UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 10, 2015
ALTISOURCE ASSET MANAGEMENT CORPORATION
(Exact name of Registrant as specified in its charter)
United States Virgin Islands | 000-54809 | 66-0783125 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
36C Strand Street
Christiansted, United States Virgin Islands 00820
(Address of principal executive offices including zip code)
(340) 692-1055
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On August 10, 2015, Altisource Asset Management Corporation issued a press release announcing financial results for its quarter ended June 30, 2015. A copy of the press release is attached hereto as Exhibit 99.1.
The information in this Item 2.02, including the information in Exhibit 99.1, is furnished solely pursuant to Item 2.02 of this Form 8-K. Consequently, it is not deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that Section. It may only be incorporated by reference in another filing under the
Securities Exchange Act of 1934 or Securities Act of 1933 if such subsequent filing specifically references this Item 2.02 of this Form 8-K.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. | Description | |
Exhibit 99.1 | Press Release of Altisource Asset Management Corporation dated August 10, 2015 | |
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Altisource Asset Management Corporation | ||
August 10, 2015 | By: | /s/ Stephen H. Gray |
Stephen H. Gray General Counsel and Secretary | ||
Exhibit 99.1
FOR IMMEDIATE RELEASE | |
FOR FURTHER INFORMATION CONTACT: Robin N. Lowe Chief Financial Officer T: 1-345-815-9919 E: Robin.Lowe@AltisourceAMC.com | |
Altisource Asset Management Corporation Reports Second Quarter 2015 Results
CHRISTIANSTED, U.S. Virgin Islands, August 10, 2015 (GLOBE NEWSWIRE) - Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE MKT: AAMC) today announced financial and operating results for the second quarter of 2015.
Second Quarter 2015 Highlights:
• | Increased estimated taxable income for Altisource Residential Corporation (“Residential”) by 42% for the second quarter of 2015 compared to the second quarter of 2014. |
• | Facilitated Residential’s declaration and payment of a $0.55 per share dividend. |
• | Negotiated Residential’s agreement to purchase up to 1,325 single-family rental homes from Invitation Homes for an aggregate purchase price of $112.6 million. Transaction expected to close in August 2015. |
• | Advised Residential on its completion of a third non-performing loan securitization in June 2015. |
• | Transferred servicing of 4,342 of Residential’s loans with an aggregate UPB of $1.2 billion to its two new mortgage servicers. |
• | Advised Residential on the sale of 189 re-performing mortgage loans for total proceeds of $34.6 million. |
• | Initiated a program for Residential to acquire rental properties on a one-by-one basis using a proprietary valuation model. Expect to commence purchases in the third quarter of 2015. |
• | Earned asset management fees of $5.4 million. |
“In the second quarter of 2015, we took crucial steps to diversify Residential’s acquisition strategies to grow its single-family rental portfolio,” said Chairman and Chief Executive Officer George G. Ellison. “Although our asset management fees declined during the second quarter under the new asset management agreement, we believe the change in our fee structure with Residential promotes the long-term stability of both companies, aligns our incentives with Residential’s strategy of becoming a large single family rental home operator and better positions Residential for growth and improved returns. We believe this will enable AAMC to achieve stronger, more predictable fees in the future as Residential’s rental portfolio grows.”
Second Quarter 2015 Financial Results
Net income attributable to stockholders for the second quarter of 2015 totaled $0.7 million, or $0.27 per diluted share, compared to net income attributable to stockholders of $13.2 million, or $4.60 per diluted share, for the second quarter of 2014. Net income attributable to stockholders for the six months ended June 30, 2015 totaled $7.6 million, or $2.77 per diluted share, compared to net income attributable to stockholders of $20.1 million, or $7.00 per diluted share, for the six months ended June 30, 2014.
Webcast and conference call
The Company will host a webcast and conference call on Monday, August 10, 2015, at 10:00 a.m. Eastern Time to discuss its financial results for the second quarter of 2015. The conference call will be webcast live over the internet from the Company’s website at www.altisourceamc.com and can be accessed by clicking on the “Shareholders” link.
About AAMC
AAMC is an asset management company that provides portfolio management and corporate governance services to investment vehicles. Additional information is available at www.altisourceamc.com.
Forward-looking statements
This press release contains forward-looking statements that involve a number of risks and uncertainties. Those forward-looking statements include all statements that are not historical fact, including statements about management’s beliefs and expectations. Forward-looking statements are based on management’s beliefs as well as assumptions made by and information currently available to management. Because such statements are based on expectations as to future economic performance and are not statements of historical fact, actual results may differ materially from those projected. AAMC undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to: AAMC’s ability to implement its business plan; AAMC’s ability to leverage strategic relationships on an efficient and cost-effective basis; its ability to compete; general economic and market conditions; governmental regulations, taxes and policies; availability of adequate and timely sources of liquidity and financing; and other risks and uncertainties detailed in the “Forward-Looking Statements,” “Risk Factors” and other sections of AAMC’s Annual Report on Form 10-K, its quarterly reports on Form 10-Q and its other filings with the Securities and Exchange Commission.
Altisource Asset Management Corporation
Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)
Three months ended June 30, 2015 | Three months ended June 30, 2014 | Six months ended June 30, 2015 | Six months ended June 30, 2014 | ||||||||||||
Revenues: | |||||||||||||||
Rental revenues | $ | 2,140 | $ | 181 | $ | 3,540 | $ | 250 | |||||||
Net unrealized gain on mortgage loans | 42,209 | 105,042 | 103,343 | 170,172 | |||||||||||
Net realized gain on mortgage loans | 19,272 | 10,819 | 34,654 | 20,140 | |||||||||||
Net realized gain on re-performing mortgage loans | 254 | — | 405 | — | |||||||||||
Net realized gain on real estate | 12,404 | 1,234 | 23,012 | 1,234 | |||||||||||
Interest income | 240 | 81 | 480 | 189 | |||||||||||
Total revenues | 76,519 | 117,357 | 165,434 | 191,985 | |||||||||||
Expenses: | |||||||||||||||
Residential property operating expenses | 16,857 | 3,253 | 29,316 | 4,303 | |||||||||||
Real estate depreciation and amortization | 1,344 | 103 | 2,342 | 151 | |||||||||||
Real estate selling costs and impairment | 8,839 | 2,879 | 23,530 | 3,233 | |||||||||||
Mortgage loan servicing costs | 16,246 | 16,925 | 34,512 | 28,362 | |||||||||||
Interest expense | 13,237 | 6,945 | 24,720 | 12,653 | |||||||||||
General and administrative | 5,967 | 4,542 | 17,530 | 10,143 | |||||||||||
Related party general and administrative | — | 2,675 | — | 3,598 | |||||||||||
Total expenses | 62,490 | 37,322 | 131,950 | 62,443 | |||||||||||
Other income | — | 786 | — | 786 | |||||||||||
Income before income taxes | 14,029 | 80,821 | 33,484 | 130,328 | |||||||||||
Income tax expense (benefit) | 194 | (191 | ) | 337 | 575 | ||||||||||
Net income | 13,835 | 81,012 | 33,147 | 129,753 | |||||||||||
Net income attributable to noncontrolling interest in consolidated affiliate | (13,092 | ) | (67,782 | ) | (25,516 | ) | (109,695 | ) | |||||||
Net income attributable to common stockholders | $ | 743 | $ | 13,230 | $ | 7,631 | $ | 20,058 | |||||||
Earnings per share of common stock – basic: | |||||||||||||||
Earnings per basic share | $ | 0.31 | $ | 5.87 | $ | 3.40 | $ | 8.68 | |||||||
Weighted average common stock outstanding – basic | 2,218,533 | 2,255,278 | 2,211,357 | 2,310,931 | |||||||||||
Earnings per share of common stock – diluted: | |||||||||||||||
Earnings per diluted share | $ | 0.27 | $ | 4.60 | $ | 2.77 | $ | 7.00 | |||||||
Weighted average common stock outstanding – diluted | 2,746,955 | 2,874,906 | 2,752,322 | 2,865,185 | |||||||||||
Altisource Asset Management Corporation
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited)
June 30, 2015 | December 31, 2014 | ||||||
Assets: | |||||||
Real estate held for use: | |||||||
Land (from consolidated VIE) | $ | 23,743 | $ | 14,424 | |||
Rental residential properties (net of accumulated depreciation of $3,351 and $1,062, respectively - from consolidated VIE) | 97,533 | 60,908 | |||||
Real estate owned (from consolidated VIE) | 548,137 | 457,045 | |||||
Total real estate held for use, net | 669,413 | 532,377 | |||||
Real estate assets held for sale (from consolidated VIE) | 134,027 | 92,230 | |||||
Mortgage loans at fair value (from consolidated VIE) | 1,716,489 | 1,959,044 | |||||
Mortgage loans held for sale (from consolidated VIE) | 5,977 | 12,535 | |||||
Cash and cash equivalents (including from consolidated VIE $70,502 and $66,166, respectively) | 145,897 | 116,782 | |||||
Restricted cash (from consolidated VIE) | 18,459 | 13,282 | |||||
Accounts receivable (including from consolidated VIE $45,981 and $10,313, respectively) | 45,981 | 11,068 | |||||
Related party receivables (from consolidated VIE) | — | 17,491 | |||||
Deferred leasing and financing costs, net (from consolidated VIE) | 8,605 | 4,251 | |||||
Prepaid expenses and other assets (including from consolidated VIE $6,184 and $373, respectively) | 7,554 | 1,638 | |||||
Total assets | $ | 2,752,402 | $ | 2,760,698 | |||
Liabilities: | |||||||
Repurchase and loan and security agreements (from consolidated VIE) | $ | 810,236 | $ | 1,015,000 | |||
Other secured borrowings (from consolidated VIE) | 523,925 | 324,082 | |||||
Accounts payable and accrued liabilities (including from consolidated VIE $54,247 and $11,678, respectively) | 57,375 | 16,726 | |||||
Related party payables (including from consolidated VIE $0 and $4,879, respectively) | 0 | 6,169 | |||||
Total liabilities | 1,391,536 | 1,361,977 | |||||
Commitments and contingencies | |||||||
Redeemable preferred stock: | |||||||
Preferred stock, $0.01 par value, 250,000 shares issued and outstanding as of June 30, 2015 and December 31, 2014; redemption value $250,000 | 249,030 | 248,927 | |||||
Equity: | |||||||
Common stock, $.01 par value, 5,000,000 authorized shares; 2,509,844 and 2,207,369 shares issued and outstanding, respectively as of June 30, 2015 and 2,452,101 and 2,188,136 shares issued and outstanding, respectively, as of December 31, 2014 | 25 | 25 | |||||
Additional paid-in capital | 17,106 | 14,152 | |||||
Retained earnings | 61,702 | 54,174 | |||||
Treasury stock, at cost, 302,475 shares as of June 30, 2015 and 263,965 shares as of December 31, 2014 | (252,072 | ) | (245,468 | ) | |||
Total stockholders' equity | (173,239 | ) | (177,117 | ) | |||
Noncontrolling interest in consolidated affiliate | 1,285,075 | 1,326,911 | |||||
Total equity | 1,111,836 | 1,149,794 | |||||
Total liabilities and equity | $ | 2,752,402 | $ | 2,760,698 | |||
The following tables set forth consolidating financial information which should be considered in addition to, and not as a substitute for, our consolidated financial statements presented in accordance with U.S. GAAP:
Altisource Asset Management Corporation
Consolidating Statement of Operations
Three months ended June 30, 2015
(In thousands)
Residential (GAAP) | NewSource Stand-alone (Non-GAAP) | AAMC Stand-alone (Non-GAAP) | Consolidating Entries | AAMC Consolidated (GAAP) | |||||||||||
Revenues: | |||||||||||||||
Rental revenues | $ | 2,140 | $ | — | $ | — | $ | — | $ | 2,140 | |||||
Net unrealized gain on mortgage loans | 42,209 | — | — | — | 42,209 | ||||||||||
Net realized gain on mortgage loans | 19,272 | — | — | — | 19,272 | ||||||||||
Net realized gain on re-performing mortgage loans | 254 | — | — | — | 254 | ||||||||||
Net realized gain on real estate | 12,404 | — | — | — | 12,404 | ||||||||||
Interest income | 240 | 161 | — | (161 | ) | 240 | |||||||||
Conversion fee | — | — | 399 | (399 | ) | — | |||||||||
Base management fee | — | — | 4,962 | (4,962 | ) | — | |||||||||
Expense reimbursements | — | — | — | — | — | ||||||||||
Total revenues | 76,519 | 161 | 5,361 | (5,522 | ) | 76,519 | |||||||||
Expenses: | |||||||||||||||
Residential property operating expenses | 16,857 | — | — | — | 16,857 | ||||||||||
Real estate depreciation and amortization | 1,344 | — | — | — | 1,344 | ||||||||||
Real estate selling costs and impairment | 8,839 | — | — | — | 8,839 | ||||||||||
Mortgage loan servicing costs | 16,246 | — | — | — | 16,246 | ||||||||||
Interest expense | 13,398 | — | — | (161 | ) | 13,237 | |||||||||
General and administrative | 1,569 | 43 | 4,355 | — | 5,967 | ||||||||||
Related party general and administrative | 5,151 | 210 | — | (5,361 | ) | — | |||||||||
Total expenses | 63,404 | 253 | 4,355 | (5,522 | ) | 62,490 | |||||||||
Income (loss) before income taxes | 13,115 | (92 | ) | 1,006 | — | 14,029 | |||||||||
Income tax expense | 23 | — | 171 | — | 194 | ||||||||||
Net income (loss) | 13,092 | (92 | ) | 835 | — | 13,835 | |||||||||
Net income attributable to noncontrolling interest in consolidated affiliate | — | — | — | (13,092 | ) | (13,092 | ) | ||||||||
Net income (loss) attributable to common stockholders | $ | 13,092 | $ | (92 | ) | $ | 835 | $ | (13,092 | ) | $ | 743 | |||
Altisource Asset Management Corporation
Consolidating Statement of Operations
Six months ended June 30, 2015
(In thousands, unaudited)
Residential (GAAP) | NewSource Stand-alone (Non-GAAP) | AAMC Stand-alone (Non-GAAP) | Consolidating Entries | AAMC Consolidated (GAAP) | |||||||||||
Revenues: | |||||||||||||||
Rental revenues | $ | 3,540 | $ | — | $ | — | $ | — | $ | 3,540 | |||||
Net unrealized gain on mortgage loans | 103,343 | — | — | — | 103,343 | ||||||||||
Net realized gain on mortgage loans | 34,654 | — | — | — | 34,654 | ||||||||||
Net realized gain on re-performing mortgage loans | 405 | — | — | — | 405 | ||||||||||
Net realized gain on real estate | 23,012 | — | — | — | 23,012 | ||||||||||
Interest income | 480 | 321 | — | (321 | ) | 480 | |||||||||
Conversion fee | — | — | 399 | (399 | ) | — | |||||||||
Base management fee | — | — | 5,172 | (5,172 | ) | — | |||||||||
Incentive management fee | — | — | 14,900 | (14,900 | ) | — | |||||||||
Expense reimbursements | — | — | 750 | (750 | ) | — | |||||||||
Total revenues | 165,434 | 321 | 21,221 | (21,542 | ) | 165,434 | |||||||||
Expenses: | |||||||||||||||
Residential property operating expenses | 29,316 | — | — | — | 29,316 | ||||||||||
Real estate depreciation and amortization | 2,342 | — | — | — | 2,342 | ||||||||||
Real estate selling costs and impairment | 23,530 | — | — | — | 23,530 | ||||||||||
Mortgage loan servicing costs | 34,512 | — | — | — | 34,512 | ||||||||||
Interest expense | 25,041 | — | — | (321 | ) | 24,720 | |||||||||
General and administrative | 6,350 | 118 | 11,062 | — | 17,530 | ||||||||||
Related party general and administrative | 20,801 | 420 | 2,000 | (23,221 | ) | — | |||||||||
Total expenses | 141,892 | 538 | 13,062 | (23,542 | ) | 131,950 | |||||||||
Other income | 2,000 | — | — | (2,000 | ) | — | |||||||||
Income (loss) before income taxes | 25,542 | (217 | ) | 8,159 | — | 33,484 | |||||||||
Income tax expense | 26 | — | 311 | — | 337 | ||||||||||
Net income (loss) | 25,516 | (217 | ) | 7,848 | — | 33,147 | |||||||||
Net income attributable to noncontrolling interest in consolidated affiliate | — | — | — | (25,516 | ) | (25,516 | ) | ||||||||
Net income (loss) attributable to common stockholders | $ | 25,516 | $ | (217 | ) | $ | 7,848 | $ | (25,516 | ) | $ | 7,631 | |||
Altisource Asset Management Corporation
Consolidating Statement of Operations
Three months ended June 30, 2014
(In thousands)
Residential (GAAP) | NewSource Stand-alone (Non-GAAP) | AAMC Stand-alone (Non-GAAP) | Consolidating Entries | AAMC Consolidated (GAAP) | |||||||||||
Revenues: | |||||||||||||||
Rental revenues | $ | 181 | $ | — | $ | — | $ | — | $ | 181 | |||||
Net unrealized gain on mortgage loans | 105,042 | — | — | — | 105,042 | ||||||||||
Net realized gain on mortgage loans | 10,819 | — | — | — | 10,819 | ||||||||||
Net realized gain on real estate | 1,234 | — | — | — | 1,234 | ||||||||||
Interest income | 81 | — | — | — | 81 | ||||||||||
Base management fee | — | — | 210 | (210 | ) | — | |||||||||
Incentive management fee | — | — | 13,715 | (13,715 | ) | — | |||||||||
Expense reimbursements | — | — | 1,789 | (1,789 | ) | — | |||||||||
Total revenues | 117,357 | — | 15,714 | (15,714 | ) | 117,357 | |||||||||
Expenses: | |||||||||||||||
Residential property operating expenses | 3,253 | — | — | — | 3,253 | ||||||||||
Real estate depreciation and amortization | 103 | — | — | — | 103 | ||||||||||
Real estate selling costs and impairment | 2,879 | — | — | — | 2,879 | ||||||||||
Mortgage loan servicing costs | 16,925 | — | — | — | 16,925 | ||||||||||
Interest expense | 6,945 | — | — | — | 6,945 | ||||||||||
General and administrative | 2,808 | 65 | 1,669 | — | 4,542 | ||||||||||
Related party general and administrative | 17,467 | 210 | 712 | (15,714 | ) | 2,675 | |||||||||
Total expenses | 50,380 | 275 | 2,381 | (15,714 | ) | 37,322 | |||||||||
Other income | 383 | 399 | 4 | — | 786 | ||||||||||
Income before income taxes | 67,360 | 124 | 13,337 | — | 80,821 | ||||||||||
Income tax (benefit) expense | (422 | ) | — | 231 | — | (191 | ) | ||||||||
Net income | 67,782 | 124 | 13,106 | — | 81,012 | ||||||||||
Net income attributable to noncontrolling interest in consolidated affiliate | — | — | — | (67,782 | ) | (67,782 | ) | ||||||||
Net income attributable to common stockholders | $ | 67,782 | $ | 124 | $ | 13,106 | $ | (67,782 | ) | $ | 13,230 | ||||
Altisource Asset Management Corporation
Consolidating Statement of Operations
Six months ended June 30, 2014
(In thousands)
Residential (GAAP) | NewSource Stand-alone (Non-GAAP) | AAMC Stand-alone (Non-GAAP) | Consolidating Entries | AAMC Consolidated (GAAP) | |||||||||||
Revenues: | |||||||||||||||
Rental revenues | $ | 250 | $ | — | $ | — | $ | — | $ | 250 | |||||
Net unrealized gain on mortgage loans | 170,172 | — | — | — | 170,172 | ||||||||||
Net realized gain on mortgage loans | 20,140 | — | — | — | 20,140 | ||||||||||
Net realized gain on real estate | 1,234 | — | — | — | 1,234 | ||||||||||
Interest income | 189 | — | — | — | 189 | ||||||||||
Base management fee | — | — | 521 | (521 | ) | — | |||||||||
Incentive management fee | — | — | 24,626 | (24,626 | ) | — | |||||||||
Expense reimbursements | — | — | 3,258 | (3,258 | ) | — | |||||||||
Total revenues | 191,985 | — | 28,405 | (28,405 | ) | 191,985 | |||||||||
Expenses: | |||||||||||||||
Residential property operating expenses | 4,303 | — | — | — | 4,303 | ||||||||||
Real estate depreciation and amortization | 151 | — | — | — | 151 | ||||||||||
Real estate selling costs and impairment | 3,233 | — | — | — | 3,233 | ||||||||||
Mortgage loan servicing costs | 28,362 | — | — | — | 28,362 | ||||||||||
Interest expense | 12,653 | — | — | — | 12,653 | ||||||||||
General and administrative | 3,846 | 95 | 6,202 | — | 10,143 | ||||||||||
Related party general and administrative | 30,099 | 521 | 1,383 | (28,405 | ) | 3,598 | |||||||||
Total expenses | 82,647 | 616 | 7,585 | (28,405 | ) | 62,443 | |||||||||
Other income | 383 | 399 | 4 | — | 786 | ||||||||||
Income before income taxes | 109,721 | (217 | ) | 20,824 | — | 130,328 | |||||||||
Income tax expense | 26 | — | 549 | — | 575 | ||||||||||
Net income (loss) | 109,695 | (217 | ) | 20,275 | — | 129,753 | |||||||||
Net income attributable to noncontrolling interest in consolidated affiliate | — | — | — | (109,695 | ) | (109,695 | ) | ||||||||
Net income (loss) attributable to common stockholders | $ | 109,695 | $ | (217 | ) | $ | 20,275 | $ | (109,695 | ) | $ | 20,058 | |||
Altisource Asset Management Corporation
Consolidating Balance Sheet
June 30, 2015
(In thousands)
Residential (GAAP) | NewSource stand-alone (Non-GAAP) | AAMC Stand-alone (Non-GAAP) | Consolidating Entries | AAMC Consolidated (GAAP) | |||||||||||
Assets: | |||||||||||||||
Real estate held for use: | |||||||||||||||
Land | $ | 23,743 | $ | — | $ | — | $ | — | $ | 23,743 | |||||
Rental residential properties, net | 97,533 | — | — | — | 97,533 | ||||||||||
Real estate owned | 548,137 | — | — | — | 548,137 | ||||||||||
Total real estate held for use, net | 669,413 | — | — | — | 669,413 | ||||||||||
Real estate assets held for sale | 134,027 | — | — | — | 134,027 | ||||||||||
Mortgage loans at fair value | 1,716,489 | — | — | — | 1,716,489 | ||||||||||
Mortgage loans held for sale | 5,977 | — | — | — | 5,977 | ||||||||||
Cash and cash equivalents | 70,502 | 5,092 | 70,303 | — | 145,897 | ||||||||||
Restricted cash | 18,459 | — | — | — | 18,459 | ||||||||||
Accounts receivable | 45,981 | 485 | — | (485 | ) | 45,981 | |||||||||
Related party receivables | — | 14,991 | 6,524 | (21,515 | ) | — | |||||||||
Investment in affiliate | 18,000 | — | 2,000 | (20,000 | ) | — | |||||||||
Deferred leasing and financing costs, net | 8,605 | — | — | — | 8,605 | ||||||||||
Prepaid expenses and other assets | 6,184 | 19 | 1,342 | 9 | 7,554 | ||||||||||
Total assets | $ | 2,693,637 | $ | 20,587 | $ | 80,169 | $ | (41,991 | ) | $ | 2,752,402 | ||||
Liabilities: | |||||||||||||||
Repurchase agreements | $ | 810,236 | $ | — | $ | — | $ | — | $ | 810,236 | |||||
Other secured borrowings | 538,916 | — | — | (14,991 | ) | 523,925 | |||||||||
Accounts payable and accrued liabilities | 54,247 | 1,619 | 1,994 | (485 | ) | 57,375 | |||||||||
Related party payables | 5,163 | 1,361 | — | (6,524 | ) | — | |||||||||
Total liabilities | 1,408,562 | 2,980 | 1,994 | (22,000 | ) | 1,391,536 | |||||||||
Commitments and contingencies | — | — | — | — | — | ||||||||||
Redeemable preferred stock | — | — | 249,030 | — | 249,030 | ||||||||||
Equity: | |||||||||||||||
Common stock | 572 | — | 25 | (572 | ) | 25 | |||||||||
Additional paid-in capital | 1,227,246 | 20,000 | 17,106 | (1,247,246 | ) | 17,106 | |||||||||
Retained earnings (accumulated deficit) | 57,257 | (2,393 | ) | 64,086 | (57,248 | ) | 61,702 | ||||||||
Treasury stock | — | — | (252,072 | ) | — | (252,072 | ) | ||||||||
Total stockholders' equity | 1,285,075 | 17,607 | (170,855 | ) | (1,305,066 | ) | (173,239 | ) | |||||||
Noncontrolling interest in consolidated affiliate | — | — | — | 1,285,075 | 1,285,075 | ||||||||||
Total equity | 1,285,075 | 17,607 | (170,855 | ) | (19,991 | ) | 1,111,836 | ||||||||
Total liabilities and equity | $ | 2,693,637 | $ | 20,587 | $ | 80,169 | $ | (41,991 | ) | $ | 2,752,402 | ||||
Altisource Asset Management Corporation
Consolidating Balance Sheet
December 31, 2014
(In thousands)
Residential (GAAP) | NewSource stand-alone (Non-GAAP) | AAMC Stand-alone (Non-GAAP) | Consolidating Entries | AAMC Consolidated (GAAP) | |||||||||||
Assets: | |||||||||||||||
Real estate held for use: | |||||||||||||||
Land | $ | 14,424 | $ | — | $ | — | $ | — | $ | 14,424 | |||||
Rental residential properties, net | 60,908 | — | — | — | 60,908 | ||||||||||
Real estate owned | 457,045 | — | — | — | 457,045 | ||||||||||
Total real estate held for use, net | 532,377 | — | — | — | 532,377 | ||||||||||
Real estate assets held for sale | 92,230 | — | — | — | 92,230 | ||||||||||
Mortgage loans at fair value | 1,959,044 | — | — | — | 1,959,044 | ||||||||||
Mortgage loans held for sale | 12,535 | 12,535 | |||||||||||||
Cash and cash equivalents | 66,166 | 6,026 | 44,590 | — | 116,782 | ||||||||||
Restricted cash | 13,282 | — | — | — | 13,282 | ||||||||||
Accounts receivable | 10,313 | 919 | 1 | (165 | ) | 11,068 | |||||||||
Related party receivables | 17,491 | 14,991 | 28,512 | (43,503 | ) | 17,491 | |||||||||
Investment in affiliate | 18,000 | — | 2,000 | (20,000 | ) | — | |||||||||
Deferred leasing and financing costs, net | 4,251 | — | — | — | 4,251 | ||||||||||
Prepaid expenses and other assets | 373 | 3 | 1,262 | — | 1,638 | ||||||||||
Total assets | $ | 2,726,062 | $ | 21,939 | $ | 76,365 | $ | (63,668 | ) | $ | 2,760,698 | ||||
Liabilities: | |||||||||||||||
Repurchase agreements | $ | 1,015,000 | $ | — | $ | — | $ | — | $ | 1,015,000 | |||||
Other secured borrowings | 339,082 | — | — | (15,000 | ) | 324,082 | |||||||||
Accounts payable and accrued liabilities | 11,678 | 3,173 | 2,040 | (165 | ) | 16,726 | |||||||||
Related party payables | 33,391 | 941 | 349 | (28,512 | ) | 6,169 | |||||||||
Total liabilities | 1,399,151 | 4,114 | 2,389 | (43,677 | ) | 1,361,977 | |||||||||
Commitments and contingencies | — | — | — | — | — | ||||||||||
Redeemable preferred stock | — | — | 248,927 | — | 248,927 | ||||||||||
Equity: | |||||||||||||||
Common stock | 572 | — | 25 | (572 | ) | 25 | |||||||||
Additional paid-in capital | 1,227,091 | 20,000 | 14,152 | (1,247,091 | ) | 14,152 | |||||||||
Retained earnings (accumulated deficit) | 99,248 | (2,175 | ) | 56,340 | (99,239 | ) | 54,174 | ||||||||
Treasury stock | — | — | (245,468 | ) | — | (245,468 | ) | ||||||||
Total stockholders' equity | 1,326,911 | 17,825 | (174,951 | ) | (1,346,902 | ) | (177,117 | ) | |||||||
Noncontrolling interest in consolidated affiliate | — | — | — | 1,326,911 | 1,326,911 | ||||||||||
Total equity | 1,326,911 | 17,825 | (174,951 | ) | (19,991 | ) | 1,149,794 | ||||||||
Total liabilities and equity | $ | 2,726,062 | $ | 21,939 | $ | 76,365 | $ | (63,668 | ) | $ | 2,760,698 | ||||