U.S. Virgin Islands | 001-36063 |
66-0783125 | ||||||||||||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class
|
Trading Symbol(s) |
Name of each exchange on which registered
|
||||||
Common stock, par value $0.01 per share | AAMC | NYSE American |
Exhibit No. |
Description |
|||||||
Press Release of Altisource Asset Management Corporation, dated August 14, 2023. |
||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
Altisource Asset Management Corporation |
|||||||||||
August 14, 2023 | By: |
/s/ | Stephen Ramiro Krallman | ||||||||
Stephen Ramiro Krallman |
|||||||||||
Chief Financial Officer |
FOR IMMEDIATE RELEASE | FOR FURTHER INFORMATION CONTACT: | ||||
Charles Frischer | |||||
T: +1-813-474-9047 | |||||
E: charles.frischer@altisourceamc.com |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Loan interest income | $ | 1,610 | $ | 524 | $ | 3,646 | $ | 524 | ||||||||||||||||||
Loan fee income | 300 | 9 | 385 | 9 | ||||||||||||||||||||||
Realized gains on loans held for sale, net | 10 | — | 20 | — | ||||||||||||||||||||||
Total revenues | 1,920 | 533 | 4,051 | 533 | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Salaries and employee benefits | 1,909 | 1,555 | 3,773 | 2,479 | ||||||||||||||||||||||
Legal fees | 936 | 1,379 | 1,377 | 2,736 | ||||||||||||||||||||||
Professional fees | 608 | 309 | 1,088 | 575 | ||||||||||||||||||||||
General and administrative | 984 | 828 | 1,918 | 1,557 | ||||||||||||||||||||||
Servicing and asset management expense | 228 | 181 | 411 | 181 | ||||||||||||||||||||||
Acquisition charges | — | 89 | — | 513 | ||||||||||||||||||||||
Interest expense | 872 | — | 1,954 | — | ||||||||||||||||||||||
Direct loan expense | 189 | — | 452 | — | ||||||||||||||||||||||
Loan sales and marketing expense | 382 | — | 791 | — | ||||||||||||||||||||||
Total expenses | 6,108 | 4,341 | 11,764 | 8,041 | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Change in fair value of loans | 390 | (325) | 1,239 | (325) | ||||||||||||||||||||||
Realized losses on sale of held for investment loans, net | — | — | (275) | — | ||||||||||||||||||||||
Other | — | 8 | (2) | 16 | ||||||||||||||||||||||
Total other income (expense) | 390 | (317) | 962 | (309) | ||||||||||||||||||||||
Net loss from continuing operations before tax | (3,798) | (4,125) | (6,751) | (7,817) | ||||||||||||||||||||||
Income tax expense | 16 | 7 | 51 | 12 | ||||||||||||||||||||||
Net loss from continuing operations | $ | (3,814) | $ | (4,132) | $ | (6,802) | $ | (7,829) | ||||||||||||||||||
Net loss attributable to common stockholders | $ | (3,814) | $ | (4,132) | $ | (6,802) | $ | (7,829) | ||||||||||||||||||
Continuing operations earnings per share | ||||||||||||||||||||||||||
Net loss from continuing operations | $ | (3,814) | (4,132) | $ | (6,802) | (7,829) | ||||||||||||||||||||
Gain of preferred stock transaction | — | — | 0 | 5,122 | ||||||||||||||||||||||
Numerator for earnings per share from continuing operations | $ | (3,814) | $ | (4,132) | $ | (6,802) | $ | (2,707) | ||||||||||||||||||
Loss per share of common stock - Basic: | ||||||||||||||||||||||||||
Loss per basic common share | $ | (2.16) | $ | (2.00) | $ | (3.84) | $ | (1.31) | ||||||||||||||||||
Weighted average common stock outstanding | 1,765,233 | 2,063,078 | 1,771,184 | 2,059,872 | ||||||||||||||||||||||
Loss per share of common stock - Diluted: | ||||||||||||||||||||||||||
Loss per diluted common share | $ | (2.16) | $ | (2.00) | $ | (3.84) | $ | (1.31) | ||||||||||||||||||
Weighted average common stock outstanding | 1,765,233 | 2,063,078 | 1,771,184 | 2,059,872 |
June 30, 2023 | December 31, 2022 | |||||||||||||
(unaudited) | ||||||||||||||
ASSETS | ||||||||||||||
Loans held for sale, at fair value | $ | 21,773 | $ | 11,593 | ||||||||||
Loans held for investment, at fair value | 51,773 | 83,143 | ||||||||||||
Cash and cash equivalents | 10,532 | 10,727 | ||||||||||||
Restricted cash | 4,002 | 2,047 | ||||||||||||
Other assets | 10,937 | 10,137 | ||||||||||||
Total assets | $ | 99,017 | $ | 117,647 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Liabilities | ||||||||||||||
Accrued expenses and other liabilities | 8,852 | 10,349 | ||||||||||||
Lease liabilities | 1,137 | 1,323 | ||||||||||||
Credit facilities | 42,992 | 51,653 | ||||||||||||
Total liabilities | 52,981 | 63,325 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Redeemable preferred stock: | ||||||||||||||
Preferred stock, $0.01 par value, 250,000 shares authorized as of June 30, 2023 and December 31, 2022. 144,212 shares issued and outstanding and $144,212 redemption value as of June 30, 2023 and December 31, 2022, respectively. | 144,212 | 144,212 | ||||||||||||
Stockholders' deficit: | ||||||||||||||
Common stock, $0.01 par value, 5,000,000 authorized shares; 3,443,461 and 1,764,658 shares issued and outstanding, respectively, as of June 30, 2023 and 3,432,294 and 1,783,862 shares issued and outstanding, respectively, as of December 31, 2022. | 34 | 34 | ||||||||||||
Additional paid-in capital | 149,264 | 149,010 | ||||||||||||
Retained earnings | 34,714 | 41,516 | ||||||||||||
Accumulated other comprehensive income | 21 | 20 | ||||||||||||
Treasury stock, at cost, 1,678,803 shares as of June 30, 2023 and 1,648,432 shares as of December 31, 2022. | (282,209) | (280,470) | ||||||||||||
Total stockholder's deficit | (98,176) | (89,890) | ||||||||||||
Total liabilities and equity | $ | 99,017 | $ | 117,647 |