Altisource Asset Management Corporation (“AAMC” or the
“Company”) (NYSE American: AAMC) today announced financial and
operating results for the second quarter of 2023.
Second Quarter 2023 Results and Recent Developments
- AAMC obtained a favorable ruling in its litigation with its
preferred shareholder, Luxor, where the appeals court found that
AAMC did not breach any contractual obligations.
- In the Company’s lawsuit against Blackrock and PIMCO, a
court-appointed Staff Master recommended that all of the Company’s
tort and CICO damage claims may proceed in USVI court.
- AAMC second quarter operating results 2023 were similar to the
first quarter of 2023.
- In July 2023, AAMC’s Board of Directors, approved a 2 for 1
stock split, to be treated as stock dividend, with a Record Date of
August 14, 2023. The dividend is expected to close in September
2023.
“We are pleased with the recent developments regarding our court
cases,” said Charlie Frischer, Board Director. “Our current
operations with the lending group are being assessed by the Board
of Directors to determine the best way to achieve the efficiencies
needed for a capital light approach to lending and investing.”
About AAMC
AAMC acquires, originates and manages mortgage loans,
mortgage-backed securities and equity investments in underserved
markets. Additional information is available at
www.altisourceamc.com.
AAMC works to employ capital light operating strategies that
have historically been implemented across a variety of industry
sectors ranging from REIT management and title insurance and
reinsurance to private loan acquisition, origination and
disposition. AAMC is committed to an investment philosophy of
opportunistic deployment of capital in new ventures that we believe
will be accretive to shareholder value. We are likewise committed,
as a matter of core corporate values, to exemplary environmental,
social and governance principles.
Forward-looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, regarding management’s beliefs, estimates, projections,
anticipations, and assumptions with respect to, among other things,
the Company’s financial results, margins, employee costs, future
operations, business plans including its ability to sell loans and
obtain funding, and investment strategies as well as industry and
market conditions. These statements may be identified by words such
as “anticipate,” “intend,” “expect,” “may,” “could,” “should,”
“would,” “plan,” “estimate,” “target,” “seek,” “believe,” and other
expressions or words of similar meaning. We caution that
forward-looking statements are qualified by the existence of
certain risks and uncertainties that could cause actual results and
events to differ materially from what is contemplated by the
forward-looking statements. Factors that could cause our actual
results to differ materially from these forward-looking statements
may include, without limitation, our ability to develop our
businesses, and to make them successful or sustain the performance
of any such businesses; our ability to purchase, originate, and
sell loans, our ability to obtain funding, market and industry
conditions, particularly with respect to industry margins for loan
products we may purchase, originate, or sell as well as the current
inflationary economic and market conditions and rising interest
rate environment; our ability to hire employees and the hiring of
such employees; developments in the litigation regarding our
redemption obligations under the Certificate of Designations of our
Series A Convertible Preferred Stock; and other risks and
uncertainties detailed in the “Risk Factors” and other sections
described from time to time in the Company’s current and future
filings with the Securities and Exchange Commission. The foregoing
list of factors should not be construed as exhaustive.
The statements made in this press release are current as of the
date of this press release only. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements or any other information contained herein, whether as a
result of new information, future events or otherwise.
Altisource Asset Management
Corporation
Condensed Consolidated
Statements of Operations
(In thousands, except share
and per share amounts)
(Unaudited)
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
Altisource Asset Management
Corporation
Condensed Consolidated Balance
Sheets
(In thousands, except share
and per share amounts)
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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230814009043/en/
Charles Frischer T: +1-813-474-9047
charles.frischer@altisourceamc.com
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