Altisource Asset Management Corporation Reports Fourth Quarter and Full Year 2016 Results; Continues to Successfully Deliver...
March 01 2017 - 7:30AM
Altisource Asset Management Corporation (“AAMC” or the “Company”)
(NYSE MKT:AAMC) today announced financial and operating results for
the fourth quarter and full year of 2016.
Fourth Quarter 2016 Highlights and
Recent Developments
- Negotiated a non-binding letter of intent for Altisource
Residential Corporation (“RESI”) to purchase up to 3,500 rental
homes with seller financing from two entities sponsored by Amherst
Holdings, LLC, with the first closing expected to occur in the
first quarter of 2017.1
- Successfully integrated RESI's recently purchased portfolio of
4,262 rental properties into its growing single-family rental
business.
- Managed an increase of RESI's fourth quarter 2016 rental
revenue by 154% over the third quarter to $24.3 million.
- Facilitated RESI's agreements for the sale of two loan
portfolios sales totaling 2,940 mortgage loans with an unpaid
principal balance (“UPB”) of $694.7 million for estimated proceeds
of approximately 97% of RESI's September 30, 2016 balance sheet
carrying value. Upon completion, the sales are expected to
represent the divestiture by RESI of substantially all of its
mortgage loan portfolio.2
- Managed RESI's sale of 468 non-rental REO properties.
- Completed repurchases of $4.2 million of AAMC common stock,
bringing total repurchases under AAMC's repurchase program to
$260.5 million.
Full Year 2016 Highlights
- Increased RESI's rental portfolio by 215% to 8,603 homes as of
December 31, 2016 from 2,732 properties as of December 31,
2015.
- Increased RESI's rental revenue by 267% over the 2015 fiscal
year to $48.6 million.
- Diversified the RESI's property management services, adding
Main Street Renewal, LLC as an additional nationwide property
manager for a large portion of RESI's single-family rental
portfolio.
- Reduced RESI's mortgage loan portfolio by 54% from 7,036 loans
with an aggregate UPB of $1.8 billion at December 31, 2015 to 3,474
loans with an aggregate UPB of $823.3 million at December 31,
2016.
- Assisted RESI in the sale of 2,668 non-rental REO properties
compared to the 1,321 REO properties sold in 2015.
- Facilitated RESI's continued optimization of its funding with
longer term financing and higher advance rates.
“Over the past year, we generated substantial growth for RESI’s
SFR portfolio, ensured the continued improvement of RESI’s rental
operating metrics and managed RESI’s divestiture of legacy loan and
REO assets in favor of productive single-family rental properties,”
stated Chief Executive Officer George Ellison. “Our long-term view
remains that AAMC’s ultimate success and profitability will be
directly attributable to our continued success in executing on
RESI's stated business objectives.”
Fourth Quarter and Full Year 2016 Financial
Results
Net loss attributable to stockholders for the fourth quarter of
2016 totaled $1.7 million, or $1.09 per diluted share, compared to
net loss attributable to stockholders of $8.9 million, or $4.12 per
diluted share, for the fourth quarter of 2015. Net loss
attributable to stockholders for the year ended December 31, 2016
totaled $4.9 million, or $2.93 per diluted share, compared to net
loss attributable to stockholders of $3.3 million, or $1.59 per
diluted share, for the year ended December 31, 2015.
About AAMC
AAMC is an asset management company that provides portfolio
management and corporate governance services to investment
vehicles. Additional information is available at
www.altisourceamc.com.
Forward-looking Statements
This press release contains forward-looking statements that
involve a number of risks and uncertainties. Those forward-looking
statements include all statements that are not historical fact,
including statements about management’s beliefs and expectations.
Forward-looking statements are based on management’s beliefs as
well as assumptions made by and information currently available to
management. Because such statements are based on expectations as to
future economic performance and are not statements of historical
fact, actual results may differ materially from those projected.
The risks and uncertainties to which forward-looking statements are
subject include, but are not limited to: AAMC’s ability to
implement its business plan; AAMC's ability to leverage strategic
relationships on an efficient and cost-effective basis; AAMC's and
RESI's ability to compete; RESI’s ability to implement its business
plan; general economic and market conditions; governmental
regulations, taxes and policies; AAMC's ability to generate
adequate and timely sources of liquidity and financing for itself
or RESI; RESI’s ability to sell residential mortgage assets on
favorable terms or at all; AAMC's ability to identify and acquire
assets for RESI’s portfolio; RESI’s ability to complete potential
transactions in accordance with anticipated terms and on a timely
basis or at all; Altisource Portfolio Solutions S.A. and its
affiliates’ ability to effectively perform its obligations under
various agreements with RESI; the failure of Main Street Renewal,
LLC to effectively perform under its property management agreement
with RESI; 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.
________________1 Transaction is subject to negotiation of
definitive transaction agreements and RESI's completion of due
diligence.2 First sale closed in January 2017. Second sale is
subject to negotiation of definitive purchase agreement and buyer's
completion of due diligence.
| |
| Altisource Asset Management
Corporation |
| Consolidated Statements of
Operations |
| (In thousands, except share and per share
amounts) |
|
|
| |
Three months ended December 31,
2016 |
|
Three months ended December 31,
2015 |
|
Year ended December 31, 2016 |
|
Year ended December 31, 2015 |
|
Revenues: |
|
|
|
|
|
|
|
| Management fees from
RESI |
$ |
4,496 |
|
|
$ |
— |
|
|
$ |
17,334 |
|
|
$ |
— |
|
| Conversion fees from
RESI |
445 |
|
|
— |
|
|
1,841 |
|
|
— |
|
| Expense reimbursements
from RESI |
263 |
|
|
— |
|
|
816 |
|
|
— |
|
| Rental revenues |
— |
|
|
5,672 |
|
|
— |
|
|
13,233 |
|
| Change in unrealized
gain on mortgage loans |
— |
|
|
(42,013 |
) |
|
— |
|
|
88,829 |
|
| Net realized gain on
mortgage loans |
— |
|
|
10,533 |
|
|
— |
|
|
58,061 |
|
| Net realized gain on
mortgage loans held for sale |
— |
|
|
35,927 |
|
|
— |
|
|
36,432 |
|
| Net realized gain on
real estate |
— |
|
|
14,006 |
|
|
— |
|
|
50,932 |
|
| Interest income |
— |
|
|
17 |
|
|
— |
|
|
612 |
|
| Total
revenues |
5,204 |
|
|
24,142 |
|
|
19,991 |
|
|
248,099 |
|
|
Expenses: |
|
|
|
|
|
|
|
| Salaries and employee
benefits |
4,315 |
|
|
5,085 |
|
|
17,369 |
|
|
16,294 |
|
| Legal and professional
fees |
670 |
|
|
1,287 |
|
|
2,173 |
|
|
11,311 |
|
| Residential property
operating expenses |
— |
|
|
20,376 |
|
|
— |
|
|
66,266 |
|
| Real estate
depreciation and amortization |
— |
|
|
3,080 |
|
|
— |
|
|
7,472 |
|
| Selling costs and
impairment |
— |
|
|
37,995 |
|
|
— |
|
|
72,230 |
|
| Mortgage loan servicing
costs |
— |
|
|
14,357 |
|
|
— |
|
|
62,346 |
|
| Interest expense |
— |
|
|
14,217 |
|
|
— |
|
|
53,131 |
|
| General and
administrative |
1,429 |
|
|
2,351 |
|
|
4,772 |
|
|
7,583 |
|
| Total
expenses |
6,414 |
|
|
98,748 |
|
|
24,314 |
|
|
296,633 |
|
| Other
income: |
|
|
|
|
|
|
|
| Dividend income on RESI
common stock |
243 |
|
|
— |
|
|
1,023 |
|
|
— |
|
| Other income |
7 |
|
|
— |
|
|
71 |
|
|
— |
|
| Total
other income |
250 |
|
|
— |
|
|
1,094 |
|
|
— |
|
| Loss before income
taxes |
(960 |
) |
|
(74,606 |
) |
|
(3,229 |
) |
|
(48,534 |
) |
| Income tax expense |
703 |
|
|
114 |
|
|
1,706 |
|
|
354 |
|
| Net
loss |
(1,663 |
) |
|
(74,720 |
) |
|
(4,935 |
) |
|
(48,888 |
) |
| Net loss attributable
to non-controlling interest in consolidated affiliate |
— |
|
|
65,779 |
|
|
— |
|
|
45,598 |
|
| Net loss
attributable to stockholders |
$ |
(1,663 |
) |
|
$ |
(8,941 |
) |
|
$ |
(4,935 |
) |
|
$ |
(3,290 |
) |
| |
|
|
|
|
|
|
|
| Loss per share
of common stock – basic: |
|
|
|
|
|
|
|
| Loss per basic
share |
$ |
(1.09 |
) |
|
$ |
(4.12 |
) |
|
$ |
(2.93 |
) |
|
$ |
(1.59 |
) |
| Weighted average common
stock outstanding – basic |
1,568,637 |
|
|
2,180,167 |
|
|
1,752,302 |
|
|
2,202,815 |
|
| Loss per share
of common stock – diluted: |
|
|
|
|
|
|
|
| Loss per diluted
share |
$ |
(1.09 |
) |
|
$ |
(4.12 |
) |
|
$ |
(2.93 |
) |
|
$ |
(1.59 |
) |
| Weighted average common
stock outstanding – diluted |
1,568,637 |
|
|
2,180,167 |
|
|
1,752,302 |
|
|
2,202,815 |
|
| Altisource Asset Management
Corporation |
| Consolidated Balance Sheets |
| (In thousands, except share and per share
amounts) |
| |
December 31, 2016 |
|
December 31, 2015 |
|
Assets: |
|
|
|
| Real estate held for
use: |
|
|
|
| Land
(from previously consolidated VIE as of December 31, 2015) |
$ |
— |
|
|
$ |
56,346 |
|
| Rental
residential properties (net of accumulated depreciation of $7,127
as of December 31, 2015 - from previously consolidated VIE) |
— |
|
|
224,040 |
|
| Real
estate owned (from previously consolidated VIE as of December 31,
2015) |
— |
|
|
455,483 |
|
| Total
real estate held for use, net |
— |
|
|
735,869 |
|
| Real estate assets held
for sale (from previously consolidated VIE as of December 31,
2015) |
— |
|
|
250,557 |
|
| Mortgage loans at fair
value (from previously consolidated VIE as of December 31,
2015) |
— |
|
|
960,534 |
|
| Mortgage loans held for
sale (from previously consolidated VIE as of December 31,
2015) |
— |
|
|
317,336 |
|
| Cash and cash
equivalents (including $116,702 from previously consolidated VIE as
of December 31, 2015) |
40,584 |
|
|
184,544 |
|
| Restricted cash (from
previously consolidated VIE as of December 31, 2015) |
— |
|
|
20,566 |
|
| Available-for-sale
securities (RESI common stock) |
17,934 |
|
|
— |
|
| Accounts receivable,
net (including $45,903 from previously consolidated VIE as of
December 31, 2015) |
— |
|
|
46,026 |
|
| Related party
receivables |
5,266 |
|
|
— |
|
| Prepaid expenses and
other assets (including $1,126 from consolidated VIE as of December
31, 2015) |
1,964 |
|
|
3,169 |
|
| Total
assets |
$ |
65,748 |
|
|
$ |
2,518,601 |
|
|
Liabilities: |
|
|
|
| Repurchase and loan
agreements (from previously consolidated VIE as of December 31,
2015) |
$ |
— |
|
|
$ |
763,369 |
|
| Other secured
borrowings (from previously consolidated VIE as of December 31,
2015) |
— |
|
|
502,599 |
|
| Accrued salaries and
employee benefits |
4,100 |
|
|
4,006 |
|
| Accounts payable and
accrued liabilities (including $32,448 from previously consolidated
VIE as of December 31, 2015) |
4,587 |
|
|
34,716 |
|
| Total
liabilities |
8,687 |
|
|
1,304,690 |
|
| Commitments and
contingencies |
— |
|
|
— |
|
| Redeemable
preferred stock: |
|
|
|
| Preferred stock, $0.01
par value, 250,000 shares issued and outstanding as of December 31,
2016 and 2015; redemption value $250,000 |
249,340 |
|
|
249,133 |
|
| Stockholders'
(deficit) equity: |
|
|
|
| Common stock, $.01 par
value, 5,000,000 authorized shares; 2,637,629 and 1,513,912 shares
issued and outstanding, respectively, as of December 31, 2016 and
2,556,828 and 2,048,223 shares issued and outstanding,
respectively, as of December 31, 2015 |
26 |
|
|
26 |
|
| Additional paid-in
capital |
30,696 |
|
|
23,419 |
|
| Retained earnings |
46,145 |
|
|
50,678 |
|
| Accumulated other
comprehensive loss |
(2,662 |
) |
|
— |
|
| Treasury stock, at
cost, 1,123,717 and 508,605 shares as of December 31, 2016 and
2015, respectively |
(266,484 |
) |
|
(254,984 |
) |
| Total stockholders'
deficit |
(192,279 |
) |
|
(180,861 |
) |
| Non-controlling
interest in consolidated affiliate |
— |
|
|
1,145,639 |
|
| Total
(deficit) equity |
(192,279 |
) |
|
964,778 |
|
| Total
liabilities and equity |
$ |
65,748 |
|
|
$ |
2,518,601 |
|
| |
Summary Management Reporting Information
Prior to our deconsolidation of RESI, we evaluated the
operations of AAMC on a stand-alone basis in addition to evaluating
our consolidated financial performance, which included the results
of RESI and NewSource under U.S. GAAP. In evaluating our operating
performance and managing our business under the Original AMA, we
considered the incentive management fees and reimbursement of
expenses paid to us by RESI as well as our stand-alone operating
expenses. We maintained our internal management reporting on this
basis. The following tables present our consolidating balance
sheets and statements of operations, which are reconciled to U.S.
GAAP. Accordingly, the entries necessary to consolidate AAMC's
subsidiaries, including, but not limited to, elimination of
investment in subsidiaries, elimination of intercompany receivables
and payables, elimination of fees paid under the asset management
agreement and reimbursed expenses, are reflected in the
Consolidating Entries column.
Upon our adoption of ASU 2015-02, we are no longer required to
consolidate the results of RESI. Therefore, we do not present the
table for the current period.
The following tables include non-GAAP performance measures that
we believe are useful to assist investors in gaining an
understanding of the trends and operating results for our business
on a stand-alone basis. This information should be considered in
addition to, and not as a substitute for, our financial results
determined in accordance with U.S. GAAP.
| |
| Altisource Asset Management
Corporation |
| Consolidating Statement of
Operations |
| Three months ended December 31,
2015 |
| (In thousands, unaudited) |
|
|
| |
RESI (GAAP) |
|
NewSource Stand-alone (Non-GAAP) |
|
AAMC
Stand-alone(Non-GAAP) |
|
Consolidating Entries |
|
AAMC Consolidated (GAAP) |
|
Revenues: |
|
|
|
|
|
|
|
|
|
| Management fees |
$ |
— |
|
|
$ |
— |
|
|
$ |
4,524 |
|
|
$ |
(4,524 |
) |
|
$ |
— |
|
| Incentive management
fee |
— |
|
|
— |
|
|
(6,906 |
) |
|
6,906 |
|
|
— |
|
| Conversion fees |
— |
|
|
— |
|
|
309 |
|
|
(309 |
) |
|
— |
|
| Rental revenues |
5,672 |
|
|
— |
|
|
— |
|
|
— |
|
|
5,672 |
|
| Change in unrealized
gain on mortgage loans |
(42,013 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(42,013 |
) |
| Net realized gain on
mortgage loans |
10,533 |
|
|
— |
|
|
— |
|
|
— |
|
|
10,533 |
|
| Net realized gain on
mortgage loans held for sale |
35,927 |
|
|
— |
|
|
— |
|
|
— |
|
|
35,927 |
|
| Net realized gain on
real estate |
14,006 |
|
|
— |
|
|
— |
|
|
— |
|
|
14,006 |
|
| Interest income |
16 |
|
|
1 |
|
|
— |
|
|
— |
|
|
17 |
|
| Total
revenues |
24,141 |
|
|
1 |
|
|
(2,073 |
) |
|
2,073 |
|
|
24,142 |
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
| Salaries and employee
benefits |
— |
|
|
— |
|
|
5,085 |
|
|
— |
|
|
5,085 |
|
| Legal and professional
fees |
978 |
|
|
41 |
|
|
268 |
|
|
— |
|
|
1,287 |
|
| Residential property
operating expenses |
20,376 |
|
|
— |
|
|
— |
|
|
— |
|
|
20,376 |
|
| Real estate
depreciation and amortization |
3,080 |
|
|
— |
|
|
— |
|
|
— |
|
|
3,080 |
|
| Selling costs and
impairment |
37,995 |
|
|
— |
|
|
— |
|
|
— |
|
|
37,995 |
|
| Mortgage loan servicing
costs |
14,357 |
|
|
— |
|
|
— |
|
|
— |
|
|
14,357 |
|
| Interest expense |
14,217 |
|
|
— |
|
|
— |
|
|
— |
|
|
14,217 |
|
| General and
administrative |
1,356 |
|
|
— |
|
|
995 |
|
|
— |
|
|
2,351 |
|
| Management fees, net of
reimbursements |
(2,073 |
) |
|
— |
|
|
— |
|
|
2,073 |
|
|
— |
|
| Total
expenses |
90,286 |
|
|
41 |
|
|
6,348 |
|
|
2,073 |
|
|
98,748 |
|
| Other
income: |
|
|
|
|
|
|
|
|
|
| Dividend income |
— |
|
|
— |
|
|
33 |
|
|
(33 |
) |
|
— |
|
| Total
other income |
— |
|
|
— |
|
|
33 |
|
|
(33 |
) |
|
— |
|
| Loss before income
taxes |
(66,145 |
) |
|
(40 |
) |
|
(8,388 |
) |
|
(33 |
) |
|
(74,606 |
) |
| Income tax expense |
13 |
|
|
— |
|
|
101 |
|
|
— |
|
|
114 |
|
| Net
loss |
(66,158 |
) |
|
(40 |
) |
|
(8,489 |
) |
|
(33 |
) |
|
(74,720 |
) |
| Net loss attributable
to non-controlling interest in consolidated affiliate |
— |
|
|
— |
|
|
— |
|
|
65,779 |
|
|
65,779 |
|
| Net loss
attributable to stockholders |
$ |
(66,158 |
) |
|
$ |
(40 |
) |
|
$ |
(8,489 |
) |
|
$ |
65,746 |
|
|
$ |
(8,941 |
) |
| Altisource Asset Management
Corporation |
| Consolidating Statement of
Operations |
| Year ended December 31, 2015 |
| (In thousands, unaudited) |
|
|
| |
RESI (GAAP) |
|
NewSource Stand-alone (Non-GAAP) |
|
AAMC
Stand-alone(Non-GAAP) |
|
Consolidating Entries |
|
AAMC Consolidated (GAAP) |
|
Revenues: |
|
|
|
|
|
|
|
|
|
| Management fees |
$ |
— |
|
|
$ |
— |
|
|
$ |
14,565 |
|
|
$ |
(14,565 |
) |
|
$ |
— |
|
| Incentive management
fee |
— |
|
|
— |
|
|
7,994 |
|
|
(7,994 |
) |
|
— |
|
| Conversion fees |
— |
|
|
— |
|
|
1,037 |
|
|
(1,037 |
) |
|
— |
|
| Expense
reimbursements |
— |
|
|
— |
|
|
750 |
|
|
(750 |
) |
|
— |
|
| Rental revenues |
13,233 |
|
|
— |
|
|
— |
|
|
— |
|
|
13,233 |
|
| Change in unrealized
gain on mortgage loans |
88,829 |
|
|
— |
|
|
— |
|
|
— |
|
|
88,829 |
|
| Net realized gain on
mortgage loans |
58,061 |
|
|
— |
|
|
— |
|
|
— |
|
|
58,061 |
|
| Net realized gain on
mortgage loans held for sale |
36,432 |
|
|
— |
|
|
— |
|
|
— |
|
|
36,432 |
|
| Net realized gain on
real estate |
50,932 |
|
|
— |
|
|
— |
|
|
— |
|
|
50,932 |
|
| Interest income |
611 |
|
|
564 |
|
|
— |
|
|
(563 |
) |
|
612 |
|
| Total
revenues |
248,098 |
|
|
564 |
|
|
24,346 |
|
|
(24,909 |
) |
|
248,099 |
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
| Salaries and employee
benefits |
— |
|
|
— |
|
|
16,294 |
|
|
— |
|
|
16,294 |
|
| Legal and professional
fees |
6,480 |
|
|
199 |
|
|
6,632 |
|
|
(2,000 |
) |
|
11,311 |
|
| Residential property
operating expenses |
66,266 |
|
|
— |
|
|
— |
|
|
— |
|
|
66,266 |
|
| Real estate
depreciation and amortization |
7,472 |
|
|
— |
|
|
— |
|
|
— |
|
|
7,472 |
|
| Selling costs and
impairment |
72,230 |
|
|
— |
|
|
— |
|
|
— |
|
|
72,230 |
|
| Mortgage loan servicing
costs |
62,346 |
|
|
— |
|
|
— |
|
|
— |
|
|
62,346 |
|
| Interest expense |
53,694 |
|
|
— |
|
|
— |
|
|
(563 |
) |
|
53,131 |
|
| General and
administrative |
6,101 |
|
|
— |
|
|
2,232 |
|
|
(750 |
) |
|
7,583 |
|
| Management fees |
22,966 |
|
|
630 |
|
|
— |
|
|
(23,596 |
) |
|
— |
|
| Total
expenses |
297,555 |
|
|
829 |
|
|
25,158 |
|
|
(26,909 |
) |
|
296,633 |
|
| Other
income: |
|
|
|
|
|
|
|
|
|
| Dividend income |
1,518 |
|
|
— |
|
|
211 |
|
|
(1,729 |
) |
|
— |
|
| Other income |
2,000 |
|
|
— |
|
|
— |
|
|
(2,000 |
) |
|
— |
|
| Total
other income |
3,518 |
|
|
— |
|
|
211 |
|
|
(3,729 |
) |
|
— |
|
| Loss before income
taxes |
(45,939 |
) |
|
(265 |
) |
|
(601 |
) |
|
(1,729 |
) |
|
(48,534 |
) |
| Income tax expense |
66 |
|
|
— |
|
|
288 |
|
|
— |
|
|
354 |
|
| Net
loss |
(46,005 |
) |
|
(265 |
) |
|
(889 |
) |
|
(1,729 |
) |
|
(48,888 |
) |
| Net loss attributable
to non-controlling interest in consolidated affiliate |
— |
|
|
— |
|
|
— |
|
|
45,598 |
|
|
45,598 |
|
| Net loss
attributable to stockholders |
$ |
(46,005 |
) |
|
$ |
(265 |
) |
|
$ |
(889 |
) |
|
$ |
43,869 |
|
|
$ |
(3,290 |
) |
| Altisource Asset Management
Corporation |
| Consolidating Balance Sheet |
| December 31, 2015 |
| (In thousands, unaudited) |
|
|
| |
RESI (GAAP) |
|
NewSource stand-alone (non-GAAP) |
|
AAMC
Stand-alone(Non-GAAP) |
|
Consolidating Entries |
|
AAMC Consolidated (GAAP) |
|
Assets: |
|
|
|
|
|
|
|
|
|
| Real estate held for
use: |
|
|
|
|
|
|
|
|
|
| Land |
$ |
56,346 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
56,346 |
|
| Rental residential
properties, net |
224,040 |
|
|
— |
|
|
— |
|
|
— |
|
|
224,040 |
|
| Real estate owned |
455,483 |
|
|
— |
|
|
— |
|
|
— |
|
|
455,483 |
|
| Total
real estate held for use, net |
735,869 |
|
|
— |
|
|
— |
|
|
— |
|
|
735,869 |
|
| Real estate assets held
for sale |
250,557 |
|
|
— |
|
|
— |
|
|
— |
|
|
250,557 |
|
| Mortgage loans at fair
value |
960,534 |
|
|
— |
|
|
— |
|
|
— |
|
|
960,534 |
|
| Mortgage loans held for
sale |
317,336 |
|
|
— |
|
|
— |
|
|
— |
|
|
317,336 |
|
| Cash and cash
equivalents |
116,702 |
|
|
4,583 |
|
|
63,259 |
|
|
— |
|
|
184,544 |
|
| Restricted cash |
20,566 |
|
|
— |
|
|
— |
|
|
— |
|
|
20,566 |
|
| Accounts receivable,
net |
45,903 |
|
|
— |
|
|
123 |
|
|
— |
|
|
46,026 |
|
| Related party
receivables |
2,180 |
|
|
— |
|
|
— |
|
|
(2,180 |
) |
|
— |
|
| Investment in
affiliate |
— |
|
|
— |
|
|
12,007 |
|
|
(12,007 |
) |
|
— |
|
| Prepaid expenses and
other assets |
1,126 |
|
|
5 |
|
|
2,028 |
|
|
10 |
|
|
3,169 |
|
| Total
assets |
$ |
2,450,773 |
|
|
$ |
4,588 |
|
|
$ |
77,417 |
|
|
$ |
(14,177 |
) |
|
$ |
2,518,601 |
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
| Repurchase and loan
agreements |
$ |
763,369 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
763,369 |
|
| Other secured
borrowings |
502,599 |
|
|
— |
|
|
— |
|
|
— |
|
|
502,599 |
|
| Accrued salaries and
employee benefits |
— |
|
|
— |
|
|
4,006 |
|
|
— |
|
|
4,006 |
|
| Accounts payable and
accrued liabilities |
32,448 |
|
|
1,546 |
|
|
722 |
|
|
— |
|
|
34,716 |
|
| Related party
payables |
— |
|
|
— |
|
|
2,180 |
|
|
(2,180 |
) |
|
— |
|
| Total
liabilities |
1,298,416 |
|
|
1,546 |
|
|
6,908 |
|
|
(2,180 |
) |
|
1,304,690 |
|
| Commitments and
contingencies |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Redeemable
preferred stock |
— |
|
|
— |
|
|
249,133 |
|
|
— |
|
|
249,133 |
|
| Stockholders'
equity (deficit): |
|
|
|
|
|
|
|
|
|
| Common stock |
556 |
|
|
— |
|
|
26 |
|
|
(556 |
) |
|
26 |
|
| Additional paid-in
capital |
1,202,418 |
|
|
7,000 |
|
|
21,089 |
|
|
(1,207,088 |
) |
|
23,419 |
|
| (Accumulated deficit)
retained earnings |
(50,617 |
) |
|
(3,958 |
) |
|
55,245 |
|
|
50,008 |
|
|
50,678 |
|
| Treasury stock |
— |
|
|
— |
|
|
(254,984 |
) |
|
— |
|
|
(254,984 |
) |
| Total stockholders'
equity (deficit) |
1,152,357 |
|
|
3,042 |
|
|
(178,624 |
) |
|
(1,157,636 |
) |
|
(180,861 |
) |
| Non-controlling
interest in consolidated affiliate |
— |
|
|
— |
|
|
— |
|
|
1,145,639 |
|
|
1,145,639 |
|
| Total
equity (deficit) |
1,152,357 |
|
|
3,042 |
|
|
(178,624 |
) |
|
(11,997 |
) |
|
964,778 |
|
| Total
liabilities and equity |
$ |
2,450,773 |
|
|
$ |
4,588 |
|
|
$ |
77,417 |
|
|
$ |
(14,177 |
) |
|
$ |
2,518,601 |
|
FOR FURTHER INFORMATION CONTACT:
Robin N. Lowe
Chief Financial Officer
T: 1-345-815-9919
E: Robin.Lowe@AltisourceAMC.com