Altisource Asset Management Corporation Provides Financial Update
September 20 2022 - 4:30PM
Altisource Asset Management Corporation (NYSE: AAMC) announced
today that it has recognized approximately $1.1 million of total
revenue in the first two months of the third quarter 2022. This is
more than double the total revenue reported for the 2022 second
quarter. This increase was driven primarily by the growth in our
residential transitional (‘private credit”) loan portfolio to
approximately $99 million at the end of August 2022. If the Company
does not sell any loans prior to September 30, 2022, the Company
estimates it will recognize approximately $1.8 million in total
revenue for the third quarter of 2022.
“Despite the rising rate environment, we
continue to see strong demand from borrowers for private credit
loans and loans for investment properties which will provide
financing to acquire both transitional and investment properties
which we have recently begun originating. We are also pleased with
this growth in revenue in the first two months of the quarter,"
said Chief Executive Officer Jason Kopcak. "While we do not plan to
hold loans on balance sheet for an extended period of time, the
loans provide the Company with a solid revenue base prior to their
sale to investors."
About AAMC
AAMC is an alternative lending company that
provides liquidity and capital to under-served markets. We also
continue to assess opportunities that could potentially be of
long-term benefit to shareholders such as Crypto-ATMs. Additional
information is available at www.altisourceamc.com.
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. 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.
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.
FOR FURTHER INFORMATION CONTACT:
Investor Relations
T: +1-704-275-9113
E: IR@AltisourceAMC.com
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