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YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Fees
Legal fees decreased to $4.3 million from $6.9 million for the years ended December 31, 2022 and 2021, respectively. This decrease is primarily due to higher costs in 2021 related to the Luxor... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
respectively.
General and Administrative Expenses
General and administrative expenses increased to $3.5 million from $2.6 million for the years ended December 31, 2022 and 2021, respectively, attr... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
expense includes interest incurred on our margin account, line of credit and amortized commitment fees. Interest expenses were $1.3 million during the year ended December 31, 2022. $0.1 million ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Expense
Loan sales and marketing expenses were $0.3 million during the year ended December 31, 2022. Loan sales and marketing expenses include expenses related to the promotion and exposure to lea... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
. $3.1 million in dividends for equity securities were received for the year ended December 31, 2021. No gains were recognized for the year ended December 31, 2022. The REIT equity securities were... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
iquidity and Capital Resources
As of December 31, 2022, we had cash and cash equivalents of $10.7 million compared to $78.3 million as of December 31, 2021. The decrease in cash and cash equivalents... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
. Certain account balances exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. To mitigate t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
lawsuit, we may need to cease or curtail our business initiatives and our liquidity could be materially and adversely affected. For more information on the legal proceedings with Luxor, see “
Item ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
31, 2022, our loans held for investment, at fair value, was $83.1 million. These loans primarily relate to business purpose bridge loans for the transitioning of real estate properties and are incl... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
December 31, 2021, all equity securities had been liquidated and the standard margin arrangement was paid in full.
Treasury Shares
As of December 31, 2022, a total of $271.6 million in shares of o... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
for the periods indicated ($ in thousands):
Year ended December 31,
2022
2021
Net cash used in operating activities from continuing operations
(27,064)
(23,115)
Net cash from (used in) invest... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Operating Activities From Continuing Operations
Net cash used in operating activities for the year ended December 31, 2022, consisted primarily of originations and additional fundings of held for ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
development, the purchase and additional fundings of loans held for investment, offset by principal payments on loans held for investment. Net cash provided by investing activities for the year end... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
margin loan, conversion of preferred stock and from shares withheld for taxes upon vesting of restricted stock.
Discontinued Operations
22
(table of contents)
During 2021, the cash flows from di... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ing standards require information in financial statements about the risks and uncertainties inherent in significant estimates, and the application of generally accepted accounting principles involves... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
rise to the revision become known.
We consider our critical accounting judgments to be those used in the determination of the reported amounts and disclosure related to the following:
Series A Pre... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
to redeem those shares held by investors unless there are legally available funds to redeem all, but not less than all, of the Series A Shares. The presentation of the Series A Preferred Shares will... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
develop, and changes in these estimates have had and are reasonably likely to have a material effect on our reported earnings and financial condition. See
Note 4
in
Part II, Item 8 of this Annual... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable inco... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
that a tax position will be sustained upon examination by the appropriate taxing authority.
For all temporary differences, we have considered the potential future sources of taxable income against ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
statements starting on page
F-1
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
24
(table of contents)
Item 9A. Controls and Procedures
Eval... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time peri... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the Committee of Sponsoring Organizations of the Treadway Commission. As a result of this assessment, management concluded that, as of December 31, 2022, our internal control over financial reportin... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
issuer; and 3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the issuer's assets that could have a material effect on the f... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter ended December 31, 2022 that have materially affected, or are reasonably ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the ALG business line. The new processes were in response to the creation and ongoing growth of the new business line and were not undertaken in response to any perceived deficiencies in the Compan... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
. Management does not expect, however, that our disclosure controls
25
(table of contents)
and procedures or our internal control over financial reporting will prevent or detect all error or fraud... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
”) with the Securities and Exchange Commission, pursuant to Regulation 14A, not later than 120 days after December 31, 2022. Accordingly, certain information required by Part III has been omitted und... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
from our 2023 Proxy Statement under the captions “Executive Compensation” and “Director Compensation.”
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockhold... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
under the captions “Independent Registered Public Accounting Firm Fees” and “Pre-Approval Policy and Procedures.”
27
(table of contents)
Part IV
Item 15. Exhibits
Exhibits
Exhibit Number
Desc... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Report on Form 8-K filed with the SEC on January 5, 2017).
3.2
Fifth Amended and Restated Bylaws of Altisource Asset Management Corporation (incorporated by reference to Exhibit 3.2 of the Registr... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Bank, dated December 2, 2022 (portions redacted).
4.1*
Description of Registrant's Securities.
10.1†
Altisource Asset Management Corporation 2012 Equity Incentive Plan (incorporated by reference ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
with the SEC on May 8, 2019).
10.3
Asset Management Agreement, dated March 31, 2015, among Front Yard Residential Corporation (f/k/a Altisource Residential Corporation), Front Yard Residential L.P... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
L.P.) and Altisource Asset Management Corporation (incorporated by reference to Exhibit 10.1 of the Registrant's Current Report on Form 8-K filed with the SEC on April 13, 2015).
10.5†
Altisource ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
10.8†
Altisource Asset Management Corporation 2020 Equity Incentive Plan (incorporated by reference to Exhibit 4.3 of the Registrant's Form S-8 filed with the SEC on December 21, 2020).
10.9†
Empl... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Registrant's Current Report on Form 8-K filed with the SEC on March 18, 2022.)
10.11
Settlement Agreement dated as of February 17, 2021, between Altisource Asset Management Corporation and Putnam ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
uda) L.P., Bay Pond Partners, L.P. and Wellington Management Company LLP (together, the “Wellington Parties”). (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
.
28
(table of contents)
Exhibit Number
Description
32.1**
Certification of CEO Pursuant to Section 906 of the Sarbanes-Oxley Act.
32.2**
Certification of CFO Pursuant to Section 906 of the S... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
.
† Denotes management contract or compensatory arrangement.
29
(table of contents)
Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amen... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
person whose signature appears below constitutes and appoints Jason Kopcak and Stephen Ramiro Krallman each of them severally, his or her true and lawful attorney-in-fact with power of substitution ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
act and agents, each acting alone, and his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
/s/ Jason Kopcak
Director and Chief Executive Officer
March 27, 2023
Jason Kopcak
/s/ Stephen Ramiro Krallman
Chief Financial Officer (Principal Financial Officer, Principal Accounting Officer... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
F-9
Notes to Consolidated Financial Statements
F-11
F-1
(table of contents)
Report of Independent Registered Public Accounting Firm
To the Stockholders and Board of Directors of Altisource Asse... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
31, 2022 and 2021, and the results of its operations and its cash flows for the years then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Altisource Asset Management Corp is not required to have... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the accounts or disclosures to which it relates.
F-2
(table of contents)
Loans Held for Sale or Investment, at Fair Value
Description of the Matter
Altisource Asset Management Corp’s loans held... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
net present value of the future cash flows expected from each loan.Auditing management’s estimate of the fair value of the Company’s loans receivable, at fair value involved a high degree of subject... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and testing the completeness and accuracy of the data inputs used in the valuation of the loans held as of the balance sheet date. Also, with the assistance of our valuation specialists, we evaluate... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
investment, at fair value
83,143
Cash and cash equivalents
10,727
78,349
Restricted cash
2,047
Other assets
10,137
3,127
Total assets
117,647
81,476
LIABILITIES AND EQUITY
Liabilities
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
1. 144,212 shares issued and outstanding and $144,212 redemption value as of December 31, 2022 and 150,000 shares issued and outstanding and $150,000 redemption value as of December 31, 2021.
144,21... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
,523
Retained earnings
41,516
57,450
Accumulated other comprehensive income
20
54
Treasury stock, at cost, 1,648,432 shares as of December 31, 2022 and 1,360,980 shares as of December 31, 2021... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2021
Revenues:
Loan interest income
4,579
Loan fee income
353
Servicing fee revenue
33
Total revenues
4,965
Expenses:
Salaries and employee benefits
5,839
5,635
Legal fees
4,349
6,885... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
in fair value of equity securities
146
Gain on sale of equity securities
8,347
Dividend income
3,061
Other
32
94
Total other (expense) income
(1,931)
11,648
Net loss from continuing oper... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Gain on preferred stock transaction
5,122
87,961
Numerator for earnings per share from continuing operations
(10,812)
75,744
Discontinued operations earnings per share
Net income from disconti... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
.87
Total
(5.64)
37.90
Weighted average common stock outstanding
1,917,503
2,162,378
See accompanying notes to consolidated financial statements.
F-6
(table of contents)
Altisource Asset Ma... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Corporation
Consolidated Statements of Stockholders' Deficit
(In thousands, except share amounts)
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Inco... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
)
1,720
Currency translation adjustments, net
(6)
(6)
Acquisition and disposition of subsidiaries
28
125
153
Preferred stock conversion
288,283
95,012
95,014
Net loss
(6,004)
(6,004)
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
(34)
Preferred stock conversion
5,122
5,122
Net loss
(15,934)
(15,934)
December 31, 2022
3,432,294
34
149,010
41,516
20
(280,470)
(89,890)
See accompanying notes to consolidated financ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities:
Depreciation
199
309
Share-based compensation
340
1,939
Amortization of operating leas... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Amortization of deferred financing fees
52
Other assets and liabilities
(933)
(5,145)
Receivable from Front Yard
3,414
Net cash used in continuing operations
(27,064)
(23,115)
Net cash prov... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
securities
152,796
Investment in property and equipment
(60)
(511)
Net cash (used in) provided by continuing operations
(85,249)
58,396
Net cash provided by discontinued operations
511
Net... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Shares withheld for taxes upon vesting of restricted stock
(1,046)
Net payment from subsidiaries included in disposal group
(80)
Repurchase of common stock
(2,881)
Net cash provided by (used ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of the period
12,774
78,349
Supplemental disclosure of cash flow information (continuing and discontinued operations):
Cash paid for interest
873
60
Income taxes paid
3,806
2,103
Right-of-... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, 2022
1. Organization and Basis of Presentation
Altisource Asset Management Corporation (“we,” “our,” “us,” “AAMC,” or the “Company”) was incorporated in the U.S. Virgin Islands (“USVI”) on March ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2021, AAMC engaged in a comprehensive assessment to either internally develop a new business operation or acquire a separate operating company. A range of industries were analyzed, including, but no... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
:
Build out a niche origination platform as well as a loan acquisition team;
Fund the originated or acquired alternative loans from a combination of Company equity and existing or future lines of c... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the cryptocurrency industry the Company does not believe the timing is right to deploy resources to the cryptocurrency ATM business until the cryptocurrency market has reached some type of stabiliza... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
was prompted by the Company’s strategic decision to launch an alternative lending operation, ALG, in March 2022, as described above.
The presentation of an unclassified balance sheet is consistent ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported am... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
can be bought with a net strip interest component in that the seller of the loan will receive an agreed upon percentage of the coupon interest generated from the sold loan.
This strip component is ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
This generally requires us to establish internal assumptions about future cash flows and appropriate risk-adjusted discount rates. Regardless of the valuation inputs we apply, the objective of fair ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
all delinquent principal and interest have been remitted by the borrower, the loan will be placed back on accrual status.
Interest accrued as of period end is included within loans held for sale, a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
-year anniversary of March 15, 2020 thereafter. In connection with these same redemption dates, each holder of our Series A Shares has the right to give notice requesting us to redeem all of the Seri... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
will be exercisable in connection with each redemption date every five years until the mandatory redemption date in 2044. If we are required to redeem all of the holder’s Series A Shares, we are req... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
common stock for Series A Share), subject to certain anti-dilution adjustments.
F-12
(table of contents)
Upon certain change of control transactions or upon the liquidation, dissolution or windin... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
respect to matters that materially and adversely affect the voting powers, rights or preferences of the Series A Shares or as otherwise required by applicable law.
With respect to the distribution ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of our Series A Shares on March 15, 2020. We did not have legally available funds to redeem all, but not less than all, of the Series A Shares on March 15, 2020. As a result, we do not believe, unde... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
that it will not redeem any of Luxor’s Series A Shares on the March 15, 2020 redemption date is a material breach of AAMC’s redemption obligations under the Certificate. Luxor seeks an order requiri... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and expenses in the lawsuit. On May 25, 2020, Luxor’s complaint was amended to add Putnam Equity Spectrum Fund and Putnam Capital Spectrum Fund (collectively, “Putnam”), which also invested in the S... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
A shares. Luxor and AAMC have completed discovery in the action. AAMC and Luxor each filed summary judgment motions on July 19, 2022 and replies to those motions on August 18, 2022 and September 1... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2023 term. AAMC’s brief as Defendant-Appellant-Cross-Respondent was filed on February 22, 2023. Luxor’s brief as Plaintiff-Appellee-Cross-Appellant is due to be filed by April 6, 2023. AAMC’s repl... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
filed a complaint with demand for jury trial in the Superior Court of the Virgin Islands, Division of St. Croix, against Nathaniel Redleaf alleging breach of fiduciary duty to AAMC. Mr. Redleaf was... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of the Virgin Islands, Division of St. Croix.
On February 28, 2023, defendant Redleaf filed a motion to dismiss the complaint. AAMC’s opposition to defendant’s motion is due on April 4, 2023.
Set... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Wellington agreed to release AAMC from all claims related to the Series A Shares
As a result of this settlement, we recognized
a one-time gain directly to Additional paid in capital of $16.1
mill... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
in the first quarter of 2022.
On July 18, 2022, the Company entered into an agreement (the "Purchase Agreement") with Putnam in which the Company repurchased 286,873 shares of common stock of the C... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, the 2016 Employee Preferred Stock Plan (the “Employee Preferred Stock Plan”) was approved by our stockholders. Pursuant to the Employee Preferred Stock Plan, the Company may grant one or more serie... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
consisting of Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock, Series G Preferred Stock, Series H Preferred Stock, Se... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
3,200 and 1,200 and shares outstanding, respectively, and we included
F-14
(table of contents)
the redemption value of these shares of $32,000 and $12,000 respectively, within accounts payable an... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Taxes - Simplifying the Accounting for Income Taxes (Topic 740),” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, an... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the FASB extended the temporary accounting rules under Topic 848 from December 31, 2022 to December 31, 2024. We will adopt this standard when LIBOR is discontinued. We are evaluating the impact th... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. To mitigate this risk, we maintain our cash and ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
31, 2022 or 2021.
F-15
(table of contents)
Earnings per share
Basic earnings per share is computed by dividing net income or loss, less amortization of preferred stock issuance costs, by the wei... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
directly to equity, is included in the numerators for our earnings per share calculations.
Fair value of financial instruments
We designate fair value measurements into three levels based on the l... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
.
Income taxes
Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences bet... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
. Significant judgment is required in evaluating tax positions, and we recognize tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropri... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ases
On January 1, 2019, we adopted ASU 2016-02, including various associated updates and amendments, which together comprise the requirements for lease accounting under ASC 842. ASC 842 fundamental... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
lease office space under three operating leases. Our office leases are generally for terms of one to five years and typically include renewal options, which we consider when determining our lease ri... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
components.
Revenue recognition
Interest revenue is recognized based on the stated coupon when earned and deemed collectible or until a loan becomes more than 90 days past due, at which point the ... |
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