses and other liabilities	888	107
Net cash provided by (used in) operating activities	21,536
Cash Flows From Investing Activities
Purchase of RMBS	(125,280)
Acquisition of Excess MSRs	(2,181)
Proceeds from sale of RMBS	25,877
Cost of sale of derivatives	115
Principal paydown of Excess MSRs	13,437
Principal paydown of RMBS	16,187
Net cash provided by (used in) investing activities	(71,845)
Cash Flows From Financing Activities
Repayments of repurchase agreements	(1,183,476)
Margin deposits under repurchase agreements	(2,555)
Purchase of derivatives	(1,077)
Borrowings under repurchase agreements	1,251,413
Issuance of common stock, net of offering costs	143
LTIP-OP Units distributions paid	(69)
Dividends paid	(10,959)
Net cash provided by (used in) financing activities	53,420
Net Increase (Decrease) in Cash and Cash Equivalents	3,111
Cash and Cash Equivalents, Beginning of Period	10,375	1
Cash and Cash Equivalents, End of Period	13,486	1
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest expense	2,825
Dividends declared but not paid	$ 3,830

Organization and Operations	9 Months Ended
Organization and Operations	Sep. 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 September 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. 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, 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 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). 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. The Company has elected to be taxed as a REIT, as defined under the Internal Revenue Code of 1986, as amended (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 Significant Accounting Policies

9 Months Ended

Sep. 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 residential mortgage-backed securities, including collateralized mortgage obligations (collectively, “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 nine month period ended September 30, 2014 were settled. In the year ended December 31, 2013, approximately $7.2 million in RMBS were sold but not yet settled, all of which 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 $1.2 million and $900,000 in interest income was receivable at September 30, 2014 and December 31, 2013, respectively, and has been 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 $2.5 million and $2.8 million in Excess MSR cashflow was receivable at September 30, 2014 and December 31, 2013, respectively, and has been 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 September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
Realized gain (loss) on RMBS, net
Gain on RMBS	$	64		$	—	$	139		$	—
Loss on RMBS		(16	)		—		(365	)		—

Net realized gain (loss) on RMBS		48			—		(226	)		—
Realized gain (loss) on derivatives, net		(1,025	)		—		(1,284	)		—
Unrealized gain (loss) on derivatives, net		2,025			—		(4,123	)		—

Total	$	1,048		$	—	$	(5,633	)	$	—

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 nine month periods ended September 30, 2014, accumulated other comprehensive income (loss) changed due to the following factors (dollars in thousands):

Total Accumulated Other Comprehensive Income


	Three Months Ended September 30,
Accumulated other comprehensive gain (loss), June 30, 2014	$	3,917
Net unrealized gain (loss) on RMBS		(1,970	)

Accumulated other comprehensive gain (loss), September 30, 2014	$	1,947

	Nine Months Ended September 30,
Accumulated other comprehensive gain (loss), December 31, 2013	$	(5,033	)
Net unrealized gain (loss) on RMBS		6,980

Accumulated other comprehensive gain (loss), September 30, 2014	$	1,947

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 has elected 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 amends ASC 210, Balance Sheet. The amendments in ASU 2011-11 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, Balance Sheet: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, 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, results of operations or earnings per share, but did impact financial statement disclosures – refer to Note 8.

Comprehensive Income – In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, 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 condition, results of operations or earnings per share.

Liabilities – In March 2013, the FASB issued ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date, which amends ASC 405, Liabilities. 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 condition, results of operations or earnings per share.

Presentation of an Unrecognized Tax Benefit – In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, which amends ASC 740, Income Taxes. ASU 2013-11 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. Adopting ASU 2013-11 did not have any impact on the Company’s consolidated financial condition, results of operations or earnings per share.

Revenue Recognition – In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in ASC 606, 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 condition, results of operations or earnings per share.

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 condition, results of operations or earnings per share.

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 condition, results of operations or earnings per share.

Going Concern – In August 2014, the FASB issued ASU 2014-15, Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which amends ASC Subtopic 205-40, Presentation of Financial Statements – Going Concern. ASU 2014-15 provides guidance in GAAP about management’s responsibility to evaluate whether there are conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and to provide related footnote disclosures of the relevant facts and circumstances. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter, with early adoption permitted. Currently, management does not anticipate that the adoption of ASU 2014-15 will have a material impact on the consolidated financial condition, results of operations or earnings per share.

Segment Reporting

9 Months Ended

Sep. 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 September 30, 2014
Interest income	$	3,477		$	2,767		$	—		$	6,244
Interest expense		—			1,164			—			1,164

Net interest income		3,477			1,603			—			5,080
Other income		(2,050	)		1,048			—			(1,002	)
Other operating expenses		—			—			1,264			1,264

Net income (loss)	$	1,427		$	2,651		$	(1,264	)	$	2,814
Three Months Ended September 30, 2013
Interest income	$	—		$	—		$	—		$	—
Interest expense		—			—			—			—

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

Net income (loss)	$	—		$	—		$	(36	)	$	(36	)
Nine Months Ended September 30, 2014
Interest income	$	10,791		$	7,601		$	—		$	18,392
Interest expense		—			3,117			—			3,117

Net interest income		10,791			4,484			—			15,275
Other income		(3,028	)		(5,633	)		—			(8,661	)
Other operating expenses		—			—			3,721			3,721

Net income (loss)	$	7,763		$	(1,149	)	$	(3,721	)	$	2,893
Nine Months Ended September 30, 2013
Interest income	$	—		$	—		$	—		$	—
Interest expense		—			—			—			—

Net interest income		—			—			—			—
Other income		—			—			—			—
Other operating expenses		—			—			107			107

Net income (loss)	$	—		$	—		$	(107	)	$	(107	)
Balance Sheet
September 30, 2014
Investments	$	96,022		$	375,622		$	—		$	471,644
Other assets		2,522			7,969			13,528			24,019

Total assets		98,544			383,591			13,528			495,663
Debt		—			329,239			—			329,239
Other liabilities		—			1,987			4,564			6,551

Total liabilities		—			331,226			4,564			335,790
GAAP book value	$	98,544		$	52,365		$	8,964		$	159,873
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

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Investments in RMBS

9 Months Ended

Sep. 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 September 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 nine months ended September 30, 2014 (dollars in thousands):

Summary of RMBS

At September 30, 2014


					Gross Unrealized									Weighted Average
Asset Type	Original Face Value		Book Value		Gains		Losses			Carrying Value (A)		Number of Securities		Rating			Coupon			Yield			Maturity (Years) (C)
RMBS
Fannie Mae	$	231,843	$	232,249	$	1,600	$	(167	)	$	233,682		28		(B	)		3.91	%		3.38	%		23
Freddie Mac		138,882		135,785		604		(131	)		136,258		16		(B	)		3.69	%		3.14	%		23
CMOs		35,610		5,642		40		—			5,682		3		Unrated			4.04	%		14.80	%		16

Total/Weighted Average	$	406,335	$	373,676	$	2,244	$	(298	)	$	375,622		47					3.84	%		3.46	%		23

Summary of RMBS

At December 31, 2013


					Gross Unrealized									Weighted Average
Asset Type	Original Face Value		Book Value		Gains		Losses			Carrying Value (A)		Number of Securities		Rating			Coupon			Yield			Maturity (Years) (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 September 30, 2014, and December 31, 2013, the Company pledged RMBS with a carrying value of approximately $345.3 million and $271.8 million, respectively, as collateral for repurchase agreements. At September 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 nine month periods ended September 30, 2014 and September 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 September 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 September 30, 2014 and December 31, 2013 (dollars in thousands):

Unrealized Loss Positions

At September 30, 2014


												Weighted Average
Asset Type	Original Face Value		Book Value		Gross Unrealized Losses			Carrying Value (A)		Number of Securities		Rating			Coupon			Yield			Maturity (Years) (C)
Less than Twelve Months	$	86,459	$	88,078	$	(298	)	$	87,780		13		(B	)		3.76	%		2.30	%		23
Twelve or More Months		—		—		—			—		—					—	%		—	%		—

Total/Weighted Average	$	86,459	$	88,078	$	(298	)	$	87,780		13					3.76	%		2.30	%		23

Unrealized Loss Positions

At December 31, 2013


												Weighted Average
Asset Type	Original Face Value		Book Value		Gross Unrealized Losses			Carrying Value (A)		Number of Securities		Rating			Coupon			Yield			Maturity (Years) (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

9 Months Ended

Sep. 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 $661,000. 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):


	September 30, 2014
	Unpaid Principal Balance		Amortized Cost Basis (A)		Carrying Value (B)		Weighted Average Coupon			Weighted Average Maturity (Years) (C)		Changes in Fair Value Recorded in Other Income (Loss) (D)
Pool 1	$	9,033,778	$	49,707	$	57,416		3.51	%		27.2	$	(1,626	)
Pool 1 - Recapture Agreement				2,900		339							(643	)
Pool 2		8,764,331		26,164		34,959		2.79	%		27.9		1,155
Pool 2 - Recapture Agreement				2,554		1,417							(1,729	)
Pool 2014		318,369		2,076		1,891		3.72	%		28.7		(185	)
Pool 2014 - Recapture Agreement				—		—							—

Total	$	18,116,478	$	83,401	$	96,022		3.16	%		27.6	$	(3,028	)


	December 31, 2013
	Unpaid Principal Balance		Amortized Cost Basis (A)		Carrying Value (B)		Weighted Average Coupon			Weighted Average Maturity (Years) (C)		Changes in Fair Value Recorded in Other 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 September 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	September 30, 2014			December 31, 2013
California		13.7	%		14.4	%
Texas		10.1	%		10.0	%
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

9 Months Ended

Sep. 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 September 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 September 30, 2014, 7,500 LTIP-OP Units have vested. The Company recognized approximately $220,000 in share-based compensation expense in the nine month period ended September 30, 2014. The Company recognized no share-based compensation expense in the nine month period ended September 30, 2013. There was approximately $900 thousand of total unrecognized share-based compensation expense as of September 30, 2014, related to the 61,350 non-vested LTIP-OP Units. This unrecognized share-based compensation expense is expected to be recognized ratably over the remaining vesting period of up to three years. The aggregate expense related to the LTIP-OP Unit grants is presented as “General and administrative expense” in the Company’s consolidated 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 are subject to forfeiture in certain circumstances within one year from the grant date. They are subject to forfeiture because they are vested already.

As of September 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 September 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 shares of common stock underlying the common stock equivalents.

The following table presents basic and diluted earnings per share of common stock for the three and nine month periods ended September 30, 2014 and September 30, 2013 (dollars in thousands, except per share data):


	Three Months Ended September 30,					Nine Months Ended September 30,
	2014		2013			2014		2013
Numerator:
Net income attributable to common stockholders and participating securities for basic earnings per share	$	2,788	$	(36	)	$	2,866	$	(107	)

Net income allocable to common stockholders	$	2,788	$	(36	)	$	2,866	$	(107	)
Denominator:
Weighted average common shares outstanding		7,506,560		1,000			7,504,546		1,000
Weighted average diluted shares outstanding		7,509,543		1,000			7,508,589		1,000
Basic and Dilutive:

Basic earnings per share	$	0.37	$	(36.00	)	$	0.38	$	(107.00	)
Diluted earnings per share	$	0.37	$	(36.00	)	$	0.38	$	(107.00	)

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.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Transactions with Affiliates and Affiliated Entities

9 Months Ended

Sep. 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, each as defined in the Management Agreement, 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Management fees	$	390	$	—	$	1,598	$	—
Expense reimbursement		130		—		280		—

Total	$	520	$	—	$	1,878	$	—

Other Affiliated Entities

See Note 5 for a discussion of the co-investments in Excess MSRs with Freedom Mortgage.

Derivative Instruments

9 Months Ended

Sep. 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 September 30, 2014 and December 31, 2013 (dollars in thousands):


Non-hedge derivatives	September 30, 2014		December 31, 2013
Notional amount of interest rate swaps	$	210,350	$	171,700
Notional amount of swaptions		115,000		125,000
Notional amount of TBAs, net		—		4,800

Total notional amount	$	325,350	$	301,500

The following table presents information about the Company’s interest rate swap agreements as of September 30, 2014 and December 31, 2013 (dollars in thousands):


	Weighted Average Maturity		Notional Amount		Weighted Average Pay Rate			Weighted Average Receive Rate			Weighted Average Years to Maturity
September 30, 2014		2020	$	210,350		1.87	%		0.23	%		5.6
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 September 30, 2014 and December 31, 2013 (dollars in thousands):


September 30, 2014
							Gross Amounts Not Offset in the Consolidated Balance Sheet
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets Presented in the Consolidated Balance Sheet		Financial Instruments			Cash Collateral Received (Pledged)			Net Amount
Assets
Interest rate swaps	$	—	$	—	$	—	$	—		$	—		$	—
Swaptions		481		—		481		(481	)		—			—
TBAs		—		—		—		—			—			—

Total Assets	$	481	$	—	$	481	$	(481	)	$	—		$	—

Liabilities
Repurchase agreements	$	329,239	$	—	$	329,239	$	(325,652	)	$	(3,587	)	$	—
Interest rate swaps		1,783		—		1,783		929			(2,712	)		—
Swaptions		—		—		—		—			—			—
TBAs		21		—		21		(21	)		—			—

Total Liabilities	$	331,043	$	—	$	331,043	$	(324,744	)	$	(6,299	)	$	—


December 31, 2013
							Gross Amounts Not Offset in the Consolidated Balance Sheet
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets Presented in the Consolidated Balance Sheet		Financial Instruments			Cash Collateral Received (Pledged)			Net Amount
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 September 30, 2014 and September 30, 2013 (dollars in thousands):


		Three Months Ended September 30,					Nine Months Ended September 30,
Non-Hedge Derivatives	Income Statement Location	2014			2013		2014			2013
Interest rate swaps	Realized gain/(loss) on derivative assets	$	(1,025	)	$	—	$	(1,284	)	$	—

Total		$	(1,025	)	$	—	$	(1,284	)	$	—

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
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+ Details

Fair Value

9 Months Ended

Sep. 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 September 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 September 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 September 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 September 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 September 30, 2014 and December 31, 2013 (dollars in thousands).

Recurring Fair Value Measurements

At September 30, 2014


	Level 1		Level 2		Level 3		Carrying Value
Assets
RMBS
Fannie Mae	$	—	$	233,682	$	—	$	233,682
Freddie Mac		—		136,258		—		136,258
CMOs		—		5,682		—		5,682

RMBS total		—		375,622		—		375,622
Derivative assets
Interest rate swaps		—		—		—		—
Interest rate swaptions		—		481		—		481
TBAs		—		—		—		—

Derivative assets total		—		481		—		481
Excess MSRs		—		—		96,022		96,022

Total Assets	$	—	$	376,103	$	96,022	$	472,125
Liabilities
Derivative liabilities
Interest rate swaps		—		1,783		—		1,783
TBAs		—		21		—		21

Derivative liabilities total		—		1,804		—		1,804

Total Liabilities	$	—	$	1,804	$	—	$	1,804

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
CMOs		—		—		—		—

RMBS total		—		286,979		—		286,979
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 September 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 the results of these internal models against the results from models generated by third-party valuation specialists. The determination of estimated cash flows used in pricing models is inherently subjective and imprecise.

Changes in market conditions, as well as changes in the assumptions or methodology used to determine fair value, could result in a significant change to estimated fair values. It should be noted that minor changes in assumptions or estimation methodologies can have a material effect on these derived or estimated fair values, and that the fair values reflected below are indicative of the interest rate and credit spread environments as of September 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 September 30, 2014 and December 31, 2013 (dollars in thousands):

Level 3 Fair Value Measurements

At September 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		(2,269	)		(574	)		(185	)		(3,028	)
Purchases and principal paydowns
Purchases		—			—			2,181			2,181
Proceeds from principal paydowns		(6,086	)		(7,246	)		(105	)		(13,437	)

Balance at September 30, 2014	$	57,755		$	36,376		$	1,891		$	96,022

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 September 30, 2014 and December 31, 2013 (dollars in thousands):

Fair Value Measurements

At September 30, 2014


	Fair Value (A)		Valuation Technique	Unobservable Input (B)	Range	Weighted Average
Pool 1	$	57,755	Discounted cash flow	Constant prepayment speed	6.3% - 10.4%		9.4	%
				Uncollected Payments	2.8% - 7.0%		6.3	%
				Discount rate	—		13.0	%
Pool 2	$	36,376	Discounted cash flow	Constant prepayment speed	12.2% - 23.4%		18.0	%
				Uncollected Payments	5.1% - 11.3%		9.7	%
				Discount rate	—		17.6	%
Pool 2014	$	1,891	Discounted cash flow	Constant prepayment speed	6.3% - 13.4%		11.0	%
				Uncollected Payments	2.3% - 5.9%		5.3	%
				Discount rate	—		11.4	%

TOTAL	$	96,022	Discounted cash flow

Fair Value Measurements

At December 31, 2013


	Fair Value (A)		Valuation Technique	Unobservable Input (B)	Range	Weighted 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%		18.0	%
				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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 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 September 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 September 30, 2014. *Commitments to Purchase/Sell RMBS* As of September 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 December 31, 2013, the Company was obliged to buy approximately $35.9 million of Fannie-Mae guaranteed RMBS, but it has no obligation to buy any Fannie-Mae guaranteed RMBS at September 30, 2014. 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 September 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 September 30, 2014, the risk of material loss to be remote and thus no liability has been accrued.

Repurchase Agreements

9 Months Ended

Sep. 30, 2014

Banking and Thrift [Abstract]

Repurchase Agreements

Note 11 — Repurchase Agreements

The Company had outstanding approximately $329.2 million and $261.3 million of repurchase agreements, with weighted average borrowing rates of 0.36% and 0.39%, as of September 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 61 days and 29 days as of September 30, 2014 and December 31, 2013, respectively. RMBS and cash have been pledged as collateral under these repurchase agreements (see Note 4).

At September 30, 2014, the repurchase agreements had the following remaining maturities and weighted average rates (dollars in thousands):


	Repurchase Agreements		Weighted Average Rate
Less than one month	$	112,650		0.34	%
One to three months		128,128		0.37	%
Greater than three months		88,461		0.38	%

Total/Weighted Average	$	329,239		0.36	%

At December 31, 2013, the repurchase agreements had the following remaining maturities and weighted average rates (dollars in thousands):


	Repurchase Agreements		Weighted Average Rate
Less than one month	$	134,001		0.39	%
One to three months		127,301		0.40	%
Greater than three months		—		—

Total/Weighted Average	$	261,302		0.39	%

Income Taxes	9 Months Ended
Income Taxes	Sep. 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 has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes commencing with its year ended December 31, 2013. The Company was organized and has operated and intends to continue to operate in a manner that will enable it to continue to qualify to be taxed as a REIT. 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.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2014
Subsequent Events [Abstract]
Subsequent Events	Note 13 — Subsequent Events As of November 7, 2014, CHMI Solutions, Inc, a taxable REIT Subsidiary, applied for and obtained licenses in 15 of the 17 states determined necessary to purchase and sell closed residential mortgage loans and hold MSRs.

Basis of Presentation and Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Basis of Accounting

Basis of Accounting

Emerging Growth Company Status

Emerging Growth Company Status

Use of Estimates

Use of Estimates

Risks and Uncertainties

Risks and Uncertainties

Investments in RMBS

Investments in RMBS

Investments in Excess MSRs

Investments in Excess MSRs

Derivatives and Hedging Activities

Derivatives and Hedging Activities

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents and Restricted Cash

Due to Affiliate

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

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 September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
Realized gain (loss) on RMBS, net
Gain on RMBS	$	64		$	—	$	139		$	—
Loss on RMBS		(16	)		—		(365	)		—

Net realized gain (loss) on RMBS		48			—		(226	)		—
Realized gain (loss) on derivatives, net		(1,025	)		—		(1,284	)		—
Unrealized gain (loss) on derivatives, net		2,025			—		(4,123	)		—

Total	$	1,048		$	—	$	(5,633	)	$	—

Repurchase Agreements and Interest Expense

Repurchase Agreements and Interest Expense

Dividends Payable

Dividends Payable

Comprehensive Income

Comprehensive Income

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

Total Accumulated Other Comprehensive Income


	Three Months Ended September 30,
Accumulated other comprehensive gain (loss), June 30, 2014	$	3,917
Net unrealized gain (loss) on RMBS		(1,970	)

Accumulated other comprehensive gain (loss), September 30, 2014	$	1,947

	Nine Months Ended September 30,
Accumulated other comprehensive gain (loss), December 31, 2013	$	(5,033	)
Net unrealized gain (loss) on RMBS		6,980

Accumulated other comprehensive gain (loss), September 30, 2014	$	1,947

Offering Costs

Offering Costs

Income Taxes

Income Taxes

Recently Issued and/or Adopted Accounting Standards

Recently Issued and/or Adopted Accounting Standards

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 shares of common stock underlying the common stock equivalents.

Basis of Presentation and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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 September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
Realized gain (loss) on RMBS, net
Gain on RMBS	$	64		$	—	$	139		$	—
Loss on RMBS		(16	)		—		(365	)		—

Net realized gain (loss) on RMBS		48			—		(226	)		—
Realized gain (loss) on derivatives, net		(1,025	)		—		(1,284	)		—
Unrealized gain (loss) on derivatives, net		2,025			—		(4,123	)		—

Total	$	1,048		$	—	$	(5,633	)	$	—

Changes of Accumulated Other Comprehensive Income (Loss)

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

Total Accumulated Other Comprehensive Income


	Three Months Ended September 30,
Accumulated other comprehensive gain (loss), June 30, 2014	$	3,917
Net unrealized gain (loss) on RMBS		(1,970	)

Accumulated other comprehensive gain (loss), September 30, 2014	$	1,947

	Nine Months Ended September 30,
Accumulated other comprehensive gain (loss), December 31, 2013	$	(5,033	)
Net unrealized gain (loss) on RMBS		6,980

Accumulated other comprehensive gain (loss), September 30, 2014	$	1,947

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

+ References + Details

Segment Reporting (Tables)

9 Months Ended

Sep. 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 September 30, 2014
Interest income	$	3,477		$	2,767		$	—		$	6,244
Interest expense		—			1,164			—			1,164

Net interest income		3,477			1,603			—			5,080
Other income		(2,050	)		1,048			—			(1,002	)
Other operating expenses		—			—			1,264			1,264

Net income (loss)	$	1,427		$	2,651		$	(1,264	)	$	2,814
Three Months Ended September 30, 2013
Interest income	$	—		$	—		$	—		$	—
Interest expense		—			—			—			—

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

Net income (loss)	$	—		$	—		$	(36	)	$	(36	)
Nine Months Ended September 30, 2014
Interest income	$	10,791		$	7,601		$	—		$	18,392
Interest expense		—			3,117			—			3,117

Net interest income		10,791			4,484			—			15,275
Other income		(3,028	)		(5,633	)		—			(8,661	)
Other operating expenses		—			—			3,721			3,721

Net income (loss)	$	7,763		$	(1,149	)	$	(3,721	)	$	2,893
Nine Months Ended September 30, 2013
Interest income	$	—		$	—		$	—		$	—
Interest expense		—			—			—			—

Net interest income		—			—			—			—
Other income		—			—			—			—
Other operating expenses		—			—			107			107

Net income (loss)	$	—		$	—		$	(107	)	$	(107	)
Balance Sheet
September 30, 2014
Investments	$	96,022		$	375,622		$	—		$	471,644
Other assets		2,522			7,969			13,528			24,019

Total assets		98,544			383,591			13,528			495,663
Debt		—			329,239			—			329,239
Other liabilities		—			1,987			4,564			6,551

Total liabilities		—			331,226			4,564			335,790
GAAP book value	$	98,544		$	52,365		$	8,964		$	159,873
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)

9 Months Ended

Sep. 30, 2014

Real Estate [Abstract]

Summary of Company's RMBS Investments

Summary of RMBS

At September 30, 2014


					Gross Unrealized									Weighted Average
Asset Type	Original Face Value		Book Value		Gains		Losses			Carrying Value (A)		Number of Securities		Rating			Coupon			Yield			Maturity (Years) (C)
RMBS
Fannie Mae	$	231,843	$	232,249	$	1,600	$	(167	)	$	233,682		28		(B	)		3.91	%		3.38	%		23
Freddie Mac		138,882		135,785		604		(131	)		136,258		16		(B	)		3.69	%		3.14	%		23
CMOs		35,610		5,642		40		—			5,682		3		Unrated			4.04	%		14.80	%		16

Total/Weighted Average	$	406,335	$	373,676	$	2,244	$	(298	)	$	375,622		47					3.84	%		3.46	%		23

Summary of RMBS

At December 31, 2013


					Gross Unrealized									Weighted Average
Asset Type	Original Face Value		Book Value		Gains		Losses			Carrying Value (A)		Number of Securities		Rating			Coupon			Yield			Maturity (Years) (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

Unrealized Loss Positions

At September 30, 2014


												Weighted Average
Asset Type	Original Face Value		Book Value		Gross Unrealized Losses			Carrying Value (A)		Number of Securities		Rating			Coupon			Yield			Maturity (Years) (C)
Less than Twelve Months	$	86,459	$	88,078	$	(298	)	$	87,780		13		(B	)		3.76	%		2.30	%		23
Twelve or More Months		—		—		—			—		—					—	%		—	%		—

Total/Weighted Average	$	86,459	$	88,078	$	(298	)	$	87,780		13					3.76	%		2.30	%		23

Unrealized Loss Positions

At December 31, 2013


												Weighted Average
Asset Type	Original Face Value		Book Value		Gross Unrealized Losses			Carrying Value (A)		Number of Securities		Rating			Coupon			Yield			Maturity (Years) (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 (Tables)

9 Months Ended

Sep. 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):


	September 30, 2014
	Unpaid Principal Balance		Amortized Cost Basis (A)		Carrying Value (B)		Weighted Average Coupon			Weighted Average Maturity (Years) (C)		Changes in Fair Value Recorded in Other Income (Loss) (D)
Pool 1	$	9,033,778	$	49,707	$	57,416		3.51	%		27.2	$	(1,626	)
Pool 1 - Recapture Agreement				2,900		339							(643	)
Pool 2		8,764,331		26,164		34,959		2.79	%		27.9		1,155
Pool 2 - Recapture Agreement				2,554		1,417							(1,729	)
Pool 2014		318,369		2,076		1,891		3.72	%		28.7		(185	)
Pool 2014 - Recapture Agreement				—		—							—

Total	$	18,116,478	$	83,401	$	96,022		3.16	%		27.6	$	(3,028	)


	December 31, 2013
	Unpaid Principal Balance		Amortized Cost Basis (A)		Carrying Value (B)		Weighted Average Coupon			Weighted Average Maturity (Years) (C)		Changes in Fair Value Recorded in Other 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 September 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	September 30, 2014			December 31, 2013
California		13.7	%		14.4	%
Texas		10.1	%		10.0	%
Florida		6.9	%		6.9	%
Virginia		6.5	%		6.6	%
North Carolina		5.6	%		5.6	%

Equity and Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Information about Company's 2013 Plan

The following table presents certain information about the Company’s 2013 Plan as of September 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 and Diluted Earnings per Share of Common Stock


	Three Months Ended September 30,					Nine Months Ended September 30,
	2014		2013			2014		2013
Numerator:
Net income attributable to common stockholders and participating securities for basic earnings per share	$	2,788	$	(36	)	$	2,866	$	(107	)

Net income allocable to common stockholders	$	2,788	$	(36	)	$	2,866	$	(107	)
Denominator:
Weighted average common shares outstanding		7,506,560		1,000			7,504,546		1,000
Weighted average diluted shares outstanding		7,509,543		1,000			7,508,589		1,000
Basic and Dilutive:

Basic earnings per share	$	0.37	$	(36.00	)	$	0.38	$	(107.00	)
Diluted earnings per share	$	0.37	$	(36.00	)	$	0.38	$	(107.00	)

Transactions with Affiliates and Affiliated Entities (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Management fees	$	390	$	—	$	1,598	$	—
Expense reimbursement		130		—		280		—

Total	$	520	$	—	$	1,878	$	—

Derivative Instruments (Tables)

9 Months Ended

Sep. 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 September 30, 2014 and December 31, 2013 (dollars in thousands):


Non-hedge derivatives	September 30, 2014		December 31, 2013
Notional amount of interest rate swaps	$	210,350	$	171,700
Notional amount of swaptions		115,000		125,000
Notional amount of TBAs, net		—		4,800

Total notional amount	$	325,350	$	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 September 30, 2014 and December 31, 2013 (dollars in thousands):


	Weighted Average Maturity		Notional Amount		Weighted Average Pay Rate			Weighted Average Receive Rate			Weighted Average Years to Maturity
September 30, 2014		2020	$	210,350		1.87	%		0.23	%		5.6
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


September 30, 2014
							Gross Amounts Not Offset in the Consolidated Balance Sheet
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets Presented in the Consolidated Balance Sheet		Financial Instruments			Cash Collateral Received (Pledged)			Net Amount
Assets
Interest rate swaps	$	—	$	—	$	—	$	—		$	—		$	—
Swaptions		481		—		481		(481	)		—			—
TBAs		—		—		—		—			—			—

Total Assets	$	481	$	—	$	481	$	(481	)	$	—		$	—

Liabilities
Repurchase agreements	$	329,239	$	—	$	329,239	$	(325,652	)	$	(3,587	)	$	—
Interest rate swaps		1,783		—		1,783		929			(2,712	)		—
Swaptions		—		—		—		—			—			—
TBAs		21		—		21		(21	)		—			—

Total Liabilities	$	331,043	$	—	$	331,043	$	(324,744	)	$	(6,299	)	$	—


December 31, 2013
							Gross Amounts Not Offset in the Consolidated Balance Sheet
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets Presented in the Consolidated Balance Sheet		Financial Instruments			Cash Collateral Received (Pledged)			Net Amount
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


		Three Months Ended September 30,					Nine Months Ended September 30,
Non-Hedge Derivatives	Income Statement Location	2014			2013		2014			2013
Interest rate swaps	Realized gain/(loss) on derivative assets	$	(1,025	)	$	—	$	(1,284	)	$	—

Total		$	(1,025	)	$	—	$	(1,284	)	$	—

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Fair Value (Tables)

9 Months Ended

Sep. 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 September 30, 2014 and December 31, 2013 (dollars in thousands).

Recurring Fair Value Measurements

At September 30, 2014


	Level 1		Level 2		Level 3		Carrying Value
Assets
RMBS
Fannie Mae	$	—	$	233,682	$	—	$	233,682
Freddie Mac		—		136,258		—		136,258
CMOs		—		5,682		—		5,682

RMBS total		—		375,622		—		375,622
Derivative assets
Interest rate swaps		—		—		—		—
Interest rate swaptions		—		481		—		481
TBAs		—		—		—		—

Derivative assets total		—		481		—		481
Excess MSRs		—		—		96,022		96,022

Total Assets	$	—	$	376,103	$	96,022	$	472,125
Liabilities
Derivative liabilities
Interest rate swaps		—		1,783		—		1,783
TBAs		—		21		—		21

Derivative liabilities total		—		1,804		—		1,804

Total Liabilities	$	—	$	1,804	$	—	$	1,804

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
CMOs		—		—		—		—

RMBS total		—		286,979		—		286,979
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

Level 3 Fair Value Measurements

At September 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		(2,269	)		(574	)		(185	)		(3,028	)
Purchases and principal paydowns
Purchases		—			—			2,181			2,181
Proceeds from principal paydowns		(6,086	)		(7,246	)		(105	)		(13,437	)

Balance at September 30, 2014	$	57,755		$	36,376		$	1,891		$	96,022

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

Fair Value Measurements

At September 30, 2014


	Fair Value (A)		Valuation Technique	Unobservable Input (B)	Range	Weighted Average
Pool 1	$	57,755	Discounted cash flow	Constant prepayment speed	6.3% - 10.4%		9.4	%
				Uncollected Payments	2.8% - 7.0%		6.3	%
				Discount rate	—		13.0	%
Pool 2	$	36,376	Discounted cash flow	Constant prepayment speed	12.2% - 23.4%		18.0	%
				Uncollected Payments	5.1% - 11.3%		9.7	%
				Discount rate	—		17.6	%
Pool 2014	$	1,891	Discounted cash flow	Constant prepayment speed	6.3% - 13.4%		11.0	%
				Uncollected Payments	2.3% - 5.9%		5.3	%
				Discount rate	—		11.4	%

TOTAL	$	96,022	Discounted cash flow

Fair Value Measurements

At December 31, 2013


	Fair Value (A)		Valuation Technique	Unobservable Input (B)	Range	Weighted 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%		18.0	%
				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)

Repurchase Agreements (Tables)

9 Months Ended

Sep. 30, 2014

Banking and Thrift [Abstract]

Remaining Maturities and Weighted Average Rates

At September 30, 2014, the repurchase agreements had the following remaining maturities and weighted average rates (dollars in thousands):


	Repurchase Agreements		Weighted Average Rate
Less than one month	$	112,650		0.34	%
One to three months		128,128		0.37	%
Greater than three months		88,461		0.38	%

Total/Weighted Average	$	329,239		0.36	%

At December 31, 2013, the repurchase agreements had the following remaining maturities and weighted average rates (dollars in thousands):


	Repurchase Agreements		Weighted Average Rate
Less than one month	$	134,001		0.39	%
One to three months		127,301		0.40	%
Greater than three months		—		—

Total/Weighted Average	$	261,302		0.39	%

Organization and Operations - Additional Information (Detail) - USD ($)			1 Months Ended	9 Months Ended	12 Months Ended
	Oct. 09, 2013	Dec. 04, 2012	Oct. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Dec. 31, 2012
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
Common stock issued through initial public offering and concurrent private placement, price per share	$ 20.00
Net proceeds from IPO and concurrent private placement	$ 148,100,000			$ 143,000	$ 148,153,000
Date of conducting IPO and concurrent private placement of common stock				Oct. 09, 2013
Amount of repurchased shares					$ 1,000
IPO [Member]
Organization And Basis Of Presentation [Line Items]
Common stock issued, shares	6,500,000
Private Placement [Member]
Organization And Basis Of Presentation [Line Items]
Common stock issued, shares	1,000,000
Stanley Middleman [Member]
Organization And Basis Of Presentation [Line Items]
Common stock issued, shares		1,000
Initial capital contribution by sole stockholder to the company		$ 1,000
Amount of repurchased shares	$ 1,000

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 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	$ 3,753,000	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	0.375%
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	$ 1,200,000	900,000
Excess Mortgage Servicing Rights Income Identified as Receivable [Member]
Significant Accounting Policies [Line Items]
Income receivable	$ 2,500,000	$ 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 Significant Accounting Policies - Summary of Gains and Losses on Sale of RMBS and Derivatives (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Accounting Policies [Abstract]
Gain on RMBS	$ 64		$ 139
Loss on RMBS	(16)		(365)
Net realized gain (loss) on RMBS	48		(226)
Realized gain (loss) on derivatives, net	(1,025)		(1,284)
Unrealized gain (loss) on derivatives, net	2,025		(4,123)
Total	$ 1,048		$ (5,633)

- Definition

This item represents the net total realized and unrealized gain (loss) included in earnings for the period as a result of selling or holding marketable securities categorized as trading, available-for-sale, or held-to-maturity, including the unrealized holding gain (loss) of held-to-maturity securities transferred to the trading security category and the cumulative unrealized gain (loss) which was included in other comprehensive income (a separate component of shareholders' equity) for available-for-sale securities transferred to trading securities during the period. Additionally, this item would include any gains (losses) realized during the period from the sale of investments accounted for under the cost method of accounting and losses recognized for other than temporary impairments (OTTI) of the subject investments.

+ References + Details

Basis of Presentation and Significant Accounting Policies - Changes of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Accounting Policies [Abstract]
Accumulated other comprehensive gain (loss), Beginning balance	$ 3,917	$ (5,033)
Net unrealized gain (loss) on RMBS	(1,970)	6,980
Accumulated other comprehensive gain (loss), Ending balance	$ 1,947	$ 1,947

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Segment Reporting - Summary of Financial Data on CHMI's Segments with Reconciliation (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Segment Reporting Information [Line Items]
Interest income	$ 6,244		$ 18,392
Interest expense	1,164		3,117
Net interest income	5,080		15,275
Other income	(1,002)		(8,661)
Other operating expenses	1,264	$ 36	3,721	$ 107
Net income (loss)	2,814	(36)	2,893	(107)
Investments	471,644		471,644		$ 397,285
Other assets	24,019		24,019		30,113
Total Assets	495,663		495,663		427,398
Debt	329,239		329,239		261,302
Other liabilities	6,551		6,551		4,974
Total Liabilities	335,790		335,790		266,276
GAAP book value	159,873		159,873		161,122
Excess MSRs [Member]
Segment Reporting Information [Line Items]
Interest income	3,477		10,791
Net interest income	3,477		10,791
Other income	(2,050)		(3,028)
Net income (loss)	1,427		7,763
Investments	96,022		96,022		110,306
Other assets	2,522		2,522		2,828
Total Assets	98,544		98,544		113,134
GAAP book value	98,544		98,544		113,134
RMBS [Member]
Segment Reporting Information [Line Items]
Interest income	2,767		7,601
Interest expense	1,164		3,117
Net interest income	1,603		4,484
Other income	1,048		(5,633)
Net income (loss)	2,651		(1,149)
Investments	375,622		375,622		286,979
Other assets	7,969		7,969		16,494
Total Assets	383,591		383,591		303,473
Debt	329,239		329,239		261,302
Other liabilities	1,987		1,987		690
Total Liabilities	331,226		331,226		261,992
GAAP book value	52,365		52,365		41,481
Other Segments [Member]
Segment Reporting Information [Line Items]
Other operating expenses	1,264	36	3,721	107
Net income (loss)	(1,264)	$ (36)	(3,721)	$ (107)
Other assets	13,528		13,528		10,791
Total Assets	13,528		13,528		10,791
Other liabilities	4,564		4,564		4,284
Total Liabilities	4,564		4,564		4,284
GAAP book value	$ 8,964		$ 8,964		$ 6,507

Investments in RMBS - Summary of Company's RMBS Investments (Detail) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2014 USD ($) Security	Dec. 31, 2013 USD ($) Security
Schedule of Available-for-sale Securities [Line Items]
Original Face Value	$ 406,335
Quantity		$ 282,446
Book Value	373,676	292,012
Gross Unrealized Gains	2,244
Gross Unrealized Losses	(298)	(5,033)
Carrying Value	$ 375,622	$ 286,979
Number of Securities \| Security	47	29
Weighted Average Coupon	3.84%	3.77%
Weighted Average Yield	3.46%	3.46%
Weighted Average Maturity (Years)	23 years	24 years
CMOs [Member]
Schedule of Available-for-sale Securities [Line Items]
Original Face Value	$ 35,610
Book Value	5,642
Gross Unrealized Gains	40
Carrying Value	$ 5,682
Number of Securities \| Security	3
Weighted Average Rating	Unrated
Weighted Average Coupon	4.04%
Weighted Average Yield	14.80%
Weighted Average Maturity (Years)	16 years
RMBS [Member] \| Fannie Mae [Member]
Schedule of Available-for-sale Securities [Line Items]
Original Face Value	$ 231,843
Quantity		$ 173,015
Book Value	232,249	179,556
Gross Unrealized Gains	1,600
Gross Unrealized Losses	(167)	(2,800)
Carrying Value	$ 233,682	$ 176,756
Number of Securities \| Security	28	18
Weighted Average Rating	(B)	(B)
Weighted Average Coupon	3.91%	3.86%
Weighted Average Yield	3.38%	3.61%
Weighted Average Maturity (Years)	23 years	25 years
RMBS [Member] \| Freddie Mac [Member]
Schedule of Available-for-sale Securities [Line Items]
Original Face Value	$ 138,882
Quantity		$ 109,431
Book Value	135,785	112,456
Gross Unrealized Gains	604
Gross Unrealized Losses	(131)	(2,233)
Carrying Value	$ 136,258	$ 110,223
Number of Securities \| Security	16	11
Weighted Average Rating	(B)	(B)
Weighted Average Coupon	3.69%	3.62%
Weighted Average Yield	3.14%	3.22%
Weighted Average Maturity (Years)	23 years	24 years

Investments in RMBS - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Collateral for repurchase agreements	$ 329,239	$ 261,302
RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Collateral for repurchase agreements	$ 345,300	$ 271,800

Investments in RMBS - Summary of Company's RMBS in an Unrealized Loss Position (Detail) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2014 USD ($) Security	Dec. 31, 2013 USD ($) Security
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Original Face Value	$ 406,335
Book Value	373,676	$ 292,012
Gross Unrealized Losses	(298)	(5,033)
Carrying Value	$ 375,622	$ 286,979
Number of Securities \| Security	47	29
Weighted Average Coupon	3.84%	3.77%
Weighted Average Yield	3.46%	3.46%
Weighted Average Maturity (Years)	23 years	24 years
Unrealized Loss Positions [Member]
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Original Face Value	$ 86,459	$ 282,446
Book Value	88,078	292,012
Gross Unrealized Losses	(298)	(5,033)
Carrying Value	$ 87,780	$ 286,979
Number of Securities \| Security	13	29
Weighted Average Coupon	3.76%	3.77%
Weighted Average Yield	2.30%	3.46%
Weighted Average Maturity (Years)	23 years	24 years
Less than Twelve Months [Member] \| Unrealized Loss Positions [Member]
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Original Face Value	$ 86,459	$ 282,446
Book Value	88,078	292,012
Gross Unrealized Losses	(298)	(5,033)
Carrying Value	$ 87,780	$ 286,979
Number of Securities \| Security	13	29
Weighted Average Rating	(B )	(B )
Weighted Average Coupon	3.76%	3.77%
Weighted Average Yield	2.30%	3.46%
Weighted Average Maturity (Years)	23 years	24 years

Investments in Excess MSRs - Additional Information (Detail) - USD ($)				1 Months Ended	9 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Feb. 28, 2014	Oct. 31, 2013	Sep. 30, 2014	Dec. 31, 2013
Investment In Excess Mortgage Servicing Rights [Line Items]
Mortgage loans with an outstanding principal balance					$ 18,116,478,000	$ 20,049,929,000
Excess mortgage servicing amount, in basis points					3.16%	3.07%
Excess MSR Pool 1 [Member]
Investment In Excess Mortgage Servicing Rights [Line Items]
Mortgage loans with an outstanding principal balance				$ 10,000,000,000	$ 9,033,778,000	$ 9,823,250,000
Weighted average mortgage servicing amount on unpaid balance, in basis points				0.28%
Contractual amount for performing servicing functions, in basis points				0.08%
Excess mortgage servicing amount, in basis points				0.20%	3.51%	3.51%
Excess mortgage servicing amount					85.00%
Refinancings of loans in MSR Pool l					$ 60,600,000
Percentage of freedom to co-invest in excess MSRs, pari passu					15.00%
Entitled to a pro rata share					85.00%
Excess MSR Pool 2 [Member]
Investment In Excess Mortgage Servicing Rights [Line Items]
Mortgage loans with an outstanding principal balance				$ 10,700,000,000	$ 8,764,331,000	$ 10,226,679,000
Weighted average mortgage servicing amount on unpaid balance, in basis points				0.44%
Contractual amount for performing servicing functions, in basis points				0.10%
Excess mortgage servicing amount, in basis points				0.34%	2.79%	2.64%
Excess mortgage servicing amount					50.00%
Refinancings of loans in MSR Pool l					$ 38,400,000
Percentage of freedom to co-invest in excess MSRs, pari passu					50.00%
Entitled to a pro rata share					50.00%
Excess MSR On Flow Basis [Member] \| Minimum [Member]
Investment In Excess Mortgage Servicing Rights [Line Items]
Participation interest, percentage				65.00%
Excess MSR On Flow Basis [Member] \| Maximum [Member]
Investment In Excess Mortgage Servicing Rights [Line Items]
Participation interest, percentage				85.00%
Excess Mortgage Service Right [Member] \| Minimum [Member]
Investment In Excess Mortgage Servicing Rights [Line Items]
Participation interest, percentage				40.00%
Excess Mortgage Service Right [Member] \| Maximum [Member]
Investment In Excess Mortgage Servicing Rights [Line Items]
Participation interest, percentage				85.00%
Freedom Mortgage Excess Service Right [Member]
Investment In Excess Mortgage Servicing Rights [Line Items]
Aggregate unpaid principal balance	$ 98,100,000	$ 159,800,000	$ 76,800,000
Excess mortgage servicing acquired, percentage	85.00%	71.00%	85.00%
Excess mortgage servicing acquired, amount	$ 661,000	$ 946,000	$ 567,000

Investments in Excess MSRs - Summary of Company's Excess MSRs (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 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	$ 18,116,478	$ 20,049,929
Securities in an Unrealized Loss Position, Amortized Cost Basis	83,401	94,657
Securities in an Unrealized Loss Position, Carrying Value	$ 96,022	$ 110,306
Securities in an Unrealized Loss Position, Weighted Average Coupon	3.16%	3.07%
Securities in an Unrealized Loss Position, Weighted Average Maturity (Years)	27 years 7 months 6 days	28 years 1 month 6 days
Securities in an Unrealized Loss Position, Changes in Fair Value Recorded in Other Income (Loss)	$ (3,028)	$ 15,647
Excess MSR Pool 1 [Member]
Investment In Excess Mortgage Servicing Rights [Line Items]
Securities in an Unrealized Loss Position, Unpaid Principal Balance	9,033,778	9,823,250	$ 10,000,000
Securities in an Unrealized Loss Position, Amortized Cost Basis	49,707	55,793
Securities in an Unrealized Loss Position, Carrying Value	$ 57,416	$ 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 2 months 12 days	27 years 10 months 24 days
Securities in an Unrealized Loss Position, Changes in Fair Value Recorded in Other Income (Loss)	$ (1,626)	$ 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	339	982
Securities in an Unrealized Loss Position, Changes in Fair Value Recorded in Other Income (Loss)	(643)	(1,918)
Excess MSR Pool 2 [Member]
Investment In Excess Mortgage Servicing Rights [Line Items]
Securities in an Unrealized Loss Position, Unpaid Principal Balance	8,764,331	10,226,679	$ 10,700,000
Securities in an Unrealized Loss Position, Amortized Cost Basis	26,164	33,410
Securities in an Unrealized Loss Position, Carrying Value	$ 34,959	$ 41,050
Securities in an Unrealized Loss Position, Weighted Average Coupon	2.79%	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)	$ 1,155	$ 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	1,417	3,146
Securities in an Unrealized Loss Position, Changes in Fair Value Recorded in Other Income (Loss)	(1,729)	$ 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	318,369
Securities in an Unrealized Loss Position, Amortized Cost Basis	2,076
Securities in an Unrealized Loss Position, Carrying Value	$ 1,891
Securities in an Unrealized Loss Position, Weighted Average Coupon	3.72%
Securities in an Unrealized Loss Position, Weighted Average Maturity (Years)	28 years 8 months 12 days
Securities in an Unrealized Loss Position, Changes in Fair Value Recorded in Other Income (Loss)	$ (185)

Investments in Excess MSRs - Summary of Geographic Distribution of Underlying Residential Mortgage Loans of Excess MSRs (Detail)	Sep. 30, 2014	Dec. 31, 2013
California [Member]
Investment In Excess Mortgage Servicing Rights [Line Items]
State Concentration	13.70%	14.40%
Texas [Member]
Investment In Excess Mortgage Servicing Rights [Line Items]
State Concentration	10.10%	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 - Information about Company's 2013 Plan (Detail) - 2013 Equity Incentive Plan [Member]	Sep. 30, 2014 shares
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 - Equity Incentive Plan - Additional Information (Detail)				9 Months Ended		12 Months Ended
	Sep. 30, 2014 USD ($) shares	Jun. 10, 2014 USD ($) Individual $ / shares shares	Jan. 27, 2014 shares	Sep. 30, 2014 USD ($) shares	Sep. 30, 2013 USD ($)	Dec. 31, 2013 USD ($) $ / shares shares
Long Term Incentive Plan Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate grant date fair value		31,350				37,500
Number of anniversaries years of the grant date		3 years				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 \| $ / shares		$ 19.33				$ 20.00
Number of individuals granted units under the plan \| Individual		10
LTIP-OP unit vested	7,500
Share-based compensation expense recognized \| $				$ 220,000	$ 0
Share-based compensation expense related to non-vested	61,350			61,350
Unrecognized share-based compensation expense \| $	$ 900,000			$ 900,000
Period of unrecognized share-based compensation expense expected to vest				3 years
Long Term Incentive Plan Units [Member] \| Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate grant date fair value						7,500
Long Term Incentive Plan Units [Member] \| Executive Officers [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate grant date fair value						30,000
2013 Plan [Member] \| Long Term Incentive Plan Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share equivalent to unit awarded				1
Shares of common stock remain available for future issuance	1,421,607			1,421,607
2013 Equity Incentive Plan [Member] \| Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate grant date fair value			1,590
2013 Equity Incentive Plan [Member] \| Common Stock [Member] \| Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate grant date fair value			530
2013 Equity Incentive Plan [Member] \| Restricted Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate grant date fair value			7,953
Forfeiture period of restricted shares				1 year
2013 Equity Incentive Plan [Member] \| Restricted Common Stock [Member] \| Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate grant date fair value			2,651

Equity and Earnings per Share - Non-Controlling Interests in Operating Partnership - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2014 shares
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 - Schedule of Basic and Diluted Earnings per Share of Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Numerator:
Net income attributable to common stockholders and participating securities for basic earnings per share	$ 2,788	$ (36)	$ 2,866	$ (107)
Net income allocable to common stockholders	$ 2,788	$ (36)	$ 2,866	$ (107)
Denominator:
Weighted average common shares outstanding	7,506,560	1,000	7,504,546	1,000
Weighted average diluted shares outstanding	7,509,543	1,000	7,508,589	1,000
Basic and Dilutive:
Basic earnings per share	$ 0.37	$ (36.00)	$ 0.38	$ (107.00)
Diluted earnings per share	$ 0.37	$ (36.00)	$ 0.38	$ (107.00)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

Equity and Earnings per Share - Common Stock Offerings - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	9 Months Ended
	Oct. 09, 2013	Oct. 31, 2013	Sep. 30, 2014	Sep. 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		$ 20.00
Net proceeds of share amount		$ 148,100	$ 143

Transactions with Affiliates and Affiliated Entities - Additional Information (Detail)	9 Months Ended
	Sep. 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 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.
Percentage of annual management fee paid equal to gross equity	1.50%

Transactions with Affiliates and Affiliated Entities - Reimbursement of Expenses Incurred (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Management fees	$ 390	$ 1,598
Expense reimbursement	130	280
Total	$ 520	$ 1,878

Derivative Instruments - Summary of Outstanding Notional Amounts of Derivative Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Interest Rate Swaps [Member]
Derivative [Line Items]
Total notional amount	$ 210,350	$ 171,700
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Total notional amount	325,350	301,500
Not Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member]
Derivative [Line Items]
Total notional amount	210,350	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		$ 4,800

Derivative Instruments - Summary of Information about Company's Interest Rate Swap Agreements (Detail) - Interest Rate Swaps [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Derivative [Line Items]
Weighted Average Maturity	2020	2020
Notional Amount	$ 210,350	$ 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 7 months 6 days	6 years 8 months 12 days

Derivative Instruments - Summary of Assets and Liabilities Subject to Master Netting Arrangements or Similar Agreements (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets	$ 481	$ 4,613
Gross Amounts Offset in the Consolidated Balance Sheet
Net Amounts of Assets Presented in the Consolidated Balance Sheet	481	4,613
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	(481)	(4,613)
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received
Net Amount
Gross Amounts of Recognized Assets	331,043	261,894
Gross Amounts Offset in the Consolidated Balance Sheet
Net Amounts of Assets Presented in the Consolidated Balance Sheet	1,804	592
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	(324,744)	(258,150)
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received (Pledged)	(6,299)	(3,744)
Net Amount
Repurchase Agreements [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets	329,239	261,302
Gross Amounts Offset in the Consolidated Balance Sheet
Net Amounts of Assets Presented in the Consolidated Balance Sheet	329,239	261,302
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	(325,652)	(257,558)
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received (Pledged)	(3,587)	(3,744)
Net Amount
Interest Rate Swaps [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets		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
Gross Amounts of Recognized Assets	1,783	592
Gross Amounts Offset in the Consolidated Balance Sheet
Net Amounts of Assets Presented in the Consolidated Balance Sheet	1,783	592
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	929	(592)
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received (Pledged)	(2,712)
Net Amount
Interest Rate Swaptions [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets	481	2,082
Gross Amounts Offset in the Consolidated Balance Sheet
Net Amounts of Assets Presented in the Consolidated Balance Sheet	481	2,082
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	(481)	(2,082)
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received
Net Amount
Gross Amounts of Recognized Assets
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
TBAs [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets
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
Net Amount
Gross Amounts of Recognized Assets	21
Gross Amounts Offset in the Consolidated Balance Sheet
Net Amounts of Assets Presented in the Consolidated Balance Sheet	21
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	(21)
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received (Pledged)
Net Amount

Derivative Instruments - Summary of Realized Gain (Loss) Related to Derivatives (Detail) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) on derivatives	$ (1,025)	$ 0	$ (1,284)	$ 0
Realized Gain/(Loss) on Derivative Assets [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) on derivatives	$ (1,025)	$ 0	$ (1,284)	$ 0

Fair Value - Additional Information (Detail)	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Inputs, Level 2 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [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]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of MSR classified as fair value assets	100.00%	100.00%
Fair Value, Inputs, Level 2 [Member] \| TBAs [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of MSR classified as fair value assets	100.00%	100.00%
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of MSR classified as fair value assets	100.00%	100.00%

Fair Value - Company's Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Assets
Total Assets	$ 495,663	$ 427,398
Liabilities
Total Liabilities	335,790	266,276
Fair Value, Measurements, Recurring [Member]
Assets
Total Assets	472,125	401,898
Liabilities
Total Liabilities	1,804	592
Fair Value, Measurements, Recurring [Member] \| Fannie Mae [Member]
Assets
Total Assets	233,682	176,756
Fair Value, Measurements, Recurring [Member] \| Freddie Mac [Member]
Assets
Total Assets	136,258	110,223
Fair Value, Measurements, Recurring [Member] \| CMOs [Member]
Assets
Total Assets	5,682
Fair Value, Measurements, Recurring [Member] \| RMBS [Member]
Assets
Total Assets	375,622	286,979
Fair Value, Measurements, Recurring [Member] \| Derivative Assets [Member]
Assets
Total Assets	481	4,613
Fair Value, Measurements, Recurring [Member] \| Excess Mortgage Servicing Right [Member]
Assets
Total Assets	96,022	110,306
Fair Value, Measurements, Recurring [Member] \| Derivative Liabilities [Member]
Liabilities
Total Liabilities	1,804	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	1,783	592
Fair Value, Measurements, Recurring [Member] \| Interest Rate Swaptions [Member] \| Derivative Assets [Member]
Assets
Total Assets	481	2,082
Fair Value, Measurements, Recurring [Member] \| TBAs [Member] \| Derivative Assets [Member]
Assets
Total Assets	0
Fair Value, Measurements, Recurring [Member] \| TBAs [Member] \| Derivative Liabilities [Member]
Liabilities
Total Liabilities	21
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] \| CMOs [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] \| 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	376,103	291,592
Liabilities
Total Liabilities	1,804	592
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Fannie Mae [Member]
Assets
Total Assets	233,682	176,756
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Freddie Mac [Member]
Assets
Total Assets	136,258	110,223
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| CMOs [Member]
Assets
Total Assets	5,682
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| RMBS [Member]
Assets
Total Assets	375,622	286,979
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Derivative Assets [Member]
Assets
Total Assets	481	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	1,804	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	1,783	592
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Interest Rate Swaptions [Member] \| Derivative Assets [Member]
Assets
Total Assets	481	2,082
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| TBAs [Member] \| Derivative Assets [Member]
Assets
Total Assets	0
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| TBAs [Member] \| Derivative Liabilities [Member]
Liabilities
Total Liabilities	21
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Assets
Total Assets	96,022	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] \| CMOs [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] \| 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	96,022	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 - Company's Level 3 Assets (Excess MSRs) Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 110,306
Unrealized gain included in Net Income	(3,028)
Purchases and principal paydowns
Purchases	2,181
Ending balance	96,022		$ 110,306
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	110,306
Unrealized gain included in Net Income	(3,028)		15,647
Purchases and principal paydowns
Purchases	2,181		98,968
Proceeds from principal paydowns	(13,437)		(4,309)
Ending balance	96,022		110,306
Excess MSR Pool 1 [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	66,110
Unrealized gain included in Net Income	(2,269)		7,417
Purchases and principal paydowns
Purchases			60,561
Proceeds from principal paydowns	(6,086)		(1,868)
Ending balance	57,755		66,110
Excess MSR Pool 2 [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	44,196
Unrealized gain included in Net Income	(574)		8,230
Purchases and principal paydowns
Purchases			38,407
Proceeds from principal paydowns	(7,246)		(2,441)
Ending balance	36,376		$ 44,196
Excess Mortgage Service Rights Pool 2014 [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unrealized gain included in Net Income	(185)
Purchases and principal paydowns
Purchases	2,181
Proceeds from principal paydowns	(105)
Ending balance	$ 1,891

Fair Value - Significant Unobservable Inputs Used in Fair Value Measurement (Detail) - Discounted Cash Flow [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 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	6.30%
Uncollected Payments	2.80%
Minimum [Member] \| Excess Mortgage Service Right Pool Two [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant prepayment speed	12.20%
Uncollected Payments	5.10%
Minimum [Member] \| Excess Mortgage Service Rights Pool 2014 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant prepayment speed	6.30%
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	23.40%
Uncollected Payments	11.30%
Maximum [Member] \| Excess Mortgage Service Rights Pool 2014 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant prepayment speed	13.40%
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	9.40%
Uncollected Payments	6.30%
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	18.00%
Uncollected Payments	9.70%
Discount rate	17.60%
Weighted Average [Member] \| Excess Mortgage Service Rights Pool 2014 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant prepayment speed	11.00%
Uncollected Payments	5.30%
Discount rate	11.40%
Fair Value, Inputs, Level 3 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 96,022	$ 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	$ 57,755	$ 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	$ 36,376	$ 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	$ 1,891
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 - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
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
Fannie Mae [Member]
Contingencies And Commitments [Line Items]
Securities obliged to purchased	0	$ 35,900,000
Securities obliged to sell	$ 0	$ 30,300,000

Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Brokers and Dealers [Abstract]
Repurchase agreements outstanding	$ 329.2	$ 261.3
Weighted average borrowing rates	0.36%	0.36%
Interest rate swaps percentage	0.39%	0.39%
Weighted average of remaining maturities days	61 days	29 days

Repurchase Agreements - Remaining Maturities and Weighted Average Rates (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Brokers and Dealers [Abstract]
Less than one month, Repurchase Agreements	$ 112,650	$ 134,001
One to three months, Repurchase Agreements	128,128	127,301
Greater than three months, Repurchase Agreements	88,461	0
Total Repurchase Agreements	$ 329,239	$ 261,302
Less than one month, Weighted Average Rate	0.34%	0.39%
One to three months, Weighted Average Rate	0.37%	0.40%
Greater than three months, Weighted Average Rate	0.38%
Weighted Average Rate	0.36%	0.39%

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

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member]	Nov. 07, 2014 States
Subsequent Event [Line Items]
Number of states applied for and obtained licenses	15
Number of states applied for and obtained residential mortgage loans and MSRs	17