United States Virgin Islands | 001-36063 | 66-0783125 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Exhibit No. | Description | |
Press Release of Altisource Asset Management Corporation dated November 7, 2017 |
Altisource Asset Management Corporation | ||
November 7, 2017 | 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 |
• | Represented Altisource Residential Corporation (“RESI”) in confirming the portfolio of 1,750 to 2,000 single-family rental homes comprising the final closing under RESI’s previously announced agreement to acquire up to 3,500 rental homes from entities sponsored by Amherst Holdings, LLC.1 |
• | Advised RESI in awarding a sale of up to 365 mortgage loans to a third party, leaving only 66 legacy loans in its portfolio.2 |
• | Sold 450 non-rental REO properties for RESI, reducing the number of non-rental REOs by 30% over the prior quarter. |
• | Continued to improve RESI’s operating metrics: Stabilized Rental Net Operating Income Margin improved to 65.8%, Stabilized Rental Core Funds from Operations improved to $0.15 per diluted share and stabilized occupancy was 93%. |
Three months ended September 30, 2017 | Three months ended September 30, 2016 | Nine months ended September 30, 2017 | Nine months ended September 30, 2016 | ||||||||||||
Revenues: | |||||||||||||||
Management fees from RESI | $ | 3,966 | $ | 4,208 | $ | 12,176 | $ | 12,838 | |||||||
Conversion fees from RESI | 163 | 450 | 1,201 | 1,396 | |||||||||||
Expense reimbursements from RESI | 300 | 196 | 706 | 553 | |||||||||||
Total revenues | 4,429 | 4,854 | 14,083 | 14,787 | |||||||||||
Expenses: | |||||||||||||||
Salaries and employee benefits | 5,035 | 4,460 | 15,003 | 13,054 | |||||||||||
Legal and professional fees | 899 | 420 | 1,919 | 1,503 | |||||||||||
General and administrative | 778 | 1,152 | 2,661 | 3,343 | |||||||||||
Total expenses | 6,712 | 6,032 | 19,583 | 17,900 | |||||||||||
Other income: | |||||||||||||||
Dividend income on RESI common stock | 244 | 244 | 731 | 780 | |||||||||||
Other income | 41 | 4 | 68 | 64 | |||||||||||
Total other income | 285 | 248 | 799 | 844 | |||||||||||
Loss before income taxes | (1,998 | ) | (930 | ) | (4,701 | ) | (2,269 | ) | |||||||
Income tax expense | 127 | 141 | 484 | 1,003 | |||||||||||
Net loss | (2,125 | ) | (1,071 | ) | (5,185 | ) | (3,272 | ) | |||||||
Amortization of preferred stock issuance costs | (52 | ) | (51 | ) | (155 | ) | (155 | ) | |||||||
Net loss attributable to common stockholders | $ | (2,177 | ) | $ | (1,122 | ) | $ | (5,340 | ) | $ | (3,427 | ) | |||
Loss per share of common stock – basic: | |||||||||||||||
Loss per basic share | $ | (1.38 | ) | $ | (0.67 | ) | $ | (3.42 | ) | $ | (1.89 | ) | |||
Weighted average common stock outstanding – basic | 1,574,822 | 1,676,651 | 1,562,056 | 1,813,929 | |||||||||||
Loss per share of common stock – diluted: | |||||||||||||||
Loss per diluted share | $ | (1.38 | ) | $ | (0.67 | ) | $ | (3.42 | ) | $ | (1.89 | ) | |||
Weighted average common stock outstanding – diluted | 1,574,822 | 1,676,651 | 1,562,056 | 1,813,929 |
September 30, 2017 | December 31, 2016 | ||||||
(Unaudited) | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 32,813 | $ | 40,584 | |||
Available-for-sale securities (RESI common stock) | 18,048 | 17,934 | |||||
Receivable from RESI | 4,680 | 5,266 | |||||
Prepaid expenses and other assets | 3,168 | 1,964 | |||||
Total assets | $ | 58,709 | $ | 65,748 | |||
Current liabilities: | |||||||
Accrued salaries and employee benefits | $ | 4,428 | $ | 4,100 | |||
Accounts payable and other accrued liabilities | 2,016 | 4,587 | |||||
Total liabilities | 6,444 | 8,687 | |||||
Commitments and contingencies | — | — | |||||
Redeemable preferred stock: | |||||||
Preferred stock, $0.01 par value, 250,000 shares issued and outstanding as of September 30, 2017 and December 31, 2016; redemption value $250,000 | 249,495 | 249,340 | |||||
Stockholders' deficit: | |||||||
Common stock, $0.01 par value, 5,000,000 authorized shares; 2,795,830 and 1,583,613 shares issued and outstanding, respectively, as of September 30, 2017 and 2,637,629 and 1,513,912 shares issued and outstanding, respectively, as of December 31, 2016 | 28 | 26 | |||||
Additional paid-in capital | 36,499 | 30,696 | |||||
Retained earnings | 40,805 | 46,145 | |||||
Accumulated other comprehensive loss | (2,548 | ) | (2,662 | ) | |||
Treasury stock, at cost, 1,212,217 shares as of September 30, 2017 and 1,123,717 shares as of December 31, 2016 | (272,014 | ) | (266,484 | ) | |||
Total stockholders' deficit | (197,230 | ) | (192,279 | ) | |||
Total liabilities and equity | $ | 58,709 | $ | 65,748 |