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.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common stock, par value $0.01 per share | AAMC | NYSE American |
Exhibit No. | Description | |
Press Release of Altisource Asset Management Corporation dated May 8, 2019. |
Altisource Asset Management Corporation | ||
May 8, 2019 | 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 |
• | Entered into a new asset management agreement with Front Yard Residential Corporation (“Front Yard”) on May 7, 2019, providing an improved fee structure that further aligns interests and incentivizes performance and growth. |
• | Completed the transition of Front Yard's rental homes to its internal property management platform ahead of schedule. |
• | Maintained strong operating metrics for Front Yard. |
• | Managed Front Yard's sale of 576 non-core assets for proceeds to Front Yard of $125.3 million and a $7.5 million gain over carrying value during the first quarter of 2019. |
• | Advised Front Yard on the amendment of its Credit Suisse and Nomura warehouse lines, improving fee structures and reducing interest rate spreads from 3.00% to 2.30% on borrowings secured by rental properties. |
Three months ended March 31, | |||||||
2019 | 2018 | ||||||
Revenues: | |||||||
Management fees from Front Yard | $ | 3,546 | $ | 3,727 | |||
Conversion fees from Front Yard | 29 | 63 | |||||
Expense reimbursements from Front Yard | 328 | 262 | |||||
Total revenues | 3,903 | 4,052 | |||||
Expenses: | |||||||
Salaries and employee benefits | 4,418 | 4,214 | |||||
Legal and professional fees | 342 | 352 | |||||
General and administrative | 1,039 | 947 | |||||
Total expenses | 5,799 | 5,513 | |||||
Other income (loss): | |||||||
Change in fair value of Front Yard common stock | 877 | (2,940 | ) | ||||
Dividend income on Front Yard common stock | 244 | 244 | |||||
Other income | 4 | 43 | |||||
Total other income (loss) | 1,125 | (2,653 | ) | ||||
Loss before income taxes | (771 | ) | (4,114 | ) | |||
Income tax expense | 69 | 250 | |||||
Net loss attributable to stockholders | (840 | ) | (4,364 | ) | |||
Amortization of preferred stock issuance costs | (51 | ) | (51 | ) | |||
Net loss attributable to common stockholders | $ | (891 | ) | $ | (4,415 | ) | |
Loss per share of common stock – basic: | |||||||
Loss per basic common share | $ | (0.56 | ) | $ | (2.75 | ) | |
Weighted average common stock outstanding – basic | 1,582,016 | 1,603,898 | |||||
Loss per share of common stock – diluted: | |||||||
Loss per diluted common share | $ | (0.56 | ) | $ | (2.75 | ) | |
Weighted average common stock outstanding – diluted | 1,582,016 | 1,603,898 |
March 31, 2019 | December 31, 2018 | ||||||
(unaudited) | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 22,154 | $ | 27,171 | |||
Short-term investments | 656 | 584 | |||||
Front Yard common stock, at fair value | 15,059 | 14,182 | |||||
Receivable from Front Yard | 3,711 | 3,968 | |||||
Prepaid expenses and other assets | 2,102 | 1,552 | |||||
Total current assets | 43,682 | 47,457 | |||||
Non-current assets: | |||||||
Right-of-use lease assets | 2,782 | — | |||||
Other non-current assets | 1,534 | 1,910 | |||||
Total non-current assets | 4,316 | 1,910 | |||||
Total assets | $ | 47,998 | $ | 49,367 | |||
Current liabilities: | |||||||
Accrued salaries and employee benefits | $ | 2,125 | $ | 5,583 | |||
Accounts payable and accrued liabilities | 871 | 1,188 | |||||
Short-term lease liabilities | 165 | — | |||||
Total current liabilities | 3,161 | 6,771 | |||||
Long-term lease liabilities | 2,643 | — | |||||
Total liabilities | 5,804 | 6,771 | |||||
Commitments and contingencies | — | — | |||||
Redeemable preferred stock: | |||||||
Preferred stock, $0.01 par value, 250,000 shares issued and outstanding as of March 31, 2019 and December 31, 2018; redemption value $250,000 | 249,803 | 249,752 | |||||
Stockholders' deficit: | |||||||
Common stock, $0.01 par value, 5,000,000 authorized shares; 2,884,143 and 1,589,321 shares issued and outstanding, respectively, as of March 31, 2019 and 2,862,760 and 1,573,691 shares issued and outstanding, respectively, as of December 31, 2018 | 29 | 29 | |||||
Additional paid-in capital | 42,943 | 42,245 | |||||
Retained earnings | 25,590 | 26,558 | |||||
Accumulated other comprehensive income | 12 | — | |||||
Treasury stock, at cost, 1,294,822 shares as of March 31, 2019 and 1,289,069 shares as of December 31, 2018 | (276,183 | ) | (275,988 | ) | |||
Total stockholders' deficit | (207,609 | ) | (207,156 | ) | |||
Total liabilities and equity | $ | 47,998 | $ | 49,367 |