0001555074-24-000013 | 10-K | XBRL Viewer | Altisource Asset Management Corp

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Segment Information	12 Months Ended
Segment Information	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Information	10. Segment Information ALG is our primary segment. The Company’s chief operating decision maker, its Chief Executive Officer, reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating its financial performance. Accordingly, the Company has determined that it operates in a single reportable segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Loans Held for Sale or Investment at Fair Value - Schedule Of Accounts Loan Portfolio By Classification (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at December 31, 2022	$ 83,143
Balance at December 31, 2023	5,633
Loans Held for Sale
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at December 31, 2022	11,593
Acquisitions	0
Originations	12,359
Proceeds from sales of loans	(23,453)
Additional fundings	4,880
Interest receivable	4
Payoffs and repayments	(1,088)
Fair value adjustment	161
Balance at December 31, 2023	4,456
Loans Held for Investment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at December 31, 2022	83,143
Acquisitions	350
Originations	0
Proceeds from sales of loans	(45,484)
Additional fundings	6,498
Interest receivable	(1,181)
Payoffs and repayments	(39,131)
Fair value adjustment	1,438
Balance at December 31, 2023	$ 5,633

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Atlanta, Georgia

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (32,546)	$ (15,934)
Other comprehensive loss:
Currency translation adjustments, net	(6)	(34)
Total other comprehensive loss	(6)	(34)
Comprehensive loss	$ (32,552)	$ (15,968)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits at the beginning of the year	$ 0	$ 0
Current period tax position increases	0	0
Prior period tax position increases	437	0
Decreases due to lapse in applicable statute of limitations	0	0
Unrecognized tax benefits at the end of the year	$ 437	$ 0

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events Effective as of January 11, 2024 (the “Effective Date”), AAMC entered into a settlement agreement (the “Settlement Agreement”) with Luxor Capital Group LP, Luxor Capital Partners Offshore Masters Fund, LP, Luxor Capital Partners, LP, Luxor Wavefront, LP, Luxor Spectrum, LLC, and Thebes Offshore Master Fund, LP (collectively, “Luxor”) and Nathaniel Redleaf, a former AAMC director (together with AAMC and Luxor, the “Parties”). Under the terms of the Settlement Agreement: •Luxor surrendered all 144,212 shares of AAMC Series A Convertible Preferred Stock it held to AAMC. Luxor and AAMC agreed that their related Securities Purchase Agreement dated March 13, 2014, along with the Certificate of Designations dated March 17, 2014 attached thereto, are void and all rights thereunder are extinguished. •The Company shall provide the following consideration to Luxor: ◦A $1,000,000 cash payment within five days of the Effective Date, plus ◦Three Promissory Notes in the following principal amounts and durations: ▪A Note in the principal amount of $2,000,000 due and payable on the three-year anniversary of the Effective Date; ▪A Note in the principal amount of $3,000,000 due and payable on the five-year anniversary of the Effective Date; and ▪A Note in the principal amount of $6,000,000 due and payable on the eight-year anniversary of the Effective Date. ◦Each Note bears annual interest at either 7.5% on a cash basis or 10% paid-in-kind (“PIK”) basis, at the election of AAMC. The Company shall refrain from making common stock repurchases or issuing dividends at any time the PIK option is in effect and is subject to certain additional covenants enumerated in the Notes. ▪The Company shall also pay Luxor 50% of any proceeds received in respect of its damage claims in the action brought by Erbey Holding Corporation pending in USVI Superior Court with case number SX-2018-CV-146, up to a cumulative payout cap to Luxor of $50,000,000. ▪The Parties agreed and stipulated to dismissal with prejudice of the following actions: (i) Luxor Capital Group LP, et. al v. Altisource Asset Management Corporation filed in the Supreme Court of the State of New York in the County of New York, with index number 650746/2020 (including Luxor’s withdrawal of its pending request for further appellate review by the New York Court of Appeals), and (ii) Altisource Asset Management Corporation v. Nathaniel Redleaf et. al pending in the United States District Court for the District of the Virgin Islands, with case number 1:23-cv-00002. The Parties exchanged mutual releases of their respective claims relating to the aforesaid actions, SPA and Certificate, as applicable, and agreed that the Settlement Agreement shall not be construed as an admission that any of the Parties violated the law, breached any contract or committed any wrong whatsoever.

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Altisource Asset Management Corporation (“we,” “our,” “us,” “AAMC,” or the “Company”) was incorporated in the U.S. Virgin Islands (“USVI”) on March 15, 2012 (our “inception”), and commenced operations as an asset manager on December 21, 2012. As disclosed in our public filings, the Company’s prior business operations ceased in the first week of 2021. The Company previously operated as the external manager for Front Yard Residential Corporation (“Front Yard”), a public real estate investment trust (“REIT”) focused on acquiring and managing quality, affordable, single-family rental (“SFR”) properties throughout the United States. During 2021, AAMC engaged in a comprehensive assessment to either internally develop a new business operation or acquire a separate operating company. A range of industries were analyzed, including, but not limited to, real estate, lending cryptocurrency, block-chain technology and insurance operations. Outside professional firms, including among others, Cowen and Company, LLC, an investment bank, and Norton Rose Fulbright LLP, a global law practice, were engaged to provide due diligence, legal and valuation expertise to assist in our search. As of March 2022, the Company created the Alternative Lending Group (“ALG”), to generate alternative private credit loans through Direct to Borrower Lending, Wholesale Originations, and Correspondent Loan Acquisitions. The initial operations of ALG entailed the following: •Build out a niche origination platform as well as a loan acquisition team; •Fund the originated or acquired alternative loans from a combination of Company equity and existing or future lines of credit; •Sell the originated and acquired alternative loans through forward commitment and repurchase contracts; •Leverage senior management’s expertise in this space; and •Utilize AAMC’s existing operations in India to drive controls and cost efficiencies. ALG's primary sources of income is derived from mortgage banking activities generated through the origination and acquisition of loans, and their subsequent sale or securitization as well as net interest income from loans while held on the balance sheet for investment. Following a full year of operating the new ALG business line, our board of directors mandated a comprehensive review of the Company’s mortgage platform to improve the performance of the business. This review involved assessments of operational efficiency and capacity issues, opportunities for cost reductions, strategies for improving liquidity, among other initiatives, all with a view toward enhancing financial performance. The Company has made significant progress in reducing costs and streamlining operations, including an across-the-board employee right-sizing, reducing expenditures for third-party professional services and reducing reliance on lines of credit. On October 6, 2023, the Company signed a non-exclusive patent and technology licensing agreement (“PTL Agreement”) with System73 Limited (an entity controlled and managed by the majority owners of the Company’s common stock). The Company acquired a non-exclusive license for a set of patents which seek to improve the efficiency of electric vehicles. The patents, among additional items, seek to use multiple electric motors in electric machines to improve the efficiency beyond the standard single motor drive used currently in most of these vehicles. System73 has strategically aligned itself with two companies, Seabird Technologies and Purple Sector, to facilitate the creation of a prototype electric vehicle over the next 18 months. These two partners have extensive relationships with auto manufacturers and suppliers and are incentivized to generate revenues from these patents over the 24-month period following development of the prototype. The Company can terminate the PTL with System73 Limited at any time or for any reason and in the event System73 Limited grants a license to the patents to another entity or markets or otherwise commercializes the technology to or with another party. While no cash or other consideration was transferred by the Company to System73 Limited at the time of the execution of the PTL, the PTL provides for certain equity incentive payments to System73 Limited based on performance. The Agreement sets out AAMC Common Stock Milestones, defined as each instance where the average closing price of the Company’s common stock for the preceding twenty (20) day period reaches an amount equal to or in excess of a multiple of $100 (i.e., $100, $200, $300, etc.). Upon the occurrence of each such Stock Milestone, System 73 would be awarded the number of shares of AAMC Common Stock equal to ten percent of the AAMC fully-diluted Shares. The Company determined that the equity contract with System73 Limited should be accounted for as a derivative requiring mark-to-market accounting. As of December 31, 2023, the Company determined that the equity contract has a di minimis value. Basis of presentation and use of estimates The accompanying audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All wholly owned subsidiaries are included, and all intercompany accounts and transactions have been eliminated. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Loans held for sale or investment, carried at fair market value We originate and purchase alternative loans. These loans will either be classified as held for investment or held for sale depending upon the determination of management. We have elected to measure these alternative loans at fair value on a loan by loan basis. This option is available when we first recognize a financial asset. Subsequent changes in the fair value of these loans will be recorded in our Consolidated Statements of Operations in the period of the change. Purchased loans, also known as correspondent loans, can be bought with a net strip interest component in that the seller of the loan will receive an agreed upon percentage of the coupon interest generated from the sold loan. This strip component is reflected as service and asset management expense on the Consolidated Statements of Operations. A fair value measurement represents the price at which an orderly transaction would occur between willing market participants at the measurement date. We estimate the fair values of the loans held for investment or sale based on available inputs from the marketplace. The market for the loans that we have or will invest in is generally illiquid. Establishing fair values for illiquid assets is inherently subjective and is often dependent upon our estimates and modeling assumptions. In circumstances where relevant market inputs cannot be obtained, increased analysis and management judgment are required to estimate fair value. This generally requires us to establish internal assumptions about future cash flows and appropriate risk-adjusted discount rates. Regardless of the valuation inputs we apply, the objective of fair value measurement for assets is unchanged from what it would be if markets were operating at normal activity levels and/or transactions were orderly; that is, to determine the current exit price. When the Company sells a loan, a gain or loss will be recognized at the time of the sale in net income for the difference between the fair value and the book value. The fair value is measured as the agreed upon selling price from the contractual agreement with the buyer. See Note 3 - Loans Held for Sale or Investment at Fair Value for further discussion on fair value measurements. Interest for these loans is recognized as revenue based on the stated coupon when earned and deemed collectible or until a loan becomes more than 90 days past due, at which point the loan is placed on nonaccrual status and any accrued interest is reversed against interest income. When a seriously delinquent loan previously placed on nonaccrual status has been cured, meaning all delinquent principal and interest have been remitted by the borrower, the loan will be placed back on accrual status. Interest accrued as of period end is included within loans held for sale, at fair value or loans held for investment, at fair value in the Consolidated Balance Sheets as applicable. We evaluate transfers of loans held for sale or investment at fair value under the guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") No. 860, "Transfers and servicing of financial assets" ("ASC 860"), and account for such transfers as sales when three conditions in ASC 810-10-45-5 have been met. That is, we account for transfers of such financial assets as sales when the assets have been isolated from the Company, when the transferee has the right to pledge or exchanges the assets it receives and there are no restrictions on the transferee that constrain such right, and when the Company has no effective control over the transferred financial assets. Each of the loans transferred during the year ended December 31, 2023 qualified for sale accounting under ASC 860, as each of the loans was transferred to a third-party "as is" in exchange for cash, and the Company has no continuing involvement with the transferred financial assets or the transferees. As result of such transfers, the Company realized an aggregate loss totaling $2.2 million and $14.9 million for the year ended December 31, 2023 on loans held for sale and loans held for investment, respectively, which is included in Realized losses on loans held for sale, net and Realized losses on loans held for investment, net, respectively, in the accompanying Consolidated Statement of Operations. There were no transfers of financial assets during the year ended December 31, 2023. Redeemable preferred stock Issuance of Series A Convertible Preferred Stock in 2014 Private Placement During the first quarter of 2014, we issued 250,000 shares of convertible preferred stock for $250.0 million to institutional investors. Under the Certificate of Designations of the Series A Shares (the “Certificate”), we had the option to redeem all of the Series A Shares on March 15, 2020 and on each successive five-year anniversary of March 15, 2020 thereafter. In connection with these same redemption dates, each holder of our Series A Shares had the right to give notice requesting us to redeem all of the Series A Shares held by such holder out of legally available funds. In accordance with the terms of the Certificate, if we had legally available funds to redeem all, but not less than all, of the Series A Shares requested to be redeemed on a redemption date, we would deliver to those holders who had requested redemption in accordance with the Certificate a notice of redemption. If we did not have legally available funds to redeem all, but not less than all, of the Series A Shares requested to be redeemed on a redemption date, we would not provide a notice of redemption. The redemption right would have been exercisable in connection with each redemption date every five years until the mandatory redemption date in 2044. If we had been required to redeem all of the holder’s Series A Shares, we would have been required to do so for cash at a price equal to $1,000 per share (the issuance price) out of funds legally available therefor. Due to the redemption provisions of the Series A Shares, we classified these shares as mezzanine equity, outside of permanent stockholders' equity. The holders of our Series A Shares were not entitled to receive dividends with respect to their Series A Shares. The Series A Shares were convertible into shares of our common stock at a conversion price of $1,250 per share (or an exchange rate of 0.8 shares of common stock for Series A Share), subject to certain anti-dilution adjustments. Upon certain change of control transactions or upon the liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, before any payment or distribution could have been made to holders of junior shares, the holders of the Series A Shares would have been entitled to receive an amount in cash per Series A Share equal to the greater of: (i) $1,000 plus the aggregate amount of cash dividends paid on the number of shares of common stock into which such Series A Shares were convertible on each ex-dividend date for such dividends; and (ii) The number of shares of common stock into which the Series A Shares were then convertible multiplied by the then-current market price of the common stock. Because not all of these potential transactions were wholly within the control of the Company, the Series A Shares were classified as mezzanine equity. The Certificate conferred no voting rights to holders, except with respect to matters that materially and adversely affect the voting powers, rights or preferences of the Series A Shares or as otherwise required by applicable law. With respect to the distribution of assets upon the liquidation, dissolution or winding up of the Company, the Series A Shares ranked senior to our common stock and on parity with all other classes of preferred stock that may have been issued by us in the future. The Series A Shares were recorded net of issuance costs, which were amortized on a straight-line basis through the first potential redemption date in March 2020. Between January 31, 2020 and February 3, 2020, we received purported notices from all of the holders of our Series A Shares requesting us to redeem an aggregate of $250.0 million liquidation preference of our Series A Shares on March 15, 2020. We did not have legally available funds to redeem all, but not less than all, of the Series A Shares on March 15, 2020. As a result, we did not believe, under the terms of the Certificate, that we were obligated to redeem any of the Series A Shares under the Certificate. Related litigation –Luxor (plaintiff) v. AAMC (defendant) On February 3, 2020, Luxor filed a complaint in the Supreme Court of the State of New York, County of New York, against AAMC for breach of contract, specific performance, unjust enrichment, and related damages and expenses. The complaint alleged that AAMC’s position that it would not redeem any of Luxor’s Series A Shares on the March 15, 2020 redemption date was a material breach of AAMC’s redemption obligations under the Certificate. Luxor sought an order requiring AAMC to redeem its Series A Shares, recovery of no less than $144,212,000 in damages, which is equal to the amount Luxor would have received if AAMC redeemed all of Luxor’s Series A Shares at the redemption price of $1,000 per share set forth in the Certificate, as well as payment of its costs and expenses in the lawsuit. In the alternative, Luxor sought a return of its initial purchase price of $150,000,000 for the Series A Shares, as well as payment of its costs and expenses in the lawsuit. On May 25, 2020, Luxor’s complaint was amended to add Putnam Equity Spectrum Fund and Putnam Capital Spectrum Fund (collectively, “Putnam”), which also invested in the Series A Shares, as plaintiff. On June 12, 2020, AAMC moved to dismiss the Amended Complaint in favor of AAMC’s first-filed declaratory judgment action in the U.S. Virgin Islands. On August 3, 2020, the court denied AAMC’s motion to dismiss. On February 23, 2021, in accordance with the terms of the Putnam Agreement described below, Putnam agreed to discontinue all claims against AAMC with prejudice. AAMC and Luxor each filed summary judgment motions on July 19, 2022. On December 1, 2022, having heard oral arguments on the summary judgment motions, the trial court denied both parties’ motions. AAMC and Luxor appealed the trial court’s ruling to the Appellate Division - First Department, of the Supreme Court of the State of New York. On June 13, 2023, the Appellate Division issued a unanimous decision, finding in favor of AAMC that it did not breach any contractual obligation to redeem Luxor’s Series A Shares and directing the trial court to enter judgment dismissing Luxor’s complaint. On July 19, 2023, Luxor filed a request for a further appeal to the New York Court of Appeals, and AAMC filed an opposition thereto on August 7, 2023. As noted below, pursuant to a settlement agreement entered into by the parties dated January 11, 2024, this litigation has been terminated and dismissed with prejudice. See Note 11 - Subsequent Events. –AAMC (plaintiff) v. Nathaniel Redleaf (defendant) On October 31, 2022, AAMC filed a complaint with demand for jury trial in the Superior Court of the Virgin Islands, Division of St. Croix, against Nathaniel Redleaf alleging breach of fiduciary duty to AAMC. Mr. Redleaf was a member of AAMC’s Board of Directors for five years and the Company’s complaint alleges that he breached his fiduciary duty, by among other things, disclosing AAMC’s confidential information to Luxor. AAMC sought a number of remedies, including compensatory damages, disgorgement of any benefit received by Luxor or Mr. Redleaf as a result of such breaches. On January 4, 2023, this action was removed to the United States District Court of the Virgin Islands, Division of St. Croix. On February 28, 2023, defendant Redleaf filed a motion to dismiss the complaint. AAMC filed its opposition to defendant’s motion on April 4, 2023 and the parties thereafter stipulated to a stay of proceedings through January 17, 2024. As noted below, pursuant to a settlement agreement entered in by the parties dated January 11, 2024, all litigation with Mr. Redleaf and Luxor has been terminated and dismissed with prejudice. Settlement activities On February 17, 2021, the Company entered into a settlement agreement dated as of February 17, 2021 (the “Putnam Agreement”) with Putnam. Pursuant to the Putnam Agreement, AAMC and Putnam exchanged all of Putnam’s 81,800 Series A Shares for 288,283 shares of AAMC’s common stock. Additionally, AAMC paid Putnam $1,636,000 within three business days of the effective date of the Putnam Agreement and $1,227,000 on the one-year anniversary of the effective date of the Putnam Agreement, and in return Putnam released AAMC from all claims related to the Series A Shares and enter into a voting rights agreement as more fully described in the Putnam Agreement. Finally, AAMC granted to Putnam a most favored nations provision with respect to future settlements of the Series A Shares. As a result of this settlement, we recognized a one-time gain directly to Additional paid in capital of $71.9 million in the first quarter of 2021. On August 27, 2021, the Company entered into a settlement agreement (the “Wellington Agreement”) with certain funds managed by Wellington Management Company LLP (collectively, “Wellington”). Under the Wellington Agreement, the Company paid Wellington $2,093,000 in exchange for 18,200 Series A Shares ($18.2 million of liquidation preference) held by Wellington, and in return Wellington agreed to release AAMC from all claims related to the Series A Shares. As a result of this settlement, we recognized a one-time gain directly to Additional paid in capital of $16.1 million gain in the third quarter of 2021. On January 6, 2022, the Company entered into a settlement agreement (the "Settlement Agreement") with two institutional investors. Under the Settlement Agreement, the Company paid the institutional investors approximately $665 thousand in cash in exchange for 5,788 Series A Shares ($5.79 million of liquidation preference) held by the institutional investors. As a result of this settlement, the Company recognized a one-time gain directly to Additional paid in capital of approximately $5.1 million in the first quarter of 2022. On July 18, 2022, the Company entered into an agreement (the "Purchase Agreement") with Putnam in which the Company repurchased 286,873 shares of common stock of the Company owned by Putnam (the "Putnam Shares"). The aggregate purchase price of the Putnam Shares was $2,868,730, or $10 per share. Pursuant to the Purchase Agreement, the Company and Putnam also agreed to terminate the most favored nation clause granted to Putnam in the Putnam Agreement. The Company and Putnam also agreed to terminate all of Putnam's shareholder voting obligations included in the Putnam Agreement. In addition to the above-disclosed settlements with various holders of Series A Shares, effective January 11, 2024 the Company entered into settlement agreements with Luxor Capital (and related entities) and Nathaneal Redleaf which provide for the redemption by the Company of all Series A Shares held by Luxor (and related entities) and the termination and dismissal with prejudice of the litigation with respect thereto and with respect to the Company’s claims against Mr. Redleaf. See Note 11 - Subsequent Events. 2016 Employee Preferred Stock Plan On May 26, 2016, the 2016 Employee Preferred Stock Plan (the “Employee Preferred Stock Plan”) was approved by our stockholders. Pursuant to the Employee Preferred Stock Plan, the Company may grant one or more series of non-voting preferred stock, par value $0.01 per share, in the Company to induce certain employees to become employed and remain employees of the Company in the USVI, and any of its future USVI subsidiaries, to encourage ownership of shares in the Company by such USVI employees and to provide additional incentives for such employees to promote the success of the Company’s business. Pursuant to our stockholder approval of the Employee Preferred Stock Plan, on December 29, 2016, the Company authorized 14 additional series of preferred stock of the Company, consisting of Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock, Series G Preferred Stock, Series H Preferred Stock, Series I Preferred Stock, Series J Preferred Stock, Series K Preferred Stock, Series L Preferred Stock, Series M Preferred Stock, Series N Preferred Stock and Series O Preferred Stock, and each series shall consist of up to an aggregate of 1,000 shares. We have issued shares of preferred stock under the Employee Preferred Stock Plan to certain of our USVI employees. These shares of preferred stock are mandatorily redeemable by us in the event of the holder's termination of service with the Company for any reason. At December 31, 2023 and 2022, we had 1,200 and 3,200 and shares outstanding, respectively, and we included the redemption value of these shares of $12,000 and $32,000 respectively, within accounts payable and accrued liabilities in our Consolidated Balance Sheets. In December 2022, our Board of Directors declared and paid an aggregate $0.4 million of dividends on these shares of preferred stock. Such dividends are included in salaries and employee benefits in our Consolidated Statements of Operations. Recently issued accounting standards Recently issued accounting standards adopted In December 2019, the FASB issued ASU 2019-12, “Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740),” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. Our adoption of this standard in the first quarter of 2022 did not have a material impact on our consolidated financial statements. Recently issued accounting standards not yet adopted In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. In December 2022, the FASB extended the temporary accounting rules under Topic 848 from December 31, 2022 to December 31, 2024. We will adopt this standard when LIBOR is discontinued. We are evaluating the impact the new standard will have on our consolidated financial statements and related disclosures, but do not anticipate a material impact. Recent accounting pronouncements pending adoption not discussed above or in the 2022 Form 10-K are either not applicable or will not have, or are not expected to have a material impact on our consolidated financial position, results of operations, or cash flows.

Earnings Per Share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restricted stock
Denominator
Antidilutive shares excluded from computation of earnings per share (in shares)	35,595	28,840
Preferred Stock
Denominator
Antidilutive shares excluded from computation of earnings per share (in shares)	196,128	196,238

Leases - Additional Information (Details) - USD ($)	12 Months Ended
Leases - Additional Information (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term	3 years 3 months 18 days	3 years 9 months 18 days
Operating lease, discount rate	7.00%	7.00%
Rent expense- long term lease	$ 400,000	$ 300,000
Rent expense- short term lease	0	0
Finance lease, liability	0	0
Impairment of operating lease right-of-use asset	$ 58,000	$ 0

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Components of Basic and Diluted Loss Per Share

The following table sets forth the components of basic and diluted loss per share ($ in thousands, except share and per share amounts):


	Year ended December 31,
		2023		2022
Numerator
Net loss		$	(32,546)	$	(15,934)

Gain of preferred stock transaction		—		5,122
Numerator for earnings per share - net loss attributable to common stockholders		$	(32,546)	$	(10,812)

Denominator
Weighted average common stock outstanding - basic		2,925,744		3,259,755



Weighted average common stock outstanding - diluted		2,925,744		3,259,755

Loss per basic common share		$	(11.12)	$	(3.32)
Loss per diluted common shares		$	(11.12)	$	(3.32)

Schedule of Antidilutive Securities Excluded From Computation of Loss Per Share

We excluded the items presented below from the calculation of diluted loss per share as they were antidilutive for the periods indicated, as the Company had a net loss from operations for each period presented ($ in thousands):


	Year ended December 31,
		2023	2022
Denominator

Restricted stock		35,595	28,840
Preferred stock, if converted		196,128	196,238

Income Taxes - Narrative (Details)	12 Months Ended
Income Taxes - Narrative (Details)	Dec. 31, 2023 USD ($) employee	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Income Tax Disclosure [Abstract]
Income tax exemption, percentage	90.00%
Minimum employee requirement \| employee	5
Cumulative loss position, duration	3 years
Valuation allowance, increase	$ 3,000,000
Unrecognized tax benefit, interest and penalties expensed	0	$ 0
Unrecognized tax benefits	$ 437,000	$ 0	$ 0

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Maturity Analysis of Operating Leases

The following table presents a maturity analysis of our operating leases as of December 31, 2023 ($ in thousands):


	Operating Lease Liabilities
2024	$	300
2025	309
2026	320
2027	76


Total lease payments	1,005
Less: interest	105
Lease liabilities	$	900

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Cash equivalents We consider highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Certain account balances exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. To mitigate this risk, we maintain our cash and cash equivalents at large national or international banking institutions. Restricted cash Historically, we were required to maintain $2 million of restricted cash in a Flagstar deposit account under the Master Repurchase Agreement with Flagstar bank. See Note 4 - Borrowings. We have no restrictions on cash balances at December 31, 2023. Consolidations The consolidated financial statements include the accounts of AAMC and its consolidated subsidiaries, which include the voting interest entities in which we are determined to have a controlling financial interest. Our voting interest entities consist entirely of our wholly owned subsidiaries. We also consider variable interest entities (“VIEs”) for consolidation where we are the primary beneficiary. We had no VIEs or potential VIEs as of and for the years ended December 31, 2023 or 2022. Earnings per share Basic earnings per share is computed by dividing net income or loss, less amortization of preferred stock issuance costs, by the weighted average common stock outstanding during the period. Diluted earnings per share is computed by dividing net income or loss by the weighted average common stock outstanding for the period plus the dilutive effect of (i) stock options and restricted stock outstanding using the treasury stock method and (ii) Series A Preferred Shares using the if-converted method. Weighted average common stock outstanding - basic excludes the impact of unvested restricted stock since dividends paid on such restricted stock are non-participating. Any gain on settlement of preferred shares, which is recorded directly to equity, is included in the numerators for our earnings per share calculations. Fair value of financial instruments We designate fair value measurements into three levels based on the lowest level of substantive input used to make the fair value measurement. Those levels are as follows: •Level 1 - Quoted prices in active markets for identical assets or liabilities. •Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. •Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Income taxes Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to our judgment, we reduce a deferred tax asset by a valuation allowance if it is “more likely than not” that some or the entire deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and we recognize tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority. For all temporary differences, we have considered the potential future sources of taxable income against which they may be realized. In so doing, we have taken into account temporary differences that we expect to reverse in future years and those where it is unlikely. Where it is more likely than not that there will not be potential future taxable income to offset a temporary difference, a valuation allowance has been recorded. Lastly, the Company accounts for the tax on global intangible low-taxed income (“GILTI”) as incurred and therefore has not recorded deferred taxes related to GILTI on its foreign subsidiaries. Leases On January 1, 2019, we adopted ASU 2016-02, including various associated updates and amendments, which together comprise the requirements for lease accounting under ASC 842. ASC 842 fundamentally changes accounting for operating leases by requiring lessees to recognize a liability to make lease payments and a right-of-use asset over the term of the lease. We also adopted the “package of practical expedients,” which permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs under the new standard. We also elected the short-term lease exemption for all leases that qualify; as a result, we will not recognize right-of-use assets or lease liabilities for leases with a term of less than 12 months at inception. We lease office space under two operating leases. We recognized lease expense for these leases on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Our office leases are generally for terms of one to five years and typically include renewal options, which we consider when determining our lease right-of-use assets and lease liabilities to the extent that a renewal option is reasonably certain of being exercised. Along with base rents, we are generally required to pay common area maintenance, property taxes and insurance, each of which vary from period to period and are accounted for as variable lease costs and therefore, expensed as incurred. Other assets Other assets includes leasehold improvements; right-of-use assets; furniture, fixtures and equipment; deferred tax assets, refunds due and miscellaneous other assets. The cost basis of fixed assets is depreciated using the straight-line method over an estimated useful life of three to five years based on the nature of the components. During the year ended December 31, 2023, the Company wrote off capitalized costs associated with the development of a website for use in the mortgage business as it was determined that the future cash flows attributable to that line of business did not support its recoverability given the scale back of our lending operations. The write off totaled $0.5 million and is included in impairment expense in the consolidated statement of operations. Interest income and loan fees Interest revenue is recognized based on the stated coupon when earned and deemed collectible or until a loan becomes more than 90 days past due, at which point the loan is place on nonaccrual status and any accrued interest is reversed against interest revenue. Upon a nonaccrual loan being reinstated, meaning all delinquent principal and interest payments have been remitted by the borrower, the loan will be placed back on accrual status. Interest accrued as of period end is included within loans for sale, at fair value, or loans held for investment, at fair value, in the Consolidated Balance Sheets as applicable. Loan fees represent origination fees charged to borrowers and are recognized to revenue upon the origination date of the loan. Share-based compensation We amortize the grant date fair value of restricted stock as expense on a straight-line basis over the service period with an offsetting increase in stockholders' equity. The grant date fair value of awards with only service-based vesting conditions is determined based upon the share price on the grant date. We recognize share-based compensation expense related to (i) awards to employees in salaries and employee benefits and (ii) awards to Directors or non-employees in general and administrative expense in our Consolidated Statements of Operations. Forfeitures of share-based awards are recognized as they occur. Treasury stock We account for repurchased common stock under the cost method and include such treasury stock as a component of total stockholders’ equity. We have repurchased shares of our common stock (i) under our Board approval to repurchase up to $300 million in shares of our common stock and (ii) upon our withholding of shares of our common stock to satisfy tax withholding obligations in connection with the vesting of our restricted stock.

Incentive Compensation and Share- Narrative (Details)	12 Months Ended
Incentive Compensation and Share- Narrative (Details)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) installment $ / shares shares
Share-based compensation arrangement by share-based payment award [Line Items]
Share-based compensation \| $	$ 0	$ 0
Stock options outstanding (in shares) \| shares	0
Options exercised in period (in shares) \| shares		5,850
Granted (in USD per share) \| $ / shares		$ 4.36
Aggregate intrinsic value, outstanding \| $		$ 100,000
Unrecognized stock compensation \| $	$ 0	$ 300,000
Weighted average remaining amortization period of unamortized share based compensation (in years)		1 year 1 month 6 days
Common stock, shares available to be issued under charter (in shares) \| shares	315,515
Restricted stock
Share-based compensation arrangement by share-based payment award [Line Items]
Share-based compensation \| $	$ 200,000
Aggregate intrinsic value, outstanding \| $	$ 100,000	$ 700,000
Number of shares granted (in shares) \| shares		52,821
Weighted average grant date fair value of grants in period (in USD per share) \| $ / shares		$ 7.62
Management \| Restricted stock
Share-based compensation arrangement by share-based payment award [Line Items]
Number of shares granted (in shares) \| shares	0	38,250
Number of annual installments \| installment		3
Management \| Restricted stock \| Vesting Tranche One
Share-based compensation arrangement by share-based payment award [Line Items]
Weighted average grant date fair value of grants in period (in USD per share) \| $ / shares		$ 5.82
Directors \| Restricted stock
Share-based compensation arrangement by share-based payment award [Line Items]
Number of shares granted (in shares) \| shares	0	14,571
Weighted average grant date fair value of grants in period (in USD per share) \| $ / shares		$ 12.35
Value of restricted stock granted to directors annually \| $		$ 60,000
Director attendance requirement	75.00%

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Stock compensation	$ 6	$ 2
Accrued expenses	53	84
Net operating losses	4,506	1,109
Lease liabilities	10	54
Other	4	76
Total gross deferred tax assets	4,579	1,325
Less: Valuation allowance	(4,313)	(1,266)
Total net deferred tax assets	266	59
Deferred tax liabilities:
Right-of-use assets	9	53
Investments	0	6
Unrealized gains	320	0
Total gross deferred tax liabilities	329	59
Deferred tax assets, net	$ (63)	$ 0

Subsequent Events (Details)	Jan. 11, 2024 USD ($) note shares	Feb. 17, 2021
Subsequent Event [Line Items]
Settlement agreement, number of business days to pay		3 days
Subsequent event \| Note Issued Due and Payable on Three-year Anniversary of Effective Date
Subsequent Event [Line Items]
Settlement agreement, note issuance term	3 years
Subsequent event \| Note Issued Due and Payable on Five-year Anniversary of Effective Date
Subsequent Event [Line Items]
Settlement agreement, note issuance term	5 years
Subsequent event \| Note Issued Due and Payable on Eight-year Anniversary of Effective Date
Subsequent Event [Line Items]
Settlement agreement, note issuance term	8 years
Subsequent event \| Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation
Subsequent Event [Line Items]
Settlement agreement, cash payment	$ 1,000,000
Settlement agreement, number of business days to pay	5 days
Settlement agreement, number of promissory notes issued \| note	3
Settlement agreement, note issuance, interest rate on a cash basis	7.50%
Settlement agreement, note issuance, interest rate on a paid-in-kind basis	10.00%
Damages awarded, percentage of proceeds received in other case	50.00%
Litigation case, damages awarded, payout cap from other case	$ 50,000,000
Subsequent event \| Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation \| Note Issued Due and Payable on Three-year Anniversary of Effective Date
Subsequent Event [Line Items]
Settlement agreement, note issuance	2,000,000
Subsequent event \| Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation \| Note Issued Due and Payable on Five-year Anniversary of Effective Date
Subsequent Event [Line Items]
Settlement agreement, note issuance	3,000,000
Subsequent event \| Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation \| Note Issued Due and Payable on Eight-year Anniversary of Effective Date
Subsequent Event [Line Items]
Settlement agreement, note issuance	$ 6,000,000
Subsequent event \| Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation \| Luxor
Subsequent Event [Line Items]
Settlement agreement, number of shares surrendered (in shares) \| shares	144,212

Loans Held for Sale or Investment at Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The composition of the loan portfolio by classification as of December 31, 2023 and 2022, respectively, is summarized in the table below ($ in thousands):


	Held for Sale				Held for Investment
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Total loan commitments	$	7,420	$	15,080	$	6,235	$	98,157
Less: construction holdbacks (1)	(2,988)		(3,350)		(214)		(13,188)
Total principal outstanding	4,432		11,730		6,021		84,969
Change in fair value of loans	24		(137)		(388)		(1,826)
Total loans at fair value	$	4,456	$	11,593	$	5,633	$	83,143

(1) Construction holdbacks include in process accounts such as payments, advances, interest reserve, accrued interest and other accounts.

The table below represents activity within the loan portfolio by classification for the period shown ($ in thousands):


	Loans Held for Sale		Loans Held for Investment
Balance at December 31, 2022	$	11,593	$	83,143
Acquisitions	—		350
Originations	12,359		—
Proceeds from sales of loans (1)	(23,453)		(45,484)
Additional fundings	4,880		6,498
Interest receivable	4		(1,181)
Payoffs and repayments	(1,088)		(39,131)
Fair value adjustment	161		1,438
Balance at December 31, 2023	$	4,456	$	5,633

(1) Includes net realized loss on sale of loans.

Schedule of Loan Commitment Classified by Geographic Areas

The composition of the total loan commitment by state as of December 31, 2023 is summarized below ($ in thousands):


State	Commitment		Percent of Portfolio
Florida	$	8,536	62.5	%
Washington	3,470		25.4	%
Arkansas	553		4.0	%
Texas	350		2.6	%
Michigan	230		1.7	%
New Mexico	221		1.6	%
Pennsylvania	176		1.3	%

Other	119		0.9	%
Total	$	13,655	100.0	%

Schedule of Fair Value Measurements, Recurring and Nonrecurring

The following table presents the assets that are reported at fair value on a recurring basis as of December 31, 2023 and 2022, as well as the fair value of hierarchy of the valuation inputs used to measure fair value. We did not have any liabilities to report at fair value on a recurring basis as of December 31, 2023 and 2022.


Assets	Carrying		Fair Value Measurements Using
(In thousands)	Value		Level 1		Level 2		Level 3
December 31, 2023
Loans held for sale	$	4,456	$	—	$	—	$	4,456
Loans held for investment	5,633		—		—		5,633
Total measured	$	10,089	$	—	$	—	$	10,089

December 31, 2022
Loans held for sale	$	11,593	$	—	$	—	$	11,593
Loans held for investment	83,143		—		—		83,143
Total measured	$	94,736	$	—	$	—	$	94,736

Consolidated Statement of Stockholders' Deficit - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance at Dec. 31, 2021		$ 150,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock conversion		(5,788)
Balance, end of period at Dec. 31, 2022	$ 144,212	144,212
Beginning balance (in shares) at Dec. 31, 2021			3,416,541
Beginning balance at Dec. 31, 2021	(76,528)		$ 34	$ 143,523	$ 57,450	$ 54	$ (277,589)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)			15,753
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes	25			25
Treasury shares repurchased	(2,881)						(2,881)
Share-based compensation, net of tax	340			340
Currency translation adjustments, net	(34)					(34)
Preferred stock conversion	5,122			5,122
Net loss	$ (15,934)				(15,934)
Ending balance (in shares) at Dec. 31, 2022	1,783,862		3,432,294
Ending balance at Dec. 31, 2022	$ (89,890)		$ 34	149,010	41,516	20	(280,470)
Balance, end of period at Dec. 31, 2023	144,212	$ 144,212
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment for stock dividend (in shares)			1,241,024
Adjustment for stock dividend	0		$ 12	(12)
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)			11,167
Treasury shares repurchased	(3,563)						(3,563)
Share-based compensation, net of tax	162			162
Currency translation adjustments, net	(6)					(6)
Net loss	$ (32,546)				(32,546)
Ending balance (in shares) at Dec. 31, 2023	2,554,512		4,684,485
Ending balance at Dec. 31, 2023	$ (125,843)		$ 46	$ 149,160	$ 8,970	$ 14	$ (284,033)

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current
Federal	$ 437	$ 195
State	0	4
International	73	55
Total current tax expense	510	254
Deferred
Federal	54	94
State	9	2
Total deferred tax expense	63	96
Total tax expense	$ 573	$ 350

Loans Held for Sale or Investment at Fair Value

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Loans Held for Sale or Investment at Fair Value

3. Loans Held for Sale or Investment at Fair Value

Our loan portfolio consists of business purpose loans secured by single family, multifamily and commercial real estate that were acquired from third party originators or issued by us. The composition of the loan portfolio by classification as of December 31, 2023 and 2022, respectively, is summarized in the table below ($ in thousands):


	Held for Sale				Held for Investment
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Total loan commitments	$	7,420	$	15,080	$	6,235	$	98,157
Less: construction holdbacks (1)	(2,988)		(3,350)		(214)		(13,188)
Total principal outstanding	4,432		11,730		6,021		84,969
Change in fair value of loans	24		(137)		(388)		(1,826)
Total loans at fair value	$	4,456	$	11,593	$	5,633	$	83,143

(1) Construction holdbacks include in process accounts such as payments, advances, interest reserve, accrued interest and other accounts.

The loan portfolio consists of 21 loans at December 31, 2023, with a weighted average coupon of 10.4%, of which the Company receives a net yield of 10.2% after taking into account the strip interest to the sellers of the loans. The weighted average life of the portfolio is approximately 0.20 months. Three loans represent 74% of the total principal outstanding at December 31, 2023. There were nine loans on nonaccrual status or 90 days or more past due at December 31, 2023, with a fair value of $3.0 million. These loans have an unpaid principal balance of $2.8 million at December 31, 2023.

As of December 31, 2023, we have commenced formal foreclosure proceedings on five loans with an aggregate fair value of $1.3 million in order to force the sale of the real estate that serves as collateral for such loans. We expect that the sale of the collateral will allow us to recover the full repayment of the outstanding loans and accrued interest as of December 31, 2023. There were no loans for which formal foreclosure proceedings had commenced at December 31, 2023.

The table below represents activity within the loan portfolio by classification for the period shown ($ in thousands):


	Loans Held for Sale		Loans Held for Investment
Balance at December 31, 2022	$	11,593	$	83,143
Acquisitions	—		350
Originations	12,359		—
Proceeds from sales of loans (1)	(23,453)		(45,484)
Additional fundings	4,880		6,498
Interest receivable	4		(1,181)
Payoffs and repayments	(1,088)		(39,131)
Fair value adjustment	161		1,438
Balance at December 31, 2023	$	4,456	$	5,633

(1) Includes net realized loss on sale of loans.

The composition of the total loan commitment by state as of December 31, 2023 is summarized below ($ in thousands):


State	Commitment		Percent of Portfolio
Florida	$	8,536	62.5	%
Washington	3,470		25.4	%
Arkansas	553		4.0	%
Texas	350		2.6	%
Michigan	230		1.7	%
New Mexico	221		1.6	%
Pennsylvania	176		1.3	%

Other	119		0.9	%
Total	$	13,655	100.0	%

For financial reporting purposes of our alternative loans, we follow a fair value hierarchy established under GAAP, as described in Note 2 - Summary of Significant Accounting Policies, that is used to determine the fair value of financial instruments. This hierarchy prioritizes relevant market inputs in order to determine an “exit price” at the measurement date, or at the price at which an asset could be sold or a liability could be transferred in an orderly process that is not a forced liquidation or distressed sale.

In certain cases, inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, the level at which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. Our assessment of the significance of a particular input requires judgment and considers factors specific to the asset or liability being measured.


Assets	Carrying		Fair Value Measurements Using
(In thousands)	Value		Level 1		Level 2		Level 3
December 31, 2023
Loans held for sale	$	4,456	$	—	$	—	$	4,456
Loans held for investment	5,633		—		—		5,633
Total measured	$	10,089	$	—	$	—	$	10,089

December 31, 2022
Loans held for sale	$	11,593	$	—	$	—	$	11,593
Loans held for investment	83,143		—		—		83,143
Total measured	$	94,736	$	—	$	—	$	94,736

The estimated fair value for our business purpose loans is determined using the discounted cash flow model (“DCF”) to estimate the net present value of the future cash flows expected from each loan. For performing loans, the DCF is based on the future expected cash flows of each loan in accordance with its contractual terms net of the strip component. Cash flows for performing loans with construction holdbacks incorporate the draws to complete the required improvements to the underlying property securing the loan. For nonaccrual loans, the estimated cash flows are based on the current fair value of the collateral of the loans, in which the Company will utilize a third-party appraisal to determine the fair value (Level 3).

On a loan by loan basis, the weighted average discount rate range utilized for the DCF applied to the net yield to be received by the Company was 10.0% which is less than the overall yield on the portfolio of 10.2%, resulting in the increase in value of the portfolio at December 31, 2023. The determination of the discount rate was based on analysis of the current interest rates charged for business purpose loans in conjunction with the increase in rates for other underlying base rates such as the 10-year U.S. treasury bond and the 30 day Secured Overnight Financing Rate ("SOFR") (Level 3). For nonaccrual loans, the discount

applied to the value of the collateral was based on available market information on REO sales transaction as of the valuation date (Level 3).

We did not transfer any assets from one level to another level during the years ended December 31, 2023 and 2022, respectively.

We evaluate the change in fair value attributable to instrument-specific credit risk as the excess of the total change in fair value over the change in fair value attributable to changes in the risk-free rate. Instrument-specific credit risk had an immaterial impact on the change in fair value recognized for loans held during the years ended December 31, 2023 and 2022.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Loans Held for Sale or Investment at Fair Value - Fair Value Measurements, Recurring (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	$ 4,456	$ 11,593
Loans held for investment, at fair value	5,633	83,143
Fair Value Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	4,456	11,593
Loans held for investment, at fair value	5,633	83,143
Total measured	10,089	94,736
Fair Value Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	0	0
Loans held for investment, at fair value	0	0
Total measured	0	0
Fair Value Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	0	0
Loans held for investment, at fair value	0	0
Total measured	0	0
Fair Value Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	4,456	11,593
Loans held for investment, at fair value	5,633	83,143
Total measured	$ 10,089	$ 94,736

Loans Held for Sale or Investment at Fair Value - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) loan
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Number of loan portfolio	21
Weighted average coupon	10.40%
Net yield	10.20%
Weighted average life, terms	6 days
Number of loan outstanding	3
Percentage of outstanding total principal amount	74.00%
Number of loans on nonaccrual status or 90 days or more past due	9
Carry value of nonaccrual loan \| $	$ 3.0
Loans held for investment, unpaid principal balance \| $	$ 2.8
Number of loans formal foreclosure proceedings loans	5
Aggregate fair value of loans investment for sale in foreclosure \| $	$ 1.3
Valuation Technique, Discounted Cash Flow
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Net yield	10.00%
Valuation Technique, Discounted Cash Flow \| Portfolio Loans
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Net yield	10.20%

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. Virgin Islands income tax rate	23.10%	23.10%
State and local income tax rates	0.00%	0.00%
EDC benefits in the USVI	(14.20%)	(19.50%)
Foreign tax rate differential	(0.60%)	(0.20%)
Permanent and other	(0.20%)	(0.50%)
Valuation allowance	(9.50%)	(4.90%)
Other adjustments	(0.40%)	(0.30%)
Effective income tax rate	(1.80%)	(2.30%)

Loans Held for Sale or Investment at Fair Value - Loan Commitment Classified by Geographic Areas (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	$ 13,655
Percent of Portfolio	100.00%
Florida
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	$ 8,536
Percent of Portfolio	62.50%
Washington
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	$ 3,470
Percent of Portfolio	25.40%
Arkansas
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	$ 553
Percent of Portfolio	4.00%
Texas
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	$ 350
Percent of Portfolio	2.60%
Michigan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	$ 230
Percent of Portfolio	1.70%
New Mexico
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	$ 221
Percent of Portfolio	1.60%
Pennsylvania
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	$ 176
Percent of Portfolio	1.30%
Other
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	$ 119
Percent of Portfolio	0.90%

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

9. Earnings Per Share

The following table sets forth the components of basic and diluted loss per share ($ in thousands, except share and per share amounts):


	Year ended December 31,
		2023		2022
Numerator
Net loss		$	(32,546)	$	(15,934)

Gain of preferred stock transaction		—		5,122
Numerator for earnings per share - net loss attributable to common stockholders		$	(32,546)	$	(10,812)

Denominator
Weighted average common stock outstanding - basic		2,925,744		3,259,755



Weighted average common stock outstanding - diluted		2,925,744		3,259,755

Loss per basic common share		$	(11.12)	$	(3.32)
Loss per diluted common shares		$	(11.12)	$	(3.32)

On September 8, 2023, the Company’s Board of Directors approved a 70% stock dividend. Each stockholder of record on September 18, 2023 received a dividend of seven tenths additional share of common stock for each then-held share, with any fractional shares rounded up, to be distributed after close of trading on October 31, 2023. The Company’s common stock began trading on a stock-adjusted basis on November 1, 2023, which is the ex-dividend date of the effective date of the dividend. The par value of the Company’s common stock was not affected by the split and remained at $0.01 per share. The computations of basic and diluted EPS have been adjusted on a retrospective basis for all periods presented. The common stock and per-share data has been retroactively adjusted as well, as the ex-dividend date occurred before the interim financial statements were issued.


	Year ended December 31,
		2023	2022
Denominator

Restricted stock		35,595	28,840
Preferred stock, if converted		196,128	196,238

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenues [Abstract]
Loan interest income	$ 4,910	$ 4,579
Loan fee income	471	353
Servicing fee revenue	0	33
Realized losses on loans held for sale, net	(2,214)	0
Total revenues	3,167	4,965
Expenses:
Salaries and employee benefits	5,738	5,839
Legal fees	3,136	4,349
Professional fees	1,865	1,901
General and administrative	3,309	3,545
Servicing and asset management expense	639	683
Acquisition charges	0	513
Interest expense	2,793	1,328
Direct loan expense	721	122
Loan sales and marketing expense	3,154	338
Impairment of operating lease right-of-use asset	58	0
Impairment of intangible assets	511	0
Total expenses	21,924	18,618
Other income (expense)
Change in fair value of loans	1,599	(1,963)
Realized losses on loans held for investment, net	(14,857)	0
Other	42	32
Total other expense	(13,216)	(1,931)
Net loss before income tax	(31,973)	(15,584)
Income tax expense	573	350
Earnings per share
Net loss	(32,546)	(15,934)
Gain of preferred stock transaction	0	5,122
Net loss attributable to common stockholders	$ (32,546)	$ (10,812)
Loss per share of common stock - Basic:
Loss per basic common share (in USD per share)	$ (11.12)	$ (3.32)
Weighted average common stock outstanding – basic (in shares)	2,925,744	3,259,755
Loss per share of common stock - Diluted:
Loss per diluted common share (in USD per share)	$ (11.12)	$ (3.32)
Weighted average common stock outstanding – diluted (in shares)	2,925,744	3,259,755

Incentive Compensation and Share-Based Payments - Schedule of Shares Reserved for Future Issuance (Details)	Dec. 31, 2023 shares
Share-Based Payment Arrangement [Abstract]
Stock options outstanding (in shares)	0
Possible future issuances under equity incentive plan (in shares)	107,884
Common stock reserved for future issuance (in shares)	107,884
Common stock, shares available to be issued under charter (in shares)	315,515

Loans Held for Sale or Investment at Fair Value - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loan commitments	$ 13,655
Total loans at fair value	5,633	$ 83,143
Loans Held for Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loan commitments	7,420	15,080
Less: construction holdbacks	(2,988)	(3,350)
Total principal outstanding	4,432	11,730
Change in fair value of loans	24	(137)
Total loans at fair value	4,456	11,593
Loans Held for Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loan commitments	6,235	98,157
Less: construction holdbacks	(214)	(13,188)
Total principal outstanding	6,021	84,969
Change in fair value of loans	(388)	(1,826)
Total loans at fair value	$ 5,633	$ 83,143

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
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-Name Accounting Standards Codification
-Section 55
-Paragraph 80
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-5

+ Details

Organization and Basis of Presentation (Details)							3 Months Ended				12 Months Ended
Organization and Basis of Presentation (Details)	Oct. 06, 2023	Jul. 18, 2022 USD ($) $ / shares shares	Jan. 06, 2022 USD ($) investor shares	Aug. 27, 2021 USD ($) shares	Feb. 17, 2021 USD ($) shares	Feb. 03, 2020 USD ($) $ / shares	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 29, 2016 preferred_stock_series shares	May 26, 2016 preferred_stock_series $ / shares
Organization and Basis of Presentation [Line Items]
Licensing agreement, prototype creation, period	18 months
Loans receivable, threshold period past due											90 days
Realized losses on loans held for sale, net											$ 2,214,000	$ 0
Realized losses on loans held for investment, net											$ 14,857,000	0
Temporary equity, Issued (in shares) \| shares										250,000	144,212
Temporary equity, stock issued during period										$ 250,000,000
Temporary equity, redemption period										5 years
Redemption price per share (in USD per share) \| $ / shares						$ 1,000				$ 1,000
Temporary equity, conversion price per share (in USD per share) \| $ / shares										$ 1,250
Exchange ratio for preferred stock to common stock										0.8
Loss contingency, damages awarded, number of business days to pay					3 days
Preferred stock conversion												5,122,000
Number of institutional investors in settlement agreement \| investor			2
Stock repurchased during period (in shares) \| shares		286,873
Stock repurchased during period, value		$ 2,868,730
Treasury stock acquired (in USD dollar per share) \| $ / shares		$ 10
Number of series of non-voting preferred stock to be granted \| preferred_stock_series														1
Preferred stock, par value (in USD per share) \| $ / shares														$ 0.01
Number of additional series of preferred stock authorized \| preferred_stock_series													14
Number of shares each new series of preferred stock authorizes (in shares) \| shares													1,000
Dividends declared and paid on preferred stock												400,000
Additional Paid-in Capital
Organization and Basis of Presentation [Line Items]
Preferred stock conversion									$ 71,900,000			5,122,000
Preferred Stock
Organization and Basis of Presentation [Line Items]
Accounts payable and accrued liabilities											$ 12,000	$ 32,000
Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation
Organization and Basis of Presentation [Line Items]
Gain related to settlement agreement							$ 5,100,000
Settlement Agreement with Wellington
Organization and Basis of Presentation [Line Items]
Settlement agreement, amount awarded to other party				$ 2,093,000
Gain related to settlement agreement								$ 16,100,000
Putnam \| Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation
Organization and Basis of Presentation [Line Items]
Loss contingency, damages awarded					$ 1,636,000
Loss contingency, damages awarded, due on one-year anniversary of the effective date of the agreement					$ 1,227,000
Luxor
Organization and Basis of Presentation [Line Items]
Damages sought						$ 150,000,000
Minimum \| Luxor
Organization and Basis of Presentation [Line Items]
Damages sought						144,212,000
Series A Preferred Stock
Organization and Basis of Presentation [Line Items]
Temporary equity, liquidation preference						$ 250,000,000
Litigation settlement, shares awarded from other party (in shares) \| shares			5,788
Preferred stock, liquidation preference			$ 5,790,000
Series A Preferred Stock \| Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation
Organization and Basis of Presentation [Line Items]
Settlement agreement, amount awarded to other party			$ 665,000
Series A Preferred Stock \| Settlement Agreement with Wellington
Organization and Basis of Presentation [Line Items]
Temporary equity, liquidation preference				$ 18,200,000
Litigation settlement, shares awarded from other party (in shares) \| shares				18,200
Series A Preferred Stock \| Putnam \| Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation
Organization and Basis of Presentation [Line Items]
Shares converted (in shares) \| shares					81,800
Common Stock \| Putnam \| Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation
Organization and Basis of Presentation [Line Items]
Shares issued related to conversion of stock (in shares) \| shares					288,283
Redeemable Preferred Stock
Organization and Basis of Presentation [Line Items]
Preferred stock, shares issued (in shares) \| shares											1,200	3,200

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net loss	$ (32,546)	$ (15,934)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	247	199
Share-based compensation	163	340
Amortization of operating lease right-of-use assets	433	241
Change in fair value of loans	(1,599)	1,963
Net realized loss on sale of loans held for investment	14,857	0
Net realized loss on sale of held for sale loans	2,214	0
Impairment of operating lease right-of-use asset	58	0
Loss on discarded assets	1	0
Impairment of intangible assets	511	0
Gain on repayment of debt	(36)	0
Changes in operating assets and liabilities:
Originations of held for sale loans	(12,359)	(8,843)
Additional fundings of held for sale loans	(4,880)	(3,857)
Proceeds from sales of held for sale loans	21,239	0
Principal payments on held for sale loans	1,088	1,061
Interest receivable	1,177	(1,353)
Amortization of deferred financing fees	73	52
Prepaid expenses and other assets	2,085	(5,177)
Accrued compensation and benefits	0	895
Accounts payable and other accrued liabilities	(4,076)	5,065
Other liabilities and operating lease liabilities	(423)	(1,716)
Net cash used in operating activities	(11,773)	(27,064)
Investing activities:
Website development	0	(1,482)
Purchase of loans held for investment	(350)	(99,087)
Additional fundings of loans held for investment	(6,498)	(10,794)
Proceeds from sales of loans held for investment	30,627	0
Principal payments on loans held for investment	39,131	26,174
Investment in property and equipment	(16)	(60)
Net cash provided by (used in) investing activities	62,894	(85,249)
Financing activities:
Conversion of preferred stock	0	(1,893)
Proceeds from borrowed funds	54,005	95,197
Repayment of borrowed funds	(105,622)	(43,544)
Deferred financing fees	0	(125)
Proceeds and payment of tax withholding on exercise of stock options, net	(235)	25
Repurchase of common stock	(3,328)	(2,881)
Net cash (used in) provided by financing activities	(55,180)	46,779
Net decrease in cash and cash equivalents	(4,059)	(65,534)
Effect of exchange rate changes on cash and cash equivalents	(2)	(41)
Consolidated cash, cash equivalents, and restricted cash, beginning of period	12,774	78,349
Consolidated cash, cash equivalents, and restricted cash, end of period	8,713	12,774
Supplemental disclosure of cash information:
Cash paid for interest	2,987	873
Cash paid for income taxes	573	3,806
Other Disclosures
Right-of-use lease assets recognized - operating leases	0	710
Operating lease liabilities incurred	0	710
Reconciliation of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	8,713	10,727
Restricted cash	0	2,047
Total cash, cash equivalents, and restricted cash	$ 8,713	$ 12,774

Summary of Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) lease	Dec. 31, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Restricted cash, minimum deposit required	$ 2,000
Number of operating leases \| lease	2
Write off	$ 511	$ 0
Loans receivable, threshold period past due	90 days
Authorized amount of stock to repurchase	$ 300,000
Minimum
Property, Plant and Equipment [Line Items]
Operating lease, term of contract	1 year
Property useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Operating lease, term of contract	5 years
Property useful life	5 years

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss	$ (32,546)	$ (15,934)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2023	Mar. 25, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36063
Entity Registrant Name	Altisource Asset Management Corporation
Entity Incorporation, State or Country Code	VI
Entity Tax Identification Number	66-0783125
Entity Address, Address Line One	5100 Tamarind Reef
Entity Address, City or Town	Christiansted
Entity Address, Country	VI
Entity Address, Postal Zip Code	00820
City Area Code	704
Local Phone Number	275-9113
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	AAMC
Security Exchange Name	NYSEAMER
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 39.0
Entity Common Stock, Shares Outstanding		2,554,512
Documents Incorporated by Reference	Portions of the Registrant's definitive proxy statement relating to its 2024 annual meeting of shareholders (the “2024 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The Registrant intends to file the 2024 Proxy Statement with the U.S. Securities and Exchange Commission not later than 120 days after the end of the fiscal year to which this report relates.
Entity Central Index Key	0001555074
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Commitments and Contingencies - Gain Contingency Narrative (Details) - Erbey Holding Corporation et al. v. Blackrock Management Inc., et al. - Positive Outcome of Litigation $ in Thousands	Dec. 31, 2023 USD ($)	Jul. 13, 2023 defendant	Mar. 30, 2023	Dec. 31, 2022 USD ($)
Gain Contingencies [Line Items]
Compensatory amounts multiplier of alleged intentional torts			9
Number of defendants the court should exercise personal jurisdiction over		4
Number of defendants		5
Gain contingency \| $	$ 0			$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets [Abstract]
Loans held for sale, at fair value	$ 4,456	$ 11,593
Loans held for investment, at fair value	5,633	83,143
Cash and cash equivalents	8,713	10,727
Restricted cash	0	2,047
Other assets	6,737	10,137
Total assets	25,539	117,647
Liabilities
Accrued expenses and other liabilities	6,270	10,349
Lease liabilities	900	1,323
Credit facility	0	51,653
Total liabilities	7,170	63,325
Commitment and contingencies (Note 6)	0	0
Redeemable preferred stock:
Preferred stock, $0.01 par value, 250,000 shares authorized as of December 31, 2023 and 2022. 144,212 shares issued and outstanding and $144,212 redemption value as of December 31, 2023 and 2022.	144,212	144,212
Stockholders' deficit:
Common stock, $0.01 par value, 5,000,000 authorized shares; 4,684,485 and 2,554,512 shares issued and outstanding, respectively, as of December 31, 2023 and 3,432,294 and 1,783,862 shares issued and outstanding, respectively, as of December 31, 2022.	46	34
Additional paid-in capital	149,160	149,010
Retained earnings	8,970	41,516
Accumulated other comprehensive income	14	20
Treasury stock, at cost, 2,129,973 shares as of December 31, 2023 and 1,648,432 shares as of December 31, 2022.	(284,033)	(280,470)
Total stockholders' deficit	(125,843)	(89,890)
Total liabilities and deficit	$ 25,539	$ 117,647

Income Taxes - Schedule of Income by Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (31,973)	$ (15,584)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Temporary equity, par or stated value (in per share)	$ 0.01	$ 0.01
Temporary equity, authorized (in shares)	250,000	250,000
Temporary equity, shares outstanding (in shares)	144,212
Temporary equity, redemption amount	$ 144,212
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	5,000,000	5,000,000
Common stock, shares issued (in shares)	4,684,485	3,432,294
Common stock, shares outstanding (in shares)	2,554,512	1,783,862
Treasury stock, shares (in shares)	2,129,973	1,648,432

Earnings Per Share - Narrative (Details) - $ / shares	Sep. 18, 2023	Sep. 08, 2023	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Common stock, dividend rate approved		70.00%
Dividends, number of additional shares issued per share owned (in shares)	0.7
Common stock, par value (in USD per share)		$ 0.01	$ 0.01	$ 0.01

Borrowings	12 Months Ended
Borrowings	Dec. 31, 2023
Debt Disclosure [Abstract]
Borrowings	4. Borrowings In December 2022, the Company entered into a $50 million Master Repurchase Agreement (the "NexBank Line") with NexBank, as the buyer. The Company used the proceeds from the NexBank Line to fund the acquisition and origination of business purpose loans (the "Loans") secured by residential, multifamily and certain commercial properties. Each draw on the NexBank Line could be outstanding up to 180 days. NexBank had a security interest in the Loans subject to a transaction under the NexBank Line. The NexBank Line's maturity was 364 days from the execution date. The NexBank Line accrued interest at a rate equal to the greater of (a) the 1 month Term SOFR rate plus three and one-half percent (3.50%) or (b) four and one-quarter (4.25%). Interest was payable at 90 days. The carrying value of the NexBank Line approximated fair value as of December 31, 2022 due to its short-term nature and floating interest rate terms. NexBank Line’s outstanding balance was $9.2 million at December 31, 2022 and was collateralized by $10.4 million in loans. The NexBank line was paid off and terminated on November 7, 2023. In August 2022, the Company entered into a $50 million Master Repurchase Agreement (the “Flagstar Line”) with Flagstar Bank FSB (“Flagstar”), a federal savings bank, as a buyer and administrative agent. The Company used the proceeds from the Flagstar Line to fund the acquisition and origination of Loans secured by residential, multifamily and certain commercial properties. Each draw on the Flagstar Line could be outstanding up to 180 days. Flagstar had a security interest in the Loans subject to a transaction under the Flagstar Line and requires the Company to maintain restricted cash of $2 million in a Flagstar deposit account. The Flagstar Line's maturity was 364 days from the execution date. The Flagstar Line accrued interest at a base 1-Month Term SOFR rate plus a spread dependent upon the type of Loan subject to a transaction. Interest was payable at 90 days. The Company also incurred a fee on the unused portion of the $50 million if the average outstanding balance of the Flagstar Line is less than a threshold level of the total commitment. The carrying value of the Flagstar Line approximated fair value as of December 31, 2022 due to its short-term nature and floating interest rate terms. The Flagstar Line’s outstanding balance was $42.5 million at December 31, 2022 and was collateralized by $57.4 million in loans. The Flagstar line was paid off and terminated on September 7, 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Segment Information (Details)	12 Months Ended
Segment Information (Details)	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	1

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

We are domiciled in the USVI and are obligated to pay taxes to the USVI on our income. We applied for tax benefits from the USVI Economic Development Commission (“EDC”) and received our certificate of benefits (“the EDC Certificate”), effective as of February 1, 2013. Pursuant to the Certificate, so long as we comply its provisions, we will receive a 90% tax reduction on our USVI-sourced income until 2043. By letter dated April 13, 2023, the EDC approved an extension of the temporary full-time employment waiver (the "Waiver") of the Company's minimum employment requirements to five full-time USVI employees for the period from January 1, 2023 to June 30, 2023. By letter dated February 19, 2024, the EDC approved an additional extension for the period July 1, 2023 to December 31, 2024. At December 31, 2023, the Company met the minimum employment requirements required under the provisions of the Waiver.

Beginning on January 1, 2017, AAMC US, Inc., a domestic U.S. corporation and wholly-owned subsidiary, began operations. This entity is based entirely in the mainland U.S. and is subject to U.S. federal and state corporate income tax.

The following table sets forth the components of loss from operations before income taxes ($ in thousands):


	Year ended December 31,
	2023		2022
AAMC	$	(31,973)	$	(15,584)

The provision for income taxes from operations is summarized as follows ($ in thousands):


	Year ended December 31,
	2023		2022
Current
Federal	$	437	$	195
State	—		4
International	73		55
Total current tax expense	510		254
Deferred
Federal	54		94
State	9		2

Total deferred tax expense	63		96
Total tax expense	$	573	$	350

The following table sets forth the components of our total deferred tax assets ($ in thousands):


	December 31, 2023		December 31, 2022
Deferred tax assets:
Stock compensation	$	6	$	2
Accrued expenses	53		84

Net operating losses (1)	4,506		1,109
Lease liabilities	10		54
Other	4		76

Total gross deferred tax assets	4,579		1,325
Less: Valuation allowance	(4,313)		(1,266)
Total net deferred tax assets	266		59
Deferred tax liabilities:
Right-of-use assets	9		53
Investments	—		6
Unrealized gains	320		—


Total gross deferred tax liabilities	329		59
Deferred tax assets, net	$	(63)	$	—

_____________

(1)Net operating loss (“NOL”) carry-forwards for tax years prior to 2018 expire in 2037. Beginning with 2018, NOLs are carried forward indefinitely.

The change in deferred tax assets is included in changes in other assets and liabilities in the Consolidated Statement of Cash Flows. The significant factors contributing to the increase in our valuation allowance in 2023 are due to increases in the temporary differences attributable to net operating losses, accrued compensation, and unrealized gains.

ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is "more likely than not." Realization of the future tax benefits is dependent on the Company's ability to generate sufficient taxable income within the carryforward period. AAMC has historically been in a three-year cumulative loss position with the exception of 2020 due to the recognition of the Termination Fee payments as income that year. Removing this income from the analysis results in cumulative three-year book losses as of December 31, 2023. The Company believes that it is more likely than not that the Company will not realize the benefit of its net deferred tax assets. As such, the Company has recorded a full valuation allowance in 2022 against its net deferred tax assets. The valuation allowance increased by approximately $3.0 million during the year ended December 31, 2023.

The following table sets forth the reconciliation of the statutory USVI income tax rate from operations to our effective income tax rate:


	Year ended December 31,
	2023		2022
U.S. Virgin Islands income tax rate	23.1	%	23.1	%
State and local income tax rates	—		—

EDC benefits in the USVI	(14.2)		(19.5)
Foreign tax rate differential	(0.6)		(0.2)

Permanent and other	(0.2)		(0.5)

Valuation allowance	(9.5)		(4.9)

Other adjustments	(0.4)		(0.3)
Effective income tax rate	(1.8)	%	(2.3)	%

During the tax years ended December 31, 2023 and 2022, we recognized no interest or penalties associated with unrecognized tax benefits.

We recorded $0.4 million as of December 31, 2023, excluding interest and penalties, as a liability for unrecognized tax benefits in Accrued expenses and other liabilities in the consolidated balance sheet. Had we recognized $0.4 million, along with related interest and penalties, it would have favorably impacted the annual effective tax rate. We do not anticipate any significant increases or decreases in our unrecognized tax benefits within the next 12 months.

The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2023 and 2022 ($ in thousands):


	December 31, 2023	December 31, 2022
Unrecognized tax benefits at the beginning of the year	—	—
Current period tax position increases	—	—
Prior period tax position increases	437	—
Decreases due to lapse in applicable statute of limitations	—	—
Unrecognized tax benefits at the end of the year	437	—

AAMC believes that the tax positions taken in the AAMC tax returns satisfy the more-likely-than-not threshold for benefit recognition. Furthermore, a review of the AAMC entity trial balances suggests that AAMC has appropriately addressed the material book-tax differences. AAMC is confident that the amounts claimed (or expected to be claimed) in the tax returns reflect the largest amount of such benefits that are greater than fifty percent likely of being realized upon ultimate settlement. Accordingly, no ASC 740-10-25 liabilities except as noted above have been recorded by the Company as a result of ASC 740-10-25.

We remain subject to tax examination in the USVI for tax years 2020 to 2023 and in the United States for tax years 2020 to 2023.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income by Jurisdiction

The following table sets forth the components of loss from operations before income taxes ($ in thousands):


	Year ended December 31,
	2023		2022
AAMC	$	(31,973)	$	(15,584)

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes from operations is summarized as follows ($ in thousands):


	Year ended December 31,
	2023		2022
Current
Federal	$	437	$	195
State	—		4
International	73		55
Total current tax expense	510		254
Deferred
Federal	54		94
State	9		2

Total deferred tax expense	63		96
Total tax expense	$	573	$	350

Schedule of Deferred Tax Assets and Liabilities

The following table sets forth the components of our total deferred tax assets ($ in thousands):


	December 31, 2023		December 31, 2022
Deferred tax assets:
Stock compensation	$	6	$	2
Accrued expenses	53		84

Net operating losses (1)	4,506		1,109
Lease liabilities	10		54
Other	4		76

Total gross deferred tax assets	4,579		1,325
Less: Valuation allowance	(4,313)		(1,266)
Total net deferred tax assets	266		59
Deferred tax liabilities:
Right-of-use assets	9		53
Investments	—		6
Unrealized gains	320		—


Total gross deferred tax liabilities	329		59
Deferred tax assets, net	$	(63)	$	—

_____________

(1)Net operating loss (“NOL”) carry-forwards for tax years prior to 2018 expire in 2037. Beginning with 2018, NOLs are carried forward indefinitely.

Schedule of Effective Income Tax Rate Reconciliation

The following table sets forth the reconciliation of the statutory USVI income tax rate from operations to our effective income tax rate:


	Year ended December 31,
	2023		2022
U.S. Virgin Islands income tax rate	23.1	%	23.1	%
State and local income tax rates	—		—

EDC benefits in the USVI	(14.2)		(19.5)
Foreign tax rate differential	(0.6)		(0.2)

Permanent and other	(0.2)		(0.5)

Valuation allowance	(9.5)		(4.9)

Other adjustments	(0.4)		(0.3)
Effective income tax rate	(1.8)	%	(2.3)	%

Schedule of Unrecognized Tax Benefits Roll Forward

The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2023 and 2022 ($ in thousands):


	December 31, 2023	December 31, 2022
Unrecognized tax benefits at the beginning of the year	—	—
Current period tax position increases	—	—
Prior period tax position increases	437	—
Decreases due to lapse in applicable statute of limitations	—	—
Unrecognized tax benefits at the end of the year	437	—

Leases - Maturity Analysis of Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Lease Liabilities
2024	$ 300
2025	309
2026	320
2027	76
Total lease payments	1,005
Less: interest	105
Lease liabilities	$ 900	$ 1,323

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

5. Leases

We currently lease office space under operating leases in Christiansted, St. Croix, U.S. Virgin Islands and Bengaluru, India. Prior to the termination of the lease in October 2023, we also leased space in Tampa, Florida.

As of December 31, 2023 and 2022, our weighted average remaining lease term, including applicable extensions, was 3.3 years and 3.8 years, respectively, and we applied a discount rate of 7.0% and 7.0%, respectively, to our office leases. We determined the discount rate for each lease to be either the discount rate stated in the lease agreement or our estimated rate that we would charge to finance real estate assets.

During the years ended December 31, 2023 and 2022, we recognized rent expense of $0.4 million and $0.3 million, respectively, related to long-term operating leases. We had no short-term rent expense for the years ended 2023 or 2022. We include rent expense as a component of general and administrative expenses in the Consolidated Statements of Operations. We had no finance leases during the years ended December 31, 2023 and December 31, 2022.

The following table presents a maturity analysis of our operating leases as of December 31, 2023 ($ in thousands):


	Operating Lease Liabilities
2024	$	300
2025	309
2026	320
2027	76


Total lease payments	1,005
Less: interest	105
Lease liabilities	$	900

Right-of-use assets are periodically reviewed for impairment losses under ASC 360-10, “Property, plant, and equipment,” to determine whether a right-of-use asset is impaired, and if so, the amount of impairment loss to recognize. During the year ended December 31, 2023, we ceased utilizing office space in Tampa, Florida as part of our assessment of overall costs of the mortgage platform and recognized an impairment of the remaining right-of-use asset for the space of $58,000. We did not recognize any impairments of right-of-use assets for the year ended December 31, 2022.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies Litigation, claims and assessments From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. Set forth below is a summary of material legal proceedings to which we were a party as of December 31, 2023: Litigation regarding Luxor Capital Group, LP and certain of its managed funds and accounts ("Luxor") Please refer to Note 1 - Organization and Basis of Presentation – Section Issuance of Series A Convertible Preferred Stock in 2014 Private Placement. Executive Arbitrations Former Chief Executive Officer, Indroneel Chatterjee On May 3, 2021, Mr. Chatterjee, commenced an arbitration against the Company and each of its directors. The arbitration complaint alleges that the Company’s April 16, 2021 for cause termination of Mr. Chatterjee was in breach of Mr. Chatterjee’s Amended and Restated Employment Agreement and made extra contractual claims against the Company for not affording Mr. Chatterjee a “fair procedure” and placed him in a “false light” by disclosing Mr. Chatterjee’s termination in its public announcement of the for cause termination. In addition, the arbitration complaint also asserts a tort claim against each of the Company’s directors relating to that termination and against the Company for its April 16, 2021 public announcement of the for cause termination. Mr. Chatterjee’s arbitration complaint seeks unspecified damages for his contract claims including for loss of income, stock and bonus, and punitive damages on his tort claims. On June 10, 2021, the Company and its directors responded to the arbitration complaint and advanced counterclaims against Mr. Chatterjee. On October 20, 2021, the arbitrator granted the Company’s motion to dismiss with respect to Mr. Chatterjee’s “fair procedure” and “false light” claims, but denied the motion to dismiss the tort claim against each of the directors. Following the close of discovery on July 11, 2022, the Company moved for summary judgment seeking dismissal of Mr. Chatterjee's remaining claims against the Company and against its directors, and further seeking entry of judgment on the majority of the Company's counterclaims. On July 21, 2022, the Company and its directors filed a motion alleging that Mr. Chatterjee had engaged in fraud and seeking as sanctions for that abuse both the dismissal of all of Mr. Chatterjee's claims and the payment of the Company's legal fees resulting from that alleged abuse. Following briefing by all parties on the summary judgment and sanction motions, on October 19, 2022, the arbitrator found that Mr. Chatterjee engaged in serious and repeated misconduct, attempting to perpetrate a fraud on the arbitrator and the Company and accordingly (i) dismissed all of Mr. Chatterjee's remaining claims, both as a sanction for his misconduct and, independently, on the merits of the Respondents' motion for summary judgment; (ii) granted summary judgment on one of the Company's counterclaims requiring Mr. Chatterjee to pay the Company $400,000 (the return of half of his initial signing bonus); and, (iii) ordered that Mr. Chatterjee, as a further sanction for his misconduct, reimburse the Company for all expenses it incurred directly and solely as a result of his misconduct (which dollar amount has not yet been set). On December 29, 2022, the arbitrator entered a final order which granted an additional award of fees and costs to the Company in the amount of over $1 million, bringing the Company's total judgment against Mr. Chatterjee to approximately $1.6 million. In the arbitrator's final award, he also included the amounts he had previously awarded to the Company in his October 19, 2022 order, which were $400,000 plus interest at the U.S. Virgin Islands' 9.0% statutory rate for contractual claims (since Mr. Chatterjee's termination on April 16, 2021) and approximately $140,000 as reimbursement to the Company for all expenses the Company incurred directly and solely as a result of Mr. Chatterjee's misconduct in the arbitration. The Company has taken steps to attempt to enforce the judgment against Mr. Chatterjee and waives no rights or remedies with respect thereto. Erbey Holding Corporation et al. v. Blackrock Management Inc., et al. On April 12, 2018, an action was filed in the Superior Court of the Virgin Islands, Division of St. Croix under the caption Erbey Holding Corporation, et al. v. Blackrock Financial Management Inc., et al., case number SX-2018-CV-146. The action was initially filed by Plaintiffs Erbey Holding Corporation, John R. Erbey Family Limited Partnership, by its general partner Jupiter Capital, Inc., Salt Pond Holdings, LLC, Munus, L.P., Carisma Trust, by its trustee, Venia, LLC, and Tribue Limited Partnership (collectively, the “HoldCo Plaintiffs”). AAMC joined in the action as an additional named Plaintiff pursuant to Court order dated March 30, 2023. The action was filed against Defendants Blackrock Financial Management, Inc., Blackrock Investment Management, LLC, Blackrock Investments, LLC, Blackrock Capital Management, Inc., Blackrock, Inc, Pacific Investment Management Company LLC, PIMCO Investments, LLC and John and Jane Does 1-10. The complaint alleges that Defendants, aided by their agents and co-conspirators, engaged in an unlawful enterprise and conspiracy to harm Plaintiffs and related companies, including Ocwen Financial Corporation (“Ocwen”), by damaging their operations, business relationships and standing in the industry. The specific intent and purpose of the Defendants’ alleged illegal conduct, as detailed in the complaint, was to take profits from the forced foreclosures on struggling homeowners during the mortgage crisis and to retaliate against and financially ruin Ocwen and AAMC for pushing back against Defendants’ pro-foreclosure campaign. As set out in the complaint, the alleged wrongful and malicious conduct of Defendants, which included fraudulent disparagement and targeted short-selling, constitute common law intentional torts and violations of Section 605 of the Virgin Islands Criminally Influenced and Corrupt Organizations Act (“CICO”). AAMC and the HoldCo Plaintiffs seek compensatory damages in amounts reflecting the substantial diminution in value of their stock and stock holdings, respectively, and/or lost profits, plus lost future market value appreciation and profits. Any direct or indirect compensatory damages awarded under CICO are subject to automatic trebling. The action also seeks punitive damages of up to nine times any compensatory amounts based on the egregious nature of the alleged intentional torts, as well as an award of attorneys’ fees and other expenses incurred in prosecuting the case. Defendants filed multiple motions that sought to dismiss the case on various alleged grounds, including that Plaintiffs failed to adequately plead their respective statutory and common law tort claims and that the Court allegedly lacked personal jurisdiction over Defendants. On October 11, 2022, the trial judge appointed a Staff Master to review Defendants’ pending motions and issue a recommended decision thereon. On July 13, 2023, the Staff Master issued his recommendation that all of AAMC’s legal claims should be permitted to proceed and that the Court should exercise personal jurisdiction over four of the five named Blackrock-entity Defendants and both of the named PIMCO-entity Defendants. The Staff Master recommended that Blackrock, Inc. be dismissed for lack of personal jurisdiction. On December 4, 2023, the trial judge issued a memorandum decision and order fully adopting the Staff Master’s comprehensive recommendation and overruling Defendants’ objections to the portions adverse to them. The trial judge certified the findings of jurisdiction over Defendants for a potential interlocutory discretionary appeal. The Virgin Islands Supreme Court has not yet determined whether or not to accept Defendants’ appeal. The trial judge also entered a final order dismissing Blackrock, Inc., thus permitting an appeal by Plaintiffs as of right to the Virgin Islands Supreme Court. On February 27, 2024, the trial judge issued an order denying Defendants’ request for a stay of discovery proceedings in the Superior Court during the pendency of appellate matters before the Virgin Islands Supreme Court and directing the Staff Master to conduct a discovery conference on an expedited basis. The Staff Master has set a discovery conference for March 27, 2024. At this time, we are not able to predict the ultimate outcome of this matter, nor can we estimate the range of possible damages to be awarded to AAMC, if any. As such, we have not recorded a gain contingency for this matter at December 31, 2023 or 2022.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	The accompanying audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All wholly owned subsidiaries are included, and all intercompany accounts and transactions have been eliminated.
Use of estimates	The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Loans held for sale or investment, carried at fair market value We originate and purchase alternative loans. These loans will either be classified as held for investment or held for sale depending upon the determination of management. We have elected to measure these alternative loans at fair value on a loan by loan basis. This option is available when we first recognize a financial asset. Subsequent changes in the fair value of these loans will be recorded in our Consolidated Statements of Operations in the period of the change. Purchased loans, also known as correspondent loans, can be bought with a net strip interest component in that the seller of the loan will receive an agreed upon percentage of the coupon interest generated from the sold loan. This strip component is reflected as service and asset management expense on the Consolidated Statements of Operations. A fair value measurement represents the price at which an orderly transaction would occur between willing market participants at the measurement date. We estimate the fair values of the loans held for investment or sale based on available inputs from the marketplace. The market for the loans that we have or will invest in is generally illiquid. Establishing fair values for illiquid assets is inherently subjective and is often dependent upon our estimates and modeling assumptions. In circumstances where relevant market inputs cannot be obtained, increased analysis and management judgment are required to estimate fair value. This generally requires us to establish internal assumptions about future cash flows and appropriate risk-adjusted discount rates. Regardless of the valuation inputs we apply, the objective of fair value measurement for assets is unchanged from what it would be if markets were operating at normal activity levels and/or transactions were orderly; that is, to determine the current exit price. When the Company sells a loan, a gain or loss will be recognized at the time of the sale in net income for the difference between the fair value and the book value. The fair value is measured as the agreed upon selling price from the contractual agreement with the buyer. See Note 3 - Loans Held for Sale or Investment at Fair Value for further discussion on fair value measurements. Interest for these loans is recognized as revenue based on the stated coupon when earned and deemed collectible or until a loan becomes more than 90 days past due, at which point the loan is placed on nonaccrual status and any accrued interest is reversed against interest income. When a seriously delinquent loan previously placed on nonaccrual status has been cured, meaning all delinquent principal and interest have been remitted by the borrower, the loan will be placed back on accrual status. Interest accrued as of period end is included within loans held for sale, at fair value or loans held for investment, at fair value in the Consolidated Balance Sheets as applicable. We evaluate transfers of loans held for sale or investment at fair value under the guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") No. 860, "Transfers and servicing of financial assets" ("ASC 860"), and account for such transfers as sales when three conditions in ASC 810-10-45-5 have been met. That is, we account for transfers of such financial assets as sales when the assets have been isolated from the Company, when the transferee has the right to pledge or exchanges the assets it receives and there are no restrictions on the transferee that constrain such right, and when the Company has no effective control over the transferred financial assets. Each of the loans transferred during the year ended December 31, 2023 qualified for sale accounting under ASC 860, as each of the loans was transferred to a third-party "as is" in exchange for cash, and the Company has no continuing involvement with the transferred financial assets or the transferees. As result of such transfers, the Company realized an aggregate loss totaling $2.2 million and $14.9 million for the year ended December 31, 2023 on loans held for sale and loans held for investment, respectively, which is included in Realized losses on loans held for sale, net and Realized losses on loans held for investment, net, respectively, in the accompanying Consolidated Statement of Operations. There were no transfers of financial assets during the year ended December 31, 2023.
Recently issued accounting standards	Recently issued accounting standards Recently issued accounting standards adopted In December 2019, the FASB issued ASU 2019-12, “Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740),” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. Our adoption of this standard in the first quarter of 2022 did not have a material impact on our consolidated financial statements. Recently issued accounting standards not yet adopted In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. In December 2022, the FASB extended the temporary accounting rules under Topic 848 from December 31, 2022 to December 31, 2024. We will adopt this standard when LIBOR is discontinued. We are evaluating the impact the new standard will have on our consolidated financial statements and related disclosures, but do not anticipate a material impact. Recent accounting pronouncements pending adoption not discussed above or in the 2022 Form 10-K are either not applicable or will not have, or are not expected to have a material impact on our consolidated financial position, results of operations, or cash flows.
Cash equivalents	Cash equivalents We consider highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Certain account balances exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. To mitigate this risk, we maintain our cash and cash equivalents at large national or international banking institutions. Restricted cash Historically, we were required to maintain $2 million of restricted cash in a Flagstar deposit account under the Master Repurchase Agreement with Flagstar bank. See Note 4 - Borrowings. We have no restrictions on cash balances at December 31, 2023.
Consolidations	Consolidations The consolidated financial statements include the accounts of AAMC and its consolidated subsidiaries, which include the voting interest entities in which we are determined to have a controlling financial interest. Our voting interest entities consist entirely of our wholly owned subsidiaries. We also consider variable interest entities (“VIEs”) for consolidation where we are the primary beneficiary. We had no VIEs or potential VIEs as of and for the years ended December 31, 2023 or 2022.
Earnings per share	Earnings per share Basic earnings per share is computed by dividing net income or loss, less amortization of preferred stock issuance costs, by the weighted average common stock outstanding during the period. Diluted earnings per share is computed by dividing net income or loss by the weighted average common stock outstanding for the period plus the dilutive effect of (i) stock options and restricted stock outstanding using the treasury stock method and (ii) Series A Preferred Shares using the if-converted method. Weighted average common stock outstanding - basic excludes the impact of unvested restricted stock since dividends paid on such restricted stock are non-participating. Any gain on settlement of preferred shares, which is recorded directly to equity, is included in the numerators for our earnings per share calculations.
Fair value of financial instruments	Fair value of financial instruments We designate fair value measurements into three levels based on the lowest level of substantive input used to make the fair value measurement. Those levels are as follows: •Level 1 - Quoted prices in active markets for identical assets or liabilities. •Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. •Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Income taxes	Income taxes Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to our judgment, we reduce a deferred tax asset by a valuation allowance if it is “more likely than not” that some or the entire deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and we recognize tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority. For all temporary differences, we have considered the potential future sources of taxable income against which they may be realized. In so doing, we have taken into account temporary differences that we expect to reverse in future years and those where it is unlikely. Where it is more likely than not that there will not be potential future taxable income to offset a temporary difference, a valuation allowance has been recorded. Lastly, the Company accounts for the tax on global intangible low-taxed income (“GILTI”) as incurred and therefore has not recorded deferred taxes related to GILTI on its foreign subsidiaries.
Leases	Leases On January 1, 2019, we adopted ASU 2016-02, including various associated updates and amendments, which together comprise the requirements for lease accounting under ASC 842. ASC 842 fundamentally changes accounting for operating leases by requiring lessees to recognize a liability to make lease payments and a right-of-use asset over the term of the lease. We also adopted the “package of practical expedients,” which permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs under the new standard. We also elected the short-term lease exemption for all leases that qualify; as a result, we will not recognize right-of-use assets or lease liabilities for leases with a term of less than 12 months at inception. We lease office space under two operating leases. We recognized lease expense for these leases on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Our office leases are generally for terms of one to five years and typically include renewal options, which we consider when determining our lease right-of-use assets and lease liabilities to the extent that a renewal option is reasonably certain of being exercised. Along with base rents, we are generally required to pay common area maintenance, property taxes and insurance, each of which vary from period to period and are accounted for as variable lease costs and therefore, expensed as incurred.
Other assets	Other assets Other assets includes leasehold improvements; right-of-use assets; furniture, fixtures and equipment; deferred tax assets, refunds due and miscellaneous other assets. The cost basis of fixed assets is depreciated using the straight-line method over an estimated useful life of three to five years based on the nature of the components. During the year ended December 31, 2023, the Company wrote off capitalized costs associated with the development of a website for use in the mortgage business as it was determined that the future cash flows attributable to that line of business did not support its recoverability given the scale back of our lending operations. The write off totaled $0.5 million and is included in impairment expense in the consolidated statement of operations.
Interest income and loan fees	Interest income and loan fees Interest revenue is recognized based on the stated coupon when earned and deemed collectible or until a loan becomes more than 90 days past due, at which point the loan is place on nonaccrual status and any accrued interest is reversed against interest revenue. Upon a nonaccrual loan being reinstated, meaning all delinquent principal and interest payments have been remitted by the borrower, the loan will be placed back on accrual status. Interest accrued as of period end is included within loans for sale, at fair value, or loans held for investment, at fair value, in the Consolidated Balance Sheets as applicable. Loan fees represent origination fees charged to borrowers and are recognized to revenue upon the origination date of the loan.
Share-based compensation	Share-based compensation We amortize the grant date fair value of restricted stock as expense on a straight-line basis over the service period with an offsetting increase in stockholders' equity. The grant date fair value of awards with only service-based vesting conditions is determined based upon the share price on the grant date. We recognize share-based compensation expense related to (i) awards to employees in salaries and employee benefits and (ii) awards to Directors or non-employees in general and administrative expense in our Consolidated Statements of Operations. Forfeitures of share-based awards are recognized as they occur.
Treasury stock	Treasury stock We account for repurchased common stock under the cost method and include such treasury stock as a component of total stockholders’ equity. We have repurchased shares of our common stock (i) under our Board approval to repurchase up to $300 million in shares of our common stock and (ii) upon our withholding of shares of our common stock to satisfy tax withholding obligations in connection with the vesting of our restricted stock.

Earnings Per Share - Schedule of Components of Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator
Net loss	$ (32,546)	$ (15,934)
Gain of preferred stock transaction	0	5,122
Numerator for earnings per share - net loss attributable to common stockholders	$ (32,546)	$ (10,812)
Denominator
Weighted average common stock outstanding – basic (in shares)	2,925,744	3,259,755
Weighted average common stock outstanding – diluted (in shares)	2,925,744	3,259,755
Loss per share of common stock - Basic:
Loss per basic common share (in USD per share)	$ (11.12)	$ (3.32)
Loss per share of common stock - Diluted:
Loss per diluted common share (in USD per share)	$ (11.12)	$ (3.32)

Incentive Compensation and Share-Based Payments (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Activity

The following table sets forth the activity of our restricted stock:


	Number of Shares	Weighted Average Grant Date Fair Value
December 31, 2021	25,901	$	13.62
Granted	52,821	7.62
Vested(1)	(16,835)	14.11

December 31, 2022(2)	61,887	8.36

Vested(1)	(18,984)	8.25
Forfeited	(28,332)	6.39
December 31, 2023(2)	14,571	$	12.35

_____________

(1)The vesting date fair value of restricted stock that vested during the years ended December 31, 2023 and 2022 was $0.2 million and $0.2 million, respectively.

(2)The aggregate intrinsic value of restricted stock outstanding at December 31, 2023 and 2022 was $0.1 million and $0.7 million, respectively.

Schedule of Shares Reserved for Future Issuance

The following table sets forth the number of shares of common stock reserved for future issuance. We may issue new shares or issue shares from treasury shares upon the exercise of stock options or the vesting of restricted stock.


						December 31, 2023
Stock options outstanding						—
Possible future issuances under share-based compensation plans						107,884
						107,884

Incentive Compensation and Share-Based Payments - Schedule of Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted Average Grant Date Fair Value
Vesting date fair value of restricted stock that vested	$ 0.2	$ 0.2
Aggregate intrinsic value, outstanding		$ 0.1
Restricted stock
Number of Shares
Beginning balance (in shares)	61,887	25,901
Granted (in shares)		52,821
Vested (in shares)	(18,984)	(16,835)
Forfeited (in shares)	(28,332)
Ending balance (in shares)	14,571	61,887
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 12.35	$ 8.36	$ 13.62
Granted (in USD per share)		7.62
Vested (in USD per share)	8.25	14.11
Forfeited (in USD per share)	6.39
Ending balance (in USD per share)	$ 12.35	$ 8.36	$ 13.62
Aggregate intrinsic value, outstanding	$ 0.1	$ 0.7

Borrowings (Details) - USD ($) $ in Thousands	1 Months Ended
Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Aug. 31, 2022	Dec. 31, 2023
Line of Credit Facility [Line Items]
Credit facility	$ 51,653		$ 0
Line of Credit \| Master Repurchase Agreement with NexBank
Line of Credit Facility [Line Items]
Borrowing capacity	$ 50,000
Term for each draw on the line	180 days
Debt instrument, term	364 days
Interest payable term	90 days
Credit facility	$ 9,200
Line of credit facility, collateralized amount	$ 10,400
Line of Credit \| Master Repurchase Agreement with NexBank \| Minimum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	3.50%
Line of Credit \| Master Repurchase Agreement with NexBank \| Maximum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	4.25%
Line of Credit \| Master Repurchase Agreement with Flagstar Bank FSB
Line of Credit Facility [Line Items]
Borrowing capacity		$ 50,000
Term for each draw on the line		180 days
Debt instrument, term		364 days
Interest payable term		90 days
Credit facility	$ 42,500
Line of credit facility, collateralized amount	$ 57,400
Required restricted cash balance		$ 2,000

Commitments and Contingencies - Litigation Settlement Narrative (Details) - Former Chief Executive Officer, Indroneel Chatterjee $ in Thousands			12 Months Ended
	Dec. 29, 2022 USD ($)	Oct. 19, 2022 USD ($) counterclaim	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Number of counterclaims with a granted summary judgement \| counterclaim		1
Amount awarded to company	$ 1,000	$ 400	$ 1,600
Amount awarded to company, interest rate		0.090
Reimbursement of legal expenses		$ 140

Incentive Compensation and Share-Based Payments

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Incentive Compensation and Share-Based Payments

7. Incentive Compensation and Share-Based Payments

2012 Special Equity Incentive Plan

A special grant of stock options and restricted stock was made to certain employees of Altisource Portfolio Solutions N.A. (“ASPS”) related to our separation from ASPS under the 2012 Special Equity Incentive Plan (the “2012 Special Plan”). We included no share-based compensation in our consolidated financial statements for the portion of these grants made to ASPS employees. The shares of restricted stock became fully vested and were issued during 2017.

Dividends received on restricted stock are forfeitable and are accumulated until the time of vesting at the same rate and on the same date as on shares of common stock. Upon the vesting of stock options and restricted stock, we may withhold up to the statutory minimum to satisfy the resulting employee tax obligation.

Stock options

During the years ended December 31, 2023 and 2022, we recorded no compensation expense related to grants of stock options.

As of both December 31, 2023 and 2022, we had no outstanding options issued under all of our share-based compensation plans or as inducement awards.

During the year ended December 31, 2022, 5,850 stock options were exercised on March 12, 2022 with a weighted average exercise price of $4.36 per share and an aggregate intrinsic value of $0.1 million. All options were exercised in March 2022.

Restricted stock

During the year ended December 31, 2023, we granted no shares of service-based restricted stock to members of management.

During the year ended December 31, 2022, we granted a total of 38,250 shares of service-based restricted stock to members of management with a weighted average grant date value per share of $5.82. These shares of service-based restricted stock awards were granted either as inducement awards or under our Equity Incentive Plans. These grants will vest in three equal annual installments based on the grant date(s), subject to forfeiture or acceleration.

We recorded $0.2 million of compensation expense related to these grants in both of the years ended December 31, 2023, and 2022, respectively. As of December 31, 2023, we had no unrecognized share-based compensation expense to be recognized. As of December 31, 2022, we had $0.3 million of total unrecognized share-based compensation cost to be recognized over a weighted average remaining estimated term 1.1 years.

Additionally, during 2022 our Directors each received annual grants of restricted stock equal to $60,000 based on the market value of our common stock at the time of the annual stockholders meeting. This restricted stock vested on the date of the next Annual Meeting of Stockholders following the date of grant, service period subject to each Director attending at least 75% of the Board and committee meetings. No dividends were paid on the shares until the award was issued. During the year ended December 31, 2022, we granted 14,571 shares of stock pursuant to our Equity Incentive Plans with a weighted average grant date fair value per share of $12.35. There were no shares of stock granted under the Equity Incentive Plans during the year ended December 31, 2023.

The following table sets forth the activity of our restricted stock:


	Number of Shares	Weighted Average Grant Date Fair Value
December 31, 2021	25,901	$	13.62
Granted	52,821	7.62
Vested(1)	(16,835)	14.11

December 31, 2022(2)	61,887	8.36

Vested(1)	(18,984)	8.25
Forfeited	(28,332)	6.39
December 31, 2023(2)	14,571	$	12.35

_____________

(1)The vesting date fair value of restricted stock that vested during the years ended December 31, 2023 and 2022 was $0.2 million and $0.2 million, respectively.

(2)The aggregate intrinsic value of restricted stock outstanding at December 31, 2023 and 2022 was $0.1 million and $0.7 million, respectively.


						December 31, 2023
Stock options outstanding						—
Possible future issuances under share-based compensation plans						107,884
						107,884

As of December 31, 2023, we had 315,515 remaining shares of common stock, excluding treasury shares, authorized to be issued under our charter.