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): November 9, 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 November 9, 2015, Altisource Asset Management Corporation issued a press release announcing financial results for its quarter ended September 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 November 9, 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 | ||
November 9, 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 Third Quarter 2015 Results
CHRISTIANSTED, U.S. Virgin Islands, November 9, 2015 (GLOBE NEWSWIRE) - Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE MKT: AAMC) today announced financial and operating results for the third quarter of 2015.
Third Quarter 2015 Highlights:
• | Increased the rental portfolio of Altisource Residential Corporation (“Residential”) to 2,516 homes as of September 30, 2015, including 2,105 rented properties, 156 properties listed for rent and 255 properties under leasehold renovation and unit turn, representing an increase of 156% over the 984 properties in the rental portfolio as of June 30, 2015. |
• | Facilitated Residential's agreement to sell 871 non-performing loans at its balance sheet carrying value; unpaid principal balance (“UPB”) of loans to be sold is $346.9 million, or approximately 15% of the total UPB in Residential's loan portfolio; sale is expected to close in the fourth quarter.1 |
• | Advised Residential on the completion of its acquisition of 1,314 rental homes in Atlanta for an aggregate purchase price of $111.4 million. |
• | Facilitated Residential’s declaration and payment of a $0.55 per share dividend. |
• | Negotiated Residential’s amendment of its repurchase facility with Wells Fargo to extend the facility to September 2017, increase the funding capacity to $750.0 million and increase its ability to finance REO to 40% of the facility. |
• | Earned asset management fees of $5.2 million. |
“In the third quarter of 2015, we successfully implemented Residential's diversified acquisition strategy to substantially grow its single-family rental portfolio,” said Chairman and Chief Executive Officer George G. Ellison. “Although our asset management fees remained lower during the third quarter, we continue to believe the amended fee structure 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 the successful implementation of Residential's strategy will be an important factor in AAMC's future growth.”
_____________
1 Sale is subject to completion of due diligence and final negotiation of definitive purchase agreement. Final purchase price is expected to be in the range of 1-2% of Residential’s balance sheet carrying value for the loans.
Third Quarter 2015 Financial Results
Net loss attributable to stockholders for the third quarter of 2015 totaled $2.0 million, or $0.92 per diluted share, compared to net income attributable to stockholders of $17.7 million, or $6.25 per diluted share, for the third quarter of 2014. Net income attributable to stockholders for the nine months ended September 30, 2015 totaled $5.7 million, or $2.07 per diluted share, compared to net income attributable to stockholders of $37.8 million, or $13.23 per diluted share, for the nine months ended September 30, 2014.
Webcast and conference call
The Company will host a webcast and conference call on Monday, November 9, 2015, at 10:00 a.m. Eastern Time to discuss its financial results for the third 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 September 30, 2015 | Three months ended September 30, 2014 | Nine months ended September 30, 2015 | Nine months ended September 30, 2014 | ||||||||||||
Revenues: | |||||||||||||||
Rental revenues | $ | 4,021 | $ | 469 | $ | 7,561 | $ | 719 | |||||||
Net unrealized gain on mortgage loans | 27,499 | 88,726 | 130,842 | 258,898 | |||||||||||
Net realized gain on mortgage loans | 12,874 | 13,727 | 47,528 | 33,867 | |||||||||||
Net realized gain on mortgage loans held for sale | 100 | 302 | 505 | 302 | |||||||||||
Net realized gain on real estate | 13,914 | 3,310 | 36,926 | 4,544 | |||||||||||
Interest income | 115 | 2,568 | 595 | 2,757 | |||||||||||
Total revenues | 58,523 | 109,102 | 223,957 | 301,087 | |||||||||||
Expenses: | |||||||||||||||
Residential property operating expenses | 16,574 | 9,247 | 45,890 | 13,550 | |||||||||||
Real estate depreciation and amortization | 2,050 | 313 | 4,392 | 464 | |||||||||||
Real estate and mortgage loan selling costs and impairment | 10,705 | 5,542 | 34,235 | 8,775 | |||||||||||
Mortgage loan servicing costs | 13,477 | 21,226 | 47,989 | 49,588 | |||||||||||
Interest expense | 14,194 | 11,699 | 38,914 | 24,352 | |||||||||||
General and administrative | 8,935 | 5,435 | 26,465 | 15,578 | |||||||||||
Related party general and administrative | — | 999 | — | 4,597 | |||||||||||
Total expenses | 65,935 | 54,461 | 197,885 | 116,904 | |||||||||||
Other income | — | 1,586 | — | 2,372 | |||||||||||
(Loss) income before income taxes | (7,412 | ) | 56,227 | 26,072 | 186,555 | ||||||||||
Income tax (benefit) expense | (97 | ) | 853 | 240 | 1,428 | ||||||||||
Net (loss) income | (7,315 | ) | 55,374 | 25,832 | 185,127 | ||||||||||
Net loss (income) attributable to noncontrolling interest in consolidated affiliate | 5,335 | (37,676 | ) | (20,181 | ) | (147,371 | ) | ||||||||
Net (loss) income attributable to common stockholders | $ | (1,980 | ) | $ | 17,698 | $ | 5,651 | $ | 37,756 | ||||||
(Loss) earnings per share of common stock – basic: | |||||||||||||||
(Loss) earnings per basic share | $ | (0.92 | ) | $ | 7.91 | $ | 2.49 | $ | 16.51 | ||||||
Weighted average common stock outstanding – basic | 2,208,658 | 2,238,225 | 2,210,448 | 2,286,451 | |||||||||||
(Loss) earnings per share of common stock – diluted: | |||||||||||||||
(Loss) earnings per diluted share | $ | (0.92 | ) | $ | 6.25 | $ | 2.07 | $ | 13.23 | ||||||
Weighted average common stock outstanding – diluted | 2,208,658 | 2,831,617 | 2,733,747 | 2,853,751 | |||||||||||
Altisource Asset Management Corporation
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
September 30, 2015 (Unaudited) | December 31, 2014 | ||||||
Assets: | |||||||
Real estate held for use: | |||||||
Land (from consolidated VIE) | $ | 49,518 | $ | 14,424 | |||
Rental residential properties (net of accumulated depreciation of $5,048 and $1,062, respectively - from consolidated VIE) | 200,136 | 60,908 | |||||
Real estate owned (from consolidated VIE) | 567,228 | 457,045 | |||||
Total real estate held for use, net | 816,882 | 532,377 | |||||
Real estate assets held for sale (from consolidated VIE) | 133,154 | 92,230 | |||||
Mortgage loans at fair value (from consolidated VIE) | 1,380,575 | 1,959,044 | |||||
Mortgage loans held for sale (from consolidated VIE) | 254,835 | 12,535 | |||||
Cash and cash equivalents (including from consolidated VIE $83,881 and $66,166, respectively) | 152,634 | 116,782 | |||||
Restricted cash (from consolidated VIE) | 25,511 | 13,282 | |||||
Accounts receivable (including from consolidated VIE $35,507 and $10,313, respectively) | 35,514 | 11,068 | |||||
Related party receivables (from consolidated VIE) | — | 17,491 | |||||
Deferred leasing and financing costs, net (from consolidated VIE) | 9,806 | 4,251 | |||||
Prepaid expenses and other assets (including from consolidated VIE $395 and $373, respectively) | 1,790 | 1,638 | |||||
Total assets | $ | 2,810,701 | $ | 2,760,698 | |||
Liabilities: | |||||||
Repurchase and loan and security agreements (from consolidated VIE) | $ | 929,478 | $ | 1,015,000 | |||
Other secured borrowings (from consolidated VIE) | 513,049 | 324,082 | |||||
Accounts payable and accrued liabilities (including from consolidated VIE $63,871 and $11,678, respectively) | 68,585 | 16,726 | |||||
Related party payables (including from consolidated VIE $0 and $4,879, respectively) | — | 6,169 | |||||
Total liabilities | 1,511,112 | 1,361,977 | |||||
Commitments and contingencies | |||||||
Redeemable preferred stock: | |||||||
Preferred stock, $0.01 par value, 250,000 shares issued and outstanding as of September 30, 2015 and December 31, 2014; redemption value $250,000 | 249,082 | 248,927 | |||||
Equity: | |||||||
Common stock, $.01 par value, 5,000,000 authorized shares; 2,515,697 and 2,213,222 shares issued and outstanding, respectively, as of September 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 | 20,977 | 14,152 | |||||
Retained earnings | 59,670 | 54,174 | |||||
Treasury stock, at cost, 302,475 shares as of September 30, 2015 and 263,965 shares as of December 31, 2014 | (252,072 | ) | (245,468 | ) | |||
Total stockholders' equity (deficit) | (171,400 | ) | (177,117 | ) | |||
Noncontrolling interest in consolidated affiliate | 1,221,907 | 1,326,911 | |||||
Total equity | 1,050,507 | 1,149,794 | |||||
Total liabilities and equity | $ | 2,810,701 | $ | 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 September 30, 2015
(In thousands)
Residential (GAAP) | NewSource Stand-alone (Non-GAAP) | AAMC Stand-alone (Non-GAAP) | Consolidating Entries | AAMC Consolidated (GAAP) | |||||||||||
Revenues: | |||||||||||||||
Rental revenues | $ | 4,021 | $ | — | $ | — | $ | — | $ | 4,021 | |||||
Net unrealized gain on mortgage loans | 27,499 | — | — | — | 27,499 | ||||||||||
Net realized gain on mortgage loans | 12,874 | — | — | — | 12,874 | ||||||||||
Net realized gain on mortgage loans held for sale | 100 | — | — | — | 100 | ||||||||||
Net realized gain on real estate | 13,914 | — | — | — | 13,914 | ||||||||||
Interest income | 115 | 242 | — | (242 | ) | 115 | |||||||||
Conversion fee | — | — | 329 | (329 | ) | — | |||||||||
Base management fee | — | — | 4,869 | (4,869 | ) | — | |||||||||
Total revenues | 58,523 | 242 | 5,198 | (5,440 | ) | 58,523 | |||||||||
Expenses: | |||||||||||||||
Residential property operating expenses | 16,574 | — | — | — | 16,574 | ||||||||||
Real estate depreciation and amortization | 2,050 | — | — | — | 2,050 | ||||||||||
Real estate and mortgage loan selling costs and impairment | 10,705 | — | — | — | 10,705 | ||||||||||
Mortgage loan servicing costs | 13,477 | — | — | — | 13,477 | ||||||||||
Interest expense | 14,436 | — | — | (242 | ) | 14,194 | |||||||||
General and administrative | 3,147 | 40 | 5,748 | — | 8,935 | ||||||||||
Related party general and administrative | 4,988 | 210 | — | (5,198 | ) | — | |||||||||
Total expenses | 65,377 | 250 | 5,748 | (5,440 | ) | 65,935 | |||||||||
Other income | 1,518 | — | 178 | (1,696 | ) | — | |||||||||
Loss before income taxes | (5,336 | ) | (8 | ) | (372 | ) | (1,696 | ) | (7,412 | ) | |||||
Income tax expense (benefit) | 27 | — | (124 | ) | — | (97 | ) | ||||||||
Net loss | (5,363 | ) | (8 | ) | (248 | ) | (1,696 | ) | (7,315 | ) | |||||
Net loss attributable to noncontrolling interest in consolidated affiliate | — | — | — | 5,335 | 5,335 | ||||||||||
Net loss attributable to common stockholders | $ | (5,363 | ) | $ | (8 | ) | $ | (248 | ) | $ | 3,639 | $ | (1,980 | ) | |
Altisource Asset Management Corporation
Consolidating Statement of Operations
Nine months ended September 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 | $ | 7,561 | $ | — | $ | — | $ | — | $ | 7,561 | |||||
Net unrealized gain on mortgage loans | 130,842 | — | — | — | 130,842 | ||||||||||
Net realized gain on mortgage loans | 47,528 | — | — | — | 47,528 | ||||||||||
Net realized gain on mortgage loans held for sale | 505 | — | — | — | 505 | ||||||||||
Net realized gain on real estate | 36,926 | — | — | — | 36,926 | ||||||||||
Interest income | 595 | 563 | — | (563 | ) | 595 | |||||||||
Conversion fee | — | — | 728 | (728 | ) | — | |||||||||
Base management fee | — | — | 10,041 | (10,041 | ) | — | |||||||||
Incentive management fee | — | — | 14,900 | (14,900 | ) | — | |||||||||
Expense reimbursements | — | — | 750 | (750 | ) | — | |||||||||
Total revenues | 223,957 | 563 | 26,419 | (26,982 | ) | 223,957 | |||||||||
Expenses: | |||||||||||||||
Residential property operating expenses | 45,890 | — | — | — | 45,890 | ||||||||||
Real estate depreciation and amortization | 4,392 | — | — | — | 4,392 | ||||||||||
Real estate and mortgage loan selling costs and impairment | 34,235 | — | — | — | 34,235 | ||||||||||
Mortgage loan servicing costs | 47,989 | — | — | — | 47,989 | ||||||||||
Interest expense | 39,477 | — | — | (563 | ) | 38,914 | |||||||||
General and administrative | 9,497 | 158 | 16,810 | — | 26,465 | ||||||||||
Related party general and administrative | 25,789 | 630 | 2,000 | (28,419 | ) | — | |||||||||
Total expenses | 207,269 | 788 | 18,810 | (28,982 | ) | 197,885 | |||||||||
Other income | 3,518 | — | 178 | (3,696 | ) | — | |||||||||
Income (loss) before income taxes | 20,206 | (225 | ) | 7,787 | (1,696 | ) | 26,072 | ||||||||
Income tax expense | 53 | — | 187 | — | 240 | ||||||||||
Net income (loss) | 20,153 | (225 | ) | 7,600 | (1,696 | ) | 25,832 | ||||||||
Net income attributable to noncontrolling interest in consolidated affiliate | — | — | — | (20,181 | ) | (20,181 | ) | ||||||||
Net income (loss) attributable to common stockholders | $ | 20,153 | $ | (225 | ) | $ | 7,600 | $ | (21,877 | ) | $ | 5,651 | |||
Altisource Asset Management Corporation
Consolidating Statement of Operations
Three months ended September 30, 2014
(In thousands)
Residential (GAAP) | NewSource Stand-alone (Non-GAAP) | AAMC Stand-alone (Non-GAAP) | Consolidating Entries | AAMC Consolidated (GAAP) | |||||||||||
Revenues: | |||||||||||||||
Rental revenues | $ | 469 | $ | — | $ | — | $ | — | $ | 469 | |||||
Net unrealized gain on mortgage loans | 88,726 | — | — | — | 88,726 | ||||||||||
Net realized gain on mortgage loans | 13,727 | — | — | — | 13,727 | ||||||||||
Net realized gain on mortgage loans held for sale | 302 | — | — | — | 302 | ||||||||||
Net realized gain on real estate | 3,310 | — | — | — | 3,310 | ||||||||||
Interest income | 2,568 | — | — | — | 2,568 | ||||||||||
Base management fee | — | — | 210 | (210 | ) | — | |||||||||
Incentive management fee | — | — | 19,503 | (19,503 | ) | — | |||||||||
Expense reimbursements | — | — | 1,591 | (1,591 | ) | — | |||||||||
Total revenues | 109,102 | — | 21,304 | (21,304 | ) | 109,102 | |||||||||
Expenses: | |||||||||||||||
Residential property operating expenses | 9,247 | — | — | — | 9,247 | ||||||||||
Real estate depreciation and amortization | 313 | — | — | — | 313 | ||||||||||
Real estate selling costs and impairment | 5,542 | — | — | — | 5,542 | ||||||||||
Mortgage loan servicing costs | 21,226 | — | — | — | 21,226 | ||||||||||
Interest expense | 11,699 | — | — | — | 11,699 | ||||||||||
General and administrative | 1,819 | 286 | 3,330 | — | 5,435 | ||||||||||
Related party general and administrative | 21,530 | 210 | 563 | (21,304 | ) | 999 | |||||||||
Total expenses | 71,376 | 496 | 3,893 | (21,304 | ) | 54,461 | |||||||||
Other income | — | 1,586 | — | — | 1,586 | ||||||||||
Income before income taxes | 37,726 | 1,090 | 17,411 | — | 56,227 | ||||||||||
Income tax expense | 50 | — | 803 | — | 853 | ||||||||||
Net income | 37,676 | 1,090 | 16,608 | — | 55,374 | ||||||||||
Net income attributable to noncontrolling interest in consolidated affiliate | — | — | — | (37,676 | ) | (37,676 | ) | ||||||||
Net income attributable to common stockholders | $ | 37,676 | $ | 1,090 | $ | 16,608 | $ | (37,676 | ) | $ | 17,698 | ||||
Altisource Asset Management Corporation
Consolidating Statement of Operations
Nine months ended September 30, 2014
(In thousands)
Residential (GAAP) | NewSource Stand-alone (Non-GAAP) | AAMC Stand-alone (Non-GAAP) | Consolidating Entries | AAMC Consolidated (GAAP) | |||||||||||
Revenues: | |||||||||||||||
Rental revenues | $ | 719 | $ | — | $ | — | $ | — | $ | 719 | |||||
Net unrealized gain on mortgage loans | 258,898 | — | — | — | 258,898 | ||||||||||
Net realized gain on mortgage loans | 33,867 | — | — | — | 33,867 | ||||||||||
Net realized gain on mortgage loans held for sale | 302 | — | — | — | 302 | ||||||||||
Net realized gain on real estate | 4,544 | — | — | — | 4,544 | ||||||||||
Interest income | 2,757 | — | — | — | 2,757 | ||||||||||
Base management fee | — | — | 731 | (731 | ) | — | |||||||||
Incentive management fee | — | — | 44,129 | (44,129 | ) | — | |||||||||
Expense reimbursements | — | — | 4,849 | (4,849 | ) | — | |||||||||
Total revenues | 301,087 | — | 49,709 | (49,709 | ) | 301,087 | |||||||||
Expenses: | |||||||||||||||
Residential property operating expenses | 13,550 | — | — | — | 13,550 | ||||||||||
Real estate depreciation and amortization | 464 | — | — | — | 464 | ||||||||||
Real estate selling costs and impairment | 8,775 | — | — | — | 8,775 | ||||||||||
Mortgage loan servicing costs | 49,588 | — | — | — | 49,588 | ||||||||||
Interest expense | 24,352 | — | — | — | 24,352 | ||||||||||
General and administrative | 5,665 | 381 | 9,532 | — | 15,578 | ||||||||||
Related party general and administrative | 51,629 | 731 | 1,946 | (49,709 | ) | 4,597 | |||||||||
Total expenses | 154,023 | 1,112 | 11,478 | (49,709 | ) | 116,904 | |||||||||
Other income | 383 | 1,985 | 4 | — | 2,372 | ||||||||||
Income before income taxes | 147,447 | 873 | 38,235 | — | 186,555 | ||||||||||
Income tax expense | 76 | — | 1,352 | — | 1,428 | ||||||||||
Net income | 147,371 | 873 | 36,883 | — | 185,127 | ||||||||||
Net income attributable to noncontrolling interest in consolidated affiliate | — | — | — | (147,371 | ) | (147,371 | ) | ||||||||
Net income attributable to common stockholders | $ | 147,371 | $ | 873 | $ | 36,883 | $ | (147,371 | ) | $ | 37,756 | ||||
Altisource Asset Management Corporation
Consolidating Balance Sheet
September 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 | $ | 49,518 | $ | — | $ | — | $ | — | $ | 49,518 | |||||
Rental residential properties, net | 200,136 | — | — | — | 200,136 | ||||||||||
Real estate owned | 567,228 | — | — | — | 567,228 | ||||||||||
Total real estate held for use, net | 816,882 | — | — | — | 816,882 | ||||||||||
Real estate assets held for sale | 133,154 | — | — | — | 133,154 | ||||||||||
Mortgage loans at fair value | 1,380,575 | — | — | — | 1,380,575 | ||||||||||
Mortgage loans held for sale | 254,835 | — | — | — | 254,835 | ||||||||||
Cash and cash equivalents | 83,881 | 6,189 | 62,564 | — | 152,634 | ||||||||||
Restricted cash | 25,511 | — | — | — | 25,511 | ||||||||||
Accounts receivable | 35,507 | — | 7 | — | 35,514 | ||||||||||
Related party receivables | — | — | 6,701 | (6,701 | ) | — | |||||||||
Investment in affiliate | — | — | 12,007 | (12,007 | ) | — | |||||||||
Deferred leasing and financing costs, net | 9,806 | — | — | — | 9,806 | ||||||||||
Prepaid expenses and other assets | 395 | 37 | 1,349 | 9 | 1,790 | ||||||||||
Total assets | $ | 2,740,546 | $ | 6,226 | $ | 82,628 | $ | (18,699 | ) | $ | 2,810,701 | ||||
Liabilities: | |||||||||||||||
Repurchase agreements | $ | 929,478 | $ | — | $ | — | $ | — | $ | 929,478 | |||||
Other secured borrowings | 513,049 | — | — | — | 513,049 | ||||||||||
Accounts payable and accrued liabilities | 63,871 | 1,573 | 3,141 | — | 68,585 | ||||||||||
Related party payables | 5,126 | 1,571 | 3 | (6,700 | ) | — | |||||||||
Total liabilities | 1,511,524 | 3,144 | 3,144 | (6,700 | ) | 1,511,112 | |||||||||
Commitments and contingencies | — | — | — | — | — | ||||||||||
Redeemable preferred stock | — | — | 249,082 | — | 249,082 | ||||||||||
Equity: | |||||||||||||||
Common stock | 572 | — | 25 | (572 | ) | 25 | |||||||||
Additional paid-in capital | 1,227,334 | 7,000 | 18,663 | (1,232,020 | ) | 20,977 | |||||||||
Retained earnings (accumulated deficit) | 21,099 | (3,918 | ) | 63,786 | (21,297 | ) | 59,670 | ||||||||
Treasury stock | (19,983 | ) | — | (252,072 | ) | 19,983 | (252,072 | ) | |||||||
Total stockholders' equity (deficit) | 1,229,022 | 3,082 | (169,598 | ) | (1,233,906 | ) | (171,400 | ) | |||||||
Noncontrolling interest in consolidated affiliate | — | — | — | 1,221,907 | 1,221,907 | ||||||||||
Total equity (deficit) | 1,229,022 | 3,082 | (169,598 | ) | (11,999 | ) | 1,050,507 | ||||||||
Total liabilities and equity | $ | 2,740,546 | $ | 6,226 | $ | 82,628 | $ | (18,699 | ) | $ | 2,810,701 | ||||
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 (deficit) | 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 (deficit) | 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 | ||||