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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Aug. 10, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
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	Accelerated Filer
Entity Common Stock, Shares Outstanding		7,509,543

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
RMBS, available-for-sale	$ 433,042	$ 416,003
Investments in Servicing Related Assets at fair value	92,566	91,322
Cash and cash equivalents	15,105	12,447
Restricted cash	11,084	6,947
Derivative assets	325	342
Receivables from unsettled trades	4,977	309
Receivables and other assets	6,897	4,556
Total Assets	563,996	531,926
Liabilities
Repurchase agreements	384,386	362,126
Derivative liabilities	3,831	4,088
Notes payable	10,700
Dividends payable	3,680	3,830
Due to affiliates	867	769
Accrued expenses and other liabilities	2,398	795
Total Liabilities	405,862	371,608
Stockholders' Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding as of June 30, 2015 and December 31, 2014
Common stock, $0.01 par value, 500,000,000 shares authorized, 7,509,543 shares issued and outstanding as of June 30, 2015 and December 31, 2014	75	75
Additional paid-in capital	148,258	148,258
Retained earnings (deficit)	6,081	4,799
Accumulated other comprehensive income	2,960	6,641
Total CHMI Stockholders' Equity	157,374	159,773
Non-controlling interests in operating partnership	760	545
Total Stockholders' Equity	158,134	160,318
Total Liabilities and Stockholders' Equity	$ 563,996	$ 531,926

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
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	7,509,543
Common stock, shares outstanding	7,509,543	7,509,543

Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Interest income	$ 6,199	$ 6,137	$ 12,671	$ 12,148
Interest expense	1,346	1,006	2,581	1,953
Net interest income	4,853	5,131	10,090	10,195
Servicing fee income	156		156
Servicing costs	94		94
Amortization of MSRs	60		60
Net servicing income	2		2
Other income (loss)
Realized gain (loss) on RMBS, net	(115)	75	192	(274)
Realized gain (loss) on derivatives, net	(52)	(187)	(1,294)	(259)
Realized gain (loss) on acquired assets, net	174		174
Unrealized gain (loss) on derivatives, net	2,835	(2,705)	293	(6,148)
Unrealized gain (loss) on investments in Excess MSRs	4,827	(1,648)	2,065	(978)
Unrealized gain (loss) on investments in MSRs	38		38
Total Income	12,562	666	11,560	2,536
Expenses
General and administrative expense	634	641	1,355	1,094
Management fee to affiliate	690	679	1,380	1,358
Total Expenses	1,324	1,320	2,735	2,452
Income (Loss) Before Income Taxes	11,238	(654)	8,825	84
Provision for corporate business taxes	(70)	1	(49)	5
Net Income (Loss)	11,308	(655)	8,874	79
Net (income) loss allocated to noncontrolling interests	(103)	3	(81)	(1)
Net Income (Loss) Applicable to Common Stockholders	$ 11,205	$ (652)	$ 8,793	$ 78
Net income (Loss) Per Share of Common Stock
Basic	$ 1.49	$ (0.09)	$ 1.17	$ 0.01
Diluted	$ 1.49	$ (0.09)	$ 1.17	$ 0.01
Weighted Average Number of Shares of Common Stock Outstanding
Basic	7,509,543	7,504,572	7,509,543	7,503,538
Diluted	7,509,543	7,509,543	7,509,543	7,508,112

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 11,308	$ (655)	$ 8,874	$ 79
Other comprehensive income (loss):
Net unrealized gain (loss) on RMBS	(6,280)	5,670	(3,489)	8,676
Reclassification of net realized (gain) loss on RMBS in earnings	115	(75)	(192)	274
Other comprehensive income (loss)	(6,165)	5,595	(3,681)	8,950
Comprehensive income (loss)	5,143	4,940	5,193	9,029
Comprehensive income (loss) attributable to noncontrolling interests	47	62	48	83
Comprehensive income (loss) attributable to common stockholders	$ 5,096	$ 4,878	$ 5,145	$ 8,946

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, 2013	$ 161,122	$ 75	$ 148,078	$ (5,033)	$ 17,695	$ 307
Beginning Balance, Shares at Dec. 31, 2013		7,500,000
Issuance of common stock	105		105
Issuance of common stock, Shares		9,543
Net income	79				78	1
Other comprehensive income	8,950			8,950
LTIP-OP Unit awards	117					117
Distribution paid on LTIP-OP Units	(34)					(34)
Common dividends declared, $1.01 per share	(7,585)				(7,585)
Ending Balance at Jun. 30, 2014	162,754	$ 75	148,183	3,917	10,188	391
Ending Balance, Shares at Jun. 30, 2014		7,509,543
Beginning Balance at Dec. 31, 2014	$ 160,318	$ 75	148,258	6,641	4,799	545
Beginning Balance, Shares at Dec. 31, 2014	7,509,543	7,509,543
Net income	$ 8,874				8,793	81
Other comprehensive income	(3,681)			(3,681)
LTIP-OP Unit awards	204					204
Distribution paid on LTIP-OP Units	(70)					(70)
Common dividends declared, $1.01 per share	(7,511)				(7,511)
Ending Balance at Jun. 30, 2015	$ 158,134	$ 75	$ 148,258	$ 2,960	$ 6,081	$ 760
Ending Balance, Shares at Jun. 30, 2015	7,509,543	7,509,543

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement of Stockholders' Equity [Abstract]
Common stock dividends per share declared	$ 1.01	$ 1.01

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows From Operating Activities
Net income (loss)	$ 8,874	$ 79
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in fair value of investments in Servicing Related Assets	(2,103)	978
Accretion of premium and other amortization	1,518	817
Amortization of MSRs	60
Realized gain on bargain purchase	(174)
Realized (gain) loss on RMBS, net	(192)	274
Unrealized (gain) loss on derivatives, net	(293)	6,148
Realized (gain) loss on derivatives, net	1,294	259
LTIP-OP Unit awards	204	117
Changes in:
Receivables from unsettled trades	(4,668)	7,239
Receivables and other assets	915	338
Due to affiliate	98	193
Accrued expenses and other liabilities	(740)	29
Net cash provided by (used in) operating activities	4,793	16,471
Cash Flows From Investing Activities
Purchase of RMBS	(100,752)	(65,055)
Acquisition of Excess MSRs		(2,181)
Aurora acquisition, net of cash received	(3,839)
Proceeds from sale of RMBS	59,127	12,645
Purchase of derivatives	(1,449)	(361)
Sale of derivatives	206	16
Principal paydown of Excess MSRs	7,867	9,087
Principal paydown of RMBS	19,575	9,456
Net cash provided by (used in) investing activities	(19,265)	(36,393)
Cash Flows From Financing Activities
Repayments of repurchase agreements	(739,365)	(875,465)
Changes in restricted cash	(4,137)	(1,387)
Borrowings under repurchase agreements	761,630	907,910
Proceeds from bank loans	6,732
Issuance of common stock, net of offering costs		105
LTIP-OP Units distributions paid	(70)	(35)
Dividends paid	(7,660)	(7,129)
Net cash provided by (used in) financing activities	17,130	23,999
Net Increase (Decrease) in Cash and Cash Equivalents	2,658	4,077
Cash and Cash Equivalents, Beginning of Period	12,447	10,375
Cash and Cash Equivalents, End of Period	15,105	14,452
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest expense	2,325	1,782
Dividends declared but not paid	$ 3,680	$ 3,830

Organization and Operations	6 Months Ended
Organization and Operations	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Note 1 — Organization and Operations Cherry Hill Mortgage Investment Corporation (together with its consolidated subsidiaries, the “Company”) was organized in the state of Maryland on October 31, 2012 to invest in residential mortgage assets in the United States. Under the Company’s charter, at December 31, 2012, the Company was authorized to issue 1,000 shares of common stock. On June 6, 2013, the Company amended and restated its charter and increased its authorized capitalization. Accordingly, at June 30, 2015 and December 31, 2014, the Company was authorized to issue up to 500,000,000 shares of common stock and 100,000,000 shares of preferred stock, each with a par value of $0.01 per share. The Company commenced operations on or about October 9, 2013. 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. (“CHMI Solutions”) (formerly, CHMI Solutions, LLC) and Aurora Financial Group, Inc., (“Aurora”). On October 9, 2013, the Company completed an initial public offering (the “IPO”) of 6,500,000 shares of common stock and a concurrent private placement of 1,000,000 shares of common stock. The IPO and concurrent private placement resulted in the sale of 7,500,000 shares of common stock, at a price per share of $20.00. The net proceeds to the Company from the IPO and the concurrent private placement were approximately $148.1 million, after deducting offering-related expenses payable by the Company. The Company did not conduct any activity prior to the IPO and the concurrent private placement. Substantially all of the net proceeds from the IPO and the concurrent private placement were used to invest in excess mortgage servicing rights on residential mortgage loans (“Excess MSRs”) and residential mortgage-backed securities (“RMBS” or “securities”), the payment of principal and interest on which is guaranteed by a U.S. government agency or a U.S. government sponsored enterprise (“Agency RMBS”). Prior to the IPO, the Company was a development stage company that had not commenced operations other than the organization of the Company. The Company completed the IPO and concurrent private placement on October 9, 2013, at which time the Company commenced operations. Prior to the IPO, the sole stockholder of the Company was Stanley Middleman. On December 4, 2012, Mr. Middleman made a $1,000 initial capital contribution to the Company in exchange for 1,000 shares of common stock, and, on October 9, 2013, the Company repurchased these shares from Mr. Middleman for $1,000. The Company is party to a management agreement (the “Management Agreement”) with Cherry Hill Mortgage Management, LLC (the “Manager”), a Delaware limited liability company which is controlled by Mr. Middleman. For a further discussion of the Management Agreement, see Note 7. The Company was taxed for U.S. federal income tax purposes as a Subchapter C corporation for the two month period from October 31, 2012 (date of inception) to December 31, 2012. On February 13, 2013, the Company elected to be taxed for U.S. federal income tax purposes as a Subchapter S corporation effective January 1, 2013, and, as such, all federal tax liabilities were the responsibility of the sole stockholder. In anticipation of the IPO, the Company elected to revoke its Subchapter S election on October 2, 2013. 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 short tax 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

6 Months Ended

Jun. 30, 2015

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. 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 Excess MSRs and MSRs (collectively, “Servicing Related Assets”), RMBS, 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: credit and market. Credit risk is the risk of default on the Company’s investments in RMBS, Servicing Related Assets and derivatives that results from a borrower’s or derivative counterparty’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments in RMBS, Servicing Related Assets and derivatives due to changes in interest rates, spreads or other market factors. The Company is subject to the risks involved with real estate and real estate-related debt instruments. These include, among others, the risks normally associated with changes in the general economic climate, changes in the mortgage market, changes in tax laws, interest rate levels, and the availability of financing.

The Company also is subject to 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 a separate component of accumulated other comprehensive income, 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. 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. Approximately $5.0 million of RMBS was sold but not yet settled in the three and six month periods ended June 30, 2015. All RMBS sold in the year ended December 31, 2014, were settled.

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, consensus on prepayment speeds, and current market conditions. Adjustments are made for actual prepayment activity. Approximately $1.4 million and $1.3 million in interest income was receivable at June 30, 2015 and December 31, 2014, 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 estimated credit loss amount 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. In determining the valuation of Excess MSRs, management used 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 liquidity premium specific to the Excess MSRs and, therefore, may differ from their effective yields. Approximately $2.4 million and $2.7 million in Excess MSR cashflow was receivable at June 30, 2015 and December 31, 2014, respectively, and has been classified within “Receivables and other assets” on the consolidated balance sheet.

Investments in MSRs

Classification – Upon acquisition, the Company elected the fair value option to record its investments in 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 MSRs. Under this election, the Company records a valuation adjustment on its investments in MSRs on a quarterly basis to recognize the changes in fair value in net income as described below. The Company’s MSRs represent the right to service mortgage loans. As an owner and manager of MSRs, the Company may be obligated to fund advances of principal and interest payments due to third-party owners of the loans, but not yet received from the individual borrowers. These advances are reported as servicing advances within the Receivables and other assets line item on the consolidated balance sheets. MSRs are reported at fair value on the consolidated balance sheets. Although transactions in MSRs are observable in the marketplace, the valuation includes unobservable market data inputs (prepayment speeds, delinquency levels, costs to service and discount rates). Changes in the fair value of MSRs as well as servicing fee income and servicing expenses are reported on the consolidated statements of income. In determining the valuation of MSRs, management used 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 – MSRs are aggregated into pools as applicable. Each pool of MSRs is accounted for in the aggregate. Interest income for 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 MSRs and their amortized cost basis is recorded on the income statement as “Unrealized gain (loss) on investments in MSRs.” Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and liquidity premium specific to the MSRs and, therefore, may differ from their effective yields. Approximately $494,000 in reimbursable servicing advances was receivable at June 30, 2015, and has been classified within “Receivables and other assets” on the consolidated balance sheet.

Derivatives and Hedging Activities

Derivative transactions include swaps, swaptions, Treasury futures and “to-be-announced” securities (“TBAs”). Swaps and swaptions are entered into by the Company solely for interest rate risk management purposes. TBAs and treasury futures are used for duration risk and basis risk management purposes. The decision 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 other factors as determined by senior management, including restrictions imposed by the Code on REITs. In determining whether to economically hedge a risk, the Company may consider whether other assets, liabilities, firm commitments and anticipated transactions already offset or reduce the risk. All transactions undertaken as economic hedges are entered into with a view towards minimizing the potential for economic losses that could be incurred by the Company. Generally, derivatives entered into are not intended to qualify as hedges under GAAP, unless specifically stated otherwise.

The Company’s 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. In addition, the potential risk of loss with any one party resulting from this type of credit risk is monitored. Finally, the Company’s interest rate swaps are required to be cleared on an exchange, which further mitigates, but does not eliminate, credit risk. Management does not expect any material losses as a result of default by other parties.

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 may be 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 derivatives 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 (approximately $3.7 million), borrowings under its repurchase agreements (approximately $7.0 million) as well as cash held that relates to the $7.5 million of borrowings on a term loan (“Term Loan”) (approximately $300,000). For further information on the restricted cash as it relates to the Term Loan, see Note 14.

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.

Income Taxes

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 at least 90% of its REIT taxable income to stockholders and does not engage in prohibited transactions.

The Company intends to comply with all requirements to continue to qualify as a REIT. The majority of states also recognize the Company’s REIT status. For the taxable years ended December 31, 2014 and 2013, and for the six-months ended June 30, 2015, the Company qualified to be taxed as a REIT for U.S. federal income tax purposes.

The Company accounts for income taxes in accordance with ASC 740, Income Taxes. ASC 740 requires the recording of deferred income taxes that reflect the net tax effect of temporary differences between the carrying amounts of the Company’s assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, including operating loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in earnings in the period that includes the enactment date. 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. The Company records these liabilities to the extent it deems them more-likely-than-not to be incurred. The Company records interest and penalties related to income taxes within the provision for income taxes in the consolidated statements of income (loss). The Company has not incurred any interest or penalties.

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 June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Realized gain (loss) on RMBS, net
Gain on RMBS	$	16		$	75		$	323		$	75
Loss on RMBS		(131	)		—			(131	)		(349	)

Net realized gain (loss) on RMBS		(115	)		75			192			(274	)
Realized gain (loss) on derivatives, net		(52	)		(187	)		(1,294	)		(259	)
Unrealized gain (loss) on derivatives, net		2,835			(2,705	)		293			(6,148	)

Total	$	2,668		$	(2,817	)	$	(809	)	$	(6,681	)

The gain and loss on RMBS presented above represent the amounts reclassified from other comprehensive income (loss) in earnings.

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 accounting date, which causes an offsetting reduction in retained earnings.

Comprehensive Income

Comprehensive income is defined as the change in equity of a business enterprise during a period resulting from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. For the Company’s purposes, comprehensive income represents net income, as presented in the consolidated statements of income, adjusted for unrealized and realized gains or losses on RMBS, which are designated as available for sale.

Business Combinations

Business combinations are accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. Under the acquisition method the acquiring entity in a business combination recognizes 100 percent of the acquired assets and assumed liabilities, regardless of the percentage owned, at their estimated fair values as the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including other identifiable assets, exceeds the purchase price, a bargain purchase gain is recognized. Assets acquired and liabilities assumed from contingencies must also be recognized at fair value, if the fair value can be determined during the measurement period. Results of operations of an acquired business are included in the consolidated statement of income (loss) from the date of acquisition. Acquisition-related costs, including conversion and restructuring charges, are expensed as incurred. We applied this guidance to the Aurora acquisition.

Recent Accounting Pronouncements

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, 2017. Entities have the option of using either a full retrospective or a modified approach to adopt the guidance in ASU 2014-09. Management is currently evaluating the impact ASU 2014-09 may have on its consolidated financial statements.

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. Adoption of ASU 2014-11 did not have a material impact on the consolidated balance sheet, statement of income (loss), 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 balance sheet, statement of income (loss), 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. Management does not expect the adoption of ASU 2014-15 to have an impact on its consolidated financial statements.

Changes in Presentation

Certain prior period amounts have been reclassified to conform to current period presentation.

Segment Reporting

6 Months Ended

Jun. 30, 2015

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 Servicing Related Assets. “All Other” consists primarily of general and administrative expenses including fees to the directors, and management fees 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):


	Servicing Related Assets			RMBS			All Other			Total
Income Statement
Three Months Ended June 30, 2015
Interest income	$	3,046		$	3,153		$	—		$	6,199
Interest expense		19			1,327			—			1,346

Net interest income		3,027			1,826			—			4,853
Servicing fee income		156			—			—			156
Servicing costs		94			—			—			94
Amortization of MSRs		60			—			—			60

Net servicing income		2			—			—			2
Other income		5,039			2,668			—			7,707
Other operating expenses		—			—			1,324			1,324
(Benefit from) provision for corporate business taxes		(49	)		—			(21	)		(70	)

Net income (loss)	$	8,117		$	4,494		$	(1,303	)	$	11,308
Three Months Ended June 30, 2014
Interest income	$	3,629		$	2,508		$	—		$	6,137
Interest expense		—			1,006			—			1,006

Net interest income		3,629			1,502			—			5,131
Servicing fee income		—			—			—			—
Servicing costs		—			—			—			—
Amortization of MSRs		—			—			—			—

Net servicing income		—			—			—			—
Other income		(1,648	)		(2,817	)		—			(4,465	)
Other operating expenses		—			—			1,320			1,320
(Benefit from) provision for corporate business taxes		5			—			(4	)		1

Net income (loss)	$	1,976		$	(1,315	)	$	(1,316	)	$	(655	)
Six Months Ended June 30, 2015
Interest income	$	6,266		$	6,405		$	—		$	12,671
Interest expense		19			2,562			—			2,581

Net interest income		6,247			3,843			—			10,090
Servicing fee income		156			—			—			156
Servicing costs		94			—			—			94
Amortization of MSRs		60			—			—			60

Net servicing income		2			—			—			2
Other income		2,277			(809	)		—			1,468
Other operating expenses		—			—			2,735			2,735
(Benefit from) provision for corporate business taxes		(49	)		—			—			(49	)

Net income (loss)	$	8,575		$	3,034		$	(2,735	)	$	8,874
Six Months Ended June 30, 2014
Interest income	$	7,314		$	4,834		$	—		$	12,148
Interest expense		—			1,953			—			1,953

Net interest income		7,314			2,881			—			10,195
Servicing fee income		—			—			—			—
Servicing costs		—			—			—			—
Amortization of MSRs		—			—			—			—

Net servicing income		—			—			—			—
Other income		(978	)		(6,681	)		—			(7,659	)
Other operating expenses		—			—			2,452			2,452
(Benefit from) provision for corporate business taxes		5			—			—			5

Net income (loss)	$	6,331		$	(3,800	)	$	(2,452	)	$	79

Balance Sheet
June 30, 2015
Investments	$	92,566		$	433,042		$	—		$	525,608
Other assets		2,566			17,737			18,085			38,388

Total assets		95,132			450,779			18,085			563,996
Debt		7,873			385,386			1,827			395,086
Other liabilities					4,073			6,703			10,776

Total liabilities		7,873			389,459			8,530			405,862
GAAP book value	$	87,259		$	61,320		$	9,555		$	158,134
December 31, 2014
Investments	$	91,322		$	416,003		$	—		$	507,325
Other assets		2,713			8,920			12,968			24,601

Total assets		94,035			424,923			12,968			531,926
Debt		—			362,126			—			362,126
Other liabilities		—			4,319			5,163			9,482

Total liabilities		—			366,445			5,163			371,608
GAAP book value	$	94,035		$	58,478		$	7,805		$	160,318

- 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=51669610&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=51669610&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=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=51669610&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=51669610&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
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=51669610&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=51669610&loc=d3e8906-108599

+ Details

Investments in RMBS

6 Months Ended

Jun. 30, 2015

Real Estate [Abstract]

Investments in RMBS

Note 4 — Investments in RMBS

The following is a summary of the Company’s RMBS investments as of the periods indicated, 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 except for securities that are OTTI. There were no OTTI securities as of June 30, 2015 and December 31, 2014 (dollars in thousands):

Summary of RMBS Assets

As of June 30, 2015


Asset Type	Original Face Value		Book Value		Gross Unrealized					Carrying Value^(A)		Number of Securities		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	$	302,909	$	289,674	$	3,254	$	(829	)	$	292,099		39	(B)		3.82	%		3.19	%		23
Freddie Mac		141,488		131,373		1,300		(362	)		132,311		16	(B)		3.66	%		3.18	%		22
CMOs		27,964		9,035		19		(422	)		8,632		5	Unrated		4.23	%		9.89	%		13

Total/Weighted Average	$	472,361	$	430,082	$	4,573	$	(1,613	)	$	433,042		60			3.78	%		3.32	%		23

As of December 31, 2014


Asset Type	Original Face Value		Book Value		Gross Unrealized					Carrying Value^(A)		Number of Securities		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	$	267,516	$	263,924	$	4,674	$	(10	)	$	268,588		33	(B)		3.89	%		3.51	%		24
Freddie Mac		144,064		138,333		2,143		—			140,476		17	(B)		3.75	%		2.99	%		23
CMOs		25,964		7,105		—		(166	)		6,939		4	Unrated		4.18	%		12.65	%		14

Total/Weighted Average	$	437,544	$	409,362	$	6,817	$	(176	)	$	416,003		54			3.85	%		3.49	%		23

(A)	See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities.

(B)	The Company used an implied AAA rating for the Fannie Mae and Freddie Mac securities.

(C)	The weighted average stated maturity. No individual security matures within 10 years as of December 31, 2014.

Summary of RMBS Assets by Maturity

As of June 30, 2015


Asset Type	Original Face Value		Book Value		Gross Unrealized					Carrying Value^(A)		Number of Securities		Weighted Average
Asset Type	Original Face Value		Book Value		Gains		Losses			Carrying Value^(A)		Number of Securities		Rating	Coupon			Yield			Maturity (Years)^(C)
Within 1 year	$	—	$	—	$	—	$	—		$	—		—			—	%		—	%		—
After 1 year through 5 years		—		—		—		—			—		—			—	%		—	%		—
After 5 years through 10 years		12,488		12,643		19		(168	)		12,493		4	(B)		3.95	%		3.76	%		9
After 10 years		459,873		417,439		4,554		(1,445	)		420,549		56	(B)		3.78	%		3.31	%		23

Total/Weighted Average	$	472,361	$	430,082	$	4,573	$	(1,613	)	$	433,042		60			3.78	%		3.32	%		23

(A)	See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities.

(B)	The Company used an implied AAA rating for the Fannie Mae and Freddie Mac securities.

(C)	The weighted average stated maturity.

At June 30, 2015 and December 31, 2014, the Company pledged Agency RMBS investments with a carrying value of approximately $399.2 million and $380.7 million, respectively, as collateral for repurchase agreements. At June 30, 2015 and December 31, 2014, the Company did not have any securities purchased from and financed with the same counterparty that did not meet the conditions of ASC 860, Transfers and Servicing, 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 three and six month periods ended June 30, 2015 and 2014, the Company did not record any OTTI charges. 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 connection with the above, the Company weighs the fact that all of its investments in Agency RMBS are guaranteed by U.S. government agencies or U.S. government sponsored entities.

These factors include underlying loan default expectations and loss severities, which 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. The following tables summarize the Company’s securities in an unrealized loss position as of the dates indicated (dollars in thousands):

RMBS Unrealized Loss Positions

As of June 30, 2015


Asset Type	Original Face Value		Book Value		Gross Unrealized Losses			Carrying Value^(A)		Number of Securities		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	$	117,175	$	111,068	$	(1,476	)	$	109,592		17	(B)		3.58	%		3.17	%		23
Twelve or More Months		13,146		3,069		(137	)		2,932		2			4	%		11	%		11

Total/Weighted Average	$	130,321	$	114,137	$	(1,613	)	$	112,524		19			3.60	%		3.38	%		22

As of December 31, 2014


Asset Type	Original Face Value		Book Value		Gross Unrealized Losses			Carrying Value^(A)		Number of Securities		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	$	35,404	$	16,946	$	(176	)	$	16,770		5	(B)		3.78	%		7.21	%		23
Twelve or More Months		—		—		—			—		—			—	%		—	%		—

Total/Weighted Average	$	35,404	$	16,946	$	(176	)	$	16,770		5			3.78	%		7.21	%		23

(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 stated maturity. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases which may be maturity.

Investments in Servicing Related Assets

6 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Investments in Servicing Related Assets

Note 5 — Investments in Servicing Related Assets

In October 2013, the Company entered into an agreement (“MSR Agreement 1”) with Freedom Mortgage Corporation (“Freedom Mortgage”) to invest in Excess MSRs with Freedom Mortgage. Freedom Mortgage originated the mortgage servicing rights on the related 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 (“MSR 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 MSR Pool 1. Pursuant to MSR Agreement 1, Freedom Mortgage performs all servicing functions and advancing functions related to MSR Pool 1 for a basic fee (the amount representing reasonable compensation for performing the servicing duties) of 8 bps. 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 MSR Pool 1 and, subject to certain limitations and pursuant to a loan replacement agreement (the “MSR Pool 1—Recapture Agreement”), 85% of the Excess MSRs on future mortgage loans originated by Freedom Mortgage that represent refinancings of loans in MSR Pool l (which loans then become part of MSR 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 is also terminated. To the extent that Freedom Mortgage is terminated as the servicer and receives a termination payment, the Company is 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.

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 (“MSR 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 MSR Pool 2. Pursuant to MSR Agreement 2, Freedom Mortgage performs all servicing functions and advancing functions related to MSR Pool 2 for a basic fee (the amount representing reasonable compensation for performing the servicing duties) 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 MSR Pool 2 and, subject to certain limitations and pursuant to a loan replacement agreement (the “MSR Pool 2—Recapture Agreement”), 50% of the Excess MSRs on future mortgage loans originated by Freedom Mortgage that represent refinancings of loans in MSR Pool 2 (which loans then become part of MSR 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 is also terminated. To the extent that Freedom Mortgage is terminated as the servicer and receives a termination payment, the Company is entitled to a pro rata share, or 50%, of such termination payment.

Upon completion of the IPO and the concurrent private placement, the Company also entered into a flow and bulk Excess MSR purchase agreement related to future purchases of Excess MSRs from Freedom Mortgage. 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.”

On May 29, 2015, in conjunction with the acquisition of Aurora, we acquired MSRs on conventional mortgage loans with an aggregate UPB of approximately $712.3 million as of June 30, 2015. We have not entered into a recapture agreement covering the MSRs as of June 30, 2015.

On June 10, 2015, the Company agreed to transfer the direct servicing of the MSR portfolio to Freedom Mortgage pursuant to a subservicing agreement between CHMI Solutions and Freedom Mortgage. Due to the requirements of the agencies and the Consumer Financial Protection Bureau, the transfer is scheduled to occur in September 2015. Pending the transfer, the former servicing employees of Aurora, now employees of Freedom Mortgage, will directly service the portfolio for Aurora. The servicing will be provided at cost pursuant to the Management Agreement with the Manager and the Services Agreement between the Manager and Freedom Mortgage. The cost for such services for June 2015 was $45,000 and is included in servicing costs on the consolidated statements of income (loss).

The following is a summary of the Company’s Servicing Related Assets (dollars in thousands):

Servicing Related Assets Summary

As of June 30, 2015


	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	$	8,033,836	$	43,914	$	48,421		3.51	%		26.5	$	(1,939	)
Pool 1 - Recapture Agreement		—		2,900		634							23
Pool 2		7,860,186		20,098		33,969		2.75	%		27.5		4,220
Pool 2 - Recapture Agreement		—		2,554		785							(477	)
Pool 2014		284,958		1,906		1,711		3.65	%		27.9		238
Pool 2014 - Recapture Agreement		—		—		—							—
MSRs		712,296		7,008		7,046		4.06	%		23.3		38.0

Total	$	16,891,276	$	78,380	$	92,566		3.18	%		26.9	$	2,103

As of December 31, 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	$	8,715,747	$	47,741	$	54,187		3.51	%		27.0	$	(2,889	)
Pool 1 - Recapture Agreement		—		2,900		611							(371	)
Pool 2		8,475,975		24,025		33,676		2.77	%		27.8		2,011
Pool 2 - Recapture Agreement		—		2,554		1,262							(1,882	)
Pool 2014		308,562		2,019		1,586		3.71	%		28.4		(433	)
Pool 2014 - Recapture Agreement		—		—		—							—

Total	$	17,500,284	$	79,239	$	91,322		3.16	%		27.4	$	(3,564	)

(A)	The amortized cost basis of the recapture agreements is determined based on the relative fair values of the recapture agreements and related Excess MSRs at the time they were acquired.

(B)	Carrying value represents the fair value of the pools or recapture agreements, as applicable (see Note 9).

(C)	The weighted average maturity represents the weighted average expected timing of the receipt of cash flows of each investment.

(D)	The portion of the change in fair value of the recapture agreement relating to loans recaptured as of June 30, 2015 and December 31, 2014 is reflected in the respective pool.

The tables below summarize the geographic distribution for the states representing 5% or greater of the underlying residential mortgage loans of the Servicing Related Assets:

Geographic Concentration of Servicing Related Assets

As of June 30, 2015


	Percentage of Total Outstanding Unpaid Principal Balance
California		11.9	%
Texas		9.7	%
Florida		6.7	%
Virginia		6.3	%
North Carolina		5.5	%
Georgia		5.2	%
All other		54.7	%

Total		100.0	%

As of December 31, 2014


	Percentage of Total Outstanding Unpaid Principal Balance
California		13.3	%
Texas		10.1	%
Florida		6.9	%
Virginia		6.5	%
North Carolina		5.7	%
Georgia		5.3	%
Washington		5.1	%
All other		47.1	%

Total		100.0	%

Geographic concentrations of investments expose the Company to the risk of economic downturns within the relevant states. Any such downturn in a state where the Company holds significant investments could affect the underlying borrower’s ability to make the mortgage payment and, therefore, could have a meaningful, negative impact on the Company’s Servicing Related Assets.

Equity and Earnings per Share

6 Months Ended

Jun. 30, 2015

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 tables present certain information about the Company’s 2013 Plan as of the dates indicated:

Equity Incentive Plan Information

As of June 30, 2015


	Number of Securities Issued or to be Issued Upon Exercise		Number of Securities Remaining Available For Future Issuance Under Equity Compensation Plans
Equity compensation Plans Approved By Shareholders				1,421,607
LTIP-OP Units		68,850
Shares of Common Stock		9,543
Equity Compensation Plans Not Approved By Shareholders				—

As of December 31, 2014


	Number of Securities Issued or to be Issued Upon Exercise		Number of Securities Remaining Available For Future Issuance Under Equity Compensation Plans
Equity compensation Plans Approved By Shareholders				1,421,607
LTIP-OP Units		68,850
Shares of Common Stock		9,543
Equity Compensation Plans Not Approved By Shareholders				—

LTIP-OP Units are a special class of partnership interest in the Operating Partnership. LTIP-OP Units may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. Initially, LTIP-OP Units do not have full parity with the Operating Partnership’s common units of limited partnership interest (“OP Units”) with respect to liquidating distributions; however, LTIP-OP Units receive, whether vested or not, the same per-unit distributions as OP Units and are allocated their pro-rata share of the 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.

The board of directors approved a grant of 37,500 LTIP-OP Units upon the completion of the Company’s IPO on October 9, 2013 (the “grant date”). Of the total 37,500 LTIP-OP Units granted, 7,500 were granted to the Company’s independent directors, which vested immediately, and 30,000 LTIP-OP Units were granted to the Company’s executive officers and certain employees of Freedom Mortgage, which vest ratably over the first three year anniversaries of the grant date. The fair value of each LTIP-OP Unit was determined based on the offering price of the Company’s common stock on the grant date (IPO date) of $20.00. The aggregate grant date fair value of the total 37,500 LTIP-OP Units was $750,000.

On June 10, 2014, the Company granted 31,350 LTIP-OP Units to ten individuals who regularly perform services for the Company through the Manager. The LTIP-OP Units vest ratably over the first three anniversaries of the grant date. The fair value of each LTIP-OP Unit was determined based on the closing price of the Company’s common stock on the grant date of $19.33. The aggregate grant date fair value of the total 31,350 LTIP-OP Units was approximately $606,000.

As of June 30, 2015, 27,950 LTIP-OP Units have vested. The Company recognized approximately $100,500 and $66,800 in share-based compensation expense in the three month periods ended June 30, 2015 and 2014, respectively. The Company recognized approximately $200,100 and $117,000 in share-based compensation expense in the six month periods ended June 30, 2015 and 2014, respectively. There was approximately $637,164 of total unrecognized share-based compensation expense as of June 30, 2015, related to the 40,900 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 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 were subject to forfeiture in certain circumstances within one year from the grant date. They are no longer subject to forfeiture and are vested.

As of June 30, 2015, 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 LTIP-OP Units in the Operating Partnership held by parties other than the Company.

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. Holders of LTIP-OP Units that have reached parity with OP Units have the right to redeem their LTIP-OP Units, subject to certain restrictions. The redemption is required to be satisfied in shares of common stock, cash, or a combination thereof, at the Company’s option, calculated as follows: one share of the Company’s common stock, or cash equal to the fair value of a share of the Company’s common stock at the time of redemption, for each LTIP-OP Unit. When an LTIP-OP Units holder redeems an OP Unit (as described above), non-controlling interest in the Operating Partnership is reduced and the Company’s equity is increased.

As of June 30, 2015, 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, changes in a parent’s ownership interest (and transactions with non-controlling interest unit holders in the Operating Partnership) while the parent retains its controlling interest in its subsidiary should be accounted for as equity transactions. The carrying amount of the non-controlling interest will be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the Company.

Earnings per Share

The Company is required to present both basic and diluted earnings per share (“EPS”). Basic EPS is calculated by dividing net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted EPS is calculated by dividing net income (loss) applicable to common stockholders by the weighted average number of shares of common stock outstanding plus the additional dilutive effect of common stock equivalents during each period. In accordance with ASC 260, Earnings Per Share, if there is a loss from continuing operations, the common stock equivalents are deemed anti-dilutive and earnings (loss) per share is calculated excluding the potential common shares.

The following table presents basic earnings per share of common stock for the periods indicated (dollars in thousands, except per share data):

Earnings per Share Information


	Three Months Ended June 30,					Six Months Ended June 30,
	2015		2014			2015		2014
Numerator:
Net income attributable to common stockholders and participating securities for basic earnings per share	$	11,308	$	(655	)	$	8,874	$	79
Net income allocable to common stockholders	$	11,205	$	(652	)	$	8,793	$	78
Denominator:
Weighted average common shares outstanding		7,509,543		7,504,572			7,509,543		7,503,538
Weighted average diluted shares outstanding		7,509,543		7,509,543			7,509,543		7,508,112
Basic and Dilutive:

Basic earnings per share	$	1.49	$	(0.09	)	$	1.17	$	0.01
Diluted earnings per share	$	1.49	$	(0.09	)	$	1.17	$	0.01

There were no participating securities or equity instruments outstanding that were anti-dilutive for purposes of calculating earnings per share for the periods presented.

- 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))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Transactions with Affiliates and Affiliated Entities

6 Months Ended

Jun. 30, 2015

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, adjusted as set forth in the Management Agreement, calculated and payable quarterly in arrears.

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, who is also a shareholder of the Company.

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. “Due to affiliates” consisted of the following for the periods indicated (dollars in thousands):

Management Fee to Affiliate


	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Management fees	$	560	$	604	$	1,120	$	1,208
Expense reimbursement		130		75		260		150

Total	$	690	$	679	$	1,380	$	1,358

Other Affiliated Entities

See Note 5 for a discussion of the co-investments in Excess MSRs with Freedom Mortgage and the services provided by Freedom Mortgage during the period prior to transfer to Freedom Mortgage of the direct servicing obligations for the MSRs.

Derivative Instruments

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Note 8 — Derivative Instruments

Interest Rate Swap Agreements, Swaptions, TBAs and Treasury Futures

In order to help mitigate exposure to higher short-term interest rates in connection with 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 treasury futures and forward-settling purchases and sales of RMBS where the underlying pools of mortgage loans are TBAs. Pursuant to these TBA transactions, the Company agrees to purchase or sell, for future delivery, 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 the dates indicated (dollars in thousands):


Non-hedge derivatives	June 30, 2015			December 31, 2014
Notional amount of interest rate swaps	$	261,800		$	224,100
Notional amount of swaptions		115,000			105,000
Notional amount of TBAs, net		(10,000	)		—
Notional amount of Treasury Futures		—			8,000

Total notional amount	$	366,800		$	337,100

The following table presents information about the Company’s interest rate swap agreements as of the dates indicated (dollars in thousands):


	Notional Amount		Weighted Average Pay Rate			Weighted Average Receive Rate			Weighted Average Years to Maturity
June 30, 2015	$	261,800		1.81	%		0.28	%		5.1
December 31, 2014	$	224,100		1.84	%		0.23	%		5.4

The following table presents information about derivatives realized gain (loss), which is included on the consolidated statement of income for the periods indicated (dollars in thousands):

Realized Gains (Losses) on Derivatives


		Three Months Ended June 30,						Six Months Ended June 30,
Non-Hedge Derivatives	Income Statement Location	2015			2014			2015			2014
Interest rate swaps	Realized gain/(loss) on derivative assets	$	(149	)	$	228		$	(937	)	$	163
Swaptions	Realized gain/(loss) on derivative assets		64			(290	)		64			(290	)
TBAs	Realized gain/(loss) on derivative assets		33			(66	)		(76	)		(75	)
Treasury futures	Realized gain/(loss) on derivative assets		—			(59	)		(345	)		(57	)

Total		$	(52	)	$	(187	)	$	(1,294	)	$	(259	)

Offsetting Assets and Liabilities

The Company has netting arrangements in place with all of its derivative counterparties pursuant to standard documentation developed by the International Swap and Derivatives Association, 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 interest rate swaps, swaptions and treasury futures assets and liabilities on a gross basis in its consolidated balance sheets. The Company presents TBA assets and liabilities on a net basis in its consolidated balance sheets. 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 tables present information about the Company’s assets and liabilities that are subject to master netting arrangements or similar agreements and can potentially be offset on the Company’s consolidated balance sheets as of the dates indicated (dollars in thousands):

Offsetting Assets and Liabilities

As of June 30, 2015


	Gross Amounts of Recognized Assets or Liabilities		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						Net Amount
	Gross Amounts of Recognized Assets or Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet					Financial Instruments			Cash Collateral Received (Pledged)			Net Amount
Assets
Interest rate swaps	$	94	$	—		$	94	$	(94	)	$	—		$	—
Swaptions		231		—			231		(231	)		—			—
TBAs		12		(12	)		—		—			—			—
Treasury futures		—		—			—		—			(82	)

Total Assets	$	337	$	(12	)	$	325	$	(325	)	$	(82	)	$	—

Liabilities
Repurchase agreements	$	384,386	$	—		$	384,386	$	(377,505	)	$	(6,881	)	$	—
Interest rate swaps		3,812		—			3,812		(94	)		(3,718	)		—
Swaptions		—		—			—		—			—			—
TBAs		31		(12	)		19		(19	)		—			—
Treasury futures		—		—			—		—			—			—

Total Liabilities	$	388,229	$	(12	)	$	388,217	$	(377,618	)	$	(10,599	)	$	—

As of December 31, 2014


	Gross Amounts of Recognized Assets or Liabilities		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						Net Amount
	Gross Amounts of Recognized Assets or Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet				Financial Instruments			Cash Collateral Received (Pledged)			Net Amount
Assets
Interest rate swaps	$	46	$	—	$	46	$	(46	)	$	—		$	—
Swaptions		291		—		291		(291	)		—			—
TBAs		—		—		—		—			—			—
Treasury futures		5		—		5		(5	)		(89	)

Total Assets	$	342	$	—	$	342	$	(342	)	$	(89	)	$	—

Liabilities
Repurchase agreements	$	362,126	$	—	$	362,126	$	(359,270	)	$	(2,856	)	$	—
Interest rate swaps		4,045		—		4,045		(43	)		(4,002	)		—
Swaptions		—		—		—		—			—			—
TBAs		43		—		43		(43	)		—			—
Treasury futures		—		—		—		—			—			—

Total Liabilities	$	366,214	$	—	$	366,214	$	(359,356	)	$	(6,858	)	$	—

- 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
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-Name Accounting Standards Codification
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+ Details

Fair Value

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value

Note 9 – Fair Value

Fair Value Measurements

ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 clarifies that fair value should be based on the assumptions market participants would use when pricing an asset or liability and establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). Additionally, ASC 820 requires an entity to consider all aspects of nonperformance risk, including the entity’s own credit standing, when measuring 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 in the consolidated balance sheets. The Company determines the fair value of its RMBS based upon prices obtained from third-party pricing providers. The third-party pricing providers use pricing models that generally incorporate such factors as coupons, primary and secondary mortgage rates, rate reset period, issuer, prepayment speeds, credit enhancements and expected life of the security. As a result, the Company classified 100% of its RMBS as Level 2 fair value assets at June 30, 2015 and December 31, 2014.

Excess MSRs

The Company holds a portfolio of Excess MSRs that are reported at fair value in the consolidated balance sheets. Although Excess MSR transactions are observable in the marketplace, the valuation includes unobservable market data inputs (prepayment speeds, delinquency levels and discount rates). As a result, the Company classified 100% of its Excess MSRs as Level 3 fair value assets at June 30, 2015 and December 31, 2014.

MSRs

The Company holds a portfolio of MSRs that are reported at fair value in the consolidated balance sheets. Although MSR transactions are observable in the marketplace, the valuation includes unobservable market data inputs (prepayment speeds, delinquency levels, costs to service and discount rates). As a result, the Company classified 100% of its MSRs as Level 3 fair value assets at June 30, 2015.

Derivative Instruments

The Company enters into a variety of derivative financial instruments as part of its economic hedging strategies. The Company executes interest rate swaps, swaptions, TBAs and treasury futures. The Company utilizes third-party pricing providers to value its financial derivative instruments. The Company classified 100% of the derivative instruments as Level 2 fair value assets and liabilities at June 30, 2015 and December 31, 2014.

Both the Company and the derivative counterparties under their netting arrangements are required to post cash collateral based upon the net underlying market value of the Company’s open positions with the counterparties. Posting of cash collateral typically occurs daily, subject to certain dollar thresholds. Due to the existence of netting arrangements, as well as frequent cash collateral posting at low posting thresholds, credit exposure to the Company and/or counterparties is considered materially mitigated. The Company’s interest rate swaps are required to be cleared on an exchange, which further mitigates, but does not eliminate, credit risk. Based on the Company’s assessment, there is no requirement for any additional adjustment to derivative valuations specifically for credit.

Recurring Fair Value Measurements

The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated (dollars in thousands).

Recurring Fair Value Measurements

As of June 30, 2015


	Level 1		Level 2		Level 3		Carrying Value
Assets
RMBS
Fannie Mae	$	—	$	292,099	$	—	$	292,099
Freddie Mac		—		132,311		—		132,311
CMOs		—		8,632		—		8,632

RMBS total		—		433,042		—		433,042
Derivative assets
Interest rate swaps		—		94		—		94
Interest rate swaptions		—		231		—		231
TBAs		—		12		—		12
Treasury Futures		—		—		—		—

Derivative assets total		—		337		—		337
Servicing Related Assets		—		—		92,566		92,566

Total Assets	$	—	$	433,379	$	92,566	$	525,945
Liabilities
Derivative liabilities
Interest rate swaps		—		3,812		—		3,812
TBAs		—		31		—		31
Treasury Futures		—		—		—		—

Derivative liabilities total		—		3,843		—		3,843

Total Liabilities	$	—	$	3,843	$	—	$	3,843

As of December 31, 2014


	Level 1		Level 2		Level 3		Carrying Value
Assets
RMBS
Fannie Mae	$	—	$	268,588	$	—	$	268,588
Freddie Mac		—		140,476		—		140,476
CMOs		—		6,939		—		6,939

RMBS total		—		416,003		—		416,003
Derivative assets
Interest rate swaps		—		46		—		46
Interest rate swaptions		—		291		—		291
TBAs		—		—		—		—
Treasury Futures		—		5		—		5

Derivative assets total		—		342		—		342
Servicing Related Assets		—		—		91,322		91,322

Total Assets	$	—	$	416,345	$	91,322	$	507,667
Liabilities
Derivative liabilities
Interest rate swaps		—		4,045		—		4,045
TBAs		—		43		—		43
Treasury Futures		—		—		—		—

Derivative liabilities total		—		4,088		—		4,088

Total Liabilities	$	—	$	4,088	$	—	$	4,088

The Company may be required to measure certain assets or liabilities at fair value from time to time. These periodic fair value measures typically result from application of certain impairment measures under GAAP. These items would constitute nonrecurring fair value measures under ASC 820. As of June 30, 2015 and December 31, 2014, 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 Servicing Related Assets based on internal pricing models rather than quotations, and compares the results of these internal models against the results from models generated by third-party valuation specialists. The determination of estimated cash flows used in pricing models is inherently subjective and imprecise.

Changes in market conditions, as well as changes in the assumptions or methodology used to determine fair value, could result in a significant change to estimated fair values. It should be noted that minor changes in assumptions or estimation methodologies can have a material effect on these derived or estimated fair values, and that the fair values reflected below are indicative of the interest rate and credit spread environments as of June 30, 2015 and December 31, 2014 and do not take into consideration the effects of subsequent changes in market or other factors.

The tables below present the reconciliation for the Company’s Level 3 assets (Servicing Related Assets) measured at fair value on a recurring basis as of the dates indicated (dollars in thousands):

Level 3 Fair Value Measurements

As of June 30, 2015


	Level 3 ^(A)
	Pool 1			Pool 2			Pool 2014			MSRs			Total
Balance at December 31, 2014	$	54,798		$	34,938		$	1,586		$	—		$	91,322
Unrealized gain included in Net Income		(1,916	)		3,743			238			38			2,103
Purchases and principal paydowns
Purchases		—			—			—			7,068			7,068
Proceeds from principal paydowns		(3,827	)		(3,927	)		(113	)					(7,867	)
Amortization of purchased MSRs											(60	)		(60	)

Balance at June 30, 2015	$	49,055		$	34,754		$	1,711		$	7,046		$	92,566

As of December 31, 2014


	Level 3 ^(A)
	Pool 1			Pool 2			Pool 2014			MSRs		Total
Balance at December 31, 2013	$	66,110		$	44,196		$	—		$	—	$	110,306
Unrealized gain included in Net Income		(3,260	)		129			(433	)		—		(3,564	)
Purchases and principal paydowns
Purchases		—			—			2,181			—		2,181
Proceeds from principal paydowns		(8,052	)		(9,387	)		(162	)		—		(17,601	)

Balance at December 31, 2014	$	54,798		$	34,938		$	1,586		$	—	$	91,322

(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 Servicing Related Assets classified as Level 3 fair value assets as of the dates indicated (dollars in thousands except per loan figures):

Fair Value Measurements

As of June 30, 2015


	Fair Value		Valuation Technique	Unobservable Input ^(A)	Range	Weighted Average
Pool 1	$	49,055	Discounted cash flow	Constant prepayment speed	4.3% - 14.7%		10.4	%
				Uncollected payments	2.6% - 7.0%		6.1	%
				Discount rate			12.3	%
Pool 2	$	34,754	Discounted cash flow	Constant prepayment speed	10.3% - 35.1%		15.2	%
				Uncollected payments	8.3% - 14.4%		12.9	%
				Discount rate			16.9	%
Pool 2014	$	1,711	Discounted cash flow	Constant prepayment speed	5.6% - 16.4%		10.1	%
				Uncollected payments	4.2% - 6.5%		6.1	%
				Discount rate			11.8	%
MSRs	$	7,046	Discounted cash flow	Constant prepayment speed	5.7% - 24.9%		9.5	%
				Uncollected payments	1.3% - 3.8%		2.6	%
				Discount rate			8.3	%
				Annual cost to service, per loan		$	73

TOTAL	$	92,566	Discounted cash flow

As of December 31, 2014


	Fair Value		Valuation Technique	Unobservable Input ^(A)	Range	Weighted Average
Pool 1	$	54,798	Discounted cash flow	Constant prepayment speed	6.2% - 12.8%		10.4	%
				Uncollected Payments	2.8% - 7.0%		6.3	%
				Discount rate	—		12.2	%
Pool 2	$	34,938	Discounted cash flow	Constant prepayment speed	11.9% - 21.9%		16.7	%
				Uncollected Payments	9.6% - 15.2%		13.7	%
				Discount rate	—		17.3	%
Pool 2014	$	1,586	Discounted cash flow	Constant prepayment speed	8.7% - 15.4%		12.3	%
				Uncollected Payments	2.7% - 6.0%		5.4	%
				Discount rate	—		11.8	%

TOTAL	$	91,322	Discounted cash flow

(A)

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, Servicing Related Assets, derivative assets and derivative liabilities are recurring fair value measurements; carrying value equals fair value. See discussion of valuation methods and assumptions within the “Fair Value Measurements” section of this footnote.

•

Cash and cash equivalents and restricted cash have a carrying value which approximates fair value because of the short maturities of these instruments.

•

The carrying value of repurchase agreements 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	6 Months Ended
Commitments and Contingencies	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10 — Commitments and Contingencies The following represents commitments and contingencies of the Company as of June 30, 2015 and December 31, 2014: *Management Agreement* The Company pays the Manager a quarterly management fee, calculated and payable quarterly in arrears, equal to the product of one quarter of the 1.5% Management Fee Annual Rate and the Stockholders’ Equity, adjusted as set forth in the Management Agreement as of the end of such fiscal quarter. The Company relies on resources of Freedom Mortgage to provide the Manager with the necessary resources to conduct Company operations. For further discussion regarding the Management Fee, refer to Note 7. *Legal and Regulatory* From time to time the Company may be subject to potential liability under laws and government regulations and various claims and legal actions arising in the ordinary course of business. Liabilities are established for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts established for those claims. Based on information currently available, management is not aware of any legal or regulatory claims that would have a material effect on the Company’s consolidated financial statements, and, therefore, no accrual is required as of June 30, 2015 and December 31, 2014. *Commitments to Purchase/Sell RMBS* As of June 30, 2015 and December 31, 2014, the Company held forward TBA purchase and sale commitments, respectively, with counterparties, which are forward RMBS trades, whereby the Company committed to purchasing a pool of securities at a particular interest rate. As of the date of the trade, the mortgage-backed securities underlying the pool that will be delivered to fulfill a TBA trade is not yet designated. The securities are typically “to be announced” 48 hours prior to the established trade settlement date. At June 30, 2015, the Company is obligated to purchase approximately $12,000 of Fannie Mae securities and was obligated to sell approximately $31,000 of Fannie Mae securities. At December 31, 2014, the Company was not obligated to purchase any securities and was obligated to sell approximately $43,000 of Fannie Mae securities. *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. Management has determined, as of June 30, 2015, the risk of material loss to be remote and thus no liability has been accrued.

Repurchase Agreements

6 Months Ended

Jun. 30, 2015

Brokers and Dealers [Abstract]

Repurchase Agreements

Note 11 – Repurchase Agreements

The Company had outstanding approximately $384.4 million and $362.1 million of repurchase agreements, with weighted average borrowing rates of 0.43% and 0.38%, as of June 30, 2015 and December 31, 2014, respectively, after giving effect to the Company’s interest rate swaps. The Company’s obligations under these agreements had weighted average remaining maturities of 55 days and 63 days as of June 30, 2015 and December 31, 2014, respectively. RMBS and cash have been pledged as collateral under these repurchase agreements (see Notes 4 and 8, respectively).

The repurchase agreements had the following remaining maturities and weighted average rates as of the dates indicated (dollars in thousands):

Repurchase Agreement Characteristics

As of June 30, 2015


	Repurchase Agreements		Weighted Average Rate
Less than one month	$	117,486		0.47	%
One to three months		223,886		0.41	%
Greater than three months		43,014		0.45	%

Total/Weighted Average	$	384,386		0.43	%

As of December 31, 2014


	Repurchase Agreements		Weighted Average Rate
Less than one month	$	78,988		0.38	%
One to three months		208,533		0.38	%
Greater than three months		74,605		0.38	%

Total/Weighted Average	$	362,126		0.38	%

Notes Payable	6 Months Ended
Notes Payable	Jun. 30, 2015
Debt Disclosure [Abstract]
Notes Payable	Note 12 – Notes Payable At June 30, 2015 the Company had outstanding borrowings of $7.5 million on a $25.0 million Term Loan. The current outstanding borrowings bear interest at 5.5335% and are secured by the pledge of the Company’s existing portfolio of Excess MSRs. The principal payments on the borrowings are due monthly, beginning in September 2015, based on a 10-year amortization schedule with a maturity date in April 2020. Prior to September 2015, only interest is payable monthly. At June 30, 2015 the Company had outstanding borrowings of approximately $1.8 million on a warehouse facility (“Warehouse Facility”). The Warehouse Facility bears interest at 3.75% and is secured by closed residential mortgage loans. The Warehouse Facility expires on August 31, 2015. For a further discussion of the Warehouse Facility, see Note 14. At June 30, 2015 the Company had outstanding borrowings of approximately $1.4 million on a MSR finance facility (“MSR Facility”). The MSR Facility bears interest at 4.25% and is due September 30, 2015. The MSR portfolio is pledged to secure this loan. For a further discussion of the MSR Facility, see Note 14.

Income Taxes

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

Note 13 – Income Taxes

The Company has elected to be taxed as a REIT under Code Sections 856 through 860 beginning with its short-taxable year ended December 31, 2013. As a REIT, the Company is not subject to federal income tax to the extent that it distributes its taxable income to its stockholders. To maintain qualification as a REIT, the Company must distribute at least 90% of its annual REIT taxable income to its stockholders and meet certain other requirements such as assets it may hold, income it may generate and its stockholder composition. It is generally the Company’s policy to distribute 100% of its REIT taxable income. To the extent there is any undistributed REIT taxable income at the end of a year, the Company can elect to distribute such shortfall within the next year as permitted by the Code.

Effective January 1, 2014, CHMI Solutions has elected to be taxed as a corporation for U.S. Federal income tax purposes; prior to this date, CHMI Solutions was a disregarded entity for U.S. Federal income tax purposes. CHMI Solutions has jointly elected with the Company, the ultimate beneficial owner of CHMI Solutions, to be treated as a taxable REIT subsidiary (“TRS”) of the Company”, and substantially all activities conducted through CHMI Solutions are subject to federal and state income taxes. CHMI Solutions files a separate tax return and is fully taxed as a standalone U.S. C-Corporation.

The state and local tax jurisdictions for which the Company is subject to tax-filing obligations recognize the Company’s status as a REIT, and therefore, the Company generally does not pay income tax in such jurisdictions. CHMI Solutions is subject to federal, state and local income taxes.

The components of the Company’s income tax expense (benefit) are as follows for the periods indicated below (dollars in thousands):


	Six Months Ended June 30,
	2015			2014
Current federal income tax expense	$	—		$	—
Current state income tax expense		21			5
Deferred federal income tax expense (benefit)		(59	)		—
Deferred state income tax expense (benefit)		(11	)		—

Total Income Tax Expense (benefit)	$	(49	)	$	5

The following is a reconciliation of the statutory federal rate to the effective rate, for the periods indicated below:


	Six Months Ended June 30,
	2015			2014
Computed income tax (benefit) expense at federal rate		(35.0	)%		35.0	%
State taxes, net of federal benefit, if applicable		0.1	%		—	%
Permanent differences in taxable income from GAAP pre-tax income		—	%		—	%
REIT income not subject to tax		34.8	%		(35.0	)%

Benefit from Provision for Income Taxes/Effective Tax Rate^(A)		(0.1	)%		—	%

(A)	The provision for income taxes is recorded at the taxable subsidiary level.

The Company’s consolidated balance sheets, at June 30, 2015 and December 31, 2014, contain the following current and deferred tax liabilities and assets, which are recorded at the taxable REIT subsidiary level (dollars in thousands):


	Six Months Ended June 30,
	2015		2014
Income taxes (payable) receivable
Federal income taxes (payable) receivable	$	—	$	—
State and local income taxes (payable) receivable		—		—

Income taxes (payable) receivable, net		—		—

	June 30, 2015		December 31, 2014
Deferred tax assets (liabilities)
Deferred tax asset		216		146
Deferred tax liability		—		—

Total net deferred tax assets (liabilities)		216		146

Total tax assets and liabilities, net	$	216	$	146

The deferred tax asset as of June 30, 2015 and December 31, 2014 primarily consisted of net operating loss carryforwards and acquisition related costs capitalized for tax purposes. CHMI Solutions’ federal and state net operating loss carryforwards at June 30, 2015 and December 31, 2014 were approximately $334,000 and $154,000, respectively, and are available to offset future taxable income and expire in 2035 and 2034, respectively. Management has determined that it is more likely than not that all of CHMI Solutions’ deferred tax assets will be realized in the future. Accordingly, no valuation allowance has been established at June 30, 2015 and December 31, 2014. The deferred tax asset is included in “Receivables and other assets” in the consolidated balance sheets.

Based on the Company’s evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. Additionally, there were no amounts accrued for penalties or interest as of or during the periods presented in these consolidated financial statements.

The Company’s 2013 and 2012 federal, state and local income tax returns remain open for examination by the relevant authorities.

Business Combinations

6 Months Ended

Jun. 30, 2015

Business Combinations [Abstract]

Business Combinations

Note 14 – Business Combinations

On May 29, 2015 (the acquisition date), CHMI Solutions acquired 100% of the outstanding voting stock of Aurora. The results of Aurora’s operations have been included in the consolidated financial statements since that date. Aurora is a licensed mortgage origination and servicing company. Aurora is a seller/servicer for Fannie Mae and Freddie Mac. At June 30, 2015, Aurora owned approximately $712.3 million of Fannie Mae and Freddie Mac MSRs.

Aurora’s pipeline of mortgage loans was not closed out as of the acquisition date. As a result, CHMI Solutions agreed to maintain Aurora’s existing Warehouse Facility pending funding and disposition of the mortgage loans in the pipeline. All proceeds of the disposition of the mortgage loans, net of all costs and expenses related hereto, including the costs of the Warehouse Facility, are for the benefit of Aurora’s former owners. At June 30, 2015, approximately $2.1 million of pipeline loans remained and approximately $1.8 million in related warehouse debt was outstanding, which is included in “Notes payable” in the consolidated balance sheets. The net amount due to the previous owners is approximately $539,000 which is included in “Accrued expenses and other liabilities” in the consolidated balance sheets.

The acquisition-date fair value of the consideration transferred totaled approximately $3.9 million, which consisted of cash. Twenty percent (20%) of the consideration was deposited in an escrow account to provide a source of funds for the seller’s indemnification obligations. Transaction-related costs of approximately $95,400 were expensed as incurred, and are included in “General and administrative expenses” on the consolidated income statement. The Company is in the process of obtaining third party valuations of intangible assets, capital leases, and settlement liabilities. Thus, the provisional measurements of those assets and liabilities, and any related deferred income tax assets or liabilities, are subject to change. The Company currently recognizes a bargain purchase gain of approximately $174,000, which is included in “Realized gain (loss) on acquired assets, net” on the consolidated income statement, pending receipt of final valuations for those assets and liabilities described above.

In the Aurora acquisition agreement, the parties agreed to fix the valuation of the MSR portfolio, as a percentage of par, based on third party appraisals obtained at the end of January 2015. The agreement also provided that the UPB of the portfolio would be fixed 90 days after the agreement was signed. Due to the increase in interest rates between January and the closing date at the end of May 2015, the value of the MSR portfolio increased. In addition, the UPB of the portfolio declined between the end of April and the closing date in May. The combination of these factors resulted in a bargain purchase in the amount of approximately $174,000.

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date (dollars in thousands):


	Preliminary Fair value of consideration transferred
Cash	$	80.0
Mortgage receivables		2,772.1
Servicing escrow advances		409.8
Capital leases		45.9
Deposits held and prepaid items		27.8
MSRs		7,068.5

Total identifiable assets acquired		10,404.1

Current liabilities		1,642.7
Settlement liability		700.0
Assumed debt		3,968.8

Total liabilities assumed		6,311.5

Net identifiable assets acquired		4,092.6
Cash consideration transferred		3,919.0

Gain on bargain purchase	$	(173.6	)

The amounts of revenue and earnings of Aurora included in the Company’s consolidated income statement from the acquisition date to the period ending June 30, 2015 are as follows (dollars in thousands):


	Revenue and earnings included in the consolidated income statement from May 30, 2015 to June 30, 2015
Revenue	$	156.0
Earnings		213.0

The following represents the pro forma consolidated income statement as if Aurora had been included in the consolidated results of the Company for the three and six month periods ended June 30, 2015 and 2014. The unaudited pro forma information is intended for informational purposes only and is not necessarily indicative of the Company’s future operating results or operating results that would have occurred had the Aurora acquisition been completed at the beginning of 2014. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions (dollars in thousands):

Pro Forma Consolidated Income Statement


	Three Months Ended June 30,					Six Months Ended June 30,
	2015		2014			2015		2014
Revenue	$	12,554	$	661		$	11,548	$	2,527
Earnings (loss)	$	11,345	$	(658	)	$	8,963	$	73

Earnings (Loss) Per Share of Common Stock
Basic	$	1.51	$	(0.09	)	$	1.19	$	0.01
Diluted	$	1.51	$	(0.09	)	$	1.19	$	0.01
Weighted Average Number of Shares of Common Stock Outstanding
Basic		7,509,543		7,504,572			7,509,543		7,503,538
Diluted		7,509,543		7,509,543			7,509,543		7,508,112

These amounts have been calculated after applying the Company’s accounting policies and adjusting the results of Aurora primarily to reflect the exclusion of the bargain purchase and transaction costs together with the consequential tax effects.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4922-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4934-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

CHMI Insurance Company	6 Months Ended
CHMI Insurance Company	Jun. 30, 2015
Insurance [Abstract]
CHMI Insurance Company	Note 15 – CHMI Insurance Company The Company’s indirectly owned subsidiary, CHMI Insurance Company LLC, or CHMI Insurance, became a member of the Federal Home Loan Bank of Indianapolis (the “FHLBI”) on June 26, 2015. As a member of the FHLBI, CHMI Insurance has access to a variety of products and services offered by the FHLBI, including secured advances. As of June 30, 2015 and December 31, 2014, CHMI Insurance had no outstanding advances. To the extent CHMI Insurance has uncommitted capacity, it may be adjusted at the sole discretion of the FHLBI. The ability to borrow from the FHLBI is subject to continued creditworthiness, pledging of sufficient eligible collateral to secure advances, and compliance with certain agreements with the FHLBI by CHMI Insurance. Each advance requires approval by the FHLBI and is secured by collateral in accordance with the FHLBI’s credit and collateral guidelines, as may be revised from time to time by the FHLBI. Eligible collateral may include conventional 1-4 family residential mortgage loans, commercial real estate loans, Agency RMBS and certain non-Agency RMBS with a rating of A and above. The FHLBI retains the right to mark the underlying collateral for FHLBI advances to fair value. A reduction in the value of pledged assets would require CHMI Insurance to provide additional collateral. In addition, as a condition to membership in the FHLBI, CHMI Insurance is required to purchase and hold a certain amount of FHLBI stock, which is based, in part, upon the outstanding principal balance of advances from the FHLBI. At June 30, 2015, CHMI Insurance had stock in the FHLBI totaling $29,000, which is included in Other Assets on the consolidated balance sheet. FHLBI stock is considered a non-marketable, long-term investment, is carried at cost and is subject to recoverability testing under applicable accounting standards. This stock can only be redeemed or sold at its par value, and only to the FHLBI. Accordingly, when evaluating FHLBI stock for impairment, the Company considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. As of June 30, 2015, the Company had not recognized an impairment charge related to its FHLBI stock.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 16 – Subsequent Events Events subsequent to June 30, 2015, were evaluated and no additional events were identified requiring further disclosure in these interim consolidated financial statements.

Basis of Presentation and Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2015

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

Investments in MSRs

Investments in 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.

Income Taxes

Income Taxes

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 June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Realized gain (loss) on RMBS, net
Gain on RMBS	$	16		$	75		$	323		$	75
Loss on RMBS		(131	)		—			(131	)		(349	)

Net realized gain (loss) on RMBS		(115	)		75			192			(274	)
Realized gain (loss) on derivatives, net		(52	)		(187	)		(1,294	)		(259	)
Unrealized gain (loss) on derivatives, net		2,835			(2,705	)		293			(6,148	)

Total	$	2,668		$	(2,817	)	$	(809	)	$	(6,681	)

The gain and loss on RMBS presented above represent the amounts reclassified from other comprehensive income (loss) in earnings.

Repurchase Agreements and Interest Expense

Repurchase Agreements and Interest Expense

Dividends Payable

Dividends Payable

Comprehensive Income

Comprehensive Income

Business Combinations

Business Combinations

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Changes in Presentation

Changes in Presentation

Certain prior period amounts have been reclassified to conform to current period presentation.

Consolidation

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

Earnings per Share

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

Basis of Presentation and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2015

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 June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Realized gain (loss) on RMBS, net
Gain on RMBS	$	16		$	75		$	323		$	75
Loss on RMBS		(131	)		—			(131	)		(349	)

Net realized gain (loss) on RMBS		(115	)		75			192			(274	)
Realized gain (loss) on derivatives, net		(52	)		(187	)		(1,294	)		(259	)
Unrealized gain (loss) on derivatives, net		2,835			(2,705	)		293			(6,148	)

Total	$	2,668		$	(2,817	)	$	(809	)	$	(6,681	)

- 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)

6 Months Ended

Jun. 30, 2015

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):


	Servicing Related Assets			RMBS			All Other			Total
Income Statement
Three Months Ended June 30, 2015
Interest income	$	3,046		$	3,153		$	—		$	6,199
Interest expense		19			1,327			—			1,346

Net interest income		3,027			1,826			—			4,853
Servicing fee income		156			—			—			156
Servicing costs		94			—			—			94
Amortization of MSRs		60			—			—			60

Net servicing income		2			—			—			2
Other income		5,039			2,668			—			7,707
Other operating expenses		—			—			1,324			1,324
(Benefit from) provision for corporate business taxes		(49	)		—			(21	)		(70	)

Net income (loss)	$	8,117		$	4,494		$	(1,303	)	$	11,308
Three Months Ended June 30, 2014
Interest income	$	3,629		$	2,508		$	—		$	6,137
Interest expense		—			1,006			—			1,006

Net interest income		3,629			1,502			—			5,131
Servicing fee income		—			—			—			—
Servicing costs		—			—			—			—
Amortization of MSRs		—			—			—			—

Net servicing income		—			—			—			—
Other income		(1,648	)		(2,817	)		—			(4,465	)
Other operating expenses		—			—			1,320			1,320
(Benefit from) provision for corporate business taxes		5			—			(4	)		1

Net income (loss)	$	1,976		$	(1,315	)	$	(1,316	)	$	(655	)
Six Months Ended June 30, 2015
Interest income	$	6,266		$	6,405		$	—		$	12,671
Interest expense		19			2,562			—			2,581

Net interest income		6,247			3,843			—			10,090
Servicing fee income		156			—			—			156
Servicing costs		94			—			—			94
Amortization of MSRs		60			—			—			60

Net servicing income		2			—			—			2
Other income		2,277			(809	)		—			1,468
Other operating expenses		—			—			2,735			2,735
(Benefit from) provision for corporate business taxes		(49	)		—			—			(49	)

Net income (loss)	$	8,575		$	3,034		$	(2,735	)	$	8,874
Six Months Ended June 30, 2014
Interest income	$	7,314		$	4,834		$	—		$	12,148
Interest expense		—			1,953			—			1,953

Net interest income		7,314			2,881			—			10,195
Servicing fee income		—			—			—			—
Servicing costs		—			—			—			—
Amortization of MSRs		—			—			—			—

Net servicing income		—			—			—			—
Other income		(978	)		(6,681	)		—			(7,659	)
Other operating expenses		—			—			2,452			2,452
(Benefit from) provision for corporate business taxes		5			—			—			5

Net income (loss)	$	6,331		$	(3,800	)	$	(2,452	)	$	79

Balance Sheet
June 30, 2015
Investments	$	92,566		$	433,042		$	—		$	525,608
Other assets		2,566			17,737			18,085			38,388

Total assets		95,132			450,779			18,085			563,996
Debt		7,873			385,386			1,827			395,086
Other liabilities					4,073			6,703			10,776

Total liabilities		7,873			389,459			8,530			405,862
GAAP book value	$	87,259		$	61,320		$	9,555		$	158,134
December 31, 2014
Investments	$	91,322		$	416,003		$	—		$	507,325
Other assets		2,713			8,920			12,968			24,601

Total assets		94,035			424,923			12,968			531,926
Debt		—			362,126			—			362,126
Other liabilities		—			4,319			5,163			9,482

Total liabilities		—			366,445			5,163			371,608
GAAP book value	$	94,035		$	58,478		$	7,805		$	160,318

Investments in RMBS (Tables)

6 Months Ended

Jun. 30, 2015

Real Estate [Abstract]

Summary of Company's RMBS Investments

Summary of RMBS Assets

As of June 30, 2015


Asset Type	Original Face Value		Book Value		Gross Unrealized					Carrying Value^(A)		Number of Securities		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	$	302,909	$	289,674	$	3,254	$	(829	)	$	292,099		39	(B)		3.82	%		3.19	%		23
Freddie Mac		141,488		131,373		1,300		(362	)		132,311		16	(B)		3.66	%		3.18	%		22
CMOs		27,964		9,035		19		(422	)		8,632		5	Unrated		4.23	%		9.89	%		13

Total/Weighted Average	$	472,361	$	430,082	$	4,573	$	(1,613	)	$	433,042		60			3.78	%		3.32	%		23

As of December 31, 2014


Asset Type	Original Face Value		Book Value		Gross Unrealized					Carrying Value^(A)		Number of Securities		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	$	267,516	$	263,924	$	4,674	$	(10	)	$	268,588		33	(B)		3.89	%		3.51	%		24
Freddie Mac		144,064		138,333		2,143		—			140,476		17	(B)		3.75	%		2.99	%		23
CMOs		25,964		7,105		—		(166	)		6,939		4	Unrated		4.18	%		12.65	%		14

Total/Weighted Average	$	437,544	$	409,362	$	6,817	$	(176	)	$	416,003		54			3.85	%		3.49	%		23

(A)	See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities.

(B)	The Company used an implied AAA rating for the Fannie Mae and Freddie Mac securities.

(C)	The weighted average stated maturity. No individual security matures within 10 years as of December 31, 2014.

Summary of Company's RMBS Investments by Maturity

Summary of RMBS Assets by Maturity

As of June 30, 2015


Asset Type	Original Face Value		Book Value		Gross Unrealized					Carrying Value^(A)		Number of Securities		Weighted Average
Asset Type	Original Face Value		Book Value		Gains		Losses			Carrying Value^(A)		Number of Securities		Rating	Coupon			Yield			Maturity (Years)^(C)
Within 1 year	$	—	$	—	$	—	$	—		$	—		—			—	%		—	%		—
After 1 year through 5 years		—		—		—		—			—		—			—	%		—	%		—
After 5 years through 10 years		12,488		12,643		19		(168	)		12,493		4	(B)		3.95	%		3.76	%		9
After 10 years		459,873		417,439		4,554		(1,445	)		420,549		56	(B)		3.78	%		3.31	%		23

Total/Weighted Average	$	472,361	$	430,082	$	4,573	$	(1,613	)	$	433,042		60			3.78	%		3.32	%		23

(A)	See Note 9 regarding the estimation of fair value, which approximates carrying value for all securities.

(B)	The Company used an implied AAA rating for the Fannie Mae and Freddie Mac securities.

(C)	The weighted average stated maturity.

Summary of Company's RMBS Securities in an Unrealized Loss Position

The following tables summarize the Company’s securities in an unrealized loss position as of the dates indicated (dollars in thousands):

RMBS Unrealized Loss Positions

As of June 30, 2015


Asset Type	Original Face Value		Book Value		Gross Unrealized Losses			Carrying Value^(A)		Number of Securities		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	$	117,175	$	111,068	$	(1,476	)	$	109,592		17	(B)		3.58	%		3.17	%		23
Twelve or More Months		13,146		3,069		(137	)		2,932		2			4	%		11	%		11

Total/Weighted Average	$	130,321	$	114,137	$	(1,613	)	$	112,524		19			3.60	%		3.38	%		22

As of December 31, 2014


Asset Type	Original Face Value		Book Value		Gross Unrealized Losses			Carrying Value^(A)		Number of Securities		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	$	35,404	$	16,946	$	(176	)	$	16,770		5	(B)		3.78	%		7.21	%		23
Twelve or More Months		—		—		—			—		—			—	%		—	%		—

Total/Weighted Average	$	35,404	$	16,946	$	(176	)	$	16,770		5			3.78	%		7.21	%		23

(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 stated maturity. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases which may be maturity.

Investments in Servicing Related Assets (Tables)

6 Months Ended

Jun. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Summary of Company's Servicing Related Assets

The following is a summary of the Company’s Servicing Related Assets (dollars in thousands):

Servicing Related Assets Summary

As of June 30, 2015


	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	$	8,033,836	$	43,914	$	48,421		3.51	%		26.5	$	(1,939	)
Pool 1 - Recapture Agreement		—		2,900		634							23
Pool 2		7,860,186		20,098		33,969		2.75	%		27.5		4,220
Pool 2 - Recapture Agreement		—		2,554		785							(477	)
Pool 2014		284,958		1,906		1,711		3.65	%		27.9		238
Pool 2014 - Recapture Agreement		—		—		—							—
MSRs		712,296		7,008		7,046		4.06	%		23.3		38.0

Total	$	16,891,276	$	78,380	$	92,566		3.18	%		26.9	$	2,103

As of December 31, 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	$	8,715,747	$	47,741	$	54,187		3.51	%		27.0	$	(2,889	)
Pool 1 - Recapture Agreement		—		2,900		611							(371	)
Pool 2		8,475,975		24,025		33,676		2.77	%		27.8		2,011
Pool 2 - Recapture Agreement		—		2,554		1,262							(1,882	)
Pool 2014		308,562		2,019		1,586		3.71	%		28.4		(433	)
Pool 2014 - Recapture Agreement		—		—		—							—

Total	$	17,500,284	$	79,239	$	91,322		3.16	%		27.4	$	(3,564	)

(A)	The amortized cost basis of the recapture agreements is determined based on the relative fair values of the recapture agreements and related Excess MSRs at the time they were acquired.

(B)	Carrying value represents the fair value of the pools or recapture agreements, as applicable (see Note 9).

(C)	The weighted average maturity represents the weighted average expected timing of the receipt of cash flows of each investment.

(D)	The portion of the change in fair value of the recapture agreement relating to loans recaptured as of June 30, 2015 and December 31, 2014 is reflected in the respective pool.

Summary of Geographic Distribution for States Representing 5% or Greater of Underlying Residential Mortgage Loans of Servicing Related Assets

The tables below summarize the geographic distribution for the states representing 5% or greater of the underlying residential mortgage loans of the Servicing Related Assets:

Geographic Concentration of Servicing Related Assets

As of June 30, 2015


	Percentage of Total Outstanding Unpaid Principal Balance
California		11.9	%
Texas		9.7	%
Florida		6.7	%
Virginia		6.3	%
North Carolina		5.5	%
Georgia		5.2	%
All other		54.7	%

Total		100.0	%

As of December 31, 2014


	Percentage of Total Outstanding Unpaid Principal Balance
California		13.3	%
Texas		10.1	%
Florida		6.9	%
Virginia		6.5	%
North Carolina		5.7	%
Georgia		5.3	%
Washington		5.1	%
All other		47.1	%

Total		100.0	%

Equity and Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Information about Company's 2013 Plan

The following tables present certain information about the Company’s 2013 Plan as of the dates indicated:

Equity Incentive Plan Information

As of June 30, 2015


	Number of Securities Issued or to be Issued Upon Exercise		Number of Securities Remaining Available For Future Issuance Under Equity Compensation Plans
Equity compensation Plans Approved By Shareholders				1,421,607
LTIP-OP Units		68,850
Shares of Common Stock		9,543
Equity Compensation Plans Not Approved By Shareholders				—

As of December 31, 2014


	Number of Securities Issued or to be Issued Upon Exercise		Number of Securities Remaining Available For Future Issuance Under Equity Compensation Plans
Equity compensation Plans Approved By Shareholders				1,421,607
LTIP-OP Units		68,850
Shares of Common Stock		9,543
Equity Compensation Plans Not Approved By Shareholders				—

Schedule of Basic Earnings per Share of Common Stock

The following table presents basic earnings per share of common stock for the periods indicated (dollars in thousands, except per share data):

Earnings per Share Information


	Three Months Ended June 30,					Six Months Ended June 30,
	2015		2014			2015		2014
Numerator:
Net income attributable to common stockholders and participating securities for basic earnings per share	$	11,308	$	(655	)	$	8,874	$	79
Net income allocable to common stockholders	$	11,205	$	(652	)	$	8,793	$	78
Denominator:
Weighted average common shares outstanding		7,509,543		7,504,572			7,509,543		7,503,538
Weighted average diluted shares outstanding		7,509,543		7,509,543			7,509,543		7,508,112
Basic and Dilutive:

Basic earnings per share	$	1.49	$	(0.09	)	$	1.17	$	0.01
Diluted earnings per share	$	1.49	$	(0.09	)	$	1.17	$	0.01

Transactions with Affiliates and Affiliated Entities (Tables)

6 Months Ended

Jun. 30, 2015

Text Block [Abstract]

Reimbursement of Expenses Incurred

“Due to affiliates” consisted of the following for the periods indicated (dollars in thousands):

Management Fee to Affiliate


	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Management fees	$	560	$	604	$	1,120	$	1,208
Expense reimbursement		130		75		260		150

Total	$	690	$	679	$	1,380	$	1,358

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2015

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 the dates indicated (dollars in thousands):


Non-hedge derivatives	June 30, 2015			December 31, 2014
Notional amount of interest rate swaps	$	261,800		$	224,100
Notional amount of swaptions		115,000			105,000
Notional amount of TBAs, net		(10,000	)		—
Notional amount of Treasury Futures		—			8,000

Total notional amount	$	366,800		$	337,100

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 the dates indicated (dollars in thousands):


	Notional Amount		Weighted Average Pay Rate			Weighted Average Receive Rate			Weighted Average Years to Maturity
June 30, 2015	$	261,800		1.81	%		0.28	%		5.1
December 31, 2014	$	224,100		1.84	%		0.23	%		5.4

Summary of Realized Gain (Loss) Related to Derivatives

The following table presents information about derivatives realized gain (loss), which is included on the consolidated statement of income for the periods indicated (dollars in thousands):

Realized Gains (Losses) on Derivatives


		Three Months Ended June 30,						Six Months Ended June 30,
Non-Hedge Derivatives	Income Statement Location	2015			2014			2015			2014
Interest rate swaps	Realized gain/(loss) on derivative assets	$	(149	)	$	228		$	(937	)	$	163
Swaptions	Realized gain/(loss) on derivative assets		64			(290	)		64			(290	)
TBAs	Realized gain/(loss) on derivative assets		33			(66	)		(76	)		(75	)
Treasury futures	Realized gain/(loss) on derivative assets		—			(59	)		(345	)		(57	)

Total		$	(52	)	$	(187	)	$	(1,294	)	$	(259	)

Summary of Assets and Liabilities Subject to Master Netting Arrangements or Similar Agreements

Offsetting Assets and Liabilities

As of June 30, 2015


	Gross Amounts of Recognized Assets or Liabilities		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						Net Amount
	Gross Amounts of Recognized Assets or Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet					Financial Instruments			Cash Collateral Received (Pledged)			Net Amount
Assets
Interest rate swaps	$	94	$	—		$	94	$	(94	)	$	—		$	—
Swaptions		231		—			231		(231	)		—			—
TBAs		12		(12	)		—		—			—			—
Treasury futures		—		—			—		—			(82	)

Total Assets	$	337	$	(12	)	$	325	$	(325	)	$	(82	)	$	—

Liabilities
Repurchase agreements	$	384,386	$	—		$	384,386	$	(377,505	)	$	(6,881	)	$	—
Interest rate swaps		3,812		—			3,812		(94	)		(3,718	)		—
Swaptions		—		—			—		—			—			—
TBAs		31		(12	)		19		(19	)		—			—
Treasury futures		—		—			—		—			—			—

Total Liabilities	$	388,229	$	(12	)	$	388,217	$	(377,618	)	$	(10,599	)	$	—

As of December 31, 2014


	Gross Amounts of Recognized Assets or Liabilities		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						Net Amount
	Gross Amounts of Recognized Assets or Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet				Financial Instruments			Cash Collateral Received (Pledged)			Net Amount
Assets
Interest rate swaps	$	46	$	—	$	46	$	(46	)	$	—		$	—
Swaptions		291		—		291		(291	)		—			—
TBAs		—		—		—		—			—			—
Treasury futures		5		—		5		(5	)		(89	)

Total Assets	$	342	$	—	$	342	$	(342	)	$	(89	)	$	—

Liabilities
Repurchase agreements	$	362,126	$	—	$	362,126	$	(359,270	)	$	(2,856	)	$	—
Interest rate swaps		4,045		—		4,045		(43	)		(4,002	)		—
Swaptions		—		—		—		—			—			—
TBAs		43		—		43		(43	)		—			—
Treasury futures		—		—		—		—			—			—

Total Liabilities	$	366,214	$	—	$	366,214	$	(359,356	)	$	(6,858	)	$	—

- 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=56946850&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=56946850&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=56946850&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=56946850&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=56946850&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=56946850&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=56946850&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=56946850&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=56946850&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)

6 Months Ended

Jun. 30, 2015

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 as of the dates indicated (dollars in thousands).

Recurring Fair Value Measurements

As of June 30, 2015


	Level 1		Level 2		Level 3		Carrying Value
Assets
RMBS
Fannie Mae	$	—	$	292,099	$	—	$	292,099
Freddie Mac		—		132,311		—		132,311
CMOs		—		8,632		—		8,632

RMBS total		—		433,042		—		433,042
Derivative assets
Interest rate swaps		—		94		—		94
Interest rate swaptions		—		231		—		231
TBAs		—		12		—		12
Treasury Futures		—		—		—		—

Derivative assets total		—		337		—		337
Servicing Related Assets		—		—		92,566		92,566

Total Assets	$	—	$	433,379	$	92,566	$	525,945
Liabilities
Derivative liabilities
Interest rate swaps		—		3,812		—		3,812
TBAs		—		31		—		31
Treasury Futures		—		—		—		—

Derivative liabilities total		—		3,843		—		3,843

Total Liabilities	$	—	$	3,843	$	—	$	3,843

As of December 31, 2014


	Level 1		Level 2		Level 3		Carrying Value
Assets
RMBS
Fannie Mae	$	—	$	268,588	$	—	$	268,588
Freddie Mac		—		140,476		—		140,476
CMOs		—		6,939		—		6,939

RMBS total		—		416,003		—		416,003
Derivative assets
Interest rate swaps		—		46		—		46
Interest rate swaptions		—		291		—		291
TBAs		—		—		—		—
Treasury Futures		—		5		—		5

Derivative assets total		—		342		—		342
Servicing Related Assets		—		—		91,322		91,322

Total Assets	$	—	$	416,345	$	91,322	$	507,667
Liabilities
Derivative liabilities
Interest rate swaps		—		4,045		—		4,045
TBAs		—		43		—		43
Treasury Futures		—		—		—		—

Derivative liabilities total		—		4,088		—		4,088

Total Liabilities	$	—	$	4,088	$	—	$	4,088

Company's Level 3 Assets (Servicing Related Assets) Measured at Fair Value on Recurring Basis

The tables below present the reconciliation for the Company’s Level 3 assets (Servicing Related Assets) measured at fair value on a recurring basis as of the dates indicated (dollars in thousands):

Level 3 Fair Value Measurements

As of June 30, 2015


	Level 3 ^(A)
	Pool 1			Pool 2			Pool 2014			MSRs			Total
Balance at December 31, 2014	$	54,798		$	34,938		$	1,586		$	—		$	91,322
Unrealized gain included in Net Income		(1,916	)		3,743			238			38			2,103
Purchases and principal paydowns
Purchases		—			—			—			7,068			7,068
Proceeds from principal paydowns		(3,827	)		(3,927	)		(113	)					(7,867	)
Amortization of purchased MSRs											(60	)		(60	)

Balance at June 30, 2015	$	49,055		$	34,754		$	1,711		$	7,046		$	92,566

As of December 31, 2014


	Level 3 ^(A)
	Pool 1			Pool 2			Pool 2014			MSRs		Total
Balance at December 31, 2013	$	66,110		$	44,196		$	—		$	—	$	110,306
Unrealized gain included in Net Income		(3,260	)		129			(433	)		—		(3,564	)
Purchases and principal paydowns
Purchases		—			—			2,181			—		2,181
Proceeds from principal paydowns		(8,052	)		(9,387	)		(162	)		—		(17,601	)

Balance at December 31, 2014	$	54,798		$	34,938		$	1,586		$	—	$	91,322

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

Significant Unobservable Inputs Used in Fair Value Measurement

Fair Value Measurements

As of June 30, 2015


	Fair Value		Valuation Technique	Unobservable Input ^(A)	Range	Weighted Average
Pool 1	$	49,055	Discounted cash flow	Constant prepayment speed	4.3% - 14.7%		10.4	%
				Uncollected payments	2.6% - 7.0%		6.1	%
				Discount rate			12.3	%
Pool 2	$	34,754	Discounted cash flow	Constant prepayment speed	10.3% - 35.1%		15.2	%
				Uncollected payments	8.3% - 14.4%		12.9	%
				Discount rate			16.9	%
Pool 2014	$	1,711	Discounted cash flow	Constant prepayment speed	5.6% - 16.4%		10.1	%
				Uncollected payments	4.2% - 6.5%		6.1	%
				Discount rate			11.8	%
MSRs	$	7,046	Discounted cash flow	Constant prepayment speed	5.7% - 24.9%		9.5	%
				Uncollected payments	1.3% - 3.8%		2.6	%
				Discount rate			8.3	%
				Annual cost to service, per loan		$	73

TOTAL	$	92,566	Discounted cash flow

As of December 31, 2014


	Fair Value		Valuation Technique	Unobservable Input ^(A)	Range	Weighted Average
Pool 1	$	54,798	Discounted cash flow	Constant prepayment speed	6.2% - 12.8%		10.4	%
				Uncollected Payments	2.8% - 7.0%		6.3	%
				Discount rate	—		12.2	%
Pool 2	$	34,938	Discounted cash flow	Constant prepayment speed	11.9% - 21.9%		16.7	%
				Uncollected Payments	9.6% - 15.2%		13.7	%
				Discount rate	—		17.3	%
Pool 2014	$	1,586	Discounted cash flow	Constant prepayment speed	8.7% - 15.4%		12.3	%
				Uncollected Payments	2.7% - 6.0%		5.4	%
				Discount rate	—		11.8	%

TOTAL	$	91,322	Discounted cash flow

(A)

Repurchase Agreements (Tables)

6 Months Ended

Jun. 30, 2015

Brokers and Dealers [Abstract]

Remaining Maturities and Weighted Average Rates

The repurchase agreements had the following remaining maturities and weighted average rates as of the dates indicated (dollars in thousands):

Repurchase Agreement Characteristics

As of June 30, 2015


	Repurchase Agreements		Weighted Average Rate
Less than one month	$	117,486		0.47	%
One to three months		223,886		0.41	%
Greater than three months		43,014		0.45	%

Total/Weighted Average	$	384,386		0.43	%

As of December 31, 2014


	Repurchase Agreements		Weighted Average Rate
Less than one month	$	78,988		0.38	%
One to three months		208,533		0.38	%
Greater than three months		74,605		0.38	%

Total/Weighted Average	$	362,126		0.38	%

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

The components of the Company’s income tax expense (benefit) are as follows for the periods indicated below (dollars in thousands):


	Six Months Ended June 30,
	2015			2014
Current federal income tax expense	$	—		$	—
Current state income tax expense		21			5
Deferred federal income tax expense (benefit)		(59	)		—
Deferred state income tax expense (benefit)		(11	)		—

Total Income Tax Expense (benefit)	$	(49	)	$	5

Reconciliation of Statutory Federal Rate to Effective Rate

The following is a reconciliation of the statutory federal rate to the effective rate, for the periods indicated below:


	Six Months Ended June 30,
	2015			2014
Computed income tax (benefit) expense at federal rate		(35.0	)%		35.0	%
State taxes, net of federal benefit, if applicable		0.1	%		—	%
Permanent differences in taxable income from GAAP pre-tax income		—	%		—	%
REIT income not subject to tax		34.8	%		(35.0	)%

Benefit from Provision for Income Taxes/Effective Tax Rate^(A)		(0.1	)%		—	%

(A)	The provision for income taxes is recorded at the taxable subsidiary level.

Summary of Current and Deferred Tax Liabilities and Assets


	Six Months Ended June 30,
	2015		2014
Income taxes (payable) receivable
Federal income taxes (payable) receivable	$	—	$	—
State and local income taxes (payable) receivable		—		—

Income taxes (payable) receivable, net		—		—

	June 30, 2015		December 31, 2014
Deferred tax assets (liabilities)
Deferred tax asset		216		146
Deferred tax liability		—		—

Total net deferred tax assets (liabilities)		216		146

Total tax assets and liabilities, net	$	216	$	146

Business Combinations (Tables) - Aurora Financial Group, Inc [Member]

6 Months Ended

Jun. 30, 2015

Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the acquisition date (dollars in thousands):


	Preliminary Fair value of consideration transferred
Cash	$	80.0
Mortgage receivables		2,772.1
Servicing escrow advances		409.8
Capital leases		45.9
Deposits held and prepaid items		27.8
MSRs		7,068.5

Total identifiable assets acquired		10,404.1

Current liabilities		1,642.7
Settlement liability		700.0
Assumed debt		3,968.8

Total liabilities assumed		6,311.5

Net identifiable assets acquired		4,092.6
Cash consideration transferred		3,919.0

Gain on bargain purchase	$	(173.6	)

Schedule of Amounts of Revenue and Earnings Included in Consolidated Income Statement


	Revenue and earnings included in the consolidated income statement from May 30, 2015 to June 30, 2015
Revenue	$	156.0
Earnings		213.0

Schedule of Proforma Consolidated Income Statement

Pro Forma Consolidated Income Statement


	Three Months Ended June 30,					Six Months Ended June 30,
	2015		2014			2015		2014
Revenue	$	12,554	$	661		$	11,548	$	2,527
Earnings (loss)	$	11,345	$	(658	)	$	8,963	$	73

Earnings (Loss) Per Share of Common Stock
Basic	$	1.51	$	(0.09	)	$	1.19	$	0.01
Diluted	$	1.51	$	(0.09	)	$	1.19	$	0.01
Weighted Average Number of Shares of Common Stock Outstanding
Basic		7,509,543		7,504,572			7,509,543		7,503,538
Diluted		7,509,543		7,509,543			7,509,543		7,508,112

Organization and Operations - Additional Information (Detail) - USD ($)			6 Months Ended
	Oct. 09, 2013	Dec. 04, 2012	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	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		7,509,543	1,000
Common stock, par value			$ 0.01		$ 0.01
Preferred stock, par value			$ 0.01		$ 0.01
Date of commencement of operations			Oct. 09, 2013
Common stock issued, shares	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			$ 105,000
Date of conducting IPO and concurrent private placement of common stock			Oct. 09, 2013
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 CHMI		$ 1,000
Amount of repurchased shares	$ 1,000

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Significant Accounting Policies [Line Items]
Number of taxable years for disqualified from treatment as a REIT	4 years
Receivables from unsettled trades	$ 4,977,000	$ 309,000
Restricted cash	$ 11,084,000	6,947,000
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%
Percentage of acquired assets and assumed liabilities	100.00%
Term Loan [Member]
Significant Accounting Policies [Line Items]
Restricted cash	$ 300,000
Line of credit, outstanding borrowings amount	7,500,000
Derivatives [Member]
Significant Accounting Policies [Line Items]
Restricted cash	3,700,000
Repurchase Agreements [Member]
Significant Accounting Policies [Line Items]
Restricted cash	7,000,000
Receivables and Other Assets [Member] \| RMBS [Member]
Significant Accounting Policies [Line Items]
Income receivable	1,400,000	1,300,000
Receivables and Other Assets [Member] \| Excess Mortgage Service Right [Member]
Significant Accounting Policies [Line Items]
Income receivable	2,400,000	$ 2,700,000
Receivables and Other Assets [Member] \| Reimbursable Servicing Advances [Member]
Significant Accounting Policies [Line Items]
Income receivable	494,000
RMBS Sold Not Yet Settled [Member]
Significant Accounting Policies [Line Items]
Receivables from unsettled trades	$ 5,000,000
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		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accounting Policies [Abstract]
Gain on RMBS	$ 16	$ 75	$ 323	$ 75
Loss on RMBS	(131)		(131)	(349)
Net realized gain (loss) on RMBS	(115)	75	192	(274)
Realized gain (loss) on derivatives, net	(52)	(187)	(1,294)	(259)
Unrealized gain (loss) on derivatives, net	2,835	(2,705)	293	(6,148)
Total	$ 2,668	$ (2,817)	$ (809)	$ (6,681)

- 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

Segment Reporting - Summary of Financial Data on CHMI's Segments with Reconciliation (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Interest income	$ 6,199	$ 6,137	$ 12,671	$ 12,148
Interest expense	1,346	1,006	2,581	1,953
Net interest income	4,853	5,131	10,090	10,195
Servicing fee income	156		156
Servicing costs	94		94
Amortization of MSRs	60		60
Net servicing income	2		2
Other income	7,707	(4,465)	1,468	(7,659)
Other operating expenses	1,324	1,320	2,735	2,452
(Benefit from) provision for corporate business taxes	(70)	1	(49)	5
Net Income (Loss)	11,308	(655)	8,874	79
Investments	525,608		525,608		$ 507,325
Other assets	38,388		38,388		24,601
Total Assets	563,996		563,996		531,926
Debt	395,086		395,086		362,126
Other liabilities	10,776		10,776		9,482
Total Liabilities	405,862		405,862		371,608
GAAP book value	158,134		158,134		160,318
Servicing Related Assets [Member]
Segment Reporting Information [Line Items]
Interest income	3,046	3,629	6,266	7,314
Interest expense	19		19
Net interest income	3,027	3,629	6,247	7,314
Servicing fee income	156		156
Servicing costs	94		94
Amortization of MSRs	60		60
Net servicing income	2		2
Other income	5,039	(1,648)	2,277	(978)
(Benefit from) provision for corporate business taxes	(49)	5	(49)	5
Net Income (Loss)	8,117	1,976	8,575	6,331
Investments	92,566		92,566		91,322
Other assets	2,566		2,566		2,713
Total Assets	95,132		95,132		94,035
Debt	7,873		7,873
Total Liabilities	7,873		7,873
GAAP book value	87,259		87,259		94,035
RMBS [Member]
Segment Reporting Information [Line Items]
Interest income	3,153	2,508	6,405	4,834
Interest expense	1,327	1,006	2,562	1,953
Net interest income	1,826	1,502	3,843	2,881
Other income	2,668	(2,817)	(809)	(6,681)
Net Income (Loss)	4,494	(1,315)	3,034	(3,800)
Investments	433,042		433,042		416,003
Other assets	17,737		17,737		8,920
Total Assets	450,779		450,779		424,923
Debt	385,386		385,386		362,126
Other liabilities	4,073		4,073		4,319
Total Liabilities	389,459		389,459		366,445
GAAP book value	61,320		61,320		58,478
Other Segments [Member]
Segment Reporting Information [Line Items]
Other operating expenses	1,324	1,320	2,735	2,452
(Benefit from) provision for corporate business taxes	(21)	(4)
Net Income (Loss)	(1,303)	$ (1,316)	(2,735)	$ (2,452)
Other assets	18,085		18,085		12,968
Total Assets	18,085		18,085		12,968
Debt	1,827		1,827
Other liabilities	6,703		6,703		5,163
Total Liabilities	8,530		8,530		5,163
GAAP book value	$ 9,555		$ 9,555		$ 7,805

Investments in RMBS - Additional Information (Detail) - USD ($)			3 Months Ended		6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule of Available-for-sale Securities [Line Items]
OTTI securities	$ 0	$ 0
Collateral for repurchase agreements	384,386,000	362,126,000	$ 384,386,000		$ 384,386,000
Other-than-temporary impairment charges			0	$ 0	0	$ 0
RMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Collateral for repurchase agreements	$ 399,200,000	$ 380,700,000	$ 399,200,000		$ 399,200,000

Investments in RMBS - Summary of Company's RMBS Investments (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015 USD ($) Security	Dec. 31, 2014 USD ($) Security
Schedule of Available-for-sale Securities [Line Items]
Original Face Value	$ 472,361	$ 437,544
Book Value	430,082	409,362
Gross Unrealized Gains	4,573	6,817
Gross Unrealized Losses	(1,613)	(176)
Carrying Value	$ 433,042	$ 416,003
Number of Securities \| Security	60	54
Weighted Average Coupon	3.78%	3.85%
Weighted Average Yield	3.32%	3.49%
Weighted Average Maturity (Years)	23 years	23 years
CMOs [Member]
Schedule of Available-for-sale Securities [Line Items]
Original Face Value	$ 27,964	$ 25,964
Book Value	9,035	7,105
Gross Unrealized Gains	19
Gross Unrealized Losses	(422)	(166)
Carrying Value	$ 8,632	$ 6,939
Number of Securities \| Security	5	4
Weighted Average Rating	Unrated	Unrated
Weighted Average Coupon	4.23%	4.18%
Weighted Average Yield	9.89%	12.65%
Weighted Average Maturity (Years)	13 years	14 years
RMBS [Member] \| Fannie Mae [Member]
Schedule of Available-for-sale Securities [Line Items]
Original Face Value	$ 302,909	$ 267,516
Book Value	289,674	263,924
Gross Unrealized Gains	3,254	4,674
Gross Unrealized Losses	(829)	(10)
Carrying Value	$ 292,099	$ 268,588
Number of Securities \| Security	39	33
Weighted Average Rating	(B)	(B)
Weighted Average Coupon	3.82%	3.89%
Weighted Average Yield	3.19%	3.51%
Weighted Average Maturity (Years)	23 years	24 years
RMBS [Member] \| Freddie Mac [Member]
Schedule of Available-for-sale Securities [Line Items]
Original Face Value	$ 141,488	$ 144,064
Book Value	131,373	138,333
Gross Unrealized Gains	1,300	2,143
Gross Unrealized Losses	(362)
Carrying Value	$ 132,311	$ 140,476
Number of Securities \| Security	16	17
Weighted Average Rating	(B)	(B)
Weighted Average Coupon	3.66%	3.75%
Weighted Average Yield	3.18%	2.99%
Weighted Average Maturity (Years)	22 years	23 years

Investments in RMBS - Summary of Company's RMBS Investments (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2014
Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities, maturity period	10 years

Investments in RMBS - Summary of Company's RMBS Investments by Maturity (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015 USD ($) Security	Dec. 31, 2014 USD ($) Security
Schedule of Available-for-sale Securities [Line Items]
Original Face Value	$ 472,361	$ 437,544
Book Value	430,082	409,362
Gross Unrealized Gains	4,573	6,817
Gross Unrealized Losses	(1,613)	(176)
Carrying Value	$ 433,042	$ 416,003
Number of Securities \| Security	60	54
Weighted Average Coupon	3.78%	3.85%
Weighted Average Yield	3.32%	3.49%
Weighted Average Maturity (Years)	23 years	23 years
After 5 Years Through 10 Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Original Face Value	$ 12,488
Book Value	12,643
Gross Unrealized Gains	19
Gross Unrealized Losses	(168)
Carrying Value	$ 12,493
Number of Securities \| Security	4
Weighted Average Rating	(B)
Weighted Average Coupon	3.95%
Weighted Average Yield	3.76%
Weighted Average Maturity (Years)	9 years
After 10 Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Original Face Value	$ 459,873
Book Value	417,439
Gross Unrealized Gains	4,554
Gross Unrealized Losses	(1,445)
Carrying Value	$ 420,549
Number of Securities \| Security	56
Weighted Average Rating	(B)
Weighted Average Coupon	3.78%
Weighted Average Yield	3.31%
Weighted Average Maturity (Years)	23 years

Investments in RMBS - Summary of Company's RMBS Securities in an Unrealized Loss Position (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015 USD ($) Security	Dec. 31, 2014 USD ($) Security
Schedule of Available-for-sale Securities [Line Items]
Original Face Value	$ 472,361	$ 437,544
Book Value	430,082	409,362
Gross Unrealized Losses	(1,613)	(176)
Carrying Value	$ 433,042	$ 416,003
Number of Securities \| Security	60	54
Weighted Average Coupon	3.78%	3.85%
Weighted Average Yield	3.32%	3.49%
Weighted Average Maturity (Years)	23 years	23 years
Unrealized Loss Positions [Member]
Schedule of Available-for-sale Securities [Line Items]
Original Face Value	$ 130,321	$ 35,404
Book Value	114,137	16,946
Gross Unrealized Losses	(1,613)	(176)
Carrying Value	$ 112,524	$ 16,770
Number of Securities \| Security	19	5
Weighted Average Coupon	3.60%	3.78%
Weighted Average Yield	3.38%	7.21%
Weighted Average Maturity (Years)	22 years	23 years
Less than Twelve Months [Member] \| Unrealized Loss Positions [Member]
Schedule of Available-for-sale Securities [Line Items]
Original Face Value	$ 117,175	$ 35,404
Book Value	111,068	16,946
Gross Unrealized Losses	(1,476)	(176)
Carrying Value	$ 109,592	$ 16,770
Number of Securities \| Security	17	5
Weighted Average Rating	(B)	(B)
Weighted Average Coupon	3.58%	3.78%
Weighted Average Yield	3.17%	7.21%
Weighted Average Maturity (Years)	23 years	23 years
Twelve or More Months [Member] \| Unrealized Loss Positions [Member]
Schedule of Available-for-sale Securities [Line Items]
Original Face Value	$ 13,146
Book Value	3,069
Gross Unrealized Losses	(137)
Carrying Value	$ 2,932
Number of Securities \| Security	2
Weighted Average Coupon	4.00%
Weighted Average Yield	11.00%
Weighted Average Maturity (Years)	11 years

Investments in Servicing Related Assets - Additional Information (Detail) - USD ($)				1 Months Ended	6 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Feb. 28, 2014	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Oct. 31, 2013
Investment In Servicing Related Assets [Line Items]
State Concentration				100.00%	100.00%	100.00%
Aurora Financial Group, Inc [Member]
Investment In Servicing Related Assets [Line Items]
Mortgage servicing right, amount				$ 712,300,000	$ 712,300,000
Business acquisition date					May 29, 2015
Freedom Mortgage Corporation [Member]
Investment In Servicing Related Assets [Line Items]
Related party servicing costs				$ 45,000
Minimum [Member]
Investment In Servicing Related Assets [Line Items]
State Concentration				5.00%	5.00%	5.00%
Excess MSR Pool 1 [Member]
Investment In Servicing Related Assets [Line Items]
Mortgage loans with an outstanding principal balance							$ 10,000,000,000
Weighted average mortgage servicing amount on unpaid balance, in basis points							0.28%
Amount representing reasonable compensation for performing the servicing duties, in basis points							0.08%
Excess mortgage servicing amount, in basis points							0.20%
Excess mortgage servicing amount					85.00%
Refinancing of loans					$ 60,600,000
Percentage of freedom to co-invest in excess MSRs, pari passu					15.00%
Entitled to a pro rata share				85.00%	85.00%
Excess MSR Pool 2 [Member]
Investment In Servicing Related Assets [Line Items]
Mortgage loans with an outstanding principal balance							$ 10,700,000,000
Weighted average mortgage servicing amount on unpaid balance, in basis points							0.44%
Amount representing reasonable compensation for performing the servicing duties, in basis points							0.10%
Excess mortgage servicing amount, in basis points							0.34%
Excess mortgage servicing amount					50.00%
Refinancing of loans					$ 38,400,000
Percentage of freedom to co-invest in excess MSRs, pari passu					50.00%
Entitled to a pro rata share				50.00%	50.00%
Freedom Mortgage Excess Service Right [Member]
Investment In Servicing Related Assets [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 Servicing Related Assets - Summary of Company's Servicing Related Assets (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Investment In Servicing Related Assets [Line Items]
Securities in an Unrealized Loss Position, Unpaid Principal Balance	$ 16,891,276	$ 17,500,284
Securities in an Unrealized Loss Position, Amortized Cost Basis	78,380	79,239
Securities in an Unrealized Loss Position, Carrying Value	$ 92,566	$ 91,322
Securities in an Unrealized Loss Position, Weighted Average Coupon	3.18%	3.16%
Securities in an Unrealized Loss Position, Weighted Average Maturity (Years)	26 years 10 months 24 days	27 years 4 months 24 days
Securities in an Unrealized Loss Position, Changes in Fair Value Recorded in Other Income (Loss)	$ 2,103	$ (3,564)
Servicing Related Assets Pool 1 [Member]
Investment In Servicing Related Assets [Line Items]
Securities in an Unrealized Loss Position, Unpaid Principal Balance	8,033,836	8,715,747
Securities in an Unrealized Loss Position, Amortized Cost Basis	43,914	47,741
Securities in an Unrealized Loss Position, Carrying Value	$ 48,421	$ 54,187
Securities in an Unrealized Loss Position, Weighted Average Coupon	3.51%	3.51%
Securities in an Unrealized Loss Position, Weighted Average Maturity (Years)	26 years 6 months	27 years
Securities in an Unrealized Loss Position, Changes in Fair Value Recorded in Other Income (Loss)	$ 1,939	$ (2,889)
Servicing Related Assets Pool 1 - Recapture Agreement [Member]
Investment In Servicing Related Assets [Line Items]
Securities in an Unrealized Loss Position, Amortized Cost Basis	2,900	2,900
Securities in an Unrealized Loss Position, Carrying Value	634	611
Securities in an Unrealized Loss Position, Changes in Fair Value Recorded in Other Income (Loss)	23	(371)
Servicing Related Assets Pool 2 [Member]
Investment In Servicing Related Assets [Line Items]
Securities in an Unrealized Loss Position, Unpaid Principal Balance	7,860,186	8,475,975
Securities in an Unrealized Loss Position, Amortized Cost Basis	20,098	24,025
Securities in an Unrealized Loss Position, Carrying Value	$ 33,969	$ 33,676
Securities in an Unrealized Loss Position, Weighted Average Coupon	2.75%	2.77%
Securities in an Unrealized Loss Position, Weighted Average Maturity (Years)	27 years 6 months	27 years 9 months 18 days
Securities in an Unrealized Loss Position, Changes in Fair Value Recorded in Other Income (Loss)	$ 4,220	$ 2,011
Servicing Related Assets Pool 2 - Recapture Agreement [Member]
Investment In Servicing Related Assets [Line Items]
Securities in an Unrealized Loss Position, Amortized Cost Basis	2,554	2,554
Securities in an Unrealized Loss Position, Carrying Value	785	1,262
Securities in an Unrealized Loss Position, Changes in Fair Value Recorded in Other Income (Loss)	477	(1,882)
Servicing Related Assets Pool 2014 [Member]
Investment In Servicing Related Assets [Line Items]
Securities in an Unrealized Loss Position, Unpaid Principal Balance	284,958	308,562
Securities in an Unrealized Loss Position, Amortized Cost Basis	1,906	2,019
Securities in an Unrealized Loss Position, Carrying Value	$ 1,711	$ 1,586
Securities in an Unrealized Loss Position, Weighted Average Coupon	3.65%	3.71%
Securities in an Unrealized Loss Position, Weighted Average Maturity (Years)	27 years 10 months 24 days	28 years 4 months 24 days
Securities in an Unrealized Loss Position, Changes in Fair Value Recorded in Other Income (Loss)	$ 238	$ (433)
Mortgage Servicing Rights [Member]
Investment In Servicing Related Assets [Line Items]
Securities in an Unrealized Loss Position, Unpaid Principal Balance	712,296
Securities in an Unrealized Loss Position, Amortized Cost Basis	7,008
Securities in an Unrealized Loss Position, Carrying Value	$ 7,046
Securities in an Unrealized Loss Position, Weighted Average Coupon	4.06%
Securities in an Unrealized Loss Position, Weighted Average Maturity (Years)	23 years 3 months 18 days
Securities in an Unrealized Loss Position, Changes in Fair Value Recorded in Other Income (Loss)	$ 38

Investments in Servicing Related Assets - Summary of Geographic Distribution for States Representing 5% or Greater of Underlying Residential Mortgage Loans of Servicing Related Assets (Detail)	Jun. 30, 2015	Dec. 31, 2014
Investment In Servicing Related Assets [Line Items]
State Concentration	100.00%	100.00%
California [Member]
Investment In Servicing Related Assets [Line Items]
State Concentration	11.90%	13.30%
Texas [Member]
Investment In Servicing Related Assets [Line Items]
State Concentration	9.70%	10.10%
Florida [Member]
Investment In Servicing Related Assets [Line Items]
State Concentration	6.70%	6.90%
Virginia [Member]
Investment In Servicing Related Assets [Line Items]
State Concentration	6.30%	6.50%
North Carolina [Member]
Investment In Servicing Related Assets [Line Items]
State Concentration	5.50%	5.70%
Georgia [Member]
Investment In Servicing Related Assets [Line Items]
State Concentration	5.20%	5.30%
Washington [Member]
Investment In Servicing Related Assets [Line Items]
State Concentration		5.10%
All Other [Member]
Investment In Servicing Related Assets [Line Items]
State Concentration	54.70%	47.10%

Equity and Earnings per Share - Information about Company's 2013 Plan (Detail) - 2013 Equity Compensation Plans Approved by Shareholders [Member] - shares	Jun. 30, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans	1,421,607	1,421,607
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	68,850	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	9,543	9,543

Equity and Earnings per Share - Equity Incentive Plan - Additional Information (Detail)				3 Months Ended		6 Months Ended
	Jun. 10, 2014 USD ($) Individual $ / shares shares	Jan. 27, 2014 shares	Oct. 09, 2013 USD ($) $ / shares shares	Jun. 30, 2015 USD ($) shares	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) shares	Jun. 30, 2014 USD ($)
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						27,950
Share-based compensation expense recognized \| $				$ 100,500	$ 66,800	$ 200,100	$ 117,000
Share-based compensation expense related to non-vested				40,900		40,900
Unrecognized share-based compensation expense \| $				$ 637,164		$ 637,164
Long Term Incentive Plan Units [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of recognition of unrecognized share-based compensation expense				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]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share equivalent to unit awarded						1
2013 Plan [Member] \| Long Term Incentive Plan Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remaining for future issuance				1,421,607		1,421,607
2013 Plan [Member] \| Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate grant date fair value		1,590
2013 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 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 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)	6 Months Ended
	Jun. 30, 2015 shares
Noncontrolling Interest [Line Items]
Shares redemption description	One share of the Company's common stock, or cash equal to the fair value of a share of the Company's common stock at the time of redemption, for each LTIP-OP Unit
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 Earnings per Share of Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net income attributable to common stockholders and participating securities for basic earnings per share	$ 11,308	$ (655)	$ 8,874	$ 79
Net income allocable to common stockholders	$ 11,205	$ (652)	$ 8,793	$ 78
Denominator:
Weighted average common shares outstanding	7,509,543	7,504,572	7,509,543	7,503,538
Weighted average diluted shares outstanding	7,509,543	7,509,543	7,509,543	7,508,112
Basic and Dilutive:
Basic earnings per share	$ 1.49	$ (0.09)	$ 1.17	$ 0.01
Diluted earnings per share	$ 1.49	$ (0.09)	$ 1.17	$ 0.01

- 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 - Earnings per Share - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015 shares
Earnings Per Share [Abstract]
Anti-dilutive securities	0

Transactions with Affiliates and Affiliated Entities - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015
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		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Management fees	$ 560	$ 604	$ 1,120	$ 1,208
Expense reimbursement	130	75	260	150
Total	$ 690	$ 679	$ 1,380	$ 1,358

Derivative Instruments - Summary of Outstanding Notional Amounts of Derivative Instruments (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Interest Rate Swaps [Member]
Derivative [Line Items]
Total notional amount	$ 261,800,000	$ 224,100,000
Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Total notional amount	366,800,000	337,100,000
Not Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member]
Derivative [Line Items]
Total notional amount	261,800,000	224,100,000
Not Designated as Hedging Instrument [Member] \| Interest Rate Swaptions [Member]
Derivative [Line Items]
Total notional amount	115,000,000	105,000,000
Not Designated as Hedging Instrument [Member] \| TBAs [Member]
Derivative [Line Items]
Total notional amount	$ 10,000,000
Not Designated as Hedging Instrument [Member] \| Treasury Futures [Member]
Derivative [Line Items]
Total notional amount		$ 8,000,000

Derivative Instruments - Summary of Information about Company's Interest Rate Swap Agreements (Detail) - Interest Rate Swaps [Member] - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Notional Amount	$ 261,800,000	$ 224,100,000
Weighted Average Pay Rate	1.81%	1.84%
Weighted Average Receive Rate	0.28%	0.23%
Weighted Average Years to Maturity	5 years 1 month 6 days	5 years 4 months 24 days

Derivative Instruments - Summary of Realized Gain (Loss) Related to Derivatives (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) on derivatives	$ (52)	$ (187)	$ (1,294)	$ (259)
Not Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) on derivatives	(52)	(187)	(1,294)	(259)
Not Designated as Hedging Instrument [Member] \| Realized Gain/(Loss) on Derivative Assets [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) on derivatives	(149)	228	(937)	163
Not Designated as Hedging Instrument [Member] \| Realized Gain/(Loss) on Derivative Assets [Member] \| Interest Rate Swaptions [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) on derivatives	64	(290)	64	(290)
Not Designated as Hedging Instrument [Member] \| Realized Gain/(Loss) on Derivative Assets [Member] \| TBAs [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) on derivatives	$ 33	(66)	(76)	(75)
Not Designated as Hedging Instrument [Member] \| Realized Gain/(Loss) on Derivative Assets [Member] \| Treasury Futures [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain/(loss) on derivatives		$ (59)	$ (345)	$ (57)

Derivative Instruments - Summary of Assets and Liabilities Subject to Master Netting Arrangements or Similar Agreements (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets or Liabilities	$ 337	$ 342
Gross Amounts Offset in the Consolidated Balance Sheet	(12)
Net Amounts of Assets Presented in the Consolidated Balance Sheet	325	342
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	(325)	(342)
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received	(82)	(89)
Net Amount	0	0
Gross Amounts of Recognized Assets or Liabilities	388,229	366,214
Gross Amounts Offset in the Consolidated Balance Sheet	(12)
Net Amounts of Assets Presented in the Consolidated Balance Sheet	388,217	366,214
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	(377,618)	(359,356)
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received (Pledged)	(10,599)	(6,858)
Net Amount	0	0
Repurchase Agreements [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets or Liabilities	384,386	362,126
Net Amounts of Assets Presented in the Consolidated Balance Sheet	384,386	362,126
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	(377,505)	(359,270)
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received (Pledged)	(6,881)	(2,856)
Net Amount	0	0
Interest Rate Swaps [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets or Liabilities	94	46
Net Amounts of Assets Presented in the Consolidated Balance Sheet	94	46
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	(94)	(46)
Net Amount	0	0
Gross Amounts of Recognized Assets or Liabilities	3,812	4,045
Net Amounts of Assets Presented in the Consolidated Balance Sheet	3,812	4,045
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	(94)	(43)
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received (Pledged)	(3,718)	(4,002)
Net Amount	0	0
Interest Rate Swaptions [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets or Liabilities	231	291
Net Amounts of Assets Presented in the Consolidated Balance Sheet	231	291
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	(231)	(291)
Net Amount	0	0
Net Amount	0	0
TBAs [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets or Liabilities	12
Gross Amounts Offset in the Consolidated Balance Sheet	(12)
Net Amount	0	0
Gross Amounts of Recognized Assets or Liabilities	31	43
Gross Amounts Offset in the Consolidated Balance Sheet	(12)
Net Amounts of Assets Presented in the Consolidated Balance Sheet	19	43
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments	(19)	(43)
Net Amount	0	0
Treasury Futures [Member]
Derivatives, Fair Value [Line Items]
Gross Amounts of Recognized Assets or Liabilities		5
Net Amounts of Assets Presented in the Consolidated Balance Sheet		5
Gross Amounts Not Offset in the Consolidated Balance Sheet in Financial Instruments		(5)
Gross Amounts Not Offset in the Consolidated Balance Sheet in Cash Collateral Received	(82)	(89)
Net Amount	0	0
Net Amount	$ 0	$ 0

Fair Value - Additional Information (Detail)	Jun. 30, 2015	Dec. 31, 2014
Derivatives [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of derivative instruments classified as fair value assets and liabilities	100.00%	100.00%
Excess MSRs [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of derivative instruments classified as fair value assets and liabilities	100.00%	100.00%
RMBS [Member] \| Derivatives [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of derivative instruments classified as fair value assets and liabilities	100.00%	100.00%
MSRs [Member] \| Derivatives [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of derivative instruments classified as fair value assets and liabilities	100.00%

Fair Value - Company's Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Derivative assets total	$ 325	$ 342
Liabilities
Derivative liabilities total	3,831	4,088
Interest Rate Swaps [Member]
Assets
Derivative assets total	94	46
Interest Rate Swaptions [Member]
Assets
Derivative assets total	231	291
Treasury Futures [Member]
Assets
Derivative assets total		5
Fair Value, Measurements, Recurring [Member] \| Portion at Fair Value Measurement [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets
Derivative assets total	337	342
Total Assets	433,379	416,345
Liabilities
Derivative liabilities total	3,843	4,088
Total Liabilities	3,843	4,088
Fair Value, Measurements, Recurring [Member] \| Portion at Fair Value Measurement [Member] \| Fair Value, Inputs, Level 2 [Member] \| RMBS [Member]
Assets
RMBS total	433,042	416,003
Fair Value, Measurements, Recurring [Member] \| Portion at Fair Value Measurement [Member] \| Fair Value, Inputs, Level 3 [Member]
Assets
Servicing Related Assets	92,566	91,322
Total Assets	92,566	91,322
Fair Value, Measurements, Recurring [Member] \| Portion at Fair Value Measurement [Member] \| Interest Rate Swaps [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets
Derivative assets total	94	46
Liabilities
Derivative liabilities total	3,812	4,045
Fair Value, Measurements, Recurring [Member] \| Portion at Fair Value Measurement [Member] \| Interest Rate Swaptions [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets
Derivative assets total	231	291
Fair Value, Measurements, Recurring [Member] \| Portion at Fair Value Measurement [Member] \| TBAs [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets
Derivative assets total	12
Liabilities
Derivative liabilities total	31	43
Fair Value, Measurements, Recurring [Member] \| Portion at Fair Value Measurement [Member] \| Treasury Futures [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets
Derivative assets total		5
Fair Value, Measurements, Recurring [Member] \| Portion at Fair Value Measurement [Member] \| CMOs [Member] \| Fair Value, Inputs, Level 2 [Member] \| RMBS [Member]
Assets
RMBS total	8,632	6,939
Fair Value, Measurements, Recurring [Member] \| Carrying Reported Fair Value [Member]
Assets
Derivative assets total	337	342
Servicing Related Assets	92,566	91,322
Total Assets	525,945	507,667
Liabilities
Derivative liabilities total	3,843	4,088
Total Liabilities	3,843	4,088
Fair Value, Measurements, Recurring [Member] \| Carrying Reported Fair Value [Member] \| RMBS [Member]
Assets
RMBS total	433,042	416,003
Fair Value, Measurements, Recurring [Member] \| Carrying Reported Fair Value [Member] \| Interest Rate Swaps [Member]
Assets
Derivative assets total	94	46
Liabilities
Derivative liabilities total	3,812	4,045
Fair Value, Measurements, Recurring [Member] \| Carrying Reported Fair Value [Member] \| Interest Rate Swaptions [Member]
Assets
Derivative assets total	231	291
Fair Value, Measurements, Recurring [Member] \| Carrying Reported Fair Value [Member] \| TBAs [Member]
Assets
Derivative assets total	12
Liabilities
Derivative liabilities total	31	43
Fair Value, Measurements, Recurring [Member] \| Carrying Reported Fair Value [Member] \| Treasury Futures [Member]
Assets
Derivative assets total		5
Fair Value, Measurements, Recurring [Member] \| Carrying Reported Fair Value [Member] \| CMOs [Member] \| RMBS [Member]
Assets
RMBS total	8,632	6,939
Fair Value, Measurements, Recurring [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Portion at Fair Value Measurement [Member] \| Fair Value, Inputs, Level 2 [Member] \| RMBS [Member]
Assets
RMBS total	292,099	268,588
Fair Value, Measurements, Recurring [Member] \| Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] \| Carrying Reported Fair Value [Member] \| RMBS [Member]
Assets
RMBS total	292,099	268,588
Fair Value, Measurements, Recurring [Member] \| Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Portion at Fair Value Measurement [Member] \| Fair Value, Inputs, Level 2 [Member] \| RMBS [Member]
Assets
RMBS total	132,311	140,476
Fair Value, Measurements, Recurring [Member] \| Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] \| Carrying Reported Fair Value [Member] \| RMBS [Member]
Assets
RMBS total	$ 132,311	$ 140,476

Fair Value - Company's Level 3 Assets (Servicing Related Assets) Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Unrealized gain included in Net Income		$ 2,103	$ (978)
Purchases and principal paydowns
Purchases			2,181
Amortization of purchased MSRs	$ (60)	(60)
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		91,322	110,306	$ 110,306
Unrealized gain included in Net Income		2,103		(3,564)
Purchases and principal paydowns
Purchases		7,068		2,181
Proceeds from principal paydowns		(7,867)		(17,601)
Amortization of purchased MSRs		(60)
Ending balance	92,566	92,566		91,322
Servicing Related Assets Pool 1 [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		54,798	66,110	66,110
Unrealized gain included in Net Income		(1,916)		(3,260)
Purchases and principal paydowns
Proceeds from principal paydowns		(3,827)		(8,052)
Ending balance	49,055	49,055		54,798
Servicing Related Assets Pool 2 [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		34,938	$ 44,196	44,196
Unrealized gain included in Net Income		3,743		129
Purchases and principal paydowns
Proceeds from principal paydowns		(3,927)		(9,387)
Ending balance	34,754	34,754		34,938
Servicing Related Assets Pool 2014 [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance		1,586
Unrealized gain included in Net Income		238		(433)
Purchases and principal paydowns
Purchases				2,181
Proceeds from principal paydowns		(113)		(162)
Ending balance	1,711	1,711		$ 1,586
Mortgage Servicing Rights [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		38
Purchases and principal paydowns
Purchases		7,068
Amortization of purchased MSRs		(60)
Ending balance	$ 7,046	$ 7,046

Fair Value - Significant Unobservable Inputs Used in Fair Value Measurement (Detail) - Fair Value, Inputs, Level 3 [Member] - Discounted Cash Flow [Member] - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 92,566,000	$ 91,322,000
Valuation Technique	Discounted cash flow	Discounted cash flow
Servicing Related Assets Pool 1 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 49,055,000	$ 54,798,000
Valuation Technique	Discounted cash flow	Discounted cash flow
Servicing Related Assets Pool 2 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 34,754,000	$ 34,938,000
Valuation Technique	Discounted cash flow	Discounted cash flow
Servicing Related Assets Pool 2014 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 1,711,000	$ 1,586,000
Valuation Technique	Discounted cash flow	Discounted cash flow
Mortgage Servicing Rights [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value	$ 7,046,000
Valuation Technique	Discounted cash flow
Minimum [Member] \| Servicing Related Assets Pool 1 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant prepayment speed	4.30%	6.20%
Uncollected Payments	2.60%	2.80%
Minimum [Member] \| Servicing Related Assets Pool 2 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant prepayment speed	10.30%	11.90%
Uncollected Payments	8.30%	9.60%
Minimum [Member] \| Servicing Related Assets Pool 2014 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant prepayment speed	5.60%	8.70%
Uncollected Payments	4.20%	2.70%
Minimum [Member] \| Mortgage Servicing Rights [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant prepayment speed	5.70%
Uncollected Payments	1.30%
Maximum [Member] \| Servicing Related Assets Pool 1 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant prepayment speed	14.70%	12.80%
Uncollected Payments	7.00%	7.00%
Maximum [Member] \| Servicing Related Assets Pool 2 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant prepayment speed	35.10%	21.90%
Uncollected Payments	14.40%	15.20%
Maximum [Member] \| Servicing Related Assets Pool 2014 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant prepayment speed	16.40%	15.40%
Uncollected Payments	6.50%	6.00%
Maximum [Member] \| Mortgage Servicing Rights [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant prepayment speed	24.90%
Uncollected Payments	3.80%
Weighted Average [Member] \| Servicing Related Assets Pool 1 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant prepayment speed	10.40%	10.40%
Uncollected Payments	6.10%	6.30%
Discount rate	12.30%	12.20%
Weighted Average [Member] \| Servicing Related Assets Pool 2 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant prepayment speed	15.20%	16.70%
Uncollected Payments	12.90%	13.70%
Discount rate	16.90%	17.30%
Weighted Average [Member] \| Servicing Related Assets Pool 2014 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant prepayment speed	10.10%	12.30%
Uncollected Payments	6.10%	5.40%
Discount rate	11.80%	11.80%
Weighted Average [Member] \| Mortgage Servicing Rights [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Constant prepayment speed	9.50%
Uncollected Payments	2.60%
Discount rate	8.30%
Annual cost to service, per loan	$ 73

Commitments and Contingencies - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Contingencies And Commitments [Line Items]
Company pays the Manager a quarterly management fee equal to the product of one	1.50%
Accruals of legal and regulatory claims	$ 0	$ 0
Fannie Mae [Member]
Contingencies And Commitments [Line Items]
Securities obligated to purchase	12,000	0
Securities obligated to sell	$ 31,000	$ 43,000

Repurchase Agreements - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Brokers and Dealers [Abstract]
Repurchase agreements outstanding	$ 384.4	$ 362.1
Weighted average borrowing rates	0.43%	0.38%
Weighted average of remaining maturities days	55 days	63 days

Repurchase Agreements - Remaining Maturities and Weighted Average Rates (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Brokers and Dealers [Abstract]
Less than one month, Repurchase Agreements	$ 117,486	$ 78,988
One to three months, Repurchase Agreements	223,886	208,533
Greater than three months, Repurchase Agreements	43,014	74,605
Total Repurchase Agreements	$ 384,386	$ 362,126
Less than one month, Weighted Average Rate	0.47%	0.38%
One to three months, Weighted Average Rate	0.41%	0.38%
Greater than three months, Weighted Average Rate	0.45%	0.38%
Weighted Average Rate	0.43%	0.38%

Notes Payable - Additional Information (Detail)		6 Months Ended
Notes Payable - Additional Information (Detail)	Jun. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)
Term Loan [Member] \| Secured Notes Payable [Member] \| 5.5335% Notes Payable Due in April 2020 [Member]
Debt Instrument [Line Items]
Line of credit, outstanding borrowings amount	$ 7,500,000	$ 7,500,000
Maximum borrowing amount	$ 25,000,000	$ 25,000,000
Interest rate on loans payable	5.5335%	5.5335%
Debt instrument, amortization period	10 years
Debt instrument, maturity year and month		2020-04
Debt instrument, description		The principal payments on the borrowings are due monthly, beginning in September 2015, based on a 10-year amortization schedule with a maturity date in April 2020. Prior to September 2015, only interest is payable monthly.
Warehouse Facility [Member] \| 3.75% Notes Payable Due In August 31, 2015 [Member] \| Secured by Closed Residential Mortgage Loans [Member]
Debt Instrument [Line Items]
Line of credit, outstanding borrowings amount	$ 1,800,000	$ 1,800,000
Interest rate on loans payable	3.75%	3.75%
Debt instrument maturity date		Aug. 31, 2015
MSR Facility [Member] \| 4.25% Notes Payable Due In September 30, 2015 [Member] \| Secured by Closed Residential Mortgage Loans [Member]
Debt Instrument [Line Items]
Line of credit, outstanding borrowings amount	$ 1,400,000	$ 1,400,000
Interest rate on loans payable	4.25%	4.25%
Debt instrument maturity date		Sep. 30, 2015

Income Taxes - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Income Taxes [Line Items]
Minimum percentage of annual REIT taxable income to its stockholders	90.00%
Percentage of annual REIT taxable income to its stockholders	100.00%
Deferred tax asset, federal net operating loss carryforwards	$ 334,000
Deferred tax asset, state net operating loss carryforwards		$ 154,000
Valuation allowance	0	$ 0
Accrued penalties or Interest	$ 0
Federal [Member]
Income Taxes [Line Items]
Net operating loss carryforwards, expiration year	2035
State [Member]
Income Taxes [Line Items]
Net operating loss carryforwards, expiration year	2034

Income Taxes - Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Current federal income tax expense			$ 0	$ 0
Current state income tax expense			21	5
Deferred federal income tax expense (benefit)			(59)
Deferred state income tax expense (benefit)			(11)
Total Income Tax Expense (benefit)	$ (70)	$ 1	$ (49)	$ 5

Income Taxes - Reconciliation of Statutory Federal Rate to Effective Rate (Detail)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Computed income tax (benefit) expense at federal rate	(35.00%)	35.00%
State taxes, net of federal benefit, if applicable	0.10%
Permanent differences in taxable income from GAAP pre-tax income	0.00%	0.00%
REIT income not subject to tax	34.80%	(35.00%)
Benefit from Provision for Income Taxes/Effective Tax Rate	(0.10%)

Income Taxes - Summary of Current and Deferred Tax Liabilities and Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014
Income taxes (payable) receivable
Federal income taxes (payable) receivable	$ 0	$ 0
State and local income taxes (payable) receivable	0	0
Income taxes (payable) receivable, net	0	0
Deferred tax assets (liabilities)
Deferred tax asset	216	146
Deferred tax liability	0	0
Total net deferred tax assets (liabilities)	216	146
Total tax assets and liabilities, net	$ 216	$ 146

Business Combinations - Additional Information (Detail) - USD ($)		6 Months Ended
	May 29, 2015	Jun. 30, 2015
Business Acquisition [Line Items]
Gain on bargain purchase		$ 174,000
Aurora Financial Group, Inc [Member]
Business Acquisition [Line Items]
Business acquisition date		May 29, 2015
Business acquisition, percentage of voting interest	100.00%
Mortgage servicing right, amount		$ 712,300,000
Remaining pipeline loans		2,100,000
Pipeline loan related to warehouse debt	$ 3,968,800
Amount due to previous owners		$ 539,000
Fair value of consideration transferred	$ 3,900,000
Percentage of consideration deposited in escrow account	20.00%
Gain on bargain purchase	$ 173,600
Unpaid Principal Balance Portfolio fixed period		90 days
Aurora Financial Group, Inc [Member] \| General and Administrative Expenses [Member]
Business Acquisition [Line Items]
Transaction-Related costs		$ 95,400
Aurora Financial Group, Inc [Member] \| Realized Gain (Loss) on Acquired Assets, Net [Member]
Business Acquisition [Line Items]
Gain on bargain purchase		174,000
Aurora Financial Group, Inc [Member] \| Warehouse [Member]
Business Acquisition [Line Items]
Pipeline loan related to warehouse debt		$ 1,800,000

Business Combinations - Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($)		6 Months Ended
	May 29, 2015	Jun. 30, 2015
Business Acquisition [Line Items]
Gain on bargain purchase		$ (174,000)
Aurora Financial Group, Inc [Member]
Business Acquisition [Line Items]
Cash	$ 80,000
Mortgage receivables	2,772,100
Servicing escrow advances	409,800
Capital leases	45,900
Deposits held and prepaid items	27,800
MSRs	7,068,500
Total identifiable assets acquired	10,404,100
Current liabilities	1,642,700
Settlement liability	700,000
Assumed debt	3,968,800
Total liabilities assumed	6,311,500
Net identifiable assets acquired	4,092,600
Cash consideration transferred	3,919,000
Gain on bargain purchase	$ (173,600)

Business Combinations - Schedule of Amounts of Revenue and Earnings Included in Consolidated Income Statement (Detail) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition [Line Items]
Earnings		$ 11,205,000	$ (652,000)	$ 8,793,000	$ 78,000
Aurora Financial Group, Inc [Member]
Business Acquisition [Line Items]
Revenue	$ 156,000
Earnings	$ 213,000

- Definition

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

+ References + Details

Business Combinations - Schedule of Proforma Consolidated Income Statement (Detail) - Aurora Financial Group, Inc [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition [Line Items]
Revenue	$ 12,554	$ 661	$ 11,548	$ 2,527
Earnings (loss)	$ 11,345	$ (658)	$ 8,963	$ 73
Earnings (Loss) Per Share of Common Stock
Basic	$ 1.51	$ (0.09)	$ 1.19	$ 0.01
Diluted	$ 1.51	$ (0.09)	$ 1.19	$ 0.01
Weighted Average Number of Shares of Common Stock Outstanding
Basic	7,509,543	7,504,572	7,509,543	7,503,538
Diluted	7,509,543	7,509,543	7,509,543	7,508,112

CHMI Insurance Company - Additional Information (Detail) - CHMI Insurance Company LLC [Member] - Federal Home Loan Bank of Indianapolis [Member] - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Federal Home Loan Bank, Advances [Line Items]
Outstanding advances	$ 0	$ 0
Amount of FHLBI stock	$ 29,000