0001555074-24-000023 | 10-Q | XBRL Viewer | Altisource Asset Management Corp

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Earnings Per Share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted stock
Denominator
Antidilutive shares excluded from computation of earnings per share (in shares)	0	49,667
Preferred stock, if converted
Denominator
Antidilutive shares excluded from computation of earnings per share (in shares)	0	196,128

Leases - Additional Information (Details) - USD ($)	3 Months Ended
Leases - Additional Information (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term	3 years		3 years 3 months 18 days
Operating lease, discount rate	7.00%		7.00%
Rent expense- long term lease	$ 100,000	$ 100,000
Rent expense- short term lease	0	0
Finance lease, liability	$ 0	$ 0

Loans Held for Sale or Investment at Fair Value - Loan Commitment Classified by Geographic Areas (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	$ 8,072
Percent of Portfolio	100.00%
Washington
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	$ 3,470
Percent of Portfolio	43.00%
Florida
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	$ 3,279
Percent of Portfolio	40.60%
Arkansas
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	$ 553
Percent of Portfolio	6.90%
Texas
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	$ 350
Percent of Portfolio	4.30%
Michigan
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	$ 230
Percent of Portfolio	2.80%
Pennsylvania
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	$ 176
Percent of Portfolio	2.20%
Other
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	$ 14
Percent of Portfolio	0.20%

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2024

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 United States Virgin Islands (“USVI”) on March 15, 2012 (our "inception"), and we commenced operations as an asset manager on December 21, 2012.

During 2022 and 2023, the Company generated alternative private credit loans through Direct to Borrower Lending, Wholesale Originations and Correspondent Loan Acquisitions and funded the originated or acquired alternative loans from a combination of Company equity and lines of credit through its alternative lending group (“ALG”) business line. Those loans were then sold through forward commitments and repurchase contracts.

Following a full year of ALG’s operations, our Board of Directors mandated a comprehensive review of the Company’s mortgage platform to improve the performance of the business. The 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. While the Company will retain the ability to originate and purchase loans in the future, it does not anticipate doing so other than on a very selective basis.

On October 6, 2023, the Company signed a non-exclusive patent and technology licensing agreement (“the PTL Agreement”) with System73 Limited (“System 73”), an entity controlled and managed by the 53.6% owners of the Company’s common stock. Under the PTL Agreement, the Company obtained a non-exclusive license for a set of patents for a control system which seeks to optimize the efficiency of electric vehicles (“EVs”). The Company’s investment in the EV business will be its principal line of business on a go-forward basis.

As consideration for the patent rights granted in the PTL Agreement, the Company has agreed to pay 6.2 million pounds sterling (approximately $8.0 million) in budgeted increments as they are incurred by System73 under a commercialization contract executed with Seabird Technologies Limited (“Seabird”), plus any future third-party expenses reasonably incurred in connection with the filing, prosecution and maintenance of the patents. Under the commercialization contract, Seabird has been engaged by System 73 to build a technology demonstrator to validate the functionality of an integrated drive unit using the technology and to develop a commercialization strategy for the technology, including the development of a sales pipeline, over an 18-month period commencing on January 1, 2024. Through March 31, 2024, AAMC has made payments of approximately $1.9 million in the aggregate toward these contractual obligations.

Under the terms of the commercialization contract, Seabird will be the exclusive distributor of the control system for two years following development and will earn 10% of revenue from sales directly attributable to their efforts up to $250 million per annum; 20% of revenue from sales directly attributable to their efforts over $250 million per annum; and 10% ownership in System 73 (or any potential future owner of the control system at that time) when revenue attributable to their efforts exceeds $500 million per annum.

In addition, the PTL Agreement contemplates certain equity incentives for System73 based on performance. The PTL 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 AAMC Common Stock Milestone, System 73 would be awarded the number of shares of AAMC Common Stock equal to ten percent (10%) of the AAMC fully diluted Shares. Consistent with New York Stock Exchange rules, any equity award under the PTL Agreement will be subject to stockholder approval.

AAMC, at its option, may terminate the PTL Agreement by providing System73 written notice of intent to terminate at any time and for any reason. Upon termination, in addition to all other obligations under the PTL Agreement, System73 shall promptly pay to AAMC an amount equal to the value of all payments made by AAMC pursuant to the agreement, plus a twenty percent (20%) annualized return on investment on such payments.

Basis of presentation and use of estimates

The accompanying unaudited condensed 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.

In management's opinion, the unaudited interim condensed consolidated financial statements contain all adjustments (all of which are normal and recurring in nature) considered necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. The interim results are not necessarily indicative of results for a full year. We have omitted certain notes and other information from the interim condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q as permitted by SEC rules and regulations. These condensed consolidated financial statements should be read in conjunction with our annual consolidated financial statements included within our Annual Report on Form 10-K for the year ended December 31, 2023.

Use of estimates

The preparation of condensed 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 condensed 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

Through our ALG business line we previously originated and purchased alternative loans. These loans are either 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 Condensed 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 Condensed 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 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 2 - 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 Condensed 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 Accounting Standards Codification ("ASC") Topic 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. There were no transfers of financial assets during the three months ended March 31, 2024. The Company realized an aggregate gain totaling $0.01 million and an aggregate loss of $0.28 million for the three months ended March 31, 2023 on loans held for sale and loans held for investment, respectively, which is included in realized gains on loans held for sale, net and realized losses on loans held for investment, net, respectively, in the accompanying Condensed Consolidated Statement of Operations. Each of the loans transferred during the three months ended March 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.

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. Under the terms of the Certificate, the Company would have been required to redeem if it had legally available funds to redeem all, but not less than all, of the Series A Shares requested by a holder to be redeemed on a redemption date. The redemption right would have been exercisable in connection with each redemption date every five years until the mandatory redemption date in 2044.

The Series A Shares were not entitled to receive dividends. 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. For a further description of other terms and conditions in respect of the Series A Shares, please refer to Note 1 - Organization and Basis of Presentation to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 and the Certificate of Designations for the Series A Convertible Preferred Stock referenced as Exhibit 3.3 in this Quarterly Report.

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, a complaint was filed in New York state court by Luxor Capital Group LP and various related entities collectively “Luxor”), each a holder of AAMC Series A Shares, against AAMC claiming breach of contract, specific performance, unjust enrichment, and related damages and expenses. Luxor sought an order requiring AAMC to redeem its Series A Shares, damages of up to $150,000,000, as well as payment of its costs and expenses in the lawsuit.

On December 1, 2022, following extensive briefing and oral arguments by each side, the trial court denied the parties’ respective summary judgment motions.

On June 13, 2023, the Appellate Division - First Department issued a unanimous decision in favor of AAMC and directed 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 “Settlement activities”.

–AAMC (plaintiff) v. Nathaniel Redleaf (defendant)

On October 31, 2022, AAMC filed suit in the Superior Court of the Virgin Islands (subsequently removed to federal court), against former Company director Nathaniel Redleaf alleging disclosure of confidential information to Luxor in breach of the fiduciary duty he owed to AAMC. AAMC sought a number of remedies, including compensatory damages and disgorgement of any benefit received by Luxor or Mr. Redleaf as a result of such alleged breaches.

As noted below, all litigation with Mr. Redleaf and Luxor has been resolved and dismissed with prejudice. See “Settlement activities”.

Settlement activities

From February 2021 through July 2022, the Company entered into a series of settlement agreements with various institutional holders of the Series A Shares resulting in the redemption and cancellation thereof. For information concerning the terms and conditions of these settlements, see Note 1 - Organization and Basis of Presentation to the Consolidated Financial Statements included in our Annual Report on From 10-K for the year ended December 31, 2023.

On January 11, 2024 (the “Effective Date”), AAMC entered into a settlement agreement with Luxor and Mr. Redleaf, pursuant to which the parties agreed as follows:

•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:


Year	Principal Amount (Notes Payable)
2024	$	—
2025	—
2026	—
2027	2,000,000
2028	—
Thereafter	9,000,000

•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 and the carrying amount of such notes approximates fair value as of March 31, 2024. 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 their settlement shall not constitute or be construed as an admission that any of the parties violated the law, breached any contract or committed any wrong whatsoever.

Recently issued accounting standards

For a discussion of our recently issued accounting standards, please see Note 1 - Organization and Basis of Presentation - “Recently issued accounting standards” in our Annual Report on Form 10-K for the year ended December 31, 2023.

Recent Rules and Accounting Pronouncements

In March 2024, the Securities and Exchange Commission (the “SEC”) adopted the final rules that will require certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. The new rules include a requirement to disclose material climate-related risks, descriptions of board oversight and risk management activities, the material impacts of these risks on a registrants’ strategy, business model and outlook, and any material climate-related targets or goals, as well as material effects of severe weather events and other natural conditions and greenhouse gas emissions. Prior to the stay in the new rules, they would have been effective for annual periods beginning January 1, 2025, except for the greenhouse gas emissions disclosure which would have been effective for annual periods beginning January 1, 2026. The Company is currently evaluating the impact of these rules on its disclosures.

Loans Held for Sale or Investment at Fair Value

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Loans Held for Sale or Investment at Fair Value

2. 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 March 31, 2024 and December 31, 2023, is summarized in the table below ($ in thousands):


	Held for Sale				Held for Investment
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Total loan commitments	$	2,855	$	7,420	$	5,217	$	6,235
Less: construction holdbacks (1)	(133)		(2,988)		(212)		(214)
Total principal outstanding	2,722		4,432		5,005		6,021
Change in fair value of loans	24		24		(457)		(388)
Total loans at fair value	$	2,746	$	4,456	$	4,548	$	5,633

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

The loan portfolio consists of 10 loans at March 31, 2024, with a weighted average coupon of 10.1%, of which the Company receives a net yield of 9.9% after taking into account the strip interest to the sellers of the loans. The weighted average life of the portfolio is approximately 0.4 years past maturity. Two loans represent 75% of the total principal outstanding at March 31, 2024. There were six loans on nonaccrual status or 90 days or more past due at March 31, 2024, with a fair value of $5.2 million. These loans have an unpaid principal balance of $7.7 million at March 31, 2024.

As of March 31, 2024, we have commenced formal foreclosure proceedings on six loans with an aggregate fair value of $4.6 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 March 31, 2024.

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, 2023	$	4,456	$	5,633



Additional fundings	834		27
Interest receivable	(11)		(25)
Payoffs and repayments	(2,533)		(1,018)
Fair value adjustment	—		(69)
Balance at March 31, 2024	$	2,746	$	4,548

The composition of the total loan commitment by state as of March 31, 2024 is summarized below ($ in thousands):


State	Commitment		Percent of Portfolio
Washington	$	3,470	43.0	%
Florida	3,279		40.6	%
Arkansas	553		6.9	%
Texas	350		4.3	%
Michigan	230		2.8	%
Pennsylvania	176		2.2	%


Other	14		0.2	%
Total	$	8,072	100.0	%

For financial reporting purposes of our alternative loans, we follow a fair value hierarchy established under GAAP 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.

The following table presents the assets that are reported at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023.


Assets	Carrying		Fair Value Measurements Using
(In thousands)	Value		Level 1		Level 2		Level 3
March 31, 2024
Loans held for sale	$	2,746	$	—	$	—	$	2,746
Loans held for investment	4,548		—		—		4,548
Total measured	$	7,294	$	—	$	—	$	7,294

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

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 greater the overall yield on the portfolio of 9.9%, resulting in the decrease in value of the portfolio at March 31, 2024. 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 three months ended March 31, 2024 or 2023.

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 three months ended March 31, 2024 and 2023.

- 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 - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loan commitments	$ 8,072
Total loans at fair value	4,548	$ 5,633
Held for Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loan commitments	2,855	7,420
Less: construction holdbacks	(133)	(2,988)
Total principal outstanding	2,722	4,432
Change in fair value of loans	24	24
Total loans at fair value	2,746	4,456
Held for Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loan commitments	5,217	6,235
Less: construction holdbacks	(212)	(214)
Total principal outstanding	5,005	6,021
Change in fair value of loans	(457)	(388)
Total loans at fair value	$ 4,548	$ 5,633

- 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

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	6. 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 with its provisions, we will receive a 90% tax reduction on our USVI-sourced income taxes 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 through 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 March 31, 2024, the Company met the minimum employment requirements required under the provisions of the Waiver. As of March 31, 2024 and December 31, 2023, we accrued no interest or penalties associated with any unrecognized tax benefits, nor did we recognize any interest expense or penalties during the three months ended March 31, 2024 and 2023. The Company recorded a $14,000 tax benefit and a book loss of $3.1 million for the first quarter of 2024. The material differences between the effective tax rate and the statutory tax rate are the EDC benefit discussed above and the fact that the USVI EDC is in a full valuation allowance position and incurred a current quarter loss.

- 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
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Leases - Maturity Analysis of Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating Lease Liabilities
2024	$ 302
2025	312
2026	272
2027	43
Total lease payments	929
Less: interest	90
Lease liabilities	$ 839	$ 900

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

7. Earnings Per Share

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


	Three months ended March 31,
		2024		2023
Numerator
Net loss		$	(3,110)	$	(2,988)

Gain of preferred stock transaction		132,212		—
Numerator for earnings per share - net income (loss) attributable to common stockholders		$	129,102	$	(2,988)

Denominator
Weighted average common stock outstanding - basic		2,554,512		3,021,128



Weighted average common stock outstanding - diluted		2,583,029		3,021,128

Income (loss) per basic common share		$	50.54	$	(0.99)
Income (loss) per diluted common share		$	49.98	$	(0.99)

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. 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.

We excluded the items presented below from the calculation of diluted income (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):


	Three months ended March 31,
		2024	2023
Denominator

Restricted stock		—	49,667
Preferred stock, if converted		—	196,128

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - 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, 2022		$ 144,212
Balance, end of period at Mar. 31, 2023		144,212
Beginning balance (in shares) at Dec. 31, 2022			3,432,294
Beginning balance at Dec. 31, 2022	$ (89,890)		$ 34	$ 149,010	$ 41,516	$ 20	$ (280,470)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment for stock dividend (in shares)			1,230,893
Adjustment for stock dividend	0		$ 12	(12)
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)			2,000
Treasury shares repurchased	(1,504)						(1,504)
Share-based compensation, net of tax	160			160
Currency translation adjustments, net	0
Net loss	(2,988)				(2,988)
Ending balance (in shares) at Mar. 31, 2023			4,665,187
Ending balance at Mar. 31, 2023	(94,222)		$ 46	149,158	38,528	20	(281,974)
Beginning balance at Dec. 31, 2023	144,212	144,212
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock conversion		(144,212)
Balance, end of period at Mar. 31, 2024	0	$ 0
Beginning balance (in shares) at Dec. 31, 2023			4,684,485
Beginning balance at Dec. 31, 2023	(125,843)		$ 46	149,160	8,970	14	(284,033)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Currency translation adjustments, net	(1)					(1)
Preferred stock conversion	132,212			132,212
Net loss	$ (3,110)				(3,110)
Ending balance (in shares) at Mar. 31, 2024	2,554,512		4,684,485
Ending balance at Mar. 31, 2024	$ 3,258		$ 46	$ 281,372	$ 5,860	$ 13	$ (284,033)

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	8. Segment Information The Company has two reportable segments: Loan Operations and Control System Commercialization. ALG is our primary business in the Loan Operations segment. Activity in the Control System Commercialization segment began during the first quarter of 2024 and is comprised entirely of electric vehicle intellectual property development expenses. The segment has no assets or liabilities at March 31, 2024.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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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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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Incentive Compensation and Share-Based Payments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based compensation arrangement by share-based payment award [Line Items]
Share-based compensation	$ 0	$ 0
Stock options outstanding (in shares)	0		0
Restricted stock
Share-based compensation arrangement by share-based payment award [Line Items]
Share-based compensation	$ 0	$ 200,000
Unrecognized stock compensation	$ 0		$ 0
Restricted stock \| Management
Share-based compensation arrangement by share-based payment award [Line Items]
Number of shares granted (in shares)	0	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

3. 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 March 31, 2024 and December 31, 2023, our weighted average remaining lease term, including applicable extensions, was 3.0 years and 3.3 years respectively and we applied a discount rate of 7.0% 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 each of the three month periods ended March 31, 2024 and 2023, we recognized rent expense of $0.1 million. We had no short-term rent expense for the three months ended March 31, 2024 or 2023. We include rent expense as a component of general and administrative expenses in the Condensed Consolidated Statements of Operations. We had no finance leases during the three months ended March 31, 2024 or 2023.

The following table presents a maturity analysis of our operating leases as of March 31, 2024 ($ in thousands):


	Operating Lease Liabilities
2024(1)	$	302
2025	312
2026	272
2027	43


Total lease payments	929
Less: interest	90
Lease liabilities	$	839

(1)Excludes the three months ended March 31, 2024

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. We did not recognize any impairments of right-of-use assets for the three months ended March 31, 2024 and 2023.

Segment Information (Details)	3 Months Ended
Segment Information (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Organization and Basis of Presentation - Settlement Agreement (Details) - Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation	Jan. 11, 2024 USD ($)
Note Issued Due and Payable on Current Year Anniversary of Effective Date
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Settlement agreement, principal due	$ 0
Note Issued Due and Payable on First-year Anniversary of Effective Date
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Settlement agreement, principal due	0
Note Issued Due and Payable on Two-year Anniversary of Effective Date
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Settlement agreement, principal due	0
Note Issued Due and Payable on Three-year Anniversary of Effective Date
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Settlement agreement, principal due	2,000,000
Note Issued Due and Payable on Four-year Anniversary of Effective Date
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Settlement agreement, principal due	0
Note Issued Due and Payable on Five-year Anniversary of Effective Date
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Settlement agreement, principal due	$ 9,000,000

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Maturity Analysis of Operating Leases

The following table presents a maturity analysis of our operating leases as of March 31, 2024 ($ in thousands):


	Operating Lease Liabilities
2024(1)	$	302
2025	312
2026	272
2027	43


Total lease payments	929
Less: interest	90
Lease liabilities	$	839

(1)Excludes the three months ended March 31, 2024

Commitments and Contingencies - Gain Contingency Additional Information (Details) - Erbey Holding Corporation et al. v. Blackrock Management Inc., et al. - Positive Outcome of Litigation	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 13, 2023 defendant	Mar. 30, 2023
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

Incentive Compensation and Share-Based Payments	3 Months Ended
Incentive Compensation and Share-Based Payments	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Incentive Compensation and Share-Based Payments	5. 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 condensed 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 We recorded no compensation expense related to grants of stock options for the three months ended March 31, 2024 and 2023, respectively. As of both March 31, 2024 and December 31, 2023 we had no outstanding options issued under all of our share-based compensation plans or as inducement awards. Restricted stock During the three months ended March 31, 2024 and 2023, we granted no shares of service-based restricted stock to members of management. We recorded no compensation expense related to our share-based compensation plan for the three months ended March 31, 2024. We recorded $0.2 million of compensation expense related to our share-based compensation for the three months ended March 31, 2023. As of March 31, 2024 and December 31, 2023, we had an no unrecognized share-based compensation cost to be recognized.

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues [Abstract]
Loan interest income	$ 228,000	$ 2,036,000
Loan fee income	6,000	85,000
Realized gains on loans held for sale, net	0	10,000
Total revenues	234,000	2,131,000
Expenses:
Salaries and employee benefits	224,000	1,864,000
Legal fees	51,000	441,000
Professional fees	366,000	480,000
General and administrative	341,000	934,000
Servicing and asset management expense	85,000	183,000
Interest expense	251,000	1,082,000
Direct loan expense	7,000	263,000
Loan sales and marketing expense	0	409,000
Electric vehicle intellectual property development	1,926,000	0
Total expenses	3,251,000	5,656,000
Other income (expense)
Change in fair value of loans	(69,000)	849,000
Realized losses on loans held for investment, net	0	(275,000)
Other	(38,000)	(2,000)
Total other (expense) income	(107,000)	572,000
Net loss before income tax	(3,124,000)	(2,953,000)
Income tax (benefit) expense	(14,000)	35,000
Net loss	(3,110,000)	(2,988,000)
Earnings per share
Net loss	(3,110,000)	(2,988,000)
Gain of preferred stock transaction	132,212,000	0
Numerator for earnings per share	$ 129,102,000	$ (2,988,000)
Income (loss) per share of common stock - Basic:
Income (loss) per basic common share (in USD per share)	$ 50.54	$ (0.99)
Weighted average common stock outstanding – basic (in shares)	2,554,512	3,021,128
Income (loss) per share of common stock - Diluted:
Income (loss) per diluted common share (usd per share)	$ 49.98	$ (0.99)
Weighted average common stock outstanding – diluted (in shares)	2,583,029	3,021,128

Organization and Basis of Presentation - Narrative (Details) $ / shares in Units, £ in Millions				3 Months Ended
	Jan. 11, 2024 USD ($) note shares	Oct. 06, 2023 USD ($) $ / shares	Feb. 03, 2020 USD ($)	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($)	Mar. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2023 shares	Oct. 06, 2023 GBP (£)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Electric vehicle intellectual property development				$ 1,926,000	$ 0
Loans receivable, threshold period past due				90 days
Realized gains on loans held for sale, net				$ 0	10,000
Realized losses on loans held for investment, net				$ 0	$ (275,000)
Temporary equity, Issued (in shares) \| shares				0		250,000	144,212
Temporary equity, stock issued during period						$ 250,000,000
Temporary equity, redemption period				5 years		5 years
Temporary equity, conversion price per share (in USD per share) \| $ / shares						$ 1,250
Exchange ratio for preferred stock to common stock						0.8
Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Settlement agreement, cash payment	$ 1,000,000
Loss contingency, damages awarded, 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
Luxor
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Damages sought			$ 150,000,000
Luxor \| Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Settlement agreement, number of shares surrendered (in shares) \| shares	144,212
Series A Preferred Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Temporary equity, liquidation preference			$ 250,000,000
Patent and Technology Licensing Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Electric vehicle intellectual property development				$ 1,900,000
System73 Limited \| Patent and Technology Licensing Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Licensing agreement, agreement with entity owned by common share holders, percentage of ownership		53.60%						53.60%
Licensing agreement, consideration		$ 8,000,000						£ 6.2
Licensing agreement, prototype creation, period		18 months
Number of years patented technology in development		2 years
Licensing agreement, partnership incentives, net sales efforts up to threshold, percentage of revenue earned		10.00%
Licensing agreement, partnership incentives, net sales efforts up to threshold		$ 250,000,000
Licensing agreement, partnership incentives, net sales efforts over threshold, percentage of revenue earned		20.00%
Licensing agreement, partnership incentives, net sales efforts over threshold		$ 250,000,000
Licensing agreement, partnership incentives, ownership entity who owns patents		10.00%
Licensing agreement, partnership incentives, annual revenue threshold		$ 500,000,000
Licensing agreement, equity incentives, common stock milestones, preceding period		20 days
Licensing agreement, equity incentives, common stock milestones, stock price multiple (usd per share) \| $ / shares		$ 100
Licensing agreement, equity incentives, common stock milestones, percentage of fully diluted shares awarded		10.00%
Licensing agreement, termination clause, annualized return on investment of total payments made		20.00%

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

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The composition of the loan portfolio by classification as of March 31, 2024 and December 31, 2023, is summarized in the table below ($ in thousands):


	Held for Sale				Held for Investment
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Total loan commitments	$	2,855	$	7,420	$	5,217	$	6,235
Less: construction holdbacks (1)	(133)		(2,988)		(212)		(214)
Total principal outstanding	2,722		4,432		5,005		6,021
Change in fair value of loans	24		24		(457)		(388)
Total loans at fair value	$	2,746	$	4,456	$	4,548	$	5,633

(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, 2023	$	4,456	$	5,633



Additional fundings	834		27
Interest receivable	(11)		(25)
Payoffs and repayments	(2,533)		(1,018)
Fair value adjustment	—		(69)
Balance at March 31, 2024	$	2,746	$	4,548

Schedule of Loan Commitment Classified by Geographic Areas

The composition of the total loan commitment by state as of March 31, 2024 is summarized below ($ in thousands):


State	Commitment		Percent of Portfolio
Washington	$	3,470	43.0	%
Florida	3,279		40.6	%
Arkansas	553		6.9	%
Texas	350		4.3	%
Michigan	230		2.8	%
Pennsylvania	176		2.2	%


Other	14		0.2	%
Total	$	8,072	100.0	%

Schedule of Fair Value Measurements, Recurring and Nonrecurring


Assets	Carrying		Fair Value Measurements Using
(In thousands)	Value		Level 1		Level 2		Level 3
March 31, 2024
Loans held for sale	$	2,746	$	—	$	—	$	2,746
Loans held for investment	4,548		—		—		4,548
Total measured	$	7,294	$	—	$	—	$	7,294

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

Earnings Per Share - Schedule of Components of Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator
Net loss	$ (3,110)	$ (2,988)
Gain of preferred stock transaction	132,212	0
Numerator for earnings per share - net income (loss) attributable to common stockholders	$ 129,102	$ (2,988)
Denominator
Weighted average common stock outstanding – basic (in shares)	2,554,512	3,021,128
Weighted average common stock outstanding – diluted (in shares)	2,583,029	3,021,128
Income (loss) per share of common stock - Basic:
Income (loss) per basic common share (in USD per share)	$ 50.54	$ (0.99)
Income (loss) per share of common stock - Diluted:
Income (loss) per diluted common share (usd per share)	$ 49.98	$ (0.99)

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	4. Commitments and Contingencies Litigation, claims and assessments Information regarding reportable legal proceedings is contained in the “Commitments and Contingencies” note in the financial statements provided in our Annual Report on Form 10-K for the year ended December 31, 2023. We establish reserves for specific legal proceedings when we determine that the likelihood of an outcome is probable and the amount of loss can be reasonably estimated. We do not currently have any reserves for our legal proceedings. The following updates and restates the description of the previously reported matters: Litigation regarding Luxor and Redleaf Please refer to Note 1 - Organization and Basis of Presentation – Sections “Related litigation” and “Settlement activities”. Arbitration regarding Indroneel Chatterjee, former Chief Executive Officer On May 3, 2021, the Company’s former CEO Indroneel Chatterjee commenced an arbitration against the Company and each of its directors. The arbitration complaint alleged that the Company’s termination of Mr. Chatterjee’s employment for cause was in breach of his employment agreement. The complaint also alleged certain extra-contractual claims against the Company. On October 19, 2022, following extensive briefing by the parties, the arbitrator dismissed all of Mr. Chatterjee's then remaining claims and 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). On December 29, 2022, the arbitrator entered a final order which granted additional award of fees, costs and interest to the Company in the amount of over $1 million, bringing the Company's total judgment against Mr. Chatterjee to approximately $1.6 million. The Company has taken steps to attempt to enforce the judgment against Mr. Chatterjee and waives no rights or remedies with respect thereto. AAMC’s damage claims against Blackrock and PIMCO 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. 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 July 13, 2023, a court-appointed Staff Master issued a comprehensive 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 adopted the Staff Master’s recommendation and overruled Defendants’ objections thereto. The trial judge certified the findings of jurisdiction 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. Briefing in Plaintiff’s appeal concluded on April 17, 2024. On February 27, 2024, the trial judge denied Defendants’ request for a stay of discovery during the pendency of appellate matters before the Virgin Islands Supreme Court and directed the Staff Master to conduct a discovery conference on an expedited basis. The Staff Master held a discovery conference and on April 4, 2024, entered a Discovery and Scheduling Plan which provides for all discovery to be completed in the fall of 2025. 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 March 31, 2024 or December 31, 2023.

Loans Held for Sale or Investment at Fair Value - Fair Value Measurements, Recurring (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	$ 2,746	$ 4,456
Loans held for investment, at fair value	4,548	5,633
Fair Value Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	2,746	4,456
Loans held for investment, at fair value	4,548	5,633
Total measured	7,294	10,089
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	2,746	4,456
Loans held for investment, at fair value	4,548	5,633
Total measured	$ 7,294	$ 10,089

Organization and Basis of Presentation (Policies)	3 Months Ended
Organization and Basis of Presentation (Policies)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	The accompanying unaudited condensed 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. In management's opinion, the unaudited interim condensed consolidated financial statements contain all adjustments (all of which are normal and recurring in nature) considered necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. The interim results are not necessarily indicative of results for a full year. We have omitted certain notes and other information from the interim condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q as permitted by SEC rules and regulations. These condensed consolidated financial statements should be read in conjunction with our annual consolidated financial statements included within our Annual Report on Form 10-K for the year ended December 31, 2023.
Use of estimates	The preparation of condensed 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 condensed 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	Through our ALG business line we previously originated and purchased alternative loans. These loans are either 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 Condensed 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 Condensed 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 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 2 - 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 Condensed 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 Accounting Standards Codification ("ASC") Topic 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.
Recently issued accounting standards	Recently issued accounting standards For a discussion of our recently issued accounting standards, please see Note 1 - Organization and Basis of Presentation - “Recently issued accounting standards” in our Annual Report on Form 10-K for the year ended December 31, 2023. Recent Rules and Accounting Pronouncements In March 2024, the Securities and Exchange Commission (the “SEC”) adopted the final rules that will require certain climate-related information in registration statements and annual reports. In April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. The new rules include a requirement to disclose material climate-related risks, descriptions of board oversight and risk management activities, the material impacts of these risks on a registrants’ strategy, business model and outlook, and any material climate-related targets or goals, as well as material effects of severe weather events and other natural conditions and greenhouse gas emissions. Prior to the stay in the new rules, they would have been effective for annual periods beginning January 1, 2025, except for the greenhouse gas emissions disclosure which would have been effective for annual periods beginning January 1, 2026. The Company is currently evaluating the impact of these rules on its disclosures.

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets [Abstract]
Loans held for sale, at fair value	$ 2,746	$ 4,456
Loans held for investment, at fair value	4,548	5,633
Cash and cash equivalents	6,653	8,713
Other assets	6,441	6,737
Total assets	20,388	25,539
Liabilities
Accrued expenses and other liabilities	5,040	6,270
Lease liabilities	839	900
Notes payable	11,251	0
Total liabilities	17,130	7,170
Commitment and contingencies (Note 4)	0	0
Redeemable preferred stock:
Preferred stock, $0.01 par value, 250,000 shares authorized as of March 31, 2024 and December 31, 2023. No shares were issued and outstanding as of March 31, 2024. $144,212 shares were issued and outstanding and had a $144,212 redemption value as of December 31, 2023.	0	144,212
Stockholders' equity (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 March 31, 2024 and December 31, 2023, respectively.	46	46
Additional paid-in capital	281,372	149,160
Retained earnings	5,860	8,970
Accumulated other comprehensive income	13	14
Treasury stock, at cost, 2,129,973 shares as of March 31, 2024 and December 31, 2023.	(284,033)	(284,033)
Total stockholders' equity (deficit)	3,258	(125,843)
Total liabilities and equity (deficit)	$ 20,388	$ 25,539

Organization and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Settlement Agreement


Year	Principal Amount (Notes Payable)
2024	$	—
2025	—
2026	—
2027	2,000,000
2028	—
Thereafter	9,000,000

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (3,110)	$ (2,988)
Other comprehensive (loss) income:
Currency translation adjustments, net	(1)	0
Total other comprehensive (loss) income	(1)	0
Comprehensive loss	$ (3,111)	$ (2,988)

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 08, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,554,512
Entity Central Index Key	0001555074
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Loans Held for Sale or Investment at Fair Value - Schedule Of Accounts Loan Portfolio By Classification (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at December 31, 2023	$ 5,633
Balance at March 31, 2024	4,548
Loans Held for Sale
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at December 31, 2023	4,456
Additional fundings	834
Interest receivable	(11)
Payoffs and repayments	(2,533)
Fair value adjustment	0
Balance at March 31, 2024	2,746
Loans Held for Investment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at December 31, 2023	5,633
Additional fundings	27
Interest receivable	(25)
Payoffs and repayments	(1,018)
Fair value adjustment	(69)
Balance at March 31, 2024	$ 4,548

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
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

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Components of Basic and Diluted Income (Loss) Per Share

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


	Three months ended March 31,
		2024		2023
Numerator
Net loss		$	(3,110)	$	(2,988)

Gain of preferred stock transaction		132,212		—
Numerator for earnings per share - net income (loss) attributable to common stockholders		$	129,102	$	(2,988)

Denominator
Weighted average common stock outstanding - basic		2,554,512		3,021,128



Weighted average common stock outstanding - diluted		2,583,029		3,021,128

Income (loss) per basic common share		$	50.54	$	(0.99)
Income (loss) per diluted common share		$	49.98	$	(0.99)

Schedule of Antidilutive Securities Excluded From Computation of Income (Loss) Per Share


	Three months ended March 31,
		2024	2023
Denominator

Restricted stock		—	49,667
Preferred stock, if converted		—	196,128

Commitments and Contingencies - Litigation Settlement Additional Information (Details) - Former Chief Executive Officer, Indroneel Chatterjee $ in Thousands			20 Months Ended
	Dec. 29, 2022 USD ($)	Oct. 19, 2022 USD ($) counterclaim	Dec. 29, 2022 USD ($)
Loss Contingencies [Line Items]
Number of counterclaims with a granted summary judgement \| counterclaim		1
Amount awarded to company \| $	$ 1,000	$ 400	$ 1,600

Loans Held for Sale or Investment at Fair Value - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) loan
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Number of loan portfolio	10
Weighted average coupon	10.10%
Net yield	9.90%
Weighted average life, terms	4 months 24 days
Number of loan outstanding	2
Percentage of outstanding total principal amount	75.00%
Number of loans on nonaccrual status or 90 days or more past due	6
Carry value of nonaccrual loan \| $	$ 5.2
Loans held for investment, unpaid principal balance \| $	$ 7.7
Number of loans formal foreclosure proceedings loans	6
Aggregate fair value of loans investment for sale in foreclosure \| $	$ 4.6
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	9.90%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (3,110)	$ (2,988)

- Definition

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

+ References

+ Details

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2024 USD ($) employee	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Income tax exemption, percentage	90.00%
Minimum employee requirement \| employee	5
Unrecognized tax benefit, interest and penalties accrued	$ 0		$ 0
Income tax (benefit) expense	(14,000)	$ 35,000
Net loss	$ 3,110,000	$ 2,988,000

- Definition

Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

+ References

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
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, Issued (in shares)	0	144,212
Temporary equity, shares outstanding (in shares)	0	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
Common stock, shares outstanding (in shares)	2,554,512
Treasury stock, shares (in shares)	2,129,973

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net loss	$ (3,110)	$ (2,988)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	15	64
Share-based compensation	0	160
Amortization of operating lease right-of-use assets	61	94
Change in fair value of loans	69	(849)
Net realized loss on sale of loans held for investment	0	265
Loss on discarded assets	74	0
Interest on note payable	251	0
Amortization of deferred financing fees	0	31
Changes in operating assets and liabilities:
Originations of held for sale loans	0	(1,817)
Additional fundings of held for sale loans	(834)	(1,202)
Proceeds from sales of held for sale loans	0	1,087
Principal payments on held for sale loans	2,533	116
Interest receivable	36	340
Prepaid expenses and other assets	143	0
Accounts payable and other accrued liabilities	(1,227)	0
Other liabilities and operating lease liabilities	(62)	0
Other assets and liabilities	0	(2,245)
Net cash used in operating activities	(2,051)	(6,944)
Investing activities:
Additional fundings of loans held for investment	(27)	(2,612)
Proceeds from sales of loans held for investment	0	5,235
Principal payments on loans held for investment	1,018	15,382
Investment in property and equipment	0	(31)
Net cash provided by investing activities	991	17,974
Financing activities
Conversion of preferred stock	(1,000)	0
Proceeds from borrowed funds	0	23,370
Repayment of borrowed funds	0	(31,789)
Repurchase of common stock	0	(1,504)
Net cash used in financing activities	(1,000)	(9,923)
Net (decrease) increase in cash and cash equivalents	(2,060)	1,107
Effect of exchange rate changes on cash and cash equivalents	0	4
Consolidated cash, cash equivalents, and restricted cash, beginning of period	8,713	12,774
Consolidated cash, cash equivalents, and restricted cash, end of period	6,653	13,885
Reconciliation of Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents	6,653	11,836
Restricted cash	0	2,049
Total cash, cash equivalents, and restricted cash	6,653	13,885
Supplemental disclosure of cash information:
Cash paid for interest	0	900
Cash paid for income taxes	$ 0	$ 48

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events Management has evaluated the impact of all subsequent events through the issuance of these condensed consolidated financial statements and determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

Earnings Per Share - Additional Information (Details) - $ / shares	Sep. 18, 2023	Sep. 08, 2023	Mar. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Common stock, dividend rate approved		70.00%
Common stock, par value (in USD per share)		$ 0.01	$ 0.01	$ 0.01
Dividends, number of additional shares issued per share owned (in shares)	0.7