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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. , 2023 13,475 65,316 (1) Includes net realized loss on sale of loans. The composition of the total loan commitment by state as of March 31, 2023 is summarized below ($ in thousands): State Comm...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of contents) For financial reporting purposes of our alternative loans, we follow a fair value hierarchy established under GAAP that is used to determine the fair value of financial instruments. T...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. are used when there is little, if any, relevant market activity for the asset or liability required to be measured at fair value. In certain cases, inputs used to measure fair value fall into diffe...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. not have any liabilities to report at fair value on a recurring basis as of March 31, 2023 and December 31, 2022. Assets Carrying Fair Value Measurements Using (In thousands) Value Level 1 Le...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. for our business purpose loans is determined using discounted cash flow model (“DCF”) to estimate the net present value of the future cash flows expected from each loan. For performing loans, the D...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. be received by the Company was 10.6% which is greater than the overall yield on the portfolio of 8.6%, resulting in the decrease in value of the portfolio at March 31, 2023. The determination of th...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. entered into a $50.0 million Master Repurchase Agreement (the "NexBank Line") with NexBank, as the buyer. Altisource Asset Management Corp uses the proceeds from the NexBank Line to fund the acquis...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 12 (table of contents) The NexBank Line provides for certain affirmative and negative covenants applicable to the Company and its subsidiaries. Altisource Asset Management Corp is required to main...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. For the three months ended March 31, 2023, the Company did not meet the twelve-trailing months profitability requirements of the NexBank Line. As a result, the Company has requested a compliance wa...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. buyer and administrative agent. Altisource Asset Management Corp uses the proceeds from the Flagstar Line to fund the acquisition and origination of Loans secured by residential, multifamily and cer...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Altisource Asset Management Corp is required to maintain financial covenants including specified levels of: 1) quarter-end tangible net worth; 2) quarter-end liquidity; 3) a quarter-end ratio of tot...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. defaults as of March 31, 2023. 4. Leases We lease office space under operating leases in Christiansted, St. Croix, U.S. Virgin Islands, Tampa, Florida, and Bengaluru, India. As of March 31, 2023 ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. $49,000, related to long-term operating leases, respectively. We had no short-term rent expense during the three months ended March 31, 2023 and 2022. We include rent expense as a component of gene...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. : interest 162 Lease liabilities 1,232 _____________ (1) Excludes the three months ended March 31, 2023. 5. Commitments and Contingencies Litigation, claims and assessments Information regar...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. or Capital Group, LP and certain of its managed funds and accounts ("Luxor") Please refer to Note 1 – Section Series A Convertible Preferred Stock in 2014 Private Placement. Erbey Holding Corpor...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Holdings, LLC (“Salt Pond”), Munus, L.P. (“Munus”), Carisma Trust (“Carisma”), by its trustee, Venia, LLC, and Tribue Limited Partnership (collectively, the “Plaintiffs”) each on its own behalf and ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Defendants”). The action alleges a conspiracy by Blackrock and PIMCO to harm Ocwen Financial Corporation (“Ocwen”) and AAMC and certain of their subsidiaries, affiliates and related companies and to ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Virgin Islands Code related to the Criminally Influenced and Corrupt Organizations Act, punitive damages and an award of attorney’s and other fees and expenses. Defendants have moved to dismiss the...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 25, 2021. Plaintiffs have repeatedly required the Court to decide the pending motions and issue a scheduling order permitting discovery to proceed. 14 (table of contents) On October 11, 2022, the ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. March 3, 2023, the Staff Master held a hearing to discuss the pending motions to dismiss. On April 6, 2023, the Staff Master ordered the parties to submit supplemental briefs on the personal jurisd...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. with a weighted average grant date fair value per share of $9.89. The restricted stock units will vest in three equal annual installments in May 2023, 2024, and 2025 subject to forfeiture or accele...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to management with a weighted average grant date fair value per share of $19.64. 1,667 shares of this grant vested on June 28, 2022. The remaining restricted stock units will vest in two equal annu...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Incentive Plans with a weighted average grant date fair value per share of $21.00. 7. Income Taxes We are domiciled in the USVI and are obligated to pay taxes to the USVI on our income. We applied...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ’s minimum employment requirements to five full-time USVI employees for the period from January 1, 2023 through June 30, 2023. At March 31, 2023, the Company met the minimum employment requirements ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. recorded tax expense of $35 thousand on a book loss of $3.0 million in the first quarter of 2023. The material differences between the effective tax rate and the statutory tax rate are the EDC bene...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. common stockholders (2,988) 1,425 Denominator Weighted average common stock outstanding – basic 1,777,135 2,056,666 Weighted average common stock outstanding – diluted 1,777,135 2,174,002 ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ,370 9. Segment Information ALG is our primary segment which we continue to grow in 2023. 10. Subsequent Events Management has evaluated the impact of all subsequent events through the issuance o...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2012. During the first quarter of 2022, the Company created Alternative Lending Group (“ALG”) to generate alternative private credit loans through Direct to Borrower Lending, Wholesale Originations...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. rapid growth and allow us to tap into under-served markets. We intend to stay agile on the loan product mix, but we are currently focused on markets not addressed by banks, agency aggregators and mo...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . ALG’s primary sources of income are derived from mortgage banking activities generated through the origination and acquisition of loans, and their subsequent sale or securitization as well as net ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. sale, along with other ancillary fees earned from the loan portfolio. Expenses Our expenses consist primarily of salaries and employee benefits, legal and professional fees, general and administra...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. awards to our Directors. Servicing and asset management expenses include loan commissions. Acquisition charges reflect professional fees incurred solely for the purpose of assisting the Company in...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. results of operations for the periods presented are not indicative of our expected results in future periods. Loan Interest Income Loan interest income was $2.0 million for three months ended Marc...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. three months ended March 31, 2023. No realized gains on loans held for sale was earned in three months ended March 31, 2022, as we had not developed said line of business at that time. Salaries an...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the three months ended March 31, 2022. The 2023 decrease was primarily due to higher legal and consulting fees related to the Luxor litigation and employment issues incurred in 2022. We incurred no ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the three months ended March 31, 2022. Servicing and Asset Management Expense Servicing and asset management expenses were $0.2 million during the three months ended March 31, 2023. No servicing ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Loan Expense Direct loan expenses were $0.3 million during the three months ended March 31, 2023. Direct loan expenses include loan broker fees, inspection fees, title search and other fees. No d...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. as we had not developed the ALG line of business at that time. Change in Fair Value of Loans We recognized $0.8 million income for the change in fair value of loans three months ended March 31, 20...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the ALG line of business at that time. Liquidity and Capital Resources As of March 31, 2023, we had cash and cash equivalents of $11.8 million compared to $10.7 million as of December 31, 2022. T...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. general and administrative expenses. Certain account balances exceed FDIC insurance coverage and, as a 19 (table of contents) result, there is a concentration of credit risk related to amounts o...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ” If Luxor were to prevail in its 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 pr...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. process and market valuation amounts. Loans Held for Investment, at fair value On March 31, 2023, our loans held for investment, at fair value, was $65.3 million. These loans primarily relate to ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. $300.0 million in shares of our common stock. Repurchased shares are held as treasury stock and are available for general corporate purposes. As of March 31, 2023, we had an aggregate of $26.9 milli...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. financing activities (9,923) (1,868) Total cash flows 1,107 (23,970) Net cash used in operating activities for the three months ended March 31, 2023, respectively, consisted primarily of origi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , consisted primarily of the proceeds from sales and principal payments on loans held for investment, offset by additional fundings of loans held for investment. Net cash used in investing activitie...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status.  31, 2023 or December 31, 2022. Recent Accounting Pronouncements See Item 1 - Financial statements (unaudited) - “Note 1. Organization and basis of presentation - Recently issued accounting standa...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , equity prices and other market changes that affect market sensitive instruments. Item 4. Controls and procedures Altisource Asset Management Corp maintains disclosure controls and procedures that...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (e) of the Exchange Act) as of the end of the period covered by this quarterly report. Based upon that evaluation, management has determined that the Company's disclosure controls and procedures were...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter en...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. its objectives will be met. Further, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of frau...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. not materially changed as our alternative lending business line risks were incorporated. For additional information regarding our risk factors, you should carefully consider the risk factors disclo...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. isource Portfolio Solutions S.A. (incorporated by reference to Exhibit 2.1 of the Registrant's Current Report on Form 8-K filed with the SEC on December 28, 2012). 3.1 Amended and Restated Articles...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ’s Current Report on Form 8-K filed with the SEC on March 19, 2014). 3.4 Master Repurchase Agreement between Altisource Asset Management Corporation and Grapetree Lending LLC and NexBank, dated Dec...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 1, 2022 10.2* Flagstar Bank FSB Guaranty Agreement, Altisource Asset Management Corporation, Guarantor, Flagstar Bank FSB, Administrative Agent, dated August 1, 2022. 31.1* Certification of Chief...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Inline XBRL Instance Document. 101.SCH* Inline XBRL Taxonomy Extension Schema Document. 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document. 101.DEF* Inline XBRL Taxonomy Exte...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly autho...