ASPS Altisource Portfolio Solutions SA

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Description of Business

Altisource Portfolio Solutions S.A., together with its subsidiaries (which may be referred to as “Altisource,” the “Company,” “we,” “us” or “our”), is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve.

We are publicly traded on the NASDAQ Global Select Market under the symbol “ASPS.” We are organized under the laws of the Grand Duchy of Luxembourg.

We conduct our operations through two reportable segments: Servicer and Real Estate and Origination. In addition, we report Corporate and Others separately (see Note 22 for a description of our business segments).

Basis of Accounting and Presentation

The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, the interim data includes all normal recurring adjustments considered necessary to fairly state the results for the interim periods presented. The preparation of interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of our interim condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Intercompany transactions and accounts have been eliminated in consolidation.

Altisource consolidates Best Partners Mortgage Cooperative, Inc., which is managed by The Mortgage Partnership of America, L.L.C. (“MPA”), a wholly-owned subsidiary of Altisource. Best Partners Mortgage Cooperative, Inc. is a mortgage cooperative doing business as Lenders One® (“Lenders One”). MPA provides services to Lenders One under a management agreement that ends on December 31, 2025 (with renewals for three successive five-year periods at MPA’s option).

The management agreement between MPA and Lenders One, pursuant to which MPA is the management company, represents a variable interest in a variable interest entity. MPA is the primary beneficiary of Lenders One as it has the power to direct the activities that most significantly impact the cooperative’s economic performance and the right to receive benefits from the cooperative. As a result, Lenders One is presented in the accompanying condensed consolidated financial statements on a consolidated basis and the interests of the members are reflected as non-controlling interests. As of June 30, 2023, Lenders One had total assets of $0.9 million and total liabilities of $1.1 million. As of December 31, 2022, Lenders One had total assets of $1.2 million and total liabilities of $1.1 million.

These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 30, 2023.

Fair Value Measurements

Fair value is defined as an exit price, representing the amount that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows:

Level 1 — Quoted prices in active markets for identical assets and liabilities

Level 2 — Observable inputs other than quoted prices included in Level 1

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities

Financial assets and financial liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

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Ocwen

Ocwen Financial Corporation (together with its subsidiaries, “Ocwen”) is a residential mortgage loan servicer of mortgage servicing rights (“MSRs”) it owns, including those MSRs in which others have an economic interest, and a subservicer of loans owned by others.

During the three and six months ended June 30, 2023, Ocwen was our largest customer, accounting for 42% of our total revenue for the six months ended June 30, 2023 (40% of our revenue for the second quarter of 2023). Ocwen purchases certain mortgage services from us under the terms of services agreements and amendments thereto (collectively, the “Ocwen Services Agreements”) with terms extending through August 2030. Certain of the Ocwen Services Agreements contain a “most favored nation” provision and also grant the parties the right to renegotiate pricing, among other things.

Revenue from Ocwen primarily consists of revenue earned from the loan portfolios serviced and subserviced by Ocwen when Ocwen engages us as the service provider, and revenue earned directly from Ocwen, pursuant to the Ocwen Services Agreements. For the six months ended June 30, 2023 and 2022, we recognized revenue from Ocwen of $31.6 million and $29.9 million, respectively ($14.0 million and $16.2 million for the second quarter of 2023 and 2022, respectively). Revenue from Ocwen as a percentage of segment and consolidated revenue was as follows:

						Three months ended June 30,												Six months ended June 30,
						2023						2022						2023						2022
Servicer and Real Estate						52		%				51		%				54		%				49		%
Origination						—		%				—		%				—		%				—		%
Corporate and Others						—		%				—		%				—		%				—		%
Consolidated revenue						40		%				40		%				42		%				37		%

We earn additional revenue related to the portfolios serviced and subserviced by Ocwen when a party other than Ocwen or the MSRs owner selects Altisource as the service provider. For the six months ended June 30, 2023 and 2022, we recognized revenue of $5.0 million and $5.1 million, respectively ($2.1 million and $2.7 million for the second quarter of 2023 and 2022, respectively), of such revenue. These amounts are not included in deriving revenue from Ocwen and revenue from Ocwen as a percentage of revenue discussed above.

As of June 30, 2023, accounts receivable from Ocwen totaled $3.7 million, $3.0 million of which was billed and $0.7 million of which was unbilled. As of December 31, 2022, accounts receivable from Ocwen totaled $4.0 million, $3.2 million of which was billed and $0.8 million of which was unbilled.

Rithm

Rithm Capital Corp. (individually, together with one or more of its subsidiaries or one or more of its subsidiaries individually, “Rithm”) (formerly New Residential Investment Corp., or “NRZ”) is a real estate investment trust that invests in and manages investments primarily related to residential real estate, including MSRs and excess MSRs.

Ocwen has disclosed that Rithm is a significant client of Ocwen’s. As of March 31, 2023, approximately 16% of loans serviced and subserviced by Ocwen (measured in unpaid principal balance (“UPB”)) and approximately 68% of all delinquent loans that Ocwen services were related to Rithm MSRs or rights to MSRs (the “Subject MSRs”).

Rithm purchases brokerage services for real estate owned (“REO”) exclusively from us, irrespective of the subservicer, subject to certain limitations, for certain MSRs set forth in and pursuant to the terms of a Cooperative Brokerage Agreement, as amended, and related letter agreement (collectively, the “Brokerage Agreement”) with terms extending through August 2025.

For the six months ended June 30, 2023 and 2022, we recognized revenue from Rithm of $1.6 million and $1.8 million, respectively ($0.80 and $1.0 million for the second quarter of 2023 and 2022, respectively), under the Brokerage Agreement. For the six months ended June 30, 2023 and 2022, we recognized additional revenue of $6.8 million and $7.4 million, respectively ($3.5 million and $3.7 million for the second quarter of 2023 and 2022, respectively), relating to the Subject MSRs when a party other than Rithm selects Altisource as the service provider.

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Accounts receivable, net consists of the following:

(in thousands)						June 30, 2023						December 31, 2022
Billed						$	11,832					$	11,993
Unbilled						6,163						5,359
						17,995						17,352
Less: Allowance for credit losses						(4,314)						(4,363)
Total						$	13,681					$	12,989

Unbilled accounts receivable consist primarily of certain real estate asset management, REO sales, title and closing services for which we generally recognize revenue when the service is provided but collect upon closing of the sale, and foreclosure trustee services, for which we generally recognize revenues over the service delivery period but bill following completion of the service. We also include amounts in unbilled accounts receivable that are earned during a month and billed in the following month.

We are exposed to credit losses through our sales of products and services to our customers which are recorded as accounts receivable, net on the Company’s condensed consolidated financial statements. We monitor and estimate the allowance for credit losses based on our historical write-offs, historical collections, our analysis of past due accounts based on the contractual terms of the receivables, relevant market and industry reports and our assessment of the economic status of our customers, if known. Estimated credit losses are written off in the period in which the financial asset is determined to be no longer collectible. There can be no assurance that actual results will not differ from estimates or that consideration of these factors in the future will not result in an increase or decrease to our allowance for credit losses.

Changes in the allowance for expected credit losses consist of the following:

												Additions
(in thousands)						Balance at Beginning of Period						Charged to Expenses												Deductions Note(1)						Balance at End of Period
Allowance for expected credit losses:
Six months ended June 30, 2023						$	4,363					$	522											$	571					$	4,314
Six months ended June 30, 2022						5,297						600												1,105						4,792

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(1)    Amounts written off as uncollectible or transferred to other accounts or utilized.

Prepaid expenses and other current assets consist of the following:

(in thousands)						June 30, 2023						December 31, 2022
Prepaid expenses						$	3,527					$	5,165
Income taxes receivable						291						7,031
Maintenance agreements, current portion						1,259						1,498
Indemnity escrow receivable from Pointillist sale						3,201						3,223
Restricted cash						23						—
Surety bond collateral						—						4,000
Other current assets						2,762						2,627
Total						$	11,063					$	23,544

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Premises and equipment, net consists of the following:

(in thousands)						June 30, 2023						December 31, 2022
Computer hardware and software						$	46,581					$	49,339
Leasehold improvements						2,390						5,794
Furniture and fixtures						102						3,832
Office equipment and other						261						346
						49,334						59,311
Less: Accumulated depreciation and amortization						(46,492)						(55,089)
Total						$	2,842					$	4,222

Depreciation and amortization expense amounted to $1.4 million and $1.8 million for the six months ended June 30, 2023 and 2022, respectively ($0.7 million and $0.9 million for the second quarter of 2023 and 2022, respectively), and is included in cost of revenue for operating assets and in selling, general and administrative expenses for non-operating assets in the accompanying condensed consolidated statements of operations and comprehensive loss.

Premises and equipment, net consist of the following, by country:

(in thousands)						June 30, 2023						December 31, 2022
Luxembourg						$	1,788					$	2,455
India						809						1,129
United States						213						586
Uruguay						32						52
Total						$	2,842					$	4,222

Right-of-use assets under operating leases, net consists of the following:

(in thousands)						June 30, 2023						December 31, 2022
Right-of-use assets under operating leases						$	12,072					$	11,808
Less: Accumulated amortization						(7,383)						(6,487)
Total						$	4,689					$	5,321

Amortization of operating leases was $0.9 million and $1.7 million for the six months ended June 30, 2023 and 2022, respectively ($0.5 million and $0.6 million for the second quarter of 2023 and 2022, respectively), and is included in cost of revenue for operating assets and in selling, general and administrative expenses for non-operating assets in the accompanying condensed consolidated statements of operations and comprehensive loss.

Goodwill

The following is a summary of goodwill by segment:

(in thousands)						Servicer and Real Estate						Origination						Corporate and Others						Total
Balance as of June 30, 2023 and December 31, 2022						$	30,681					$	25,279					$	—					$	55,960

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Intangible Assets, net

Intangible assets, net consist of the following:

						Weighted average estimated useful life (in years)						Gross carrying amount												Accumulated amortization												Net book value
(in thousands)												June 30, 2023						December 31, 2022						June 30, 2023						December 31, 2022						June 30, 2023						December 31, 2022
Definite lived intangible assets:
Customer related intangible assets						9						$	214,307					$	214,307					$	(199,094)					$	(197,594)					$	15,213					$	16,713
Operating agreement						20						35,000						35,000						(23,479)						(22,604)						11,521						12,396
Trademarks and trade names						16						9,709						9,709						(7,273)						(7,088)						2,436						2,621
Total												$	259,016					$	259,016					$	(229,846)					$	(227,286)					$	29,170					$	31,730

Amortization expense for definite lived intangible assets was $2.6 million and $2.6 million for the six months ended June 30, 2023 and 2022, respectively ($1.3 million and $1.3 million for the second quarter of 2023 and 2022, respectively). Forecasted annual definite lived intangible asset amortization expense for 2023 through 2027 is $5.1 million, $5.1 million, $5.1 million, $4.9 million and $4.7 million, respectively.

Other assets consist of the following:

(in thousands)						June 30, 2023						December 31, 2022
Restricted cash						$	3,179					$	3,248
Security deposits						600						596
Other						3,302						1,322
Total						$	7,081					$	5,166

Accounts payable and accrued expenses consist of the following:

(in thousands)						June 30, 2023						December 31, 2022
Accounts payable						$	14,868					$	14,981
Accrued expenses - general						10,449						11,858
Accrued salaries and benefits						5,808						5,501
Income taxes payable						1,195						1,167
Total						$	32,320					$	33,507

Other current liabilities consist of the following:

(in thousands)						June 30, 2023						December 31, 2022
Operating lease liabilities						$	2,113					$	2,097
Other						472						770
Total						$	2,585					$	2,867

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On February 14, 2023, the lenders under the Amended Credit Agreement (see Note 11 for additional information) received warrants (the “Warrants”) to purchase 3,223,851 shares of Altisource common stock (the “Warrant Shares”). The number of Warrant Shares is subject to reduction based on the amount of par paydowns on the senior secured term loans (“SSTL”) in the aggregate using proceeds from issuances of equity interests or from junior indebtedness made prior to February 14, 2024 (“Aggregate Paydowns”) as set forth in the table below.

Aggregate Paydowns			Warrant Shares
Less than $20 million			3,223,851
$20 million+ but less than below			2,578,743
$30 million+			1,612,705

During the six months ended June 30, 2023, the Company made payments toward the determination of Aggregate Paydowns of $20 million. As a result, the number of Warrant Shares as of June 30, 2023 is 2,578,743.

The exercise price per share of common stock under each Warrant is equal to $0.01. The Warrants may be exercised at any time on and after February 14, 2024 and prior to their expiration date. The Warrants are exercisable on a cashless basis and are subject to customary anti-dilution provisions. The Warrants, if not previously exercised or terminated, will be automatically exercised on May 22, 2027. The Warrants are subject to a lock-up agreement, subject to customary exceptions, ending two business days after the paydown measurement date.

The Company determined that the Warrants are free standing financial instruments that are legally detachable and separately exercisable from the term loans under the Amended Credit Agreement. The Company also determined that the Warrants are not considered to be indexed to the Company’s stock because the number of Warrant Shares varies based on Aggregate Paydowns and as such are required to be classified as a liability pursuant to ASC 815-40, Derivatives and Hedging–Contracts in Entity’s Own Equity. The outstanding Warrants are recognized as a warrant liability on the balance sheet and are measured at their inception date fair value and subsequently re-measured at each reporting period with changes being recorded as a component of other income (expense) in the statement of operations.

The fair value of the warrant liability is based on the number of Warrant Shares that are expected to be exercisable on and after February 14, 2024 and the Altisource share price less $0.01 at the measurement date.

The fair value of the warrant liability at each of the respective valuation dates is summarized below:

Warrant Liability			Warrant Shares based on Aggregate Paydowns			Expected Warrant Shares that will be exercisable on February 14, 2024			Fair Value per Warrant Share			Fair Value (in thousands)
Fair value at initial measurement date of February 14, 2023			3,223,851			1,612,705			$5.02			$	8,096
Gain on change in fair value of warrant liability												(694)
Fair value at March 31, 2023			2,578,743			1,612,705			$4.59			7,402
Loss on change in fair value of warrant liability												1,774
Fair value at June 30, 2023			2,578,743			1,612,705			$5.69			$	9,176

During the six months ended June 30, 2023, the Company recorded a loss on changes in fair value of warrant liability of $1.1 million ($1.8 million for the second quarter of 2023). During the three and six months ended June 30, 2022, there were no warrant liabilities outstanding.

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Long-term debt consists of the following:

(in thousands)						June 30, 2023						December 31, 2022
Senior Secured Term Loans						$	229,760					$	247,204
Less: Debt issuance and amendment costs, net						(4,575)						(878)
Less: Unamortized discount, net						(7,101)						(833)
Net Senior secured term loans						218,084						245,493
Revolver						—						—
Less: Debt issuance costs, net						(203)						(263)
Net Revolver						(203)						(263)
Total Long-term debt						$	217,881					$	245,230

Senior Secured Term Loans

In April 2018, Altisource Portfolio Solutions S.A. and its wholly-owned subsidiary, Altisource S.à r.l., entered into a credit agreement with Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, and certain lenders (the “Credit Agreement”). Under the Credit Agreement, Altisource borrowed $412 million in the form of SSTL. Effective February 14, 2023, Altisource Portfolio Solutions S.A. and Altisource S.à r.l. entered into Amendment No. 2 to the Credit Agreement (as amended by Amendment No. 2, the “Amended Credit Agreement”). Altisource Portfolio Solutions S.A. and certain subsidiaries are guarantors of the SSTL (collectively, the “Guarantors”).

The maturity date of the SSTL under the Amended Credit Agreement is April 30, 2025. If Aggregate Paydowns are equal to or greater than $30 million, then (subject to the representations and warranties being true and correct as of such date and there being no default or event of default being in existence as of such date) the maturity date of the SSTL may be extended at the Company’s option to April 30, 2026. Such extension is conditioned upon the Company’s payment of a 2% payment-in-kind extension fee. In February 2023, the Company made payments of $20 million toward the determination of Aggregate Paydowns.

All amounts outstanding under the SSTL will become due on the earlier of (i) the maturity date, and (ii) the date on which the loans are declared to be due and owing by the administrative agent at the request (or with the consent) of the Required Lenders (as defined in the Amended Credit Agreement; other capitalized terms, unless defined herein, are defined in the Amended Credit Agreement) or as otherwise provided in the Amended Credit Agreement upon the occurrence of any event of default. There are no mandatory repayments of the SSTL except as set forth herein until the April 30, 2025 maturity when the balance is due.

In addition to the scheduled principal payments, subject to certain exceptions, the SSTL is subject to mandatory prepayment upon issuances of debt, certain casualty and condemnation events and sales of assets, as well as 50% of Consolidated Excess Cash Flow, as calculated in accordance with the provisions of the Amended Credit Agreement.

Altisource may incur incremental indebtedness under the Amended Credit Agreement from one or more incremental lenders, which may include existing lenders, in an aggregate incremental principal amount not to exceed $50 million, subject to certain conditions set forth in the Amended Credit Agreement. The lenders have no obligation to provide any incremental indebtedness.

Through March 29, 2023, the SSTL’s interest rate was the Adjusted Eurodollar Rate plus 4.00%. Beginning March 30, 2023, the SSTL bears interest at rates based upon, at our option, the Secured Overnight Financing Rate (“SOFR”) or the Base Rate, as defined in the Amended Credit Agreement. If the Company selects SOFR, the term loans initially bear interest at a rate per annum equal to SOFR plus 5.00% payable in cash plus 5.00% payable in kind (“PIK”). If the Company selects Base Rate, the loans initially bear interest at a rate per annum equal to the Base Rate plus 4.00% payable in cash plus 5.00% PIK. Base Rate term loans bear interest at a rate per annum equal to the sum of (i) the greater of (x) the Base Rate and (y) 2.00% plus (ii) 4.00%. The PIK component of the interest rate is subject to adjustment based on the amount of Aggregate Paydowns as set forth in the table below. Based on Aggregate Paydowns of $20 million through June 30, 2023, the PIK component of the interest rate was 4.50%. The interest rate as of June 30, 2023 was 14.49%.

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Aggregate Paydowns			PIK Component of Interest Rate
Less than $20 million			5.00%
$20 million+ but less than below			4.50%
$30 million+ but less than below			3.75%
$40 million+ but less than below			3.50%
$45 million+ but less than below			3.00%
$50 million+ but less than below			2.50%
$55 million+ but less than below			2.00%
$60 million+ but less than below			1.00%
$65 million+ but less than below			0.50%
$70 million+			0.00%

If, as of the end of any calendar quarter, (i) the amount of unencumbered cash and cash equivalents of Altisource S.à r.l. and its direct and indirect subsidiaries on a consolidated basis plus (ii) the undrawn commitment amount under the Revolver is, or is forecast as of the end of the immediately subsequent calendar quarter to be, less than $35 million, then up to 2.00% in interest otherwise payable in cash in the following quarter may be paid in kind at the Company’s election.

The payment of all amounts owing by Altisource under the Amended Credit Agreement is guaranteed by the Guarantors and is secured by a pledge of all equity interests of certain subsidiaries of Altisource, as well as a lien on substantially all of the assets of Altisource S.à r.l. and the Guarantors, subject to certain exceptions.

The Amended Credit Agreement includes covenants that restrict or limit, among other things, our ability, subject to certain exceptions and baskets, to incur indebtedness; incur liens on our assets; sell, transfer or dispose of assets; make Restricted Junior Payments including share repurchases, dividends and repayment of junior indebtedness; make investments; dispose of equity interests of any Material Subsidiaries; engage in a line of business substantially different than existing businesses and businesses reasonably related, complimentary or ancillary thereto; amend material debt agreements or other material contracts; engage in certain transactions with affiliates; enter into sale/leaseback transactions; grant negative pledges or agree to such other restrictions relating to subsidiary dividends and distributions; make changes to our fiscal year; and engage in mergers and consolidations.

The Amended Credit Agreement contains certain events of default including (i) failure to pay principal when due or interest or any other amount owing on any other obligation under the Amended Credit Agreement within five days of becoming due, (ii) material incorrectness of representations and warranties when made, (iii) breach of certain other covenants, subject to cure periods described in the Amended Credit Agreement, (iv) failure to pay principal or interest on any other debt that equals or exceeds $5.0 million when due, (v) default on any other debt that equals or exceeds $5.0 million that causes, or gives the holder or holders of such debt the ability to cause, an acceleration of such debt, (vi) occurrence of a Change of Control, (vii) bankruptcy and insolvency events, (viii) entry by a court of one or more judgments against us in an aggregate amount in excess of $10.0 million that remain unbonded, undischarged or unstayed for a certain number of days after the entry thereof, (ix) the occurrence of certain ERISA events, (x) the failure of certain Loan Documents to be in full force and effect and (xi) failure to comply in any material respects with the terms of the Warrants or the Warrant Purchase Agreement. If any event of default occurs and is not cured within applicable grace periods set forth in the Credit Agreement or waived, all loans and other obligations could become due and immediately payable and the facility could be terminated.

The lenders under the Amended Credit Agreement received Warrants to purchase 3,223,851 shares of Altisource common stock. The number of Warrant Shares is subject to reduction based on the amount of Aggregate Paydowns (see Note 10 for additional information).

The fair value of the Warrants on February 14, 2023 was $8.1 million and was recorded as an increase in debt discount. In connection with Amendment No. 2, the Company paid $4.8 million to the lenders and to third parties on behalf of the lenders. The $4.8 million payment was recorded as an increase in debt issuance and amendment costs. In connection with Amendment No. 2, the Company paid $3.3 million to advisors and recorded these payments as other expense in the condensed consolidated statements of operations and comprehensive loss.

Deer Park Road Management Company, LP (“Deer Park”), a related party, owns approximately 20% of Altisource’s common stock and $41.6 million of Altisource debt under the Amended Credit Agreement as of June 30, 2023. Deer Park’s Chief Investment Officer and managing partner was a member of Altisource’s Board of Directors until his resignation on March 1, 2022. The replacement director appointed by the Board of Directors is a current employee of Deer Park. In connection with

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the Amended Credit Agreement, Deer Park received 583 thousand Warrants. During the six months ended June 30, 2023, Deer Park received interest of $2.0 million from the Altisource SSTL.

As of June 30, 2023, debt issuance and amendment costs were $4.6 million, net of $4.8 million of accumulated amortization. As of December 31, 2022, debt issuance costs were $0.9 million, net of $3.6 million of accumulated amortization.

Revolver

On June 22, 2021 Altisource S.à r.l, a subsidiary of Altisource Portfolio Solutions S.A., entered into a revolving credit facility with STS Master Fund, Ltd. (“STS”) (the “Revolver”). STS is an investment fund managed by Deer Park.

The Revolver was amended effective February 14, 2023 (the “Amended Revolver”). Under the terms of the Amended Revolver, STS will make loans to Altisource from time to time, in amounts requested by Altisource and Altisource may voluntarily prepay all or any portion of the outstanding loans at any time. The Amended Revolver provides Altisource the ability to borrow a maximum amount of $15.0 million. Amounts that are repaid may be re-borrowed in accordance with the limitations set forth below.

The maturity date of the Amended Revolver coincides with the maturity date of the SSTL under the Amended Credit Agreement, as it may be extended. The outstanding balance on the Amended Revolver is due and payable on such maturity date.

Borrowings under the Amended Revolver bear interest of 10.00% per annum in cash and 3.00% per annum PIK and are payable quarterly on the last business day of each March, June, September and December. In connection with the Amended Revolver, Altisource is required to pay a usage fee equal to $0.75 million at the initial extension of credit pursuant to the Amended Revolver.

Altisource’s obligations under the Amended Revolver are secured by a first-priority lien on substantially all of the assets of the Company, which lien will be pari passu with liens securing the SSTL under the Amended Credit Agreement.

The Amended Revolver contains additional representations, warranties, covenants, terms and conditions customary for transactions of this type, that restrict or limit, among other things, our ability to use the proceeds of credit only for general corporate purposes.

The Amended Revolver contains certain events of default including (i) failure to pay principal when due or interest or any other amount owing on any other obligation under the Amended Revolver within three business days of becoming due, (ii) failure to perform or observe any material provisions of the Amended Revolver Documents to be performed or complied with and such failure continues for a period of 30 days after written notice is given by the Lender to the Borrower, (iii) material incorrectness of representations and warranties when made, (iv) default on any other debt that equals or exceeds $40.0 million that causes, or gives the holder or holders of such debt the ability to cause, an acceleration of such debt, (v) entry by a court of one or more judgments against us in an aggregate amount in excess of $40.0 million that remain unbonded, undischarged or unstayed for a certain number of days after the entry thereof, (vi) occurrence of a Change of Control, (vii) bankruptcy and insolvency events. If any event of default occurs and is not cured within applicable grace periods set forth in the Amended Revolver or waived, all loans and other obligations could become due and immediately payable and the facility could be terminated.

As of June 30, 2023 and December 31, 2022, there was no outstanding debt under the Amended Revolver and Revolver, respectively. As of June 30, 2023 and December 31, 2022, debt issuance costs were $0.2 million, net of $0.3 million of accumulated amortization, and $0.3 million, net of $0.3 million of accumulated amortization, respectively.

Other non-current liabilities consist of the following:

(in thousands)						June 30, 2023						December 31, 2022
Income tax liabilities						$	16,141					$	16,079
Operating lease liabilities						2,693						3,371
Deferred revenue						30						82
Other non-current liabilities						5						4
Total						$	18,869					$	19,536

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The following table presents the carrying amount and estimated fair value of financial instruments and certain liabilities measured at fair value as of June 30, 2023 and December 31, 2022. The following fair values are estimated using market information and what the Company believes to be appropriate valuation methodologies under GAAP:

						June 30, 2023																								December 31, 2022
(in thousands)						Carrying amount						Fair value																		Carrying amount						Fair value
												Level 1						Level 2						Level 3												Level 1						Level 2						Level 3
Assets:
Cash and cash equivalents						$	35,041					$	35,041					$	—					$	—					$	51,025					$	51,025					$	—					$	—
Restricted cash						3,202						3,202						—						—						3,248						3,248						—						—
Short-term receivable						3,201						—						—						3,201						3,223						—						—						3,223
Liabilities:
Warrant liability						9,176						—						—						9,176						—						—						—						—
Senior secured term loans						229,760						—						181,798						—						247,204						—						200,235						—

Fair Value Measurements on a Recurring Basis

Cash and cash equivalents and restricted cash are carried at amounts that approximate their fair values due to the highly liquid nature of these instruments and were measured using Level 1 inputs.

The fair value of our SSTL is based on quoted market prices. Based on the frequency of trading, we do not believe that there is an active market for our debt. Therefore, the quoted prices are considered Level 2 inputs.

In connection with the sale of Pointillist on December 1, 2021, $3.5 million was deposited into an escrow account to satisfy certain indemnification claims that may arise on or prior to the first anniversary of the sale closing. The deposit was recorded as a short-term receivable. We measure short-term receivables without a stated interest rate based on the present value of the future payments.

Warrant liability is carried at fair value. The fair value of the warrant liability is based on the number of Warrant Shares that are expected to be exercisable and the Altisource share price less $0.01 at the measurement date. The Warrant liability is measured using Level 3 inputs as the determination of fair value includes various assumptions of future Aggregate Paydowns (see Note 10 for additional information).

There were no transfers between different levels during the periods presented.

Concentrations of Credit Risk

Financial instruments that subject us to concentrations of credit risk primarily consist of cash and cash equivalents and accounts receivable. Our policy is to deposit our cash and cash equivalents with larger, highly rated financial institutions. The Company derived 40% and 42% of its revenue from Ocwen for the three and six months ended June 30, 2023 (see Note 2 for additional information on Ocwen revenues and accounts receivable balance). The Company strives to mitigate its concentrations of credit risk with respect to accounts receivable by actively monitoring past due accounts and the economic status of larger customers, if known.

Share Repurchase Program

On May 16, 2023, our shareholders approved the renewal and amendment of the share repurchase program previously approved by the shareholders on May 15, 2018. Under the program, we are authorized to purchase up to 3.1 million shares of our common stock, based on a limit of 15% of the outstanding shares of common stock on the date of approval, at a minimum price of $1.00 per share and a maximum price of $25.00 per share, for a period of five years from the date of approval. As of June 30, 2023, approximately 3.1 million shares of common stock remain available for repurchase under the program. There were no purchases of shares of common stock during the six months ended June 30, 2023 and 2022. Luxembourg law limits share repurchases to the balance of Altisource Portfolio Solutions S.A. (unconsolidated parent company) retained earnings, less the value of shares repurchased. As of June 30, 2023, we can repurchase up to approximately $61 million of our common stock

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under Luxembourg law. Under the Amended Credit Agreement, we are not permitted to repurchase shares except for limited circumstances.

Public offering of Common Stock

On February 14, 2023, Altisource closed on an underwritten public offering to sell 4,550,000 shares of its common stock, at a price of $5.00 per share, generating net proceeds of $20.5 million, after deducting the underwriting discounts and commissions and other offering expenses.

Share-Based Compensation

We issue share-based awards in the form of stock options, restricted shares and restricted share units for certain employees, officers and directors. We recognized share-based compensation expense of $2.7 million and $2.6 million for the six months ended June 30, 2023 and 2022, respectively ($1.2 million and $1.3 million for the second quarter of 2023 and 2022, respectively). As of June 30, 2023, estimated unrecognized compensation costs related to share-based awards amounted to $4.5 million, which we expect to recognize over a weighted average remaining requisite service period of approximately 1.28 years.

Stock Options

Stock option grants are composed of a combination of service-based, market-based and performance-based options.

Service-Based Options. These options generally vest over three or four years with equal annual vesting and generally expire on the earlier of ten years after the date of grant or following termination of service. A total of 186 thousand service-based options were outstanding as of June 30, 2023.

Market-Based Options. These option grants generally have two components, each of which vests only upon the achievement of certain criteria. The first component, which we refer to as “ordinary performance” grants, generally consists of two-thirds of the market-based grant and begins to vest if the stock price is at least double the exercise price, as long as the stock price realizes a compounded annual gain of at least 20% over the exercise price. The remaining third of the market-based options, which we refer to as “extraordinary performance” grants, generally begins to vest if the stock price is at least triple the exercise price, as long as the stock price realizes a compounded annual gain of at least 25% over the exercise price. Market-based options vest in three or four year installments with the first installment vesting upon the achievement of the criteria and the remaining installments vesting thereafter in equal annual installments. Market-based options generally expire on the earlier of ten years after the date of grant or following termination of service, unless the performance criteria is met prior to termination of service or in the final three years of the option term, in which case vesting will generally continue in accordance with the provisions of the award agreement. A total of 96 thousand market-based options were outstanding as of June 30, 2023.

Performance-Based Options. These option grants generally will vest if certain specific financial measures are achieved; typically with one-fourth vesting on each anniversary of the grant date. The award of performance-based options is adjusted based on the level of achievement specified in the award agreements. If the performance criteria achieved is above threshold performance levels, participants generally have the opportunity to vest in 50% to 200% of the option grants, depending upon performance achieved. If the performance criteria achieved is below a certain threshold, the options are canceled. The options generally expire on the earlier of ten years after the date of grant or following termination of service, unless the performance criteria is met prior to termination of service in which case vesting will generally continue in accordance with the provisions of the award agreement. There were 461 thousand performance-based options outstanding as of June 30, 2023.

There were no stock option grants during the six months ended June 30, 2023. The Company granted 105 thousand stock options (at a weighted average exercise price of $11.86 per share) for the six months ended June 30, 2022.

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The fair values of the performance-based options are determined using the Black-Scholes option pricing model. The following assumptions were used to determine the fair values as of the grant date:

						Six months ended June 30, 2022
						Black-Scholes
Risk-free interest rate (%)						1.62
Expected stock price volatility (%)						67.75
Expected dividend yield						—
Expected option life (in years)						6
Fair value						$	7.27

We determined the expected option life of all service-based stock option grants using the simplified method, determined based on the graded vesting term plus the contractual term of the options, divided by two. We use the simplified method because we believe that our historical data does not provide a reasonable basis upon which to estimate expected option life.

The following table summarizes the grant date fair value of stock options that vested during the periods presented:

						Six months ended June 30,
(in thousands, except per share data)						2023						2022
Weighted average grant date fair value of stock options granted per share						$	—					$	8.19
Intrinsic value of options exercised						—						—
Grant date fair value of stock options that vested						83						1,031

The following table summarizes the activity related to our stock options:

			Number of options						Weighted average exercise price						Weighted average contractual term (in years)						Aggregate intrinsic value (in thousands)
Outstanding as of December 31, 2022			745,277						$	27.03					4.83						$	—
Granted			—						—
Forfeited			(2,288)						29.76
Outstanding as of June 30, 2023			742,989						27.02						4.34						—
Exercisable as of June 30, 2023			547,501						25.25						3.74						—

Other Share-Based Awards

The Company’s other share-based and similar types of awards are comprised of restricted shares and restricted share units. The restricted shares and restricted share units are comprised of a combination of service-based awards, performance-based awards, market-based awards and performance and market-based awards.

Service-Based Awards. These awards generally vest over one-to-four-year periods. A total of 948 thousand service-based awards were outstanding as of June 30, 2023.

Performance-Based Awards. These awards generally vest if certain specific financial measures are achieved; generally one-third vests on each anniversary of the grant date or cliff-vest on the third anniversary of the grant date. The number of performance-based restricted shares and restricted share units that may vest is based on the level of achievement as specified in the award agreements. If the performance criteria achieved is above certain financial performance levels and Altisource’s share performance is above certain established criteria, participants have the opportunity to vest in up to 150% of the restricted share unit award for certain awards. If the performance criteria achieved is below certain thresholds, the award is canceled. A total of 143 thousand performance-based awards were outstanding as of June 30, 2023.

Market-Based Awards. 50% of these awards generally vest if certain specific market conditions are achieved over a 30-day period and the remaining 50% of these awards generally vest on the one year anniversary of the initial vesting. The

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Company estimates the grant date fair value of these awards using a lattice (binomial) model. A total of 112 thousand market-based awards were outstanding as of June 30, 2023.

Performance-Based and Market-Based Awards. These awards generally vest if certain specific financial measures are achieved and if certain specific market conditions are achieved. If the performance criteria achieved is above certain financial performance levels and Altisource’s share performance is above certain established criteria, participants have the opportunity to vest in up to 300% of the restricted share unit award for certain awards. If the performance criteria or the market criteria is below certain thresholds, the award is canceled. The Company estimates the grant date fair value of these awards using a Monte Carlo simulation model. A total of 127 thousand performance-based and market-based awards were outstanding as of June 30, 2023.

The Company granted 891 thousand restricted share units (at a weighted average grant date fair value of $4.82 per share) during the six months ended June 30, 2023. These grants include 57 thousand awards that include both a performance condition and a market condition and 57 thousand performance-based awards, for the six months ended June 30, 2023. The Company granted 46 thousand awards that include both a performance condition and a market condition and 46 thousand performance-based awards, for the six months ended June 30, 2022.

The following table summarizes the activity related to our restricted shares and restricted share units:

			Number of restricted shares and restricted share units
Outstanding as of December 31, 2022			755,006
Granted			890,810
Issued			(187,424)
Forfeited/canceled			(128,596)
Outstanding as of June 30, 2023			1,329,796

We classify revenue in three categories: service revenue, revenue from reimbursable expenses and non-controlling interests. Service revenue consists of amounts attributable to our fee-based services. Reimbursable expenses and non-controlling interests are pass-through items for which we earn no margin. Reimbursable expenses consist of amounts we incur on behalf of our customers in performing our fee-based services that we pass directly on to our customers without a markup. Non-controlling interests represent the earnings of Lenders One, a consolidated entity that is a mortgage cooperative managed, but not owned, by Altisource. The Lenders One members’ earnings are included in revenue and reduced from net income to arrive at net income attributable to Altisource (see Note 1). Our services are provided to customers located in the United States. The components of revenue were as follows:

						Three months ended June 30,												Six months ended June 30,
(in thousands)						2023						2022						2023						2022
Service revenue						$	33,173					$	37,638					$	70,244					$	75,401
Reimbursable expenses						2,049						2,609						4,359						4,201
Non-controlling interests						13						174						93						335
Total						$	35,235					$	40,421					$	74,696					$	79,937

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Disaggregation of Revenue

Disaggregation of total revenues by segment and major source was as follows:

						Three months ended June 30, 2023
(in thousands)						Revenue recognized when services are performed or assets are sold						Revenue related to technology platforms and professional services						Reimbursable expenses revenue						Total revenue
Servicer and Real Estate						$	22,538					$	2,380					$	1,930					$	26,848
Origination						8,262						6						119						8,387
Total revenue						$	30,800					$	2,386					$	2,049					$	35,235

						Three months ended June 30, 2022
(in thousands)						Revenue recognized when services are performed or assets are sold						Revenue related to technology platforms and professional services						Reimbursable expenses revenue						Total revenue
Servicer and Real Estate						$	26,901					$	2,523					$	2,523					$	31,947
Origination						8,382						6						86						8,474
Total revenue						$	35,283					$	2,529					$	2,609					$	40,421

						Six months ended June 30, 2023
(in thousands)						Revenue recognized when services are performed or assets are sold						Revenue related to technology platforms and professional services						Reimbursable expenses revenue						Total revenue
Servicer and Real Estate						$	49,091					$	5,588					$	4,114					$	58,793
Origination						15,644						14						245						15,903
Total revenue						$	64,735					$	5,602					$	4,359					$	74,696

						Six months ended June 30, 2022
(in thousands)						Revenue recognized when services are performed or assets are sold						Revenue related to technology platforms and professional services						Reimbursable expenses revenue						Total revenue
Servicer and Real Estate						$	51,560					$	5,021					$	3,902					$	60,483
Origination						19,141						14						299						19,454
Total revenue						$	70,701					$	5,035					$	4,201					$	79,937

Contract Balances

Our contract assets consist of unbilled accounts receivable (see Note 3). Our contract liabilities consist of current deferred revenue and other non-current liabilities as reported on the accompanying condensed consolidated balance sheets. Revenue recognized that was included in the contract liability at the beginning of the period was $2.8 million and $2.9 million for the six months ended June 30, 2023 and 2022, respectively ($0.9 million and $1.2 million for the second quarter of 2023 and 2022, respectively).

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Cost of revenue principally includes payroll and employee benefits associated with personnel employed in customer service, operations and technology roles, fees paid to external providers related to the provision of services, reimbursable expenses, technology and telecommunications costs as well as depreciation and amortization of operating assets. The components of cost of revenue were as follows:

						Three months ended June 30,												Six months ended June 30,
(in thousands)						2023						2022						2023						2022
Outside fees and services						$	14,057					$	14,351					$	29,151					$	27,254
Compensation and benefits						9,281						13,825						18,982						27,346
Technology and telecommunications						3,865						4,956						7,262						10,188
Reimbursable expenses						2,049						2,609						4,359						4,201
Depreciation and amortization						451						614						906						1,235
Total						$	29,703					$	36,355					$	60,660					$	70,224

Transactions with Related Parties

In May 2022, John G. Aldridge, Jr., the Managing Partner of Aldridge Pite LLP (“Aldridge Pite”), joined the Board of Directors of Altisource. Aldridge Pite provides eviction and other real estate related services to the Company. The Company recognized $0.3 million and $0.5 million for the three and six months ended June 30, 2023 of reimbursable expenses relating to services provided to Aldridge Pite (no comparable amount for the three and six months ended June 30, 2022). As of June 30, 2023, the Company had no payable to Aldridge Pite.

Selling, general and administrative expenses include payroll and employee benefits associated with personnel employed in executive, sales and marketing, finance, technology, law, compliance, human resources, vendor management, facilities and risk management roles. This category also includes professional services fees, occupancy costs, marketing costs, depreciation and amortization of non-operating assets and other expenses. The components of selling, general and administrative expenses were as follows:

						Three months ended June 30,												Six months ended June 30,
(in thousands)						2023						2022						2023						2022
Compensation and benefits						$	5,376					$	6,296					$	11,406					$	11,705
Professional services						2,275						3,099						3,846						5,848
Occupancy related costs						1,216						1,417						2,658						3,041
Amortization of intangible assets						1,280						1,284						2,560						2,568
Marketing costs						559						785						941						1,672
Depreciation and amortization						204						274						448						611
Other						1,431						1,370						2,576						3,054
Total						$	12,341					$	14,525					$	24,435					$	28,499

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Other income (expense), net consists of the following:

						Three months ended June 30,												Six months ended June 30,
(in thousands)						2023						2022						2023						2022
Interest income (expense)						$	315					$	61					$	749					$	106
Other, net						75						132						1,201						827
Total						$	390					$	193					$	1,950					$	933

Basic loss per share is computed by dividing loss available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net loss per share excludes all dilutive securities because their impact would be anti-dilutive, as described below.

Basic and diluted loss per share are calculated as follows:

						Three months ended June 30,												Six months ended June 30,
(in thousands, except per share data)						2023						2022						2023						2022
Net loss attributable to Altisource						$	(18,850)					$	(15,495)					$	(31,797)					$	(27,685)
Weighted average common shares outstanding, basic						20,840						16,083						19,648						16,020
Weighted average common shares outstanding, diluted						20,840						16,083						19,648						16,020
Loss per share:
Basic						$	(0.90)					$	(0.96)					$	(1.62)					$	(1.73)
Diluted						$	(0.90)					$	(0.96)					$	(1.62)					$	(1.73)

For the six months ended June 30, 2023 and 2022, 3.5 million and 1.3 million, respectively (4.1 million and 1.2 million for the second quarter of 2023 and 2022, respectively), warrants, stock options, restricted shares and restricted share units, were excluded from the computation of loss per share, as a result of the following:

•For the six months ended June 30, 2023 and 2022, 2.2 million and 0.2 million, respectively (2.8 million and 0.1 million for the second quarter of 2023 and 2022, respectively), warrants, stock options, restricted shares and restricted share units were anti-dilutive and have been excluded from the computation of diluted loss per share because the Company incurred a net loss

•For the six months ended June 30, 2023 and 2022, 0.3 million and 0.2 million, respectively (0.3 million and 0.2 million for the second quarter of 2023 and 2022, respectively), stock options were anti-dilutive and have been excluded from the computation of diluted loss per share because their exercise price was greater than the average market price of our common stock

•For the six months ended June 30, 2023 and 2022, 1.0 million and 0.9 million, respectively (1.0 million and 0.9 million for the second quarter of 2023 and 2022, respectively) , stock options, restricted shares and restricted share units, which begin to vest upon the achievement of certain market criteria related to our common stock price, performance criteria and

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We record a liability for contingencies if an unfavorable outcome is probable and the amount of loss can be reasonably estimated, including expected insurance coverage. For proceedings where the reasonable estimate of loss is a range, we record a best estimate of loss within the range.

Litigation

We are currently involved in legal actions in the course of our business, some of which seek monetary damages. We do not believe that the outcome of these proceedings, both individually and in the aggregate, will have a material impact on our financial condition, results of operations or cash flows.

Regulatory Matters

Periodically, we are subject to audits, examinations and investigations by federal, state and local governmental authorities and receive subpoenas, civil investigative demands or other requests for information from such governmental authorities in connection with their regulatory or investigative authority. We are currently responding to such inquiries from governmental authorities relating to certain aspects of our business. We believe it is premature to predict the potential outcome or to estimate any potential financial impact in connection with these inquiries.

Ocwen Related Matters

As discussed in Note 2, during the six months ended June 30, 2023, Ocwen was our largest customer, accounting for 42% of our total revenue (40% of our revenue for the second quarter of 2023). Additionally, 7% of our revenue for the the six months ended June 30, 2023 (6% of our revenue for the second quarter of 2023) was earned on the loan portfolios serviced by Ocwen, when a party other than Ocwen or the MSRs owner selected Altisource as the service provider.

Ocwen has disclosed that it is subject to a number of ongoing regulatory examinations, consent orders, inquiries, subpoenas, civil investigative demands, requests for information and other actions and is subject to pending and threatened legal proceedings, some of which include claims against Ocwen for substantial monetary damages. Previous regulatory actions against Ocwen have subjected Ocwen to independent oversight of its operations and placed certain restrictions on its ability to acquire servicing rights or proceed with default-related actions on the loans it services. Existing or future similar matters could result in adverse regulatory or other actions against Ocwen. In addition to the above, Ocwen may become subject to future adverse regulatory or other actions.

Ocwen has disclosed that Rithm is a significant client of Ocwen’s. As of March 31, 2023, approximately 16% of loans serviced and subserviced by Ocwen (measured in UPB) and approximately 68% of all delinquent loans that Ocwen services were related to Rithm MSRs or rights to MSRs.

The existence or outcome of Ocwen regulatory matters or the termination of Ocwen’s sub-servicing agreements with Rithm or other significant Ocwen clients may have significant adverse effects on Ocwen’s business. For example, Ocwen may be required to alter the way it conducts business, including the parties it contracts with for services, it may be required to seek changes to its existing pricing structure with us, it may lose its non-government-sponsored enterprise (“GSE”) servicing rights or subservicing arrangements or may lose one or more of its state servicing or origination licenses. Additional regulatory actions or adverse financial developments may impose additional restrictions on or require changes in Ocwen’s business that could require it to sell assets or change its business operations. Any or all of these effects and others could result in our eventual loss of Ocwen as a customer or a reduction in the number and/or volume of services they purchase from us or the loss of other customers.

If any of the following events occurred, Altisource’s revenue could be significantly reduced and our results of operations could be materially adversely affected, including from the possible impairment or write-off of goodwill, intangible assets, property and equipment, other assets and accounts receivable:

•Altisource loses Ocwen as a customer or there is a significant reduction in the volume of services they purchase from us

•Ocwen loses, sells or transfers a significant portion of its GSE or Federal Housing Administration servicing rights or subservicing arrangements or remaining other servicing rights or subservicing arrangements and Altisource fails to be retained as a service provider

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•The contractual relationship between Ocwen and Rithm changes significantly, including Ocwen’s sub-servicing arrangement with Rithm expiring without renewal, and this change results in a change in our status as a provider of services related to the Subject MSRs

•Ocwen loses state servicing licenses in states with a significant number of loans in Ocwen’s servicing portfolio

•The contractual relationship between Ocwen and Altisource changes significantly or there are significant changes to our pricing to Ocwen for services from which we generate material revenue

•Altisource otherwise fails to be retained as a service provider

Management cannot predict whether any of these events will occur or the amount of any impact they may have on Altisource.

Leases

We lease certain premises and equipment, primarily consisting of office space and information technology equipment. Certain of our leases include options to renew at our discretion or terminate leases early, and these options are considered in our determination of the expected lease term. Certain of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. We sublease certain office space to third parties. Sublease income was $0.1 million and $0.4 million for the six months ended June 30, 2023 and 2022, respectively (less than $0.1 million and $0.1 million for the second quarter of 2023 and 2022, respectively). The amortization periods of right-of-use assets are generally limited by the expected lease term. Our leases generally have expected lease terms at adoption of one to six years.

Information about our lease terms and our discount rate assumption were as follows for the six months ended June 30:

						2023						2022
Weighted average remaining lease term (in years)						2.58						3.35
Weighted average discount rate						5.91		%				5.66		%

Our lease activity during the period was as follows:

						Three months ended June 30,												Six months ended June 30,
(in thousands)						2023						2022						2023						2022
Operating lease costs:
Selling, general and administrative expense						$	530					$	697					$	1,085					$	1,631
Cost of revenue						—						—						—						265
Cash used in operating activities for amounts included in the measurement of lease liabilities						$	591					$	325					$	1,131					$	1,507
Short-term (twelve months or less) lease costs						430						397						849						425

Maturities of our lease liabilities as of June 30, 2023 are as follows:

(in thousands)						Operating lease obligations
2023						$	1,198
2024						1,887
2025						1,404
2026						677
2027						—
Total lease payments						5,166
Less: interest						(360)
Present value of lease liabilities						$	4,806

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Escrow Balances

We hold customers’ assets in escrow accounts at various financial institutions pending completion of certain real estate activities. These amounts are held in escrow accounts for limited periods of time and are not included in the accompanying condensed consolidated balance sheets. Amounts held in escrow accounts were $19.2 million and $13.2 million as of June 30, 2023 and December 31, 2022, respectively.

Our business segments are based upon our organizational structure, which focuses primarily on the services offered, and are consistent with the internal reporting used by our Chief Executive Officer (our chief operating decision maker) to evaluate operating performance and to assess the allocation of our resources.

We conduct our operations through two reportable segments: Servicer and Real Estate and Origination. In addition, we report Corporate and Others separately.

The Servicer and Real Estate segment provides loan servicers and real estate investors with solutions and technologies that span the mortgage and real estate lifecycle. The Origination segment provides originators with solutions and technologies that span the mortgage origination lifecycle. Corporate and Others includes interest expense and costs related to corporate functions including executive, infrastructure and certain technology groups, finance, law, compliance, human resources, vendor management, facilities, risk management, as well as eliminations between reportable segments.

Financial information for our segments is as follows:

						Three months ended June 30, 2023
(in thousands)						Servicer and Real Estate						Origination						Corporate and Others						Consolidated Altisource
Revenue						$	26,848					$	8,387					$	—					$	35,235
Cost of revenue						18,038						8,018						3,647						29,703
Gross profit (loss)						8,810						369						(3,647)						5,532
Selling, general and administrative expenses						2,638						2,350						7,353						12,341
Income (loss) from operations						6,172						(1,981)						(11,000)						(6,809)
Total other income (expense), net						—						—						(11,389)						(11,389)
Income (loss) before income taxes and non-controlling interests						$	6,172					$	(1,981)					$	(22,389)					$	(18,198)

						Three months ended June 30, 2022
(in thousands)						Servicer and Real Estate						Origination						Corporate and Others						Consolidated Altisource
Revenue						$	31,947					$	8,474					$	—					$	40,421
Cost of revenue						22,413						9,245						4,697						36,355
Gross profit (loss)						9,534						(771)						(4,697)						4,066
Selling, general and administrative expenses						3,237						2,220						9,068						14,525
Income (loss) from operations						6,297						(2,991)						(13,765)						(10,459)
Total other income (expense), net						—						—						(3,341)						(3,341)
Income (loss) before income taxes and non-controlling interests						$	6,297					$	(2,991)					$	(17,106)					$	(13,800)

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						Six months ended June 30, 2023
(in thousands)						Servicer and Real Estate						Origination						Corporate and Others						Consolidated Altisource
Revenue						$	58,793					$	15,903					$	—					$	74,696
Cost of revenue						37,763						15,472						7,425						60,660
Gross profit (loss)						21,030						431						(7,425)						14,036
Selling, general and administrative expenses						4,939						4,076						15,420						24,435
Income (loss) from operations						16,091						(3,645)						(22,845)						(10,399)
Total other income (expense), net						—						—						(19,137)						(19,137)
Income (loss) before income taxes and non-controlling interests						$	16,091					$	(3,645)					$	(41,982)					$	(29,536)

						Six months ended June 30, 2022
(in thousands)						Servicer and Real Estate						Origination						Corporate and Others						Consolidated Altisource
Revenue						$	60,483					$	19,454					$	—					$	79,937
Cost of revenue						42,153						18,552						9,519						70,224
Gross profit (loss)						18,330						902						(9,519)						9,713
Selling, general and administrative expenses						6,296						4,340						17,863						28,499
Income (loss) from operations						12,034						(3,438)						(27,382)						(18,786)
Total other income (expense), net						—						—						(6,157)						(6,157)
Income (loss) before income taxes and non-controlling interests						$	12,034					$	(3,438)					$	(33,539)					$	(24,943)

(in thousands)						Servicer and Real Estate						Origination						Corporate and Others						Consolidated Altisource
Total assets:
June 30, 2023						$	57,808					$	54,598					$	52,150					$	164,556
December 31, 2022						63,696						53,984						77,325						195,005

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v3.23.2

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-34354
Entity Registrant Name	ALTISOURCE PORTFOLIO SOLUTIONS S.A.
Entity Incorporation, State or Country Code	N4
Entity Tax Identification Number	98-0554932
Entity Address, Address Line One	33, Boulevard Prince Henri
Entity Address, Postal Zip Code	L-1724
Entity Address, City or Town	Luxembourg
Entity Address, Country	LU
City Area Code	352
Local Phone Number	2060 2055
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	ASPS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Smaller Reporting Company	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,865,944
Entity Central Index Key	0001462418
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

v3.23.2

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 35,041	$ 51,025
Accounts receivable, net	13,681	12,989
Prepaid expenses and other current assets	11,063	23,544
Total current assets	59,785	87,558
Premises and equipment, net	2,842	4,222
Right-of-use assets under operating leases	4,689	5,321
Goodwill	55,960	55,960
Intangible assets, net	29,170	31,730
Deferred tax assets, net	5,029	5,048
Other assets	7,081	5,166
Total assets	164,556	195,005
Current liabilities:
Accounts payable and accrued expenses	32,320	33,507
Warrant liability	9,176	0
Deferred revenue	$ 3,075	$ 3,711
Other current liabilities	Other current liabilities	Other current liabilities
Other current liabilities	$ 2,585	$ 2,867
Total current liabilities	47,156	40,085
Long-term debt	217,881	245,230
Deferred tax liabilities, net	$ 8,745	$ 9,028
Other non-current liabilities	Other non-current liabilities	Other non-current liabilities
Other non-current liabilities	$ 18,869	$ 19,536
Commitments, contingencies and regulatory matters (Note 21)
Equity (deficit):
Common stock ($1.00 par value; 100,000 shares authorized, 29,963 issued and 20,866 outstanding as of June 30, 2023; 16,129 outstanding as of December 31, 2022)	29,963	25,413
Additional paid-in capital	167,946	149,348
Retained earnings	75,104	118,948
Treasury stock, at cost (9,097 shares as of June 30, 2023 and 9,284 shares as of December 31, 2022)	(401,774)	(413,358)
Altisource deficit	(128,761)	(119,649)
Non-controlling interests	666	775
Total deficit	(128,095)	(118,874)
Total liabilities and deficit	$ 164,556	$ 195,005

v3.23.2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 4,314	$ 4,363
Common stock, par value (in usd per share)	$ 1.00	$ 1.00
Common stock, shares authorized (in shares)	100,000	100,000
Common stock, shares issued (in shares)	29,963	29,963
Common stock, shares outstanding (in shares)	20,866	16,129
Treasury shares (in shares)	9,097	9,284

v3.23.2

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 35,235	$ 40,421	$ 74,696	$ 79,937
Cost of revenue	29,703	36,355	60,660	70,224
Gross profit	5,532	4,066	14,036	9,713
Selling, general and administrative expenses	12,341	14,525	24,435	28,499
Loss from operations	(6,809)	(10,459)	(10,399)	(18,786)
Other income (expense), net:
Interest expense	(9,904)	(3,534)	(16,664)	(7,090)
Change in fair value of warrant liability	(1,774)	0	(1,080)	0
Debt amendment costs	(101)	0	(3,343)	0
Other income (expense), net	390	193	1,950	933
Total other income (expense), net	(11,389)	(3,341)	(19,137)	(6,157)
Loss before income taxes and non-controlling interests	(18,198)	(13,800)	(29,536)	(24,943)
Income tax provision	(639)	(1,521)	(2,168)	(2,407)
Net loss	(18,837)	(15,321)	(31,704)	(27,350)
Net income attributable to non-controlling interests	(13)	(174)	(93)	(335)
Net loss attributable to Altisource	$ (18,850)	$ (15,495)	$ (31,797)	$ (27,685)
Loss per share:
Basic (in usd per share)	$ (0.90)	$ (0.96)	$ (1.62)	$ (1.73)
Diluted (in usd per share)	$ (0.90)	$ (0.96)	$ (1.62)	$ (1.73)
Weighted average shares outstanding:
Basic (in shares)	20,840	16,083	19,648	16,020
Diluted (in shares)	20,840	16,083	19,648	16,020
Comprehensive loss:
Comprehensive loss, net of tax	$ (18,837)	$ (15,321)	$ (31,704)	$ (27,350)
Comprehensive income attributable to non-controlling interests	(13)	(174)	(93)	(335)
Comprehensive loss attributable to Altisource	$ (18,850)	$ (15,495)	$ (31,797)	$ (27,685)

v3.23.2

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFECIT) - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings	Treasury stock, at cost	Non-controlling interests
Balance (in shares) at Dec. 31, 2021		25,413
Balance at Dec. 31, 2021	$ (68,870)	$ 25,413	$ 144,298	$ 186,592	$ (426,445)	$ 1,272
Increase (Decrease) in Equity
Net loss	(12,029)			(12,190)		161
Distributions to non-controlling interest holders	(264)					(264)
Share-based compensation expense	1,290		1,290
Issuance of restricted share units and restricted shares	0			(6,560)	6,560
Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances	(1,014)			(4,046)	3,032
Balance (in shares) at Mar. 31, 2022		25,413
Balance at Mar. 31, 2022	(80,887)	$ 25,413	145,588	163,796	(416,853)	1,169
Balance (in shares) at Dec. 31, 2021		25,413
Balance at Dec. 31, 2021	(68,870)	$ 25,413	144,298	186,592	(426,445)	1,272
Increase (Decrease) in Equity
Net loss	(27,350)
Balance (in shares) at Jun. 30, 2022		25,413
Balance at Jun. 30, 2022	(95,414)	$ 25,413	146,877	145,879	(414,440)	857
Balance (in shares) at Mar. 31, 2022		25,413
Balance at Mar. 31, 2022	(80,887)	$ 25,413	145,588	163,796	(416,853)	1,169
Increase (Decrease) in Equity
Net loss	(15,321)			(15,495)		174
Distributions to non-controlling interest holders	(486)					(486)
Share-based compensation expense	1,289		1,289
Issuance of restricted share units and restricted shares	0			(2,384)	2,384
Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances	(9)			(38)	29
Balance (in shares) at Jun. 30, 2022		25,413
Balance at Jun. 30, 2022	(95,414)	$ 25,413	146,877	145,879	(414,440)	857
Balance (in shares) at Dec. 31, 2022		25,413
Balance at Dec. 31, 2022	(118,874)	$ 25,413	149,348	118,948	(413,358)	775
Increase (Decrease) in Equity
Net loss	(12,867)			(12,947)		80
Distributions to non-controlling interest holders	(102)					(102)
Share-based compensation expense	1,445		1,445
Issuance of restricted share units and restricted shares	0			(6,058)	6,058
Issuance of common stock, net of issuance costs (in shares)		4,550
Issuance of common stock, net of issuance costs	20,461	$ 4,550	15,911
Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances	(460)			(3,700)	3,240
Balance (in shares) at Mar. 31, 2023		29,963
Balance at Mar. 31, 2023	(110,397)	$ 29,963	166,704	96,243	(404,060)	753
Balance (in shares) at Dec. 31, 2022		25,413
Balance at Dec. 31, 2022	(118,874)	$ 25,413	149,348	118,948	(413,358)	775
Increase (Decrease) in Equity
Net loss	(31,704)
Balance (in shares) at Jun. 30, 2023		29,963
Balance at Jun. 30, 2023	(128,095)	$ 29,963	167,946	75,104	(401,774)	666
Balance (in shares) at Mar. 31, 2023		29,963
Balance at Mar. 31, 2023	(110,397)	$ 29,963	166,704	96,243	(404,060)	753
Increase (Decrease) in Equity
Net loss	(18,837)			(18,850)		13
Distributions to non-controlling interest holders	(100)					(100)
Share-based compensation expense	1,242		1,242
Issuance of restricted share units and restricted shares	0			(2,259)	2,259
Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances	(3)			(30)	27
Balance (in shares) at Jun. 30, 2023		29,963
Balance at Jun. 30, 2023	$ (128,095)	$ 29,963	$ 167,946	$ 75,104	$ (401,774)	$ 666

v3.23.2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (31,704)	$ (27,350)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,353	1,846
Amortization of right-of-use assets under operating leases	930	1,745
Amortization of intangible assets	2,560	2,568
PIK accrual	2,556	0
Share-based compensation expense	2,687	2,579
Bad debt expense	522	600
Amortization of debt discount	1,828	329
Amortization of debt issuance costs	1,249	492
Deferred income taxes	(203)	75
Loss on disposal of fixed assets	27	1
Change in fair value of warrant liability	1,080	0
Changes in operating assets and liabilities:
Accounts receivable	(1,214)	828
Prepaid expenses and other current assets	12,504	(1,566)
Other assets	(2,045)	125
Accounts payable and accrued expenses	(1,187)	(4,861)
Current and non-current operating lease liabilities	(960)	(1,935)
Other current and non-current liabilities	(923)	(1,260)
Net cash used in operating activities	(10,940)	(25,784)
Cash flows from investing activities:
Additions to premises and equipment	0	(634)
Proceeds from the sale of business	0	346
Net cash used in investing activities	0	(288)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs	20,461	0
Debt issuance and amendment costs	(4,886)	0
Repayments of long-term debt	(20,000)	0
Distributions to non-controlling interests	(202)	(750)
Payments of tax withholding on issuance of restricted share units and restricted shares	(463)	(1,023)
Net cash used in financing activities	(5,090)	(1,773)
Net decrease in cash, cash equivalents and restricted cash	(16,030)	(27,845)
Cash, cash equivalents and restricted cash at the beginning of the period	54,273	102,149
Cash, cash equivalents and restricted cash at the end of the period	38,243	74,304
Supplemental cash flow information:
Interest paid	11,022	6,218
Income taxes (refunded) paid, net	(4,509)	3,497
Acquisition of right-of-use assets with operating lease liabilities	298	710
Reduction of right-of-use assets from operating lease modifications or reassessments	0	(173)
Non-cash investing and financing activities:
Net decrease in payables for purchases of premises and equipment	0	107
Warrants issued in connection with Amended Credit Agreement	8,096	0
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	35,041	70,693
Restricted cash	3,202	3,611
Total cash, cash equivalents and restricted cash reported in the statements of cash flows	$ 38,243	$ 74,304

v3.23.2

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Description of Business Altisource Portfolio Solutions S.A., together with its subsidiaries (which may be referred to as “Altisource,” the “Company,” “we,” “us” or “our”), is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve. We are publicly traded on the NASDAQ Global Select Market under the symbol “ASPS.” We are organized under the laws of the Grand Duchy of Luxembourg. We conduct our operations through two reportable segments: Servicer and Real Estate and Origination. In addition, we report Corporate and Others separately (see Note 22 for a description of our business segments). Basis of Accounting and Presentation The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, the interim data includes all normal recurring adjustments considered necessary to fairly state the results for the interim periods presented. The preparation of interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of our interim condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Intercompany transactions and accounts have been eliminated in consolidation. Altisource consolidates Best Partners Mortgage Cooperative, Inc., which is managed by The Mortgage Partnership of America, L.L.C. (“MPA”), a wholly-owned subsidiary of Altisource. Best Partners Mortgage Cooperative, Inc. is a mortgage cooperative doing business as Lenders One® (“Lenders One”). MPA provides services to Lenders One under a management agreement that ends on December 31, 2025 (with renewals for three successive five-year periods at MPA’s option). The management agreement between MPA and Lenders One, pursuant to which MPA is the management company, represents a variable interest in a variable interest entity. MPA is the primary beneficiary of Lenders One as it has the power to direct the activities that most significantly impact the cooperative’s economic performance and the right to receive benefits from the cooperative. As a result, Lenders One is presented in the accompanying condensed consolidated financial statements on a consolidated basis and the interests of the members are reflected as non-controlling interests. As of June 30, 2023, Lenders One had total assets of $0.9 million and total liabilities of $1.1 million. As of December 31, 2022, Lenders One had total assets of $1.2 million and total liabilities of $1.1 million. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 30, 2023. Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows: Level 1 — Quoted prices in active markets for identical assets and liabilities Level 2 — Observable inputs other than quoted prices included in Level 1 Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities Financial assets and financial liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

v3.23.2

CUSTOMER CONCENTRATION	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
CUSTOMER CONCENTRATION	CUSTOMER CONCENTRATION Ocwen Ocwen Financial Corporation (together with its subsidiaries, “Ocwen”) is a residential mortgage loan servicer of mortgage servicing rights (“MSRs”) it owns, including those MSRs in which others have an economic interest, and a subservicer of loans owned by others. During the three and six months ended June 30, 2023, Ocwen was our largest customer, accounting for 42% of our total revenue for the six months ended June 30, 2023 (40% of our revenue for the second quarter of 2023). Ocwen purchases certain mortgage services from us under the terms of services agreements and amendments thereto (collectively, the “Ocwen Services Agreements”) with terms extending through August 2030. Certain of the Ocwen Services Agreements contain a “most favored nation” provision and also grant the parties the right to renegotiate pricing, among other things. Revenue from Ocwen primarily consists of revenue earned from the loan portfolios serviced and subserviced by Ocwen when Ocwen engages us as the service provider, and revenue earned directly from Ocwen, pursuant to the Ocwen Services Agreements. For the six months ended June 30, 2023 and 2022, we recognized revenue from Ocwen of $31.6 million and $29.9 million, respectively ($14.0 million and $16.2 million for the second quarter of 2023 and 2022, respectively). Revenue from Ocwen as a percentage of segment and consolidated revenue was as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Servicer and Real Estate 52  % 51  % 54  % 49  % Origination —  % —  % —  % —  % Corporate and Others —  % —  % —  % —  % Consolidated revenue 40  % 40  % 42  % 37  % We earn additional revenue related to the portfolios serviced and subserviced by Ocwen when a party other than Ocwen or the MSRs owner selects Altisource as the service provider. For the six months ended June 30, 2023 and 2022, we recognized revenue of $5.0 million and $5.1 million, respectively ($2.1 million and $2.7 million for the second quarter of 2023 and 2022, respectively), of such revenue. These amounts are not included in deriving revenue from Ocwen and revenue from Ocwen as a percentage of revenue discussed above. As of June 30, 2023, accounts receivable from Ocwen totaled $3.7 million, $3.0 million of which was billed and $0.7 million of which was unbilled. As of December 31, 2022, accounts receivable from Ocwen totaled $4.0 million, $3.2 million of which was billed and $0.8 million of which was unbilled. Rithm Rithm Capital Corp. (individually, together with one or more of its subsidiaries or one or more of its subsidiaries individually, “Rithm”) (formerly New Residential Investment Corp., or “NRZ”) is a real estate investment trust that invests in and manages investments primarily related to residential real estate, including MSRs and excess MSRs. Ocwen has disclosed that Rithm is a significant client of Ocwen’s. As of March 31, 2023, approximately 16% of loans serviced and subserviced by Ocwen (measured in unpaid principal balance (“UPB”)) and approximately 68% of all delinquent loans that Ocwen services were related to Rithm MSRs or rights to MSRs (the “Subject MSRs”). Rithm purchases brokerage services for real estate owned (“REO”) exclusively from us, irrespective of the subservicer, subject to certain limitations, for certain MSRs set forth in and pursuant to the terms of a Cooperative Brokerage Agreement, as amended, and related letter agreement (collectively, the “Brokerage Agreement”) with terms extending through August 2025. For the six months ended June 30, 2023 and 2022, we recognized revenue from Rithm of $1.6 million and $1.8 million, respectively ($0.80 and $1.0 million for the second quarter of 2023 and 2022, respectively), under the Brokerage Agreement. For the six months ended June 30, 2023 and 2022, we recognized additional revenue of $6.8 million and $7.4 million, respectively ($3.5 million and $3.7 million for the second quarter of 2023 and 2022, respectively), relating to the Subject MSRs when a party other than Rithm selects Altisource as the service provider.

v3.23.2

ACCOUNTS RECEIVABLE, NET	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
ACCOUNTS RECEIVABLE, NET	ACCOUNTS RECEIVABLE, NET Accounts receivable, net consists of the following: (in thousands) June 30, 2023 December 31, 2022 Billed $ 11,832  $ 11,993  Unbilled 6,163  5,359  17,995  17,352  Less: Allowance for credit losses (4,314) (4,363) Total $ 13,681  $ 12,989  Unbilled accounts receivable consist primarily of certain real estate asset management, REO sales, title and closing services for which we generally recognize revenue when the service is provided but collect upon closing of the sale, and foreclosure trustee services, for which we generally recognize revenues over the service delivery period but bill following completion of the service. We also include amounts in unbilled accounts receivable that are earned during a month and billed in the following month. We are exposed to credit losses through our sales of products and services to our customers which are recorded as accounts receivable, net on the Company’s condensed consolidated financial statements. We monitor and estimate the allowance for credit losses based on our historical write-offs, historical collections, our analysis of past due accounts based on the contractual terms of the receivables, relevant market and industry reports and our assessment of the economic status of our customers, if known. Estimated credit losses are written off in the period in which the financial asset is determined to be no longer collectible. There can be no assurance that actual results will not differ from estimates or that consideration of these factors in the future will not result in an increase or decrease to our allowance for credit losses. Changes in the allowance for expected credit losses consist of the following: Additions (in thousands) Balance at Beginning of Period Charged to Expenses Deductions Note(1) Balance at End of Period Allowance for expected credit losses: Six months ended June 30, 2023 $ 4,363  $ 522  $ 571  $ 4,314  Six months ended June 30, 2022 5,297  600  1,105  4,792  ______________________________________ (1)    Amounts written off as uncollectible or transferred to other accounts or utilized.

v3.23.2

PREPAID EXPENSES AND OTHER CURRENT ASSETS	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following: (in thousands) June 30, 2023 December 31, 2022 Prepaid expenses $ 3,527  $ 5,165  Income taxes receivable 291  7,031  Maintenance agreements, current portion 1,259  1,498  Indemnity escrow receivable from Pointillist sale 3,201  3,223  Restricted cash 23  —  Surety bond collateral —  4,000  Other current assets 2,762  2,627  Total $ 11,063  $ 23,544

v3.23.2

PREMISES AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
PREMISES AND EQUIPMENT, NET	PREMISES AND EQUIPMENT, NET Premises and equipment, net consists of the following: (in thousands) June 30, 2023 December 31, 2022 Computer hardware and software $ 46,581  $ 49,339  Leasehold improvements 2,390  5,794  Furniture and fixtures 102  3,832  Office equipment and other 261  346  49,334  59,311  Less: Accumulated depreciation and amortization (46,492) (55,089) Total $ 2,842  $ 4,222  Depreciation and amortization expense amounted to $1.4 million and $1.8 million for the six months ended June 30, 2023 and 2022, respectively ($0.7 million and $0.9 million for the second quarter of 2023 and 2022, respectively), and is included in cost of revenue for operating assets and in selling, general and administrative expenses for non-operating assets in the accompanying condensed consolidated statements of operations and comprehensive loss. Premises and equipment, net consist of the following, by country: (in thousands) June 30, 2023 December 31, 2022 Luxembourg $ 1,788  $ 2,455  India 809  1,129  United States 213  586  Uruguay 32  52  Total $ 2,842  $ 4,222

v3.23.2

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET	RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET Right-of-use assets under operating leases, net consists of the following: (in thousands) June 30, 2023 December 31, 2022 Right-of-use assets under operating leases $ 12,072  $ 11,808  Less: Accumulated amortization (7,383) (6,487) Total $ 4,689  $ 5,321  Amortization of operating leases was $0.9 million and $1.7 million for the six months ended June 30, 2023 and 2022, respectively ($0.5 million and $0.6 million for the second quarter of 2023 and 2022, respectively), and is included in cost of revenue for operating assets and in selling, general and administrative expenses for non-operating assets in the accompanying condensed consolidated statements of operations and comprehensive loss.

v3.23.2

GOODWILL AND INTANGIBLE ASSETS, NET	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS, NET	GOODWILL AND INTANGIBLE ASSETS, NET Goodwill The following is a summary of goodwill by segment: (in thousands) Servicer and Real Estate Origination Corporate and Others Total Balance as of June 30, 2023 and December 31, 2022 $ 30,681  $ 25,279  $ —  $ 55,960  Intangible Assets, net Intangible assets, net consist of the following:   Weighted average estimated useful life (in years) Gross carrying amount Accumulated amortization Net book value (in thousands) June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Definite lived intangible assets: Customer related intangible assets 9 $ 214,307  $ 214,307  $ (199,094) $ (197,594) $ 15,213  $ 16,713  Operating agreement 20 35,000  35,000  (23,479) (22,604) 11,521  12,396  Trademarks and trade names 16 9,709  9,709  (7,273) (7,088) 2,436  2,621  Total $ 259,016  $ 259,016  $ (229,846) $ (227,286) $ 29,170  $ 31,730  Amortization expense for definite lived intangible assets was $2.6 million and $2.6 million for the six months ended June 30, 2023 and 2022, respectively ($1.3 million and $1.3 million for the second quarter of 2023 and 2022, respectively). Forecasted annual definite lived intangible asset amortization expense for 2023 through 2027 is $5.1 million, $5.1 million, $5.1 million, $4.9 million and $4.7 million, respectively.

v3.23.2

OTHER ASSETS	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets consist of the following: (in thousands) June 30, 2023 December 31, 2022 Restricted cash $ 3,179  $ 3,248  Security deposits 600  596  Other 3,302  1,322  Total $ 7,081  $ 5,166

v3.23.2

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accounts payable and accrued expenses consist of the following: (in thousands) June 30, 2023 December 31, 2022 Accounts payable $ 14,868  $ 14,981  Accrued expenses - general 10,449  11,858  Accrued salaries and benefits 5,808  5,501  Income taxes payable 1,195  1,167  Total $ 32,320  $ 33,507  Other current liabilities consist of the following: (in thousands) June 30, 2023 December 31, 2022 Operating lease liabilities $ 2,113  $ 2,097  Other 472  770  Total $ 2,585  $ 2,867

v3.23.2

WARRANT LIABILITY	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
WARRANT LIABILITY	WARRANT LIABILITY On February 14, 2023, the lenders under the Amended Credit Agreement (see Note 11 for additional information) received warrants (the “Warrants”) to purchase 3,223,851 shares of Altisource common stock (the “Warrant Shares”). The number of Warrant Shares is subject to reduction based on the amount of par paydowns on the senior secured term loans (“SSTL”) in the aggregate using proceeds from issuances of equity interests or from junior indebtedness made prior to February 14, 2024 (“Aggregate Paydowns”) as set forth in the table below. Aggregate Paydowns Warrant Shares Less than $20 million 3,223,851 $20 million+ but less than below 2,578,743 $30 million+ 1,612,705 During the six months ended June 30, 2023, the Company made payments toward the determination of Aggregate Paydowns of $20 million. As a result, the number of Warrant Shares as of June 30, 2023 is 2,578,743. The exercise price per share of common stock under each Warrant is equal to $0.01. The Warrants may be exercised at any time on and after February 14, 2024 and prior to their expiration date. The Warrants are exercisable on a cashless basis and are subject to customary anti-dilution provisions. The Warrants, if not previously exercised or terminated, will be automatically exercised on May 22, 2027. The Warrants are subject to a lock-up agreement, subject to customary exceptions, ending two business days after the paydown measurement date. The Company determined that the Warrants are free standing financial instruments that are legally detachable and separately exercisable from the term loans under the Amended Credit Agreement. The Company also determined that the Warrants are not considered to be indexed to the Company’s stock because the number of Warrant Shares varies based on Aggregate Paydowns and as such are required to be classified as a liability pursuant to ASC 815-40, Derivatives and Hedging–Contracts in Entity’s Own Equity. The outstanding Warrants are recognized as a warrant liability on the balance sheet and are measured at their inception date fair value and subsequently re-measured at each reporting period with changes being recorded as a component of other income (expense) in the statement of operations. The fair value of the warrant liability is based on the number of Warrant Shares that are expected to be exercisable on and after February 14, 2024 and the Altisource share price less $0.01 at the measurement date. The fair value of the warrant liability at each of the respective valuation dates is summarized below:  Warrant Liability Warrant Shares based on Aggregate Paydowns Expected Warrant Shares that will be exercisable on February 14, 2024 Fair Value per Warrant Share Fair Value (in thousands) Fair value at initial measurement date of February 14, 2023 3,223,851 1,612,705 $5.02 $ 8,096  Gain on change in fair value of warrant liability (694) Fair value at March 31, 2023 2,578,743 1,612,705 $4.59 7,402  Loss on change in fair value of warrant liability 1,774  Fair value at June 30, 2023 2,578,743 1,612,705 $5.69 $ 9,176  During the six months ended June 30, 2023, the Company recorded a loss on changes in fair value of warrant liability of $1.1 million ($1.8 million for the second quarter of 2023). During the three and six months ended June 30, 2022, there were no warrant liabilities outstanding.

v3.23.2

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt consists of the following: (in thousands) June 30, 2023 December 31, 2022 Senior Secured Term Loans $ 229,760  $ 247,204  Less: Debt issuance and amendment costs, net (4,575) (878) Less: Unamortized discount, net (7,101) (833) Net Senior secured term loans 218,084  245,493  Revolver —  —  Less: Debt issuance costs, net (203) (263) Net Revolver (203) (263) Total Long-term debt $ 217,881  $ 245,230  Senior Secured Term Loans In April 2018, Altisource Portfolio Solutions S.A. and its wholly-owned subsidiary, Altisource S.à r.l., entered into a credit agreement with Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, and certain lenders (the “Credit Agreement”). Under the Credit Agreement, Altisource borrowed $412 million in the form of SSTL. Effective February 14, 2023, Altisource Portfolio Solutions S.A. and Altisource S.à r.l. entered into Amendment No. 2 to the Credit Agreement (as amended by Amendment No. 2, the “Amended Credit Agreement”). Altisource Portfolio Solutions S.A. and certain subsidiaries are guarantors of the SSTL (collectively, the “Guarantors”). The maturity date of the SSTL under the Amended Credit Agreement is April 30, 2025. If Aggregate Paydowns are equal to or greater than $30 million, then (subject to the representations and warranties being true and correct as of such date and there being no default or event of default being in existence as of such date) the maturity date of the SSTL may be extended at the Company’s option to April 30, 2026. Such extension is conditioned upon the Company’s payment of a 2% payment-in-kind extension fee. In February 2023, the Company made payments of $20 million toward the determination of Aggregate Paydowns. All amounts outstanding under the SSTL will become due on the earlier of (i) the maturity date, and (ii) the date on which the loans are declared to be due and owing by the administrative agent at the request (or with the consent) of the Required Lenders (as defined in the Amended Credit Agreement; other capitalized terms, unless defined herein, are defined in the Amended Credit Agreement) or as otherwise provided in the Amended Credit Agreement upon the occurrence of any event of default. There are no mandatory repayments of the SSTL except as set forth herein until the April 30, 2025 maturity when the balance is due. In addition to the scheduled principal payments, subject to certain exceptions, the SSTL is subject to mandatory prepayment upon issuances of debt, certain casualty and condemnation events and sales of assets, as well as 50% of Consolidated Excess Cash Flow, as calculated in accordance with the provisions of the Amended Credit Agreement. Altisource may incur incremental indebtedness under the Amended Credit Agreement from one or more incremental lenders, which may include existing lenders, in an aggregate incremental principal amount not to exceed $50 million, subject to certain conditions set forth in the Amended Credit Agreement. The lenders have no obligation to provide any incremental indebtedness. Through March 29, 2023, the SSTL’s interest rate was the Adjusted Eurodollar Rate plus 4.00%. Beginning March 30, 2023, the SSTL bears interest at rates based upon, at our option, the Secured Overnight Financing Rate (“SOFR”) or the Base Rate, as defined in the Amended Credit Agreement. If the Company selects SOFR, the term loans initially bear interest at a rate per annum equal to SOFR plus 5.00% payable in cash plus 5.00% payable in kind (“PIK”). If the Company selects Base Rate, the loans initially bear interest at a rate per annum equal to the Base Rate plus 4.00% payable in cash plus 5.00% PIK. Base Rate term loans bear interest at a rate per annum equal to the sum of (i) the greater of (x) the Base Rate and (y) 2.00% plus (ii) 4.00%. The PIK component of the interest rate is subject to adjustment based on the amount of Aggregate Paydowns as set forth in the table below. Based on Aggregate Paydowns of $20 million through June 30, 2023, the PIK component of the interest rate was 4.50%. The interest rate as of June 30, 2023 was 14.49%. Aggregate Paydowns PIK Component of Interest Rate Less than $20 million 5.00% $20 million+ but less than below 4.50% $30 million+ but less than below 3.75% $40 million+ but less than below 3.50% $45 million+ but less than below 3.00% $50 million+ but less than below 2.50% $55 million+ but less than below 2.00% $60 million+ but less than below 1.00% $65 million+ but less than below 0.50% $70 million+ 0.00% If, as of the end of any calendar quarter, (i) the amount of unencumbered cash and cash equivalents of Altisource S.à r.l. and its direct and indirect subsidiaries on a consolidated basis plus (ii) the undrawn commitment amount under the Revolver is, or is forecast as of the end of the immediately subsequent calendar quarter to be, less than $35 million, then up to 2.00% in interest otherwise payable in cash in the following quarter may be paid in kind at the Company’s election. The payment of all amounts owing by Altisource under the Amended Credit Agreement is guaranteed by the Guarantors and is secured by a pledge of all equity interests of certain subsidiaries of Altisource, as well as a lien on substantially all of the assets of Altisource S.à r.l. and the Guarantors, subject to certain exceptions. The Amended Credit Agreement includes covenants that restrict or limit, among other things, our ability, subject to certain exceptions and baskets, to incur indebtedness; incur liens on our assets; sell, transfer or dispose of assets; make Restricted Junior Payments including share repurchases, dividends and repayment of junior indebtedness; make investments; dispose of equity interests of any Material Subsidiaries; engage in a line of business substantially different than existing businesses and businesses reasonably related, complimentary or ancillary thereto; amend material debt agreements or other material contracts; engage in certain transactions with affiliates; enter into sale/leaseback transactions; grant negative pledges or agree to such other restrictions relating to subsidiary dividends and distributions; make changes to our fiscal year; and engage in mergers and consolidations. The Amended Credit Agreement contains certain events of default including (i) failure to pay principal when due or interest or any other amount owing on any other obligation under the Amended Credit Agreement within five days of becoming due, (ii) material incorrectness of representations and warranties when made, (iii) breach of certain other covenants, subject to cure periods described in the Amended Credit Agreement, (iv) failure to pay principal or interest on any other debt that equals or exceeds $5.0 million when due, (v) default on any other debt that equals or exceeds $5.0 million that causes, or gives the holder or holders of such debt the ability to cause, an acceleration of such debt, (vi) occurrence of a Change of Control, (vii) bankruptcy and insolvency events, (viii) entry by a court of one or more judgments against us in an aggregate amount in excess of $10.0 million that remain unbonded, undischarged or unstayed for a certain number of days after the entry thereof, (ix) the occurrence of certain ERISA events, (x) the failure of certain Loan Documents to be in full force and effect and (xi) failure to comply in any material respects with the terms of the Warrants or the Warrant Purchase Agreement. If any event of default occurs and is not cured within applicable grace periods set forth in the Credit Agreement or waived, all loans and other obligations could become due and immediately payable and the facility could be terminated. The lenders under the Amended Credit Agreement received Warrants to purchase 3,223,851 shares of Altisource common stock. The number of Warrant Shares is subject to reduction based on the amount of Aggregate Paydowns (see Note 10 for additional information). The fair value of the Warrants on February 14, 2023 was $8.1 million and was recorded as an increase in debt discount. In connection with Amendment No. 2, the Company paid $4.8 million to the lenders and to third parties on behalf of the lenders. The $4.8 million payment was recorded as an increase in debt issuance and amendment costs. In connection with Amendment No. 2, the Company paid $3.3 million to advisors and recorded these payments as other expense in the condensed consolidated statements of operations and comprehensive loss. Deer Park Road Management Company, LP (“Deer Park”), a related party, owns approximately 20% of Altisource’s common stock and $41.6 million of Altisource debt under the Amended Credit Agreement as of June 30, 2023. Deer Park’s Chief Investment Officer and managing partner was a member of Altisource’s Board of Directors until his resignation on March 1, 2022. The replacement director appointed by the Board of Directors is a current employee of Deer Park. In connection with the Amended Credit Agreement, Deer Park received 583 thousand Warrants. During the six months ended June 30, 2023, Deer Park received interest of $2.0 million from the Altisource SSTL. As of June 30, 2023, debt issuance and amendment costs were $4.6 million, net of $4.8 million of accumulated amortization. As of December 31, 2022, debt issuance costs were $0.9 million, net of $3.6 million of accumulated amortization. Revolver On June 22, 2021 Altisource S.à r.l, a subsidiary of Altisource Portfolio Solutions S.A., entered into a revolving credit facility with STS Master Fund, Ltd. (“STS”) (the “Revolver”). STS is an investment fund managed by Deer Park. The Revolver was amended effective February 14, 2023 (the “Amended Revolver”). Under the terms of the Amended Revolver, STS will make loans to Altisource from time to time, in amounts requested by Altisource and Altisource may voluntarily prepay all or any portion of the outstanding loans at any time. The Amended Revolver provides Altisource the ability to borrow a maximum amount of $15.0 million. Amounts that are repaid may be re-borrowed in accordance with the limitations set forth below. The maturity date of the Amended Revolver coincides with the maturity date of the SSTL under the Amended Credit Agreement, as it may be extended. The outstanding balance on the Amended Revolver is due and payable on such maturity date. Borrowings under the Amended Revolver bear interest of 10.00% per annum in cash and 3.00% per annum PIK and are payable quarterly on the last business day of each March, June, September and December. In connection with the Amended Revolver, Altisource is required to pay a usage fee equal to $0.75 million at the initial extension of credit pursuant to the Amended Revolver. Altisource’s obligations under the Amended Revolver are secured by a first-priority lien on substantially all of the assets of the Company, which lien will be pari passu with liens securing the SSTL under the Amended Credit Agreement. The Amended Revolver contains additional representations, warranties, covenants, terms and conditions customary for transactions of this type, that restrict or limit, among other things, our ability to use the proceeds of credit only for general corporate purposes. The Amended Revolver contains certain events of default including (i) failure to pay principal when due or interest or any other amount owing on any other obligation under the Amended Revolver within three business days of becoming due, (ii) failure to perform or observe any material provisions of the Amended Revolver Documents to be performed or complied with and such failure continues for a period of 30 days after written notice is given by the Lender to the Borrower, (iii) material incorrectness of representations and warranties when made, (iv) default on any other debt that equals or exceeds $40.0 million that causes, or gives the holder or holders of such debt the ability to cause, an acceleration of such debt, (v) entry by a court of one or more judgments against us in an aggregate amount in excess of $40.0 million that remain unbonded, undischarged or unstayed for a certain number of days after the entry thereof, (vi) occurrence of a Change of Control, (vii) bankruptcy and insolvency events. If any event of default occurs and is not cured within applicable grace periods set forth in the Amended Revolver or waived, all loans and other obligations could become due and immediately payable and the facility could be terminated. As of June 30, 2023 and December 31, 2022, there was no outstanding debt under the Amended Revolver and Revolver, respectively. As of June 30, 2023 and December 31, 2022, debt issuance costs were $0.2 million, net of $0.3 million of accumulated amortization, and $0.3 million, net of $0.3 million of accumulated amortization, respectively.

v3.23.2

OTHER NON-CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
OTHER NON-CURRENT LIABILITIES	OTHER NON-CURRENT LIABILITIES Other non-current liabilities consist of the following: (in thousands) June 30, 2023 December 31, 2022 Income tax liabilities $ 16,141  $ 16,079  Operating lease liabilities 2,693  3,371  Deferred revenue 30  82  Other non-current liabilities 5  4  Total $ 18,869  $ 19,536

v3.23.2

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS	FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS The following table presents the carrying amount and estimated fair value of financial instruments and certain liabilities measured at fair value as of June 30, 2023 and December 31, 2022. The following fair values are estimated using market information and what the Company believes to be appropriate valuation methodologies under GAAP: June 30, 2023 December 31, 2022 (in thousands) Carrying amount Fair value Carrying amount Fair value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 35,041  $ 35,041  $ —  $ —  $ 51,025  $ 51,025  $ —  $ —  Restricted cash 3,202  3,202  —  —  3,248  3,248  —  —  Short-term receivable 3,201  —  —  3,201  3,223  —  —  3,223  Liabilities: Warrant liability 9,176  —  —  9,176  —  —  —  —  Senior secured term loans 229,760  —  181,798  —  247,204  —  200,235  —  Fair Value Measurements on a Recurring Basis Cash and cash equivalents and restricted cash are carried at amounts that approximate their fair values due to the highly liquid nature of these instruments and were measured using Level 1 inputs. The fair value of our SSTL is based on quoted market prices. Based on the frequency of trading, we do not believe that there is an active market for our debt. Therefore, the quoted prices are considered Level 2 inputs. In connection with the sale of Pointillist on December 1, 2021, $3.5 million was deposited into an escrow account to satisfy certain indemnification claims that may arise on or prior to the first anniversary of the sale closing. The deposit was recorded as a short-term receivable. We measure short-term receivables without a stated interest rate based on the present value of the future payments. Warrant liability is carried at fair value. The fair value of the warrant liability is based on the number of Warrant Shares that are expected to be exercisable and the Altisource share price less $0.01 at the measurement date. The Warrant liability is measured using Level 3 inputs as the determination of fair value includes various assumptions of future Aggregate Paydowns (see Note 10 for additional information). There were no transfers between different levels during the periods presented. Concentrations of Credit Risk Financial instruments that subject us to concentrations of credit risk primarily consist of cash and cash equivalents and accounts receivable. Our policy is to deposit our cash and cash equivalents with larger, highly rated financial institutions. The Company derived 40% and 42% of its revenue from Ocwen for the three and six months ended June 30, 2023 (see Note 2 for additional information on Ocwen revenues and accounts receivable balance). The Company strives to mitigate its concentrations of credit risk with respect to accounts receivable by actively monitoring past due accounts and the economic status of larger customers, if known.

v3.23.2

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION	SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION Share Repurchase Program On May 16, 2023, our shareholders approved the renewal and amendment of the share repurchase program previously approved by the shareholders on May 15, 2018. Under the program, we are authorized to purchase up to 3.1 million shares of our common stock, based on a limit of 15% of the outstanding shares of common stock on the date of approval, at a minimum price of $1.00 per share and a maximum price of $25.00 per share, for a period of five years from the date of approval. As of June 30, 2023, approximately 3.1 million shares of common stock remain available for repurchase under the program. There were no purchases of shares of common stock during the six months ended June 30, 2023 and 2022. Luxembourg law limits share repurchases to the balance of Altisource Portfolio Solutions S.A. (unconsolidated parent company) retained earnings, less the value of shares repurchased. As of June 30, 2023, we can repurchase up to approximately $61 million of our common stock under Luxembourg law. Under the Amended Credit Agreement, we are not permitted to repurchase shares except for limited circumstances. Public offering of Common Stock On February 14, 2023, Altisource closed on an underwritten public offering to sell 4,550,000 shares of its common stock, at a price of $5.00 per share, generating net proceeds of $20.5 million, after deducting the underwriting discounts and commissions and other offering expenses. Share-Based Compensation We issue share-based awards in the form of stock options, restricted shares and restricted share units for certain employees, officers and directors. We recognized share-based compensation expense of $2.7 million and $2.6 million for the six months ended June 30, 2023 and 2022, respectively ($1.2 million and $1.3 million for the second quarter of 2023 and 2022, respectively). As of June 30, 2023, estimated unrecognized compensation costs related to share-based awards amounted to $4.5 million, which we expect to recognize over a weighted average remaining requisite service period of approximately 1.28 years. Stock Options Stock option grants are composed of a combination of service-based, market-based and performance-based options. Service-Based Options. These options generally vest over three or four years with equal annual vesting and generally expire on the earlier of ten years after the date of grant or following termination of service. A total of 186 thousand service-based options were outstanding as of June 30, 2023. Market-Based Options. These option grants generally have two components, each of which vests only upon the achievement of certain criteria. The first component, which we refer to as “ordinary performance” grants, generally consists of two-thirds of the market-based grant and begins to vest if the stock price is at least double the exercise price, as long as the stock price realizes a compounded annual gain of at least 20% over the exercise price. The remaining third of the market-based options, which we refer to as “extraordinary performance” grants, generally begins to vest if the stock price is at least triple the exercise price, as long as the stock price realizes a compounded annual gain of at least 25% over the exercise price. Market-based options vest in three or four year installments with the first installment vesting upon the achievement of the criteria and the remaining installments vesting thereafter in equal annual installments. Market-based options generally expire on the earlier of ten years after the date of grant or following termination of service, unless the performance criteria is met prior to termination of service or in the final three years of the option term, in which case vesting will generally continue in accordance with the provisions of the award agreement. A total of 96 thousand market-based options were outstanding as of June 30, 2023. Performance-Based Options. These option grants generally will vest if certain specific financial measures are achieved; typically with one-fourth vesting on each anniversary of the grant date. The award of performance-based options is adjusted based on the level of achievement specified in the award agreements. If the performance criteria achieved is above threshold performance levels, participants generally have the opportunity to vest in 50% to 200% of the option grants, depending upon performance achieved. If the performance criteria achieved is below a certain threshold, the options are canceled. The options generally expire on the earlier of ten years after the date of grant or following termination of service, unless the performance criteria is met prior to termination of service in which case vesting will generally continue in accordance with the provisions of the award agreement. There were 461 thousand performance-based options outstanding as of June 30, 2023. There were no stock option grants during the six months ended June 30, 2023. The Company granted 105 thousand stock options (at a weighted average exercise price of $11.86 per share) for the six months ended June 30, 2022. The fair values of the performance-based options are determined using the Black-Scholes option pricing model. The following assumptions were used to determine the fair values as of the grant date: Six months ended June 30, 2022   Black-Scholes Risk-free interest rate (%) 1.62  Expected stock price volatility (%) 67.75  Expected dividend yield —  Expected option life (in years) 6 Fair value $ 7.27  We determined the expected option life of all service-based stock option grants using the simplified method, determined based on the graded vesting term plus the contractual term of the options, divided by two. We use the simplified method because we believe that our historical data does not provide a reasonable basis upon which to estimate expected option life. The following table summarizes the grant date fair value of stock options that vested during the periods presented:   Six months ended June 30, (in thousands, except per share data) 2023 2022 Weighted average grant date fair value of stock options granted per share $ —  $ 8.19  Intrinsic value of options exercised —  —  Grant date fair value of stock options that vested 83  1,031  The following table summarizes the activity related to our stock options:   Number of options Weighted average exercise price Weighted average contractual term (in years) Aggregate intrinsic value (in thousands) Outstanding as of December 31, 2022 745,277  $ 27.03  4.83 $ —  Granted —  —  Forfeited (2,288) 29.76      Outstanding as of June 30, 2023 742,989  27.02  4.34 —  Exercisable as of June 30, 2023 547,501  25.25  3.74 —  Other Share-Based Awards The Company’s other share-based and similar types of awards are comprised of restricted shares and restricted share units. The restricted shares and restricted share units are comprised of a combination of service-based awards, performance-based awards, market-based awards and performance and market-based awards. Service-Based Awards. These awards generally vest over one-to-four-year periods. A total of 948 thousand service-based awards were outstanding as of June 30, 2023. Performance-Based Awards. These awards generally vest if certain specific financial measures are achieved; generally one-third vests on each anniversary of the grant date or cliff-vest on the third anniversary of the grant date. The number of performance-based restricted shares and restricted share units that may vest is based on the level of achievement as specified in the award agreements. If the performance criteria achieved is above certain financial performance levels and Altisource’s share performance is above certain established criteria, participants have the opportunity to vest in up to 150% of the restricted share unit award for certain awards. If the performance criteria achieved is below certain thresholds, the award is canceled. A total of 143 thousand performance-based awards were outstanding as of June 30, 2023. Market-Based Awards. 50% of these awards generally vest if certain specific market conditions are achieved over a 30-day period and the remaining 50% of these awards generally vest on the one year anniversary of the initial vesting. The Company estimates the grant date fair value of these awards using a lattice (binomial) model. A total of 112 thousand market-based awards were outstanding as of June 30, 2023. Performance-Based and Market-Based Awards. These awards generally vest if certain specific financial measures are achieved and if certain specific market conditions are achieved. If the performance criteria achieved is above certain financial performance levels and Altisource’s share performance is above certain established criteria, participants have the opportunity to vest in up to 300% of the restricted share unit award for certain awards. If the performance criteria or the market criteria is below certain thresholds, the award is canceled. The Company estimates the grant date fair value of these awards using a Monte Carlo simulation model. A total of 127 thousand performance-based and market-based awards were outstanding as of June 30, 2023. The Company granted 891 thousand restricted share units (at a weighted average grant date fair value of $4.82 per share) during the six months ended June 30, 2023. These grants include 57 thousand awards that include both a performance condition and a market condition and 57 thousand performance-based awards, for the six months ended June 30, 2023. The Company granted 46 thousand awards that include both a performance condition and a market condition and 46 thousand performance-based awards, for the six months ended June 30, 2022. The following table summarizes the activity related to our restricted shares and restricted share units: Number of restricted shares and restricted share units Outstanding as of December 31, 2022 755,006  Granted 890,810  Issued (187,424) Forfeited/canceled (128,596) Outstanding as of June 30, 2023 1,329,796

v3.23.2

REVENUE	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE We classify revenue in three categories: service revenue, revenue from reimbursable expenses and non-controlling interests. Service revenue consists of amounts attributable to our fee-based services. Reimbursable expenses and non-controlling interests are pass-through items for which we earn no margin. Reimbursable expenses consist of amounts we incur on behalf of our customers in performing our fee-based services that we pass directly on to our customers without a markup. Non-controlling interests represent the earnings of Lenders One, a consolidated entity that is a mortgage cooperative managed, but not owned, by Altisource. The Lenders One members’ earnings are included in revenue and reduced from net income to arrive at net income attributable to Altisource (see Note 1). Our services are provided to customers located in the United States. The components of revenue were as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Service revenue $ 33,173  $ 37,638  $ 70,244  $ 75,401  Reimbursable expenses 2,049  2,609  4,359  4,201  Non-controlling interests 13  174  93  335  Total $ 35,235  $ 40,421  $ 74,696  $ 79,937  Disaggregation of Revenue Disaggregation of total revenues by segment and major source was as follows: Three months ended June 30, 2023 (in thousands) Revenue recognized when services are performed or assets are sold Revenue related to technology platforms and professional services Reimbursable expenses revenue Total revenue Servicer and Real Estate $ 22,538  $ 2,380  $ 1,930  $ 26,848  Origination 8,262  6  119  8,387  Total revenue $ 30,800  $ 2,386  $ 2,049  $ 35,235  Three months ended June 30, 2022 (in thousands) Revenue recognized when services are performed or assets are sold Revenue related to technology platforms and professional services Reimbursable expenses revenue Total revenue Servicer and Real Estate $ 26,901  $ 2,523  $ 2,523  $ 31,947  Origination 8,382  6  86  8,474  Total revenue $ 35,283  $ 2,529  $ 2,609  $ 40,421  Six months ended June 30, 2023 (in thousands) Revenue recognized when services are performed or assets are sold Revenue related to technology platforms and professional services Reimbursable expenses revenue Total revenue Servicer and Real Estate $ 49,091  $ 5,588  $ 4,114  $ 58,793  Origination 15,644  14  245  15,903  Total revenue $ 64,735  $ 5,602  $ 4,359  $ 74,696  Six months ended June 30, 2022 (in thousands) Revenue recognized when services are performed or assets are sold Revenue related to technology platforms and professional services Reimbursable expenses revenue Total revenue Servicer and Real Estate $ 51,560  $ 5,021  $ 3,902  $ 60,483  Origination 19,141  14  299  19,454  Total revenue $ 70,701  $ 5,035  $ 4,201  $ 79,937  Contract Balances Our contract assets consist of unbilled accounts receivable (see Note 3). Our contract liabilities consist of current deferred revenue and other non-current liabilities as reported on the accompanying condensed consolidated balance sheets. Revenue recognized that was included in the contract liability at the beginning of the period was $2.8 million and $2.9 million for the six months ended June 30, 2023 and 2022, respectively ($0.9 million and $1.2 million for the second quarter of 2023 and 2022, respectively).

v3.23.2

COST OF REVENUE	6 Months Ended
	Jun. 30, 2023
Cost of Revenue [Abstract]
COST OF REVENUE	COST OF REVENUE Cost of revenue principally includes payroll and employee benefits associated with personnel employed in customer service, operations and technology roles, fees paid to external providers related to the provision of services, reimbursable expenses, technology and telecommunications costs as well as depreciation and amortization of operating assets. The components of cost of revenue were as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Outside fees and services $ 14,057  $ 14,351  $ 29,151  $ 27,254  Compensation and benefits 9,281  13,825  18,982  27,346  Technology and telecommunications 3,865  4,956  7,262  10,188  Reimbursable expenses 2,049  2,609  4,359  4,201  Depreciation and amortization 451  614  906  1,235  Total $ 29,703  $ 36,355  $ 60,660  $ 70,224  Transactions with Related Parties In May 2022, John G. Aldridge, Jr., the Managing Partner of Aldridge Pite LLP (“Aldridge Pite”), joined the Board of Directors of Altisource. Aldridge Pite provides eviction and other real estate related services to the Company. The Company recognized $0.3 million and $0.5 million for the three and six months ended June 30, 2023 of reimbursable expenses relating to services provided to Aldridge Pite (no comparable amount for the three and six months ended June 30, 2022). As of June 30, 2023, the Company had no payable to Aldridge Pite.

v3.23.2

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	6 Months Ended
	Jun. 30, 2023
Selling, General and Administrative Expense [Abstract]
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	SELLING, GENERAL AND ADMINISTRATIVE EXPENSES Selling, general and administrative expenses include payroll and employee benefits associated with personnel employed in executive, sales and marketing, finance, technology, law, compliance, human resources, vendor management, facilities and risk management roles. This category also includes professional services fees, occupancy costs, marketing costs, depreciation and amortization of non-operating assets and other expenses. The components of selling, general and administrative expenses were as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Compensation and benefits $ 5,376  $ 6,296  $ 11,406  $ 11,705  Professional services 2,275  3,099  3,846  5,848  Occupancy related costs 1,216  1,417  2,658  3,041  Amortization of intangible assets 1,280  1,284  2,560  2,568  Marketing costs 559  785  941  1,672  Depreciation and amortization 204  274  448  611  Other 1,431  1,370  2,576  3,054  Total $ 12,341  $ 14,525  $ 24,435  $ 28,499

v3.23.2

OTHER INCOME (EXPENSE), NET	6 Months Ended
	Jun. 30, 2023
Other Income and Expenses [Abstract]
OTHER INCOME (EXPENSE), NET	OTHER INCOME (EXPENSE), NET Other income (expense), net consists of the following: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Interest income (expense) $ 315  $ 61  $ 749  $ 106  Other, net 75  132  1,201  827  Total $ 390  $ 193  $ 1,950  $ 933

v3.23.2

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESWe recognized an income tax provision of $2.2 million and $2.4 million for the six months ended June 30, 2023 and 2022, respectively ($0.6 million and $1.5 million for the second quarter of 2023 and 2022, respectively). The income tax provision for the three and six months ended June 30, 2023 was driven primarily by income tax expense on transfer pricing income from India and the United States, reduction in deferred tax assets related to intangible assets, no tax benefit on the pretax loss from our Luxembourg operating company and uncertain tax positions

v3.23.2

LOSS PER SHARE	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
LOSS PER SHARE	LOSS PER SHARE Basic loss per share is computed by dividing loss available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net loss per share excludes all dilutive securities because their impact would be anti-dilutive, as described below. Basic and diluted loss per share are calculated as follows: Three months ended June 30, Six months ended June 30, (in thousands, except per share data) 2023 2022 2023 2022 Net loss attributable to Altisource $ (18,850) $ (15,495) $ (31,797) $ (27,685) Weighted average common shares outstanding, basic 20,840  16,083  19,648  16,020  Weighted average common shares outstanding, diluted 20,840  16,083  19,648  16,020  Loss per share: Basic $ (0.90) $ (0.96) $ (1.62) $ (1.73) Diluted $ (0.90) $ (0.96) $ (1.62) $ (1.73) For the six months ended June 30, 2023 and 2022, 3.5 million and 1.3 million, respectively (4.1 million and 1.2 million for the second quarter of 2023 and 2022, respectively), warrants, stock options, restricted shares and restricted share units, were excluded from the computation of loss per share, as a result of the following: •For the six months ended June 30, 2023 and 2022, 2.2 million and 0.2 million, respectively (2.8 million and 0.1 million for the second quarter of 2023 and 2022, respectively), warrants, stock options, restricted shares and restricted share units were anti-dilutive and have been excluded from the computation of diluted loss per share because the Company incurred a net loss •For the six months ended June 30, 2023 and 2022, 0.3 million and 0.2 million, respectively (0.3 million and 0.2 million for the second quarter of 2023 and 2022, respectively), stock options were anti-dilutive and have been excluded from the computation of diluted loss per share because their exercise price was greater than the average market price of our common stock •For the six months ended June 30, 2023 and 2022, 1.0 million and 0.9 million, respectively (1.0 million and 0.9 million for the second quarter of 2023 and 2022, respectively) , stock options, restricted shares and restricted share units, which begin to vest upon the achievement of certain market criteria related to our common stock price, performance criteria and a total shareholder return compared to the market benchmark, that have not yet been met in each period have been excluded from the computation of diluted loss per share

v3.23.2

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS	COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS We record a liability for contingencies if an unfavorable outcome is probable and the amount of loss can be reasonably estimated, including expected insurance coverage. For proceedings where the reasonable estimate of loss is a range, we record a best estimate of loss within the range. Litigation We are currently involved in legal actions in the course of our business, some of which seek monetary damages. We do not believe that the outcome of these proceedings, both individually and in the aggregate, will have a material impact on our financial condition, results of operations or cash flows. Regulatory Matters Periodically, we are subject to audits, examinations and investigations by federal, state and local governmental authorities and receive subpoenas, civil investigative demands or other requests for information from such governmental authorities in connection with their regulatory or investigative authority. We are currently responding to such inquiries from governmental authorities relating to certain aspects of our business. We believe it is premature to predict the potential outcome or to estimate any potential financial impact in connection with these inquiries. Ocwen Related Matters As discussed in Note 2, during the six months ended June 30, 2023, Ocwen was our largest customer, accounting for 42% of our total revenue (40% of our revenue for the second quarter of 2023). Additionally, 7% of our revenue for the the six months ended June 30, 2023 (6% of our revenue for the second quarter of 2023) was earned on the loan portfolios serviced by Ocwen, when a party other than Ocwen or the MSRs owner selected Altisource as the service provider. Ocwen has disclosed that it is subject to a number of ongoing regulatory examinations, consent orders, inquiries, subpoenas, civil investigative demands, requests for information and other actions and is subject to pending and threatened legal proceedings, some of which include claims against Ocwen for substantial monetary damages. Previous regulatory actions against Ocwen have subjected Ocwen to independent oversight of its operations and placed certain restrictions on its ability to acquire servicing rights or proceed with default-related actions on the loans it services. Existing or future similar matters could result in adverse regulatory or other actions against Ocwen. In addition to the above, Ocwen may become subject to future adverse regulatory or other actions. Ocwen has disclosed that Rithm is a significant client of Ocwen’s. As of March 31, 2023, approximately 16% of loans serviced and subserviced by Ocwen (measured in UPB) and approximately 68% of all delinquent loans that Ocwen services were related to Rithm MSRs or rights to MSRs. The existence or outcome of Ocwen regulatory matters or the termination of Ocwen’s sub-servicing agreements with Rithm or other significant Ocwen clients may have significant adverse effects on Ocwen’s business. For example, Ocwen may be required to alter the way it conducts business, including the parties it contracts with for services, it may be required to seek changes to its existing pricing structure with us, it may lose its non-government-sponsored enterprise (“GSE”) servicing rights or subservicing arrangements or may lose one or more of its state servicing or origination licenses. Additional regulatory actions or adverse financial developments may impose additional restrictions on or require changes in Ocwen’s business that could require it to sell assets or change its business operations. Any or all of these effects and others could result in our eventual loss of Ocwen as a customer or a reduction in the number and/or volume of services they purchase from us or the loss of other customers. If any of the following events occurred, Altisource’s revenue could be significantly reduced and our results of operations could be materially adversely affected, including from the possible impairment or write-off of goodwill, intangible assets, property and equipment, other assets and accounts receivable: •Altisource loses Ocwen as a customer or there is a significant reduction in the volume of services they purchase from us •Ocwen loses, sells or transfers a significant portion of its GSE or Federal Housing Administration servicing rights or subservicing arrangements or remaining other servicing rights or subservicing arrangements and Altisource fails to be retained as a service provider •The contractual relationship between Ocwen and Rithm changes significantly, including Ocwen’s sub-servicing arrangement with Rithm expiring without renewal, and this change results in a change in our status as a provider of services related to the Subject MSRs •Ocwen loses state servicing licenses in states with a significant number of loans in Ocwen’s servicing portfolio •The contractual relationship between Ocwen and Altisource changes significantly or there are significant changes to our pricing to Ocwen for services from which we generate material revenue •Altisource otherwise fails to be retained as a service provider Management cannot predict whether any of these events will occur or the amount of any impact they may have on Altisource. Leases We lease certain premises and equipment, primarily consisting of office space and information technology equipment. Certain of our leases include options to renew at our discretion or terminate leases early, and these options are considered in our determination of the expected lease term. Certain of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. We sublease certain office space to third parties. Sublease income was $0.1 million and $0.4 million for the six months ended June 30, 2023 and 2022, respectively (less than $0.1 million and $0.1 million for the second quarter of 2023 and 2022, respectively). The amortization periods of right-of-use assets are generally limited by the expected lease term. Our leases generally have expected lease terms at adoption of one to six years. Information about our lease terms and our discount rate assumption were as follows for the six months ended June 30: 2023 2022 Weighted average remaining lease term (in years) 2.58 3.35 Weighted average discount rate 5.91  % 5.66  % Our lease activity during the period was as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Operating lease costs: Selling, general and administrative expense $ 530  $ 697  $ 1,085  $ 1,631  Cost of revenue —  —  —  265  Cash used in operating activities for amounts included in the measurement of lease liabilities $ 591  $ 325  $ 1,131  $ 1,507  Short-term (twelve months or less) lease costs 430  397  849  425  Maturities of our lease liabilities as of June 30, 2023 are as follows: (in thousands) Operating lease obligations 2023 $ 1,198  2024 1,887  2025 1,404  2026 677  2027 —  Total lease payments 5,166  Less: interest (360) Present value of lease liabilities $ 4,806  Escrow Balances We hold customers’ assets in escrow accounts at various financial institutions pending completion of certain real estate activities. These amounts are held in escrow accounts for limited periods of time and are not included in the accompanying condensed consolidated balance sheets. Amounts held in escrow accounts were $19.2 million and $13.2 million as of June 30, 2023 and December 31, 2022, respectively.

v3.23.2

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING Our business segments are based upon our organizational structure, which focuses primarily on the services offered, and are consistent with the internal reporting used by our Chief Executive Officer (our chief operating decision maker) to evaluate operating performance and to assess the allocation of our resources. We conduct our operations through two reportable segments: Servicer and Real Estate and Origination. In addition, we report Corporate and Others separately. The Servicer and Real Estate segment provides loan servicers and real estate investors with solutions and technologies that span the mortgage and real estate lifecycle. The Origination segment provides originators with solutions and technologies that span the mortgage origination lifecycle. Corporate and Others includes interest expense and costs related to corporate functions including executive, infrastructure and certain technology groups, finance, law, compliance, human resources, vendor management, facilities, risk management, as well as eliminations between reportable segments. Financial information for our segments is as follows:   Three months ended June 30, 2023 (in thousands) Servicer and Real Estate Origination Corporate and Others Consolidated Altisource Revenue $ 26,848  $ 8,387  $ —  $ 35,235  Cost of revenue 18,038  8,018  3,647  29,703  Gross profit (loss) 8,810  369  (3,647) 5,532  Selling, general and administrative expenses 2,638  2,350  7,353  12,341  Income (loss) from operations 6,172  (1,981) (11,000) (6,809) Total other income (expense), net —  —  (11,389) (11,389) Income (loss) before income taxes and non-controlling interests $ 6,172  $ (1,981) $ (22,389) $ (18,198)   Three months ended June 30, 2022 (in thousands) Servicer and Real Estate Origination Corporate and Others Consolidated Altisource Revenue $ 31,947  $ 8,474  $ —  $ 40,421  Cost of revenue 22,413  9,245  4,697  36,355  Gross profit (loss) 9,534  (771) (4,697) 4,066  Selling, general and administrative expenses 3,237  2,220  9,068  14,525  Income (loss) from operations 6,297  (2,991) (13,765) (10,459) Total other income (expense), net —  —  (3,341) (3,341) Income (loss) before income taxes and non-controlling interests $ 6,297  $ (2,991) $ (17,106) $ (13,800)   Six months ended June 30, 2023 (in thousands) Servicer and Real Estate Origination Corporate and Others Consolidated Altisource Revenue $ 58,793  $ 15,903  $ —  $ 74,696  Cost of revenue 37,763  15,472  7,425  60,660  Gross profit (loss) 21,030  431  (7,425) 14,036  Selling, general and administrative expenses 4,939  4,076  15,420  24,435  Income (loss) from operations 16,091  (3,645) (22,845) (10,399) Total other income (expense), net —  —  (19,137) (19,137) Income (loss) before income taxes and non-controlling interests $ 16,091  $ (3,645) $ (41,982) $ (29,536)   Six months ended June 30, 2022 (in thousands) Servicer and Real Estate Origination Corporate and Others Consolidated Altisource Revenue $ 60,483  $ 19,454  $ —  $ 79,937  Cost of revenue 42,153  18,552  9,519  70,224  Gross profit (loss) 18,330  902  (9,519) 9,713  Selling, general and administrative expenses 6,296  4,340  17,863  28,499  Income (loss) from operations 12,034  (3,438) (27,382) (18,786) Total other income (expense), net —  —  (6,157) (6,157) Income (loss) before income taxes and non-controlling interests $ 12,034  $ (3,438) $ (33,539) $ (24,943) (in thousands) Servicer and Real Estate Origination Corporate and Others Consolidated Altisource Total assets: June 30, 2023 $ 57,808  $ 54,598  $ 52,150  $ 164,556  December 31, 2022 63,696  53,984  77,325  195,005

v3.23.2

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting and Presentation	Basis of Accounting and Presentation The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, the interim data includes all normal recurring adjustments considered necessary to fairly state the results for the interim periods presented. The preparation of interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of our interim condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Intercompany transactions and accounts have been eliminated in consolidation. Altisource consolidates Best Partners Mortgage Cooperative, Inc., which is managed by The Mortgage Partnership of America, L.L.C. (“MPA”), a wholly-owned subsidiary of Altisource. Best Partners Mortgage Cooperative, Inc. is a mortgage cooperative doing business as Lenders One® (“Lenders One”). MPA provides services to Lenders One under a management agreement that ends on December 31, 2025 (with renewals for three successive five-year periods at MPA’s option). The management agreement between MPA and Lenders One, pursuant to which MPA is the management company, represents a variable interest in a variable interest entity. MPA is the primary beneficiary of Lenders One as it has the power to direct the activities that most significantly impact the cooperative’s economic performance and the right to receive benefits from the cooperative. As a result, Lenders One is presented in the accompanying condensed consolidated financial statements on a consolidated basis and the interests of the members are reflected as non-controlling interests.
Fair Value Measurements	Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows: Level 1 — Quoted prices in active markets for identical assets and liabilities Level 2 — Observable inputs other than quoted prices included in Level 1 Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities Financial assets and financial liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

v3.23.2

CUSTOMER CONCENTRATION (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Schedule of Revenue from Major Customers by Reporting Segments	Revenue from Ocwen as a percentage of segment and consolidated revenue was as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Servicer and Real Estate 52  % 51  % 54  % 49  % Origination —  % —  % —  % —  % Corporate and Others —  % —  % —  % —  % Consolidated revenue 40  % 40  % 42  % 37  %

v3.23.2

ACCOUNTS RECEIVABLE, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Receivables [Abstract]
Schedule of Change in Allowance for Doubtful Accounts and Expected Credit Losses	Accounts receivable, net consists of the following: (in thousands) June 30, 2023 December 31, 2022 Billed $ 11,832  $ 11,993  Unbilled 6,163  5,359  17,995  17,352  Less: Allowance for credit losses (4,314) (4,363) Total $ 13,681  $ 12,989  Changes in the allowance for expected credit losses consist of the following: Additions (in thousands) Balance at Beginning of Period Charged to Expenses Deductions Note(1) Balance at End of Period Allowance for expected credit losses: Six months ended June 30, 2023 $ 4,363  $ 522  $ 571  $ 4,314  Six months ended June 30, 2022 5,297  600  1,105  4,792  ______________________________________ (1)    Amounts written off as uncollectible or transferred to other accounts or utilized.

v3.23.2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following: (in thousands) June 30, 2023 December 31, 2022 Prepaid expenses $ 3,527  $ 5,165  Income taxes receivable 291  7,031  Maintenance agreements, current portion 1,259  1,498  Indemnity escrow receivable from Pointillist sale 3,201  3,223  Restricted cash 23  —  Surety bond collateral —  4,000  Other current assets 2,762  2,627  Total $ 11,063  $ 23,544

v3.23.2

PREMISES AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Premises and Equipment, Net	Premises and equipment, net consists of the following: (in thousands) June 30, 2023 December 31, 2022 Computer hardware and software $ 46,581  $ 49,339  Leasehold improvements 2,390  5,794  Furniture and fixtures 102  3,832  Office equipment and other 261  346  49,334  59,311  Less: Accumulated depreciation and amortization (46,492) (55,089) Total $ 2,842  $ 4,222
Schedule of Premises and Equipment, Net by Country	Premises and equipment, net consist of the following, by country: (in thousands) June 30, 2023 December 31, 2022 Luxembourg $ 1,788  $ 2,455  India 809  1,129  United States 213  586  Uruguay 32  52  Total $ 2,842  $ 4,222

v3.23.2

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Right-of-Use Assets Under Operating Leases	Right-of-use assets under operating leases, net consists of the following: (in thousands) June 30, 2023 December 31, 2022 Right-of-use assets under operating leases $ 12,072  $ 11,808  Less: Accumulated amortization (7,383) (6,487) Total $ 4,689  $ 5,321

v3.23.2

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Changes in Goodwill	The following is a summary of goodwill by segment: (in thousands) Servicer and Real Estate Origination Corporate and Others Total Balance as of June 30, 2023 and December 31, 2022 $ 30,681  $ 25,279  $ —  $ 55,960
Schedule of Intangible Assets	Intangible assets, net consist of the following:   Weighted average estimated useful life (in years) Gross carrying amount Accumulated amortization Net book value (in thousands) June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 Definite lived intangible assets: Customer related intangible assets 9 $ 214,307  $ 214,307  $ (199,094) $ (197,594) $ 15,213  $ 16,713  Operating agreement 20 35,000  35,000  (23,479) (22,604) 11,521  12,396  Trademarks and trade names 16 9,709  9,709  (7,273) (7,088) 2,436  2,621  Total $ 259,016  $ 259,016  $ (229,846) $ (227,286) $ 29,170  $ 31,730

v3.23.2

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets consist of the following: (in thousands) June 30, 2023 December 31, 2022 Restricted cash $ 3,179  $ 3,248  Security deposits 600  596  Other 3,302  1,322  Total $ 7,081  $ 5,166

v3.23.2

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consist of the following: (in thousands) June 30, 2023 December 31, 2022 Accounts payable $ 14,868  $ 14,981  Accrued expenses - general 10,449  11,858  Accrued salaries and benefits 5,808  5,501  Income taxes payable 1,195  1,167  Total $ 32,320  $ 33,507
Schedule of Other Current Liabilities	Other current liabilities consist of the following: (in thousands) June 30, 2023 December 31, 2022 Operating lease liabilities $ 2,113  $ 2,097  Other 472  770  Total $ 2,585  $ 2,867

v3.23.2

WARRANT LIABILITY (Tables)	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Stockholders' Equity Note, Warrants or Rights	The number of Warrant Shares is subject to reduction based on the amount of par paydowns on the senior secured term loans (“SSTL”) in the aggregate using proceeds from issuances of equity interests or from junior indebtedness made prior to February 14, 2024 (“Aggregate Paydowns”) as set forth in the table below. Aggregate Paydowns Warrant Shares Less than $20 million 3,223,851 $20 million+ but less than below 2,578,743 $30 million+ 1,612,705
Fair Value of Warrant Liability	The fair value of the warrant liability at each of the respective valuation dates is summarized below:  Warrant Liability Warrant Shares based on Aggregate Paydowns Expected Warrant Shares that will be exercisable on February 14, 2024 Fair Value per Warrant Share Fair Value (in thousands) Fair value at initial measurement date of February 14, 2023 3,223,851 1,612,705 $5.02 $ 8,096  Gain on change in fair value of warrant liability (694) Fair value at March 31, 2023 2,578,743 1,612,705 $4.59 7,402  Loss on change in fair value of warrant liability 1,774  Fair value at June 30, 2023 2,578,743 1,612,705 $5.69 $ 9,176

v3.23.2

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following: (in thousands) June 30, 2023 December 31, 2022 Senior Secured Term Loans $ 229,760  $ 247,204  Less: Debt issuance and amendment costs, net (4,575) (878) Less: Unamortized discount, net (7,101) (833) Net Senior secured term loans 218,084  245,493  Revolver —  —  Less: Debt issuance costs, net (203) (263) Net Revolver (203) (263) Total Long-term debt $ 217,881  $ 245,230
Schedule of Debt	The PIK component of the interest rate is subject to adjustment based on the amount of Aggregate Paydowns as set forth in the table below. Based on Aggregate Paydowns of $20 million through June 30, 2023, the PIK component of the interest rate was 4.50%. The interest rate as of June 30, 2023 was 14.49%. Aggregate Paydowns PIK Component of Interest Rate Less than $20 million 5.00% $20 million+ but less than below 4.50% $30 million+ but less than below 3.75% $40 million+ but less than below 3.50% $45 million+ but less than below 3.00% $50 million+ but less than below 2.50% $55 million+ but less than below 2.00% $60 million+ but less than below 1.00% $65 million+ but less than below 0.50% $70 million+ 0.00%

v3.23.2

OTHER NON-CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Other Non-Current Liabilities	Other non-current liabilities consist of the following: (in thousands) June 30, 2023 December 31, 2022 Income tax liabilities $ 16,141  $ 16,079  Operating lease liabilities 2,693  3,371  Deferred revenue 30  82  Other non-current liabilities 5  4  Total $ 18,869  $ 19,536

v3.23.2

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The following fair values are estimated using market information and what the Company believes to be appropriate valuation methodologies under GAAP: June 30, 2023 December 31, 2022 (in thousands) Carrying amount Fair value Carrying amount Fair value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 35,041  $ 35,041  $ —  $ —  $ 51,025  $ 51,025  $ —  $ —  Restricted cash 3,202  3,202  —  —  3,248  3,248  —  —  Short-term receivable 3,201  —  —  3,201  3,223  —  —  3,223  Liabilities: Warrant liability 9,176  —  —  9,176  —  —  —  —  Senior secured term loans 229,760  —  181,798  —  247,204  —  200,235  —

v3.23.2

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Performance-Based Option Pricing Model	The following assumptions were used to determine the fair values as of the grant date: Six months ended June 30, 2022   Black-Scholes Risk-free interest rate (%) 1.62  Expected stock price volatility (%) 67.75  Expected dividend yield —  Expected option life (in years) 6 Fair value $ 7.27
Summary of the Weighted Average Fair Value of Stock Options Granted, the Total Intrinsic Value of Stock Options Exercised and the Fair Value of Options Vested	The following table summarizes the grant date fair value of stock options that vested during the periods presented:   Six months ended June 30, (in thousands, except per share data) 2023 2022 Weighted average grant date fair value of stock options granted per share $ —  $ 8.19  Intrinsic value of options exercised —  —  Grant date fair value of stock options that vested 83  1,031
Summary of the Activity of the Entity's Stock Options	The following table summarizes the activity related to our stock options:   Number of options Weighted average exercise price Weighted average contractual term (in years) Aggregate intrinsic value (in thousands) Outstanding as of December 31, 2022 745,277  $ 27.03  4.83 $ —  Granted —  —  Forfeited (2,288) 29.76      Outstanding as of June 30, 2023 742,989  27.02  4.34 —  Exercisable as of June 30, 2023 547,501  25.25  3.74 —
Restricted Stock and Restricted Stock Units Activity	The following table summarizes the activity related to our restricted shares and restricted share units: Number of restricted shares and restricted share units Outstanding as of December 31, 2022 755,006  Granted 890,810  Issued (187,424) Forfeited/canceled (128,596) Outstanding as of June 30, 2023 1,329,796

v3.23.2

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Revenue	The components of revenue were as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Service revenue $ 33,173  $ 37,638  $ 70,244  $ 75,401  Reimbursable expenses 2,049  2,609  4,359  4,201  Non-controlling interests 13  174  93  335  Total $ 35,235  $ 40,421  $ 74,696  $ 79,937
Disaggregation of Revenue	Disaggregation of total revenues by segment and major source was as follows: Three months ended June 30, 2023 (in thousands) Revenue recognized when services are performed or assets are sold Revenue related to technology platforms and professional services Reimbursable expenses revenue Total revenue Servicer and Real Estate $ 22,538  $ 2,380  $ 1,930  $ 26,848  Origination 8,262  6  119  8,387  Total revenue $ 30,800  $ 2,386  $ 2,049  $ 35,235  Three months ended June 30, 2022 (in thousands) Revenue recognized when services are performed or assets are sold Revenue related to technology platforms and professional services Reimbursable expenses revenue Total revenue Servicer and Real Estate $ 26,901  $ 2,523  $ 2,523  $ 31,947  Origination 8,382  6  86  8,474  Total revenue $ 35,283  $ 2,529  $ 2,609  $ 40,421  Six months ended June 30, 2023 (in thousands) Revenue recognized when services are performed or assets are sold Revenue related to technology platforms and professional services Reimbursable expenses revenue Total revenue Servicer and Real Estate $ 49,091  $ 5,588  $ 4,114  $ 58,793  Origination 15,644  14  245  15,903  Total revenue $ 64,735  $ 5,602  $ 4,359  $ 74,696  Six months ended June 30, 2022 (in thousands) Revenue recognized when services are performed or assets are sold Revenue related to technology platforms and professional services Reimbursable expenses revenue Total revenue Servicer and Real Estate $ 51,560  $ 5,021  $ 3,902  $ 60,483  Origination 19,141  14  299  19,454  Total revenue $ 70,701  $ 5,035  $ 4,201  $ 79,937

v3.23.2

COST OF REVENUE (Tables)	6 Months Ended
	Jun. 30, 2023
Cost of Revenue [Abstract]
Schedule of Components of Cost of Revenue	The components of cost of revenue were as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Outside fees and services $ 14,057  $ 14,351  $ 29,151  $ 27,254  Compensation and benefits 9,281  13,825  18,982  27,346  Technology and telecommunications 3,865  4,956  7,262  10,188  Reimbursable expenses 2,049  2,609  4,359  4,201  Depreciation and amortization 451  614  906  1,235  Total $ 29,703  $ 36,355  $ 60,660  $ 70,224

v3.23.2

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2023
Selling, General and Administrative Expense [Abstract]
Schedule of the Components of Selling, General and Administrative Expenses	The components of selling, general and administrative expenses were as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Compensation and benefits $ 5,376  $ 6,296  $ 11,406  $ 11,705  Professional services 2,275  3,099  3,846  5,848  Occupancy related costs 1,216  1,417  2,658  3,041  Amortization of intangible assets 1,280  1,284  2,560  2,568  Marketing costs 559  785  941  1,672  Depreciation and amortization 204  274  448  611  Other 1,431  1,370  2,576  3,054  Total $ 12,341  $ 14,525  $ 24,435  $ 28,499

v3.23.2

OTHER INCOME (EXPENSE), NET (Tables)	6 Months Ended
	Jun. 30, 2023
Other Income and Expenses [Abstract]
Schedule of Other (Expense) Income, Net	Other income (expense), net consists of the following: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Interest income (expense) $ 315  $ 61  $ 749  $ 106  Other, net 75  132  1,201  827  Total $ 390  $ 193  $ 1,950  $ 933

v3.23.2

LOSS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted EPS Calculation	Basic and diluted loss per share are calculated as follows: Three months ended June 30, Six months ended June 30, (in thousands, except per share data) 2023 2022 2023 2022 Net loss attributable to Altisource $ (18,850) $ (15,495) $ (31,797) $ (27,685) Weighted average common shares outstanding, basic 20,840  16,083  19,648  16,020  Weighted average common shares outstanding, diluted 20,840  16,083  19,648  16,020  Loss per share: Basic $ (0.90) $ (0.96) $ (1.62) $ (1.73) Diluted $ (0.90) $ (0.96) $ (1.62) $ (1.73)

v3.23.2

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Lease Term and Assumption	Information about our lease terms and our discount rate assumption were as follows for the six months ended June 30: 2023 2022 Weighted average remaining lease term (in years) 2.58 3.35 Weighted average discount rate 5.91  % 5.66  %
Lease Activity During Period	Our lease activity during the period was as follows: Three months ended June 30, Six months ended June 30, (in thousands) 2023 2022 2023 2022 Operating lease costs: Selling, general and administrative expense $ 530  $ 697  $ 1,085  $ 1,631  Cost of revenue —  —  —  265  Cash used in operating activities for amounts included in the measurement of lease liabilities $ 591  $ 325  $ 1,131  $ 1,507  Short-term (twelve months or less) lease costs 430  397  849  425
Maturities of Operating Lease Liabilities	Maturities of our lease liabilities as of June 30, 2023 are as follows: (in thousands) Operating lease obligations 2023 $ 1,198  2024 1,887  2025 1,404  2026 677  2027 —  Total lease payments 5,166  Less: interest (360) Present value of lease liabilities $ 4,806

v3.23.2

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Financial Information of Segments	Financial information for our segments is as follows:   Three months ended June 30, 2023 (in thousands) Servicer and Real Estate Origination Corporate and Others Consolidated Altisource Revenue $ 26,848  $ 8,387  $ —  $ 35,235  Cost of revenue 18,038  8,018  3,647  29,703  Gross profit (loss) 8,810  369  (3,647) 5,532  Selling, general and administrative expenses 2,638  2,350  7,353  12,341  Income (loss) from operations 6,172  (1,981) (11,000) (6,809) Total other income (expense), net —  —  (11,389) (11,389) Income (loss) before income taxes and non-controlling interests $ 6,172  $ (1,981) $ (22,389) $ (18,198)   Three months ended June 30, 2022 (in thousands) Servicer and Real Estate Origination Corporate and Others Consolidated Altisource Revenue $ 31,947  $ 8,474  $ —  $ 40,421  Cost of revenue 22,413  9,245  4,697  36,355  Gross profit (loss) 9,534  (771) (4,697) 4,066  Selling, general and administrative expenses 3,237  2,220  9,068  14,525  Income (loss) from operations 6,297  (2,991) (13,765) (10,459) Total other income (expense), net —  —  (3,341) (3,341) Income (loss) before income taxes and non-controlling interests $ 6,297  $ (2,991) $ (17,106) $ (13,800)   Six months ended June 30, 2023 (in thousands) Servicer and Real Estate Origination Corporate and Others Consolidated Altisource Revenue $ 58,793  $ 15,903  $ —  $ 74,696  Cost of revenue 37,763  15,472  7,425  60,660  Gross profit (loss) 21,030  431  (7,425) 14,036  Selling, general and administrative expenses 4,939  4,076  15,420  24,435  Income (loss) from operations 16,091  (3,645) (22,845) (10,399) Total other income (expense), net —  —  (19,137) (19,137) Income (loss) before income taxes and non-controlling interests $ 16,091  $ (3,645) $ (41,982) $ (29,536)   Six months ended June 30, 2022 (in thousands) Servicer and Real Estate Origination Corporate and Others Consolidated Altisource Revenue $ 60,483  $ 19,454  $ —  $ 79,937  Cost of revenue 42,153  18,552  9,519  70,224  Gross profit (loss) 18,330  902  (9,519) 9,713  Selling, general and administrative expenses 6,296  4,340  17,863  28,499  Income (loss) from operations 12,034  (3,438) (27,382) (18,786) Total other income (expense), net —  —  (6,157) (6,157) Income (loss) before income taxes and non-controlling interests $ 12,034  $ (3,438) $ (33,539) $ (24,943) (in thousands) Servicer and Real Estate Origination Corporate and Others Consolidated Altisource Total assets: June 30, 2023 $ 57,808  $ 54,598  $ 52,150  $ 164,556  December 31, 2022 63,696  53,984  77,325  195,005

v3.23.2

ORGANIZATION AND BASIS OF PRESENTATION (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) segment installment	Dec. 31, 2022 USD ($)
Summary of significant accounting policies
Number of reporting segments | segment	2
Total assets:	$ 164,556	$ 195,005
Variable Interest Entity, Primary Beneficiary
Summary of significant accounting policies
Number of terms | installment	3
Agreement term	5 years
Total assets:	$ 900	1,200
Total liabilities	$ 1,100	$ 1,100

v3.23.2

CUSTOMER CONCENTRATION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Concentration Risk
Revenue	$ 35,235		$ 40,421	$ 74,696	$ 79,937
Customer Concentration Risk | Ocwen
Concentration Risk
Accounts receivable	3,700			3,700		$ 4,000
Customer Concentration Risk | Ocwen | Billed
Concentration Risk
Accounts receivable	3,000			3,000		3,200
Customer Concentration Risk | Ocwen | Unbilled
Concentration Risk
Accounts receivable	$ 700			$ 700		$ 800
Customer Concentration Risk | Ocwen | Revenue
Concentration Risk
Concentration percentage (in percent)	40.00%		40.00%	42.00%	37.00%
Revenue	$ 14,000		$ 16,200	$ 31,600	$ 29,900
Customer Concentration Risk | Highly Correlated - Ocwen | Revenue
Concentration Risk
Concentration percentage (in percent)	6.00%			7.00%
Revenue	$ 2,100		2,700	$ 5,000	5,100
Customer Concentration Risk | RITM | Revenue
Concentration Risk
Revenue	800		1,000	1,600	1,800
Percentage of loans serviced and subserviced by largest customer's largest client (in percent)		16.00%
Percentage of delinquent loans Ocwen services (in percent)		0.68
Customer Concentration Risk | Highly Correlated - RITM | Revenue
Concentration Risk
Revenue	$ 3,500		$ 3,700	$ 6,800	$ 7,400
Customer Concentration Risk | Ocwen | RITM | Revenue
Concentration Risk
Percentage of loans serviced and subserviced by largest customer's largest client (in percent)		16.00%
Percentage of delinquent loans Ocwen services (in percent)		0.68

v3.23.2

CUSTOMER CONCENTRATION - Schedule of Revenue from Ocwen (Details) - Ocwen - Revenue - Customer Concentration Risk	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Concentration Risk [Line Items]
Concentration percentage (in percent)	40.00%	40.00%	42.00%	37.00%
Corporate and Others
Concentration Risk [Line Items]
Concentration percentage (in percent)	0.00%	0.00%	0.00%	0.00%
Servicer and Real Estate | Operating Segments
Concentration Risk [Line Items]
Concentration percentage (in percent)	52.00%	51.00%	54.00%	49.00%
Origination | Operating Segments
Concentration Risk [Line Items]
Concentration percentage (in percent)	0.00%	0.00%	0.00%	0.00%

v3.23.2

ACCOUNTS RECEIVABLE, NET - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounts receivable, net
Accounts receivable, gross	$ 17,995	$ 17,352
Less: Allowance for credit losses	(4,314)	(4,363)	$ (4,792)	$ (5,297)
Total	13,681	12,989
Billed
Accounts receivable, net
Accounts receivable, gross	11,832	11,993
Unbilled
Accounts receivable, net
Accounts receivable, gross	$ 6,163	$ 5,359

v3.23.2

ACCOUNTS RECEIVABLE, NET - Schedule of Allowance for Doubtful Accounts and Expected Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Allowance for expected credit losses:
Balance at Beginning of Period	$ 4,363	$ 5,297
Additions Charged to Expenses	522	600
Deductions	571	1,105
Balance at End of Period	$ 4,314	$ 4,792

v3.23.2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 3,527	$ 5,165
Income taxes receivable	291	7,031
Maintenance agreements, current portion	1,259	1,498
Indemnity escrow receivable from Pointillist sale	3,201	3,223
Restricted cash	23	0
Surety bond collateral	0	4,000
Other current assets	2,762	2,627
Total	$ 11,063	$ 23,544

v3.23.2

PREMISES AND EQUIPMENT, NET - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 49,334	$ 59,311
Less: Accumulated depreciation and amortization	(46,492)	(55,089)
Total	2,842	4,222
Computer hardware and software
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	46,581	49,339
Leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	2,390	5,794
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	102	3,832
Office equipment and other
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 261	$ 346

v3.23.2

PREMISES AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 700	$ 900	$ 1,353	$ 1,846

v3.23.2

PREMISES AND EQUIPMENT, NET - Summary by Country (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total	$ 2,842	$ 4,222
Luxembourg
Property, Plant and Equipment [Line Items]
Total	1,788	2,455
India
Property, Plant and Equipment [Line Items]
Total	809	1,129
United States
Property, Plant and Equipment [Line Items]
Total	213	586
Uruguay
Property, Plant and Equipment [Line Items]
Total	$ 32	$ 52

v3.23.2

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET - Summary of Right-Of-Use Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Right-of-use assets under operating leases	$ 12,072	$ 11,808
Less: Accumulated amortization	(7,383)	(6,487)
Total	$ 4,689	$ 5,321

v3.23.2

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Amortization of right-of-use assets under operating leases	$ 500	$ 600	$ 930	$ 1,745

v3.23.2

GOODWILL AND INTANGIBLE ASSETS, NET - Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Intangible Assets, Net
Goodwill	$ 55,960	$ 55,960
Corporate and Others
Intangible Assets, Net
Goodwill	0	0
Servicer and Real Estate | Operating Segments
Intangible Assets, Net
Goodwill	30,681	30,681
Origination | Operating Segments
Intangible Assets, Net
Goodwill	$ 25,279	$ 25,279

v3.23.2

GOODWILL AND INTANGIBLE ASSETS, NET - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Intangible Assets, Net
Gross carrying amount	$ 259,016	$ 259,016
Accumulated amortization	(229,846)	(227,286)
Net book value	29,170	31,730
Customer related intangible assets
Intangible Assets, Net
Gross carrying amount	214,307	214,307
Accumulated amortization	(199,094)	(197,594)
Net book value	15,213	16,713
Operating agreement
Intangible Assets, Net
Gross carrying amount	35,000	35,000
Accumulated amortization	(23,479)	(22,604)
Net book value	11,521	12,396
Trademarks and trade names
Intangible Assets, Net
Gross carrying amount	9,709	9,709
Accumulated amortization	(7,273)	(7,088)
Net book value	$ 2,436	$ 2,621
Weighted Average | Customer related intangible assets
Intangible Assets, Net
Weighted average estimated useful life (in years)	9 years
Weighted Average | Operating agreement
Intangible Assets, Net
Weighted average estimated useful life (in years)	20 years
Weighted Average | Trademarks and trade names
Intangible Assets, Net
Weighted average estimated useful life (in years)	16 years

v3.23.2

GOODWILL AND INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Financial Position [Abstract]
Amortization of intangible assets	$ 1,280	$ 1,284	$ 2,560	$ 2,568
2023	5,100		5,100
2024	5,100		5,100
2025	5,100		5,100
2026	4,900		4,900
2027	$ 4,700		$ 4,700

v3.23.2

OTHER ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Restricted cash	$ 3,179	$ 3,248
Security deposits	600	596
Other	3,302	1,322
Total	$ 7,081	$ 5,166

v3.23.2

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable	$ 14,868	$ 14,981
Accrued expenses - general	10,449	11,858
Accrued salaries and benefits	5,808	5,501
Income taxes payable	1,195	1,167
Total	$ 32,320	$ 33,507

v3.23.2

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other current liabilities
Operating lease liabilities	$ 2,113	$ 2,097
Other	472	770
Total	$ 2,585	$ 2,867

v3.23.2

WARRANT LIABILITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	5 Months Ended	6 Months Ended
	Feb. 28, 2023	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Feb. 14, 2023
Warrant Liability [Line Items]
Repayments of long-term debt					$ 20,000	$ 0
Price of warrant or right (in usd per share)			$ 0.01	$ 0.01	$ 0.01		$ 0.01
Number of business days after paydown measurement date							2 days
Gain (loss) on changes in fair value of warrant liability		$ (694)
Warrant Shares based on Aggregate Paydowns
Warrant Liability [Line Items]
Gain (loss) on changes in fair value of warrant liability			$ (1,800)		$ (1,100)
Line of Credit | Secured Debt
Warrant Liability [Line Items]
Repayments of long-term debt	$ 20,000			$ 20,000
Line of Credit | Secured Debt | Common stock
Warrant Liability [Line Items]
Warrant shares (in shares)							3,223,851
Paydown Agreement | Credit Facility
Warrant Liability [Line Items]
Warrant shares (in shares)			2,578,743	2,578,743	2,578,743

v3.23.2

WARRANT LIABILITY - Aggregate Paydown (Details) - Secured Debt - Line of Credit - Common stock	Feb. 14, 2023 shares
Warrant Liability [Line Items]
Warrant shares (in shares)	3,223,851
Less than $20 million
Warrant Liability [Line Items]
Warrant shares (in shares)	3,223,851
$20 million+ but less than below
Warrant Liability [Line Items]
Warrant shares (in shares)	2,578,743
$30 million+
Warrant Liability [Line Items]
Warrant shares (in shares)	1,612,705

v3.23.2

WARRANT LIABILITY - Fair Value of Warrant Liability (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2023	Feb. 14, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain (loss) on changes in fair value of warrant liability	$ (694)
Warrant Shares based on Aggregate Paydowns
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance (in shares)		2,578,743
Fair value measurement (in shares)	2,578,743	2,578,743	2,578,743	3,223,851
Gain (loss) on changes in fair value of warrant liability		$ (1,800)	$ (1,100)
Ending balance (in shares)	2,578,743	2,578,743	2,578,743
Expected Warrant Shares that will be exercisable on February 14, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance (in shares)		1,612,705
Fair value measurement (in shares)	1,612,705	1,612,705	1,612,705	1,612,705
Ending balance (in shares)	1,612,705	1,612,705	1,612,705
Warranty Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance (in usd per share)		$ 4.59
Beginning balance Fair Value		$ 7,402
Fair Value per Warrant Share (in usd per share)	$ 4.59	$ 5.69	$ 5.69	$ 5.02
Fair value of warrants	$ 7,402	$ 9,176	$ 9,176	$ 8,096
Gain (loss) on changes in fair value of warrant liability		$ 1,774
Ending balance (in usd per share)	$ 4.59	$ 5.69	$ 5.69
Ending balance Fair Value	$ 7,402	$ 9,176	$ 9,176

v3.23.2

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less: Debt issuance and amendment costs, net		$ (900,000)
Long-term debt	$ 217,881,000	245,230,000
Revolver
Debt Instrument [Line Items]
Senior Secured Term Loans	0	0
Less: Debt issuance and amendment costs, net	(203,000)	(263,000)
Total Long-term debt	(203,000)	(263,000)
Senior Secured Term Loans
Debt Instrument [Line Items]
Senior Secured Term Loans	229,760,000	247,204,000
Less: Debt issuance and amendment costs, net	(4,575,000)	(878,000)
Less: Unamortized discount, net	(7,101,000)	(833,000)
Total Long-term debt	$ (218,084,000)	$ (245,493,000)

v3.23.2

LONG-TERM DEBT - Narrative (Details)				1 Months Ended		5 Months Ended	6 Months Ended
	Mar. 29, 2023	Feb. 14, 2023 USD ($) shares	Jun. 22, 2021 USD ($)	Feb. 28, 2023 USD ($)	Apr. 30, 2018 USD ($) lender	Jun. 30, 2023 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Repayments of long-term debt							$ 20,000,000	$ 0
Cash and cash equivalents						$ 35,041,000	35,041,000	$ 70,693,000	$ 51,025,000
Debt issuance and amendment costs						4,600,000	4,600,000
Accumulated amortization of debt issuance and amendment costs						$ (4,800,000)	$ (4,800,000)
Debt issuance costs, net									900,000
Accumulated amortization									3,600,000
Altisource S.A.R.L. | Deer Park Road Management Company, LP
Debt Instrument [Line Items]
Noncontrolling ownership percentage (in percent)						20.00%	20.00%
Warrant
Debt Instrument [Line Items]
Warrant liability		$ 8,100,000
Term B Loans
Debt Instrument [Line Items]
Percentage of consolidated excess cash flow requiring mandatory prepayments (in percent)						0.50	0.50
April 3, 2018 Credit Agreement
Debt Instrument [Line Items]
Number of incremental lenders | lender					1
Accordion feature, potential increase in additional borrowings					$ 50,000,000
April 3, 2018 Credit Agreement | Term B Loans
Debt Instrument [Line Items]
Debt instrument, face amount					412,000,000
Interest rate at the end of the period (in percent)						14.49%	14.49%
April 3, 2018 Credit Agreement | Term B Loans | Deer Park Road Management Company, LP | Altisource S.A.R.L.
Debt Instrument [Line Items]
Long-term debt						$ 41,600,000	$ 41,600,000
Interest received							$ 2,000,000
April 3, 2018 Credit Agreement | Term B Loans | Altisource S.A.R.L. | Deer Park Road Management Company, LP
Debt Instrument [Line Items]
Warrants (in shares) | shares						583,000	583,000
April 3, 2018 Credit Agreement | Term B Loans | Maximum
Debt Instrument [Line Items]
Amount of principal or interest if failed to pay considered as event of default					5,000,000
Amount of debt which results in acceleration of debt if failed to pay considered as event of default					5,000,000
Amount of unbonded, undischarged or unstayed debt under entry by court of one or more judgments for certain period to determine as event of default					$ 10,000,000
April 3, 2018 Credit Agreement | Term B Loans | Base Rate
Debt Instrument [Line Items]
Debt instrument fixed base rate (in percent)		2.00%
April 3, 2018 Credit Agreement | Term B Loans | Variable Rate Component One, Paid In Cash | Base Rate
Debt Instrument [Line Items]
Interest rate margin (in percent)		4.00%
April 3, 2018 Credit Agreement | Term B Loans | Variable Rate Component Two, Paid In Kind | Base Rate
Debt Instrument [Line Items]
Interest rate margin (in percent)		5.00%
Secured Debt | Line of Credit
Debt Instrument [Line Items]
Repayments of long-term debt				$ 20,000,000		$ 20,000,000
PIK Component of Interest Rate (in percent)						0.0450	0.0450
Secured Debt | Line of Credit | Common stock
Debt Instrument [Line Items]
Warrant shares (in shares) | shares		3,223,851
Secured Debt | Term B Loans | Adjusted Eurodollar Rate
Debt Instrument [Line Items]
Interest rate margin (in percent)	4.00%
Secured Debt | Second Amended Credit Facility | Line of Credit
Debt Instrument [Line Items]
Repayments of long-term debt		$ 30,000,000
Secured Debt | Second Amended Credit Facility | Line of Credit | Variable Rate Component One, Paid In Cash | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percent)		5.00%
Secured Debt | $30 million+ | Line of Credit
Debt Instrument [Line Items]
PIK Component of Interest Rate (in percent)		0.02
Secured Debt | $30 million+ | Line of Credit | Common stock
Debt Instrument [Line Items]
Warrant shares (in shares) | shares		1,612,705
Credit Facility
Debt Instrument [Line Items]
Payment due date default period (in days)			3 days
Long-term debt						$ 203,000	$ 203,000		263,000
Debt issuance costs, net						203,000	203,000		263,000
Accumulated amortization						300,000	300,000		300,000
Interest rate (in percent)		10.00%
Failure to perform period (in days)			30 days
Covenant threshold			$ 40,000,000
Borrowings under revolving credit facility						$ 0	$ 0		$ 0
Credit Facility | Maximum
Debt Instrument [Line Items]
PIK Component of Interest Rate (in percent)		0.0200
Cash and cash equivalents		$ 35,000,000
Credit Facility | April 3, 2018 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Payment due date default period (in days)					5 days
Credit Facility | Second Revolver Amendment
Debt Instrument [Line Items]
Repayments of long-term debt		4,800,000
Other expenses		$ 3,300,000
Credit Facility | Credit Facility Borrowings Through June 22, 2023
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 15,000,000
Credit Facility | First Revolver Amendment
Debt Instrument [Line Items]
PIK interest rate (in percent)		0.0300
Upfront fee		$ 750,000

v3.23.2

LONG-TERM DEBT - PIK Interest Rate (Details) - Line of Credit - Secured Debt	Jun. 30, 2023	Feb. 14, 2023
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)	0.0450
Less than $20 million
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)		5
$20 million+ but less than below
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)		4.5
$30 million+ but less than below
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)		3.75
$40 million+ but less than below
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)		3.5
$45 million+ but less than below
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)		3
$50 million+ but less than below
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)		2.5
$55 million+ but less than below
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)		2
$60 million+ but less than below
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)		1
$65 million+ but less than below
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)		0.5
$70 million+
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)		0

v3.23.2

OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Income tax liabilities	$ 16,141	$ 16,079
Operating lease liabilities	2,693	3,371
Deferred revenue	30	82
Other non-current liabilities	5	4
Total	$ 18,869	$ 19,536

v3.23.2

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Assets:
Cash and cash equivalents	$ 35,041	$ 51,025	$ 70,693
Restricted cash	3,202	3,248	$ 3,611
Short-term receivable	3,201	3,223
Liabilities:
Warrant liability	9,176	0
Level 1 | Fair Value, Measurements, Recurring
Assets:
Cash and cash equivalents	35,041	51,025
Restricted cash	3,202	3,248
Short-term receivable	0	0
Liabilities:
Warrant liability	0	0
Level 2 | Fair Value, Measurements, Recurring
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Short-term receivable	0	0
Liabilities:
Warrant liability	0	0
Level 3 | Fair Value, Measurements, Recurring
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Short-term receivable	3,201	3,223
Liabilities:
Warrant liability	9,176	0
Senior secured term loans
Liabilities:
Senior secured term loans	229,760	247,204
Senior secured term loans | Level 1 | Fair Value, Measurements, Recurring
Liabilities:
Senior secured term loans	0	0
Senior secured term loans | Level 2 | Fair Value, Measurements, Recurring
Liabilities:
Senior secured term loans	181,798	200,235
Senior secured term loans | Level 3 | Fair Value, Measurements, Recurring
Liabilities:
Senior secured term loans	$ 0	$ 0

v3.23.2

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Dec. 01, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Feb. 14, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Proceeds from the sale of business				$ 0	$ 346
Price of warrant or right (in usd per share)		$ 0.01		$ 0.01		$ 0.01
Customer Concentration Risk | Ocwen | Revenue
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Percentage of revenue from largest customer (in percent)		40.00%	40.00%	42.00%	37.00%
Pointillist, Inc. | Disposal Group, Held-for-sale, Not Discontinued Operations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Proceeds from the sale of business	$ 3,500

v3.23.2

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Feb. 14, 2023 USD ($) $ / shares shares	May 15, 2018 $ / shares shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) component $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2022 shares
Share Repurchase Program
Authorized amount | $			$ 61,000		$ 61,000
Share-Based Compensation
Share-based compensation expense | $					2,687	$ 2,579
Estimated unrecognized compensation costs | $			$ 4,500		$ 4,500
Weighted average remaining requisite service period for stock options over which unrecognized compensation costs would be recognized					1 year 3 months 10 days
Outstanding (in shares)			742,989		742,989		745,277
Stock options granted (in shares)					0	105,000
Weighted average exercise price (in usd per share) | $ / shares					$ 0	$ 11.86
Common stock | Public Stock Offering
Share Repurchase Program
Shares issued in transaction (in shares)	4,550,000
Price of stock (in usd per share) | $ / shares	$ 5.00
Net proceeds of sale of stock | $	$ 20,500
Share-Based Compensation
Share-based compensation expense | $			$ 1,200	$ 1,300
Stock Options, Service-Based
Share-Based Compensation
Outstanding (in shares)			186,000		186,000
Stock Options, Service-Based | Minimum
Share-Based Compensation
Vesting period					3 years
Stock Options, Service-Based | Maximum
Share-Based Compensation
Vesting period					4 years
Expiration term					10 years
Stock Options, Market-Based
Share-Based Compensation
Outstanding (in shares)			96,000		96,000
Number of components of an award | component					2
Allowable performance period before expiration date					3 years
Stock Options, Market-Based | Minimum
Share-Based Compensation
Vesting period					3 years
Expiration term					10 years
Stock Options, Market-Based | Maximum
Share-Based Compensation
Vesting period					4 years
Stock Options, Market-Based, Ordinary Performance
Share-Based Compensation
Percentage of awards			67.00%		67.00%
Vesting threshold			2		2
Stock Options, Market-Based, Ordinary Performance | Minimum
Share-Based Compensation
Percentage of compounded annual gain of stock price over exercise price required for the award to vest					20.00%
Stock Options, Market-Based, Extraordinary Performance
Share-Based Compensation
Percentage of awards			33.00%		33.00%
Stock Options, Market-Based, Extraordinary Performance | Minimum
Share-Based Compensation
Percentage of compounded annual gain of stock price over exercise price required for the award to vest					25.00%
Stock Options, Performance-Based
Share-Based Compensation
Outstanding (in shares)			461,000		461,000
Stock Options, Performance-Based | Share-based Payment Arrangement, Tranche Two
Share-Based Compensation
Vesting percentage					25.00%
Stock Options, Performance-Based | Share-based Payment Arrangement, Tranche Three
Share-Based Compensation
Vesting percentage					25.00%
Stock Options, Performance-Based | Share-based Payment Arrangement, Tranche One
Share-Based Compensation
Vesting percentage					25.00%
Stock Options, Performance-Based | Share-based Payment Arrangement, Tranche Four
Share-Based Compensation
Vesting percentage					25.00%
Stock Options, Performance-Based | Minimum
Share-Based Compensation
Allowable performance period before expiration date					10 years
Attainment above threshold performance levels, vesting percentage					50.00%
Stock Options, Performance-Based | Maximum
Share-Based Compensation
Attainment above threshold performance levels, vesting percentage					200.00%
Restricted Stock and Restricted Stock Units, Service-Based
Share-Based Compensation
Restricted shares and restricted share units outstanding (in shares)			948,000		948,000
Restricted Stock and Restricted Stock Units, Service-Based | Minimum
Share-Based Compensation
Vesting period					1 year
Restricted Stock and Restricted Stock Units, Service-Based | Maximum
Share-Based Compensation
Vesting period					4 years
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based
Share-Based Compensation
Restricted shares and restricted share units outstanding (in shares)			143,000		143,000
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based | Share-based Payment Arrangement, Tranche Two
Share-Based Compensation
Vesting percentage					33.00%
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based | Share-based Payment Arrangement, Tranche Three
Share-Based Compensation
Vesting percentage					33.00%
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based | Share-based Payment Arrangement, Tranche One
Share-Based Compensation
Vesting percentage					33.00%
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based | Maximum
Share-Based Compensation
Attainment above threshold performance levels, vesting percentage					150.00%
Restricted Stock and Restricted Stock Units (RSUs), Market-Based
Share-Based Compensation
Restricted shares and restricted share units outstanding (in shares)			112,000		112,000
Restricted Stock and Restricted Stock Units (RSUs), Market-Based | Minimum
Share-Based Compensation
Vesting period					30 days
Vesting percentage					50.00%
Restricted Stock and Restricted Stock Units (RSUs), Market-Based | Maximum
Share-Based Compensation
Vesting period					1 year
Vesting percentage					50.00%
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based and Market-Based
Share-Based Compensation
Restricted shares and restricted share units outstanding (in shares)			127,000		127,000
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based and Market-Based | Maximum
Share-Based Compensation
Attainment above threshold performance levels, vesting percentage					300.00%
Restricted Stock Units (RSUs)
Share-Based Compensation
Restricted share units granted (in shares)					891,000
Restricted share units granted, weighted average grant date fair value (in usd per share) | $ / shares					$ 4.82
Restricted Stock Units (RSUs), Performance-Based and Market-Based
Share-Based Compensation
Restricted share units granted (in shares)					57,000	46,000
Restricted Stock Units (RSUs), Market-Based
Share-Based Compensation
Restricted share units granted (in shares)					57,000	46,000
Share Repurchase Program, Current
Share Repurchase Program
Number of shares of common stock authorized to be purchased (in shares)		3,100,000
Percentage of outstanding shares authorized to be repurchased		15.00%
Minimum purchase price authorized (in usd per share) | $ / shares		$ 1.00
Maximum purchase price authorized (in usd per share) | $ / shares		$ 25.00
Period that shares may be repurchased, from the date of approval		5 years
Remaining number of shares available for repurchase under the plan (in shares)			3,100,000		3,100,000
Number of shares of common stock purchased (in shares)					0	0

v3.23.2

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Pricing Model (Details) - Stock Options	6 Months Ended
	Jun. 30, 2023 $ / shares
Equity And Share-Based Compensation
Risk-free interest rate (%)	1.62%
Expected stock price volatility (%)	67.75%
Expected dividend yield (%)	0.00%
Expected option life (in years)	6 years
Fair value (in usd per share)	$ 7.27

v3.23.2

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Schedule of Grant Date Fair Value of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Weighted average grant date fair value of stock options granted per share (in usd per share)	$ 0	$ 8.19
Intrinsic value of options exercised	$ 0	$ 0
Grant date fair value of stock options that vested	$ 83	$ 1,031

v3.23.2

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Summary of Activity Related to Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Number of options
Outstanding at the beginning of the period (in shares)	745,277
Granted (in shares)	0	105,000
Forfeited (in shares)	(2,288)
Outstanding at the end of the period (in shares)	742,989		745,277
Exercisable at the end of the period (in shares)	547,501
Weighted average exercise price
Outstanding at the beginning of the period (in usd per share)	$ 27.03
Granted (in usd per share)	0	$ 11.86
Forfeited (in usd per share)	29.76
Outstanding at the end of the period (in usd per share)	27.02		$ 27.03
Exercisable at the end of the period (in usd per share)	$ 25.25
Weighted average contractual term (in years)
Weighted average contractual term	4 years 4 months 2 days		4 years 9 months 29 days
Exercisable at the end of the period	3 years 8 months 26 days
Aggregate intrinsic value (in thousands)
Aggregate intrinsic value, beginning balance (in dollars)	$ 0
Aggregate intrinsic value, ending balance (in dollars)	0		$ 0
Exercisable at the end of the period (in dollars)	$ 0

v3.23.2

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - RSU (Details) - Restricted Stock And Restricted Stock Units	6 Months Ended
	Jun. 30, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at the beginning of period (in shares)	755,006
Granted (in shares)	890,810
Issued (in shares)	(187,424)
Forfeited/canceled (in shares)	(128,596)
Outstanding at the end of period (in shares)	1,329,796

v3.23.2

REVENUE - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) category	Jun. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Categories of revenue | category			3
Revenue recognized that was included in the contract liability at the beginning of the period | $	$ 0.9	$ 1.2	$ 2.8	$ 2.9

v3.23.2

REVENUE - Schedule of Components of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 35,235	$ 40,421	$ 74,696	$ 79,937
Service revenue
Disaggregation of Revenue [Line Items]
Revenue	33,173	37,638	70,244	75,401
Reimbursable expenses
Disaggregation of Revenue [Line Items]
Revenue	2,049	2,609	4,359	4,201
Non-controlling interests
Disaggregation of Revenue [Line Items]
Revenue	$ 13	$ 174	$ 93	$ 335

v3.23.2

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 35,235	$ 40,421	$ 74,696	$ 79,937
Revenue recognized when services are performed or assets are sold
Disaggregation of Revenue [Line Items]
Revenue	30,800	35,283	64,735	70,701
Revenue related to technology platforms and professional services
Disaggregation of Revenue [Line Items]
Revenue	2,386	2,529	5,602	5,035
Reimbursable expenses revenue
Disaggregation of Revenue [Line Items]
Revenue	2,049	2,609	4,359	4,201
Servicer and Real Estate | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	26,848	31,947	58,793	60,483
Servicer and Real Estate | Revenue recognized when services are performed or assets are sold | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	22,538	26,901	49,091	51,560
Servicer and Real Estate | Revenue related to technology platforms and professional services | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	2,380	2,523	5,588	5,021
Servicer and Real Estate | Reimbursable expenses revenue | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	1,930	2,523	4,114	3,902
Origination | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	8,387	8,474	15,903	19,454
Origination | Revenue recognized when services are performed or assets are sold | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	8,262	8,382	15,644	19,141
Origination | Revenue related to technology platforms and professional services | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	6	6	14	14
Origination | Reimbursable expenses revenue | Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	$ 119	$ 86	$ 245	$ 299

v3.23.2

COST OF REVENUE - Schedule of Components (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cost of Revenue [Abstract]
Outside fees and services	$ 14,057	$ 14,351	$ 29,151	$ 27,254
Compensation and benefits	9,281	13,825	18,982	27,346
Technology and telecommunications	3,865	4,956	7,262	10,188
Reimbursable expenses	2,049	2,609	4,359	4,201
Depreciation and amortization	451	614	906	1,235
Total	$ 29,703	$ 36,355	$ 60,660	$ 70,224

v3.23.2

COST OF REVENUE - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Reimbursable expenses	$ 2,049,000	$ 2,609,000	$ 4,359,000	$ 4,201,000
Accounts payable and accrued expenses	32,320,000		32,320,000		$ 33,507,000
Related Party | Aldridge Pite
Related Party Transaction [Line Items]
Reimbursable expenses	300,000		500,000
Accounts payable and accrued expenses	$ 0		$ 0

v3.23.2

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Selling, General and Administrative Expense [Abstract]
Compensation and benefits	$ 5,376	$ 6,296	$ 11,406	$ 11,705
Professional services	2,275	3,099	3,846	5,848
Occupancy related costs	1,216	1,417	2,658	3,041
Amortization of intangible assets	1,280	1,284	2,560	2,568
Marketing costs	559	785	941	1,672
Depreciation and amortization	204	274	448	611
Other	1,431	1,370	2,576	3,054
Total	$ 12,341	$ 14,525	$ 24,435	$ 28,499

v3.23.2

OTHER INCOME (EXPENSE), NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Income and Expenses [Abstract]
Interest income (expense)	$ 315	$ 61	$ 749	$ 106
Other, net	75	132	1,201	827
Total	$ 390	$ 193	$ 1,950	$ 933

v3.23.2

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 639	$ 1,521	$ 2,168	$ 2,407

v3.23.2

LOSS PER SHARE - Schedule of Basic and Diluted Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net loss attributable to Altisource	$ (18,850)	$ (15,495)	$ (31,797)	$ (27,685)
Weighted average common shares outstanding, basic (in shares)	20,840	16,083	19,648	16,020
Weighted average common shares outstanding, diluted (in shares)	20,840	16,083	19,648	16,020
Loss per share:
Basic (in usd per share)	$ (0.90)	$ (0.96)	$ (1.62)	$ (1.73)
Diluted (in usd per share)	$ (0.90)	$ (0.96)	$ (1.62)	$ (1.73)

v3.23.2

LOSS PER SHARE - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Anti-dilutive securities
Options, restricted shares and restricted share units excluded from the computation of diluted EPS (in shares)	4.1	1.2	3.5	1.3
Employee and Nonemployee Stock Options, Restricted Stock and Restricted Stock Units Whose Impacts are Anti-Dilutive
Anti-dilutive securities
Options, restricted shares and restricted share units excluded from the computation of diluted EPS (in shares)	2.8	0.1	2.2	0.2
Options Whose Exercise Price is Greater than Average Market Price
Anti-dilutive securities
Options, restricted shares and restricted share units excluded from the computation of diluted EPS (in shares)	0.3	0.2	0.3	0.2
Options and Restricted Shares Issuable upon Achievement of Certain Market and Performance Criteria That Has Not Been Met
Anti-dilutive securities
Options, restricted shares and restricted share units excluded from the computation of diluted EPS (in shares)	1.0	0.9	1.0	0.9

v3.23.2

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Concentration Risk
Sublease income	$ 0.1		$ 0.1	$ 0.1	$ 0.4
Amounts held in escrow and trust accounts	$ 19.2			$ 19.2		$ 13.2
Minimum
Concentration Risk
Lease term	1 year			1 year
Maximum
Concentration Risk
Lease term	6 years			6 years
Ocwen | Revenue | Customer Concentration Risk
Concentration Risk
Percentage of revenue from largest customer (in percent)	40.00%		40.00%	42.00%	37.00%
Highly Correlated - Ocwen | Revenue | Customer Concentration Risk
Concentration Risk
Percentage of revenue from largest customer (in percent)	6.00%			7.00%
RITM | Revenue | Customer Concentration Risk
Concentration Risk
Percentage of loans serviced and subserviced by largest customer's largest client (in percent)		16.00%
Percentage of delinquent loans Ocwen services (in percent)		0.68
RITM | Revenue | Customer Concentration Risk | Ocwen
Concentration Risk
Percentage of loans serviced and subserviced by largest customer's largest client (in percent)		16.00%
Percentage of delinquent loans Ocwen services (in percent)		0.68

v3.23.2

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Lease Term and Assumption (Details)	Jun. 30, 2023	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term (in years)	2 years 6 months 29 days	3 years 4 months 6 days
Weighted average discount rate	5.91%	5.66%

v3.23.2

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Lease Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lessee, Lease, Description [Line Items]
Cash used in operating activities for amounts included in the measurement of lease liabilities	$ 591	$ 325	$ 1,131	$ 1,507
Short-term (twelve months or less) lease costs	430	397	849	425
Selling, general and administrative expense
Lessee, Lease, Description [Line Items]
Operating lease costs:	530	697	1,085	1,631
Cost of revenue
Lessee, Lease, Description [Line Items]
Operating lease costs:	$ 0	$ 0	$ 0	$ 265

v3.23.2

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 1,198
2024	1,887
2025	1,404
2026	677
2027	0
Total lease payments	5,166
Less: interest	(360)
Present value of lease liabilities	$ 4,806

v3.23.2

SEGMENT REPORTING - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of reporting segments	2

v3.23.2

SEGMENT REPORTING - Summary (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
SEGMENT REPORTING
Revenue	$ 35,235	$ 40,421	$ 74,696	$ 79,937
Cost of revenue	29,703	36,355	60,660	70,224
Gross profit (loss)	5,532	4,066	14,036	9,713
Operating expenses:
Selling, general and administrative expenses	12,341	14,525	24,435	28,499
Income (loss) from operations	(6,809)	(10,459)	(10,399)	(18,786)
Total other income (expense), net	(11,389)	(3,341)	(19,137)	(6,157)
Income (loss) before income taxes and non-controlling interests	(18,198)	(13,800)	(29,536)	(24,943)
Total assets:
Total assets:	164,556		164,556		$ 195,005
Corporate and Others
SEGMENT REPORTING
Revenue	0	0	0	0
Cost of revenue	3,647	4,697	7,425	9,519
Gross profit (loss)	(3,647)	(4,697)	(7,425)	(9,519)
Operating expenses:
Selling, general and administrative expenses	7,353	9,068	15,420	17,863
Income (loss) from operations	(11,000)	(13,765)	(22,845)	(27,382)
Total other income (expense), net	(11,389)	(3,341)	(19,137)	(6,157)
Income (loss) before income taxes and non-controlling interests	(22,389)	(17,106)	(41,982)	(33,539)
Total assets:
Total assets:	52,150		52,150		77,325
Servicer and Real Estate | Operating Segments
SEGMENT REPORTING
Revenue	26,848	31,947	58,793	60,483
Cost of revenue	18,038	22,413	37,763	42,153
Gross profit (loss)	8,810	9,534	21,030	18,330
Operating expenses:
Selling, general and administrative expenses	2,638	3,237	4,939	6,296
Income (loss) from operations	6,172	6,297	16,091	12,034
Total other income (expense), net	0	0	0	0
Income (loss) before income taxes and non-controlling interests	6,172	6,297	16,091	12,034
Total assets:
Total assets:	57,808		57,808		63,696
Origination | Operating Segments
SEGMENT REPORTING
Revenue	8,387	8,474	15,903	19,454
Cost of revenue	8,018	9,245	15,472	18,552
Gross profit (loss)	369	(771)	431	902
Operating expenses:
Selling, general and administrative expenses	2,350	2,220	4,076	4,340
Income (loss) from operations	(1,981)	(2,991)	(3,645)	(3,438)
Total other income (expense), net	0	0	0	0
Income (loss) before income taxes and non-controlling interests	(1,981)	$ (2,991)	(3,645)	$ (3,438)
Total assets:
Total assets:	$ 54,598		$ 54,598		$ 53,984

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