United States Virgin Islands | 000-54809 | 66-0783125 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Exhibit No. | Description | |
Exhibit 99.1 | Updated Press Release of Altisource Asset Management Corporation |
Altisource Asset Management Corporation | |||
August 10, 2016 | By: | /s/ Stephen H. Gray | |
Stephen H. Gray General Counsel and Secretary |
FOR IMMEDIATE RELEASE | FOR FURTHER INFORMATION CONTACT: |
Robin N. Lowe Chief Financial Officer T: 1-345-815-9919 E: Robin.Lowe@AltisourceAMC.com |
• | Increased single-family rental (“SFR”) portfolio of Altisource Residential Corporation (“Residential”) during the quarter by 13% over the prior quarter to 3,977 homes, including 3,010 rented properties, 273 listed and ready for rent and 694 properties under leasehold renovation and unit turn. |
• | Grew Residential's stabilized rentals to 3,112 properties with 97% leased. |
• | Facilitated Residential’s completed sale of 895 non-performing loans (“NPLs”) in June 2016 with an unpaid principal balance (“UPB”) of $213.1 million, or approximately 17% of the total remaining UPB in Residential’s loan portfolio. |
• | Managed Residential’s sale of an aggregate of 910 real estate owned (“REO”) properties, representing an increase of 33% over the 686 REO properties sold by Residential in the first quarter of 2016. |
• | Achieved average rent increases of approximately 6% for Residential on lease renewals. |
• | Moved substantially all of Residential's remaining Ocwen-serviced NPLs away from Ocwen as of August 1, 2016. |
• | Completed $4.2 million of AAMC stock buybacks, bringing total buybacks under AAMC’s repurchase program to $255.6 million. |
• | Negotiated a non-binding letter of intent for Residential to purchase between 4,000 and 4,500 SFR properties from an unrelated third party, subject to due diligence, negotiation of definitive transaction documents, financing arrangements and other factors. |
Three months ended June 30, 2016 | Three months ended June 30, 2015 | Six months ended June 30, 2016 | Six months ended June 30, 2015 | ||||||||||||
Revenues: | |||||||||||||||
Management fees | $ | 4,506 | $ | — | $ | 8,630 | $ | — | |||||||
Conversion fees | 544 | — | 946 | — | |||||||||||
Expense reimbursements | 357 | — | $ | 357 | $ | — | |||||||||
Rental revenues | — | 2,140 | $ | — | $ | 3,540 | |||||||||
Net unrealized gain on mortgage loans | — | 42,209 | — | 103,343 | |||||||||||
Net realized gain on mortgage loans | — | 19,272 | — | 34,654 | |||||||||||
Net realized gain on mortgage loans held for sale | — | 254 | — | 405 | |||||||||||
Net realized gain on real estate | — | 12,404 | — | 23,012 | |||||||||||
Interest and dividend income | 247 | 240 | 541 | 480 | |||||||||||
Total revenues | 5,654 | 76,519 | 10,474 | 165,434 | |||||||||||
Expenses: | |||||||||||||||
Salaries and employee benefits | 2,589 | 1,706 | 4,937 | 3,339 | |||||||||||
Equity-based compensation | 2,388 | 2,086 | 4,756 | 3,032 | |||||||||||
Legal and professional fees | 542 | 158 | 1,083 | 7,691 | |||||||||||
Residential property operating expenses | — | 16,857 | — | 29,316 | |||||||||||
Real estate depreciation and amortization | — | 1,344 | — | 2,342 | |||||||||||
Selling costs and impairment | — | 8,839 | — | 23,530 | |||||||||||
Mortgage loan servicing costs | — | 16,246 | — | 34,512 | |||||||||||
Interest expense | — | 13,237 | — | 24,720 | |||||||||||
General and administrative | 578 | 2,017 | 1,092 | 3,468 | |||||||||||
Total expenses | 6,097 | 62,490 | 11,868 | 131,950 | |||||||||||
Other loss: | |||||||||||||||
Other income | 55 | — | 55 | — | |||||||||||
Total other loss | 55 | — | 55 | — | |||||||||||
(Loss) income before income taxes | (388 | ) | 14,029 | (1,339 | ) | 33,484 | |||||||||
Income tax (benefit) expense | 873 | 194 | 862 | 337 | |||||||||||
Net (loss) income | (1,261 | ) | 13,835 | (2,201 | ) | 33,147 | |||||||||
Net income attributable to noncontrolling interest in consolidated affiliate | — | (13,092 | ) | — | (25,516 | ) | |||||||||
Net (loss) income attributable to stockholders | $ | (1,261 | ) | $ | 743 | $ | (2,201 | ) | $ | 7,631 | |||||
(Loss) earnings per share of common stock – basic: | |||||||||||||||
(Loss) earnings per basic share | $ | (0.74 | ) | $ | 0.31 | $ | (1.22 | ) | $ | 3.40 | |||||
Weighted average common stock outstanding – basic | 1,776,831 | 2,218,533 | 1,883,322 | 2,211,357 | |||||||||||
(Loss) earnings per share of common stock – diluted: | |||||||||||||||
(Loss) earnings per diluted share | $ | (0.74 | ) | $ | 0.27 | $ | (1.22 | ) | $ | 2.77 | |||||
Weighted average common stock outstanding – diluted | 1,776,831 | 2,746,955 | 1,883,322 | 2,752,322 |
June 30, 2016 | December 31, 2015 | ||||||
Assets: | |||||||
Real estate held for use: | |||||||
Land (from previously consolidated VIE as of December 31, 2015) | $ | — | $ | 56,346 | |||
Rental residential properties (net of accumulated depreciation of $7,127 as of December 31, 2015 - from previously consolidated VIE) | — | 224,040 | |||||
Real estate owned (from previously consolidated VIE as of December 31, 2015) | — | 455,483 | |||||
Total real estate held for use, net | — | 735,869 | |||||
Real estate assets held for sale (from previously consolidated VIE as of December 31, 2015) | — | 250,557 | |||||
Mortgage loans at fair value (from previously consolidated VIE as of December 31, 2015) | — | 960,534 | |||||
Mortgage loans held for sale (from previously consolidated VIE as of December 31, 2015) | — | 317,336 | |||||
Cash and cash equivalents (including $116,702 from previously consolidated VIE as of December 31, 2015) | 39,419 | 184,544 | |||||
Restricted cash (from previously consolidated VIE as of December 31, 2015) | — | 20,566 | |||||
Available-for-sale securities | 14,929 | — | |||||
Accounts receivable, net (including $45,903 from previously consolidated VIE as of December 31, 2015) | — | 46,026 | |||||
Related party receivables | 5,489 | — | |||||
Prepaid expenses and other assets (including $1,126 from previously consolidated as of December 31, 2015) | 1,379 | 3,169 | |||||
Total assets | $ | 61,216 | $ | 2,518,601 | |||
Liabilities: | |||||||
Repurchase and loan and security agreements (from previously consolidated VIE as of December 31, 2015) | $ | — | $ | 763,369 | |||
Other secured borrowings (from previously consolidated VIE as of December 31, 2015) | — | 502,599 | |||||
Accrued salaries and employee benefits | 2,076 | 4,006 | |||||
Accounts payable and other accrued liabilities (including $32,448 from previously consolidated VIE as of December 31, 2015) | 2,286 | 34,716 | |||||
Total liabilities | 4,362 | 1,304,690 | |||||
Commitments and contingencies | — | — | |||||
Redeemable preferred stock: | |||||||
Preferred stock, $0.01 par value, 250,000 shares issued and outstanding as of June 30, 2016 and December 31, 2015; redemption value $250,000 | 249,237 | 249,133 | |||||
Equity: | |||||||
Common stock, $.01 par value, 5,000,000 authorized shares; 2,599,467 and 1,684,194 shares issued and outstanding, respectively, as of June 30, 2016 and 2,556,828 and 2,048,223 shares issued and outstanding, respectively, as of December 31, 2015 | 26 | 26 | |||||
Additional paid-in capital | 25,851 | 23,419 | |||||
Retained earnings | 48,982 | 50,678 | |||||
Accumulated other comprehensive loss | (5,667 | ) | — | ||||
Treasury stock, at cost, 915,273 shares as of June 30, 2016 and 508,605 shares as of December 31, 2015 | (261,575 | ) | (254,984 | ) | |||
Total stockholders' deficit | (192,383 | ) | (180,861 | ) | |||
Noncontrolling interest in consolidated affiliate | — | 1,145,639 | |||||
Total equity | (192,383 | ) | 964,778 | ||||
Total liabilities and equity | $ | 61,216 | $ | 2,518,601 |