Subsequent events	6 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent events	Note 13 — Subsequent events Director appointment On July 7, 2016, the Company’s Board of Directors appointed Paul Friedman to fill a vacancy on the Board. Mr. Friedman will serve as a member of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee. Mr. Friedman is an independent director, as defined by the NYSE. In connection with his appointment, Mr. Friedman received a stock award of 2,000 shares of the Company’s common stock subject to a one-year vesting period pursuant to the 2014 Director Equity Plan. As a director, Mr. Friedman will be entitled to an annual retainer of $50,000, payable quarterly, half in shares of the Company’s common stock and half in cash. Repurchase facility On July 15, 2016, the Company entered into a repurchase financing arrangement, as Seller, with JPMorgan Chase Bank, N.A., as Buyer, under which it will sell to Buyer the beneficial interests in mortgage loans and will pledge to Buyer the beneficial interests in such assets, with a simultaneous agreement by Buyer to transfer to the Company and the Company to repurchase such assets on a future date. The arrangement terminates on July 12, 2019, is capped at $150 million, and carries interest at LIBOR plus 2.5%, and an annual percentage facility fee of 25 basis points on the committed amount. Dividend declaration On July 28, 2016 the Company’s Board of Directors declared a dividend of $0.25 per share, to be paid on August 31, 2016, to stockholders of record as of August 16, 2016. Mortgage loan pool acquisitions During July 2016, we completed the acquisitions of 882 RPLs with aggregate UPB of $149.2 million in five transactions from five different sellers. The loans were acquired at 83.6% of UPB and the estimated market value of the underlying collateral is $211.2 million. The purchase price equaled 59.1% of the estimated market value of the underlying collateral. All of these acquisitions had closed as of July 31, 2016. Additionally, we have agreed to acquire, subject to due diligence, 626 RPLs with aggregate UPB of $124.0 million in eight transactions from eight different sellers. The purchase price equals 82.6% of UPB and 59.9% of the estimated market value of the underlying collateral of $171.0 million. We have not entered into a definitive agreement with respect to these loans, and there is no assurance that we will enter into a definitive agreement relating to these loans or, if such an agreement is executed, that we will actually close the acquisitions or that the terms will not change. Management fees On August 1, 2016 the Company issued 15,684 shares of its common stock to the Manager in payment of the stock-based portion of the management fee due for the second quarter of 2016 in a private transaction. The management fee expense associated with these shares was recorded as an expense in the second quarter of 2016. Directors’ retainer On August 1, 2016 the Company issued each of its independent directors 418 shares of its common stock in payment of half of their quarterly director fees for the second quarter of 2016.

Note 13 — Subsequent events

Director appointment

On July 7, 2016, the Company’s Board of Directors appointed Paul Friedman to fill a vacancy on the Board. Mr. Friedman will serve as a member of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee. Mr. Friedman is an independent director, as defined by the NYSE. In connection with his appointment, Mr. Friedman received a stock award of 2,000 shares of the Company’s common stock subject to a one-year vesting period pursuant to the 2014 Director Equity Plan. As a director, Mr. Friedman will be entitled to an annual retainer of $50,000, payable quarterly, half in shares of the Company’s common stock and half in cash.

Repurchase facility

On July 15, 2016, the Company entered into a repurchase financing arrangement, as Seller, with JPMorgan Chase Bank, N.A., as Buyer, under which it will sell to Buyer the beneficial interests in mortgage loans and will pledge to Buyer the beneficial interests in such assets, with a simultaneous agreement by Buyer to transfer to the Company and the Company to repurchase such assets on a future date. The arrangement terminates on July 12, 2019, is capped at $150 million, and carries interest at LIBOR plus 2.5%, and an annual percentage facility fee of 25 basis points on the committed amount.

Dividend declaration

On July 28, 2016 the Company’s Board of Directors declared a dividend of $0.25 per share, to be paid on August 31, 2016, to stockholders of record as of August 16, 2016.

Mortgage loan pool acquisitions

During July 2016, we completed the acquisitions of 882 RPLs with aggregate UPB of $149.2 million in five transactions from five different sellers. The loans were acquired at 83.6% of UPB and the estimated market value of the underlying collateral is $211.2 million. The purchase price equaled 59.1% of the estimated market value of the underlying collateral. All of these acquisitions had closed as of July 31, 2016.

Additionally, we have agreed to acquire, subject to due diligence, 626 RPLs with aggregate UPB of $124.0 million in eight transactions from eight different sellers. The purchase price equals 82.6% of UPB and 59.9% of the estimated market value of the underlying collateral of $171.0 million. We have not entered into a definitive agreement with respect to these loans, and there is no assurance that we will enter into a definitive agreement relating to these loans or, if such an agreement is executed, that we will actually close the acquisitions or that the terms will not change.

Management fees

On August 1, 2016 the Company issued 15,684 shares of its common stock to the Manager in payment of the stock-based portion of the management fee due for the second quarter of 2016 in a private transaction. The management fee expense associated with these shares was recorded as an expense in the second quarter of 2016.

Directors’ retainer

On August 1, 2016 the Company issued each of its independent directors 418 shares of its common stock in payment of half of their quarterly director fees for the second quarter of 2016.