0001555074-20-000049 | 10-Q | XBRL Viewer | Altisource Asset Management Corp

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Oct. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
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	340
Local Phone Number	692-0525
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		1,650,212
Entity Central Index Key	0001555074
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 30,711	$ 18,906
Front Yard common stock, at fair value	14,198	20,046
Receivable from Front Yard	34,967	5,014
Prepaid expenses and other assets	1,659	1,009
Current assets held for sale	2,619	2,176
Total current assets	84,154	47,151
Non-current assets:
Right-of-use lease assets	675	732
Other non-current assets	1,287	1,470
Non-current assets held for sale	3,705	3,895
Total non-current assets	5,667	6,097
Total assets	89,821	53,248
Current liabilities:
Accrued salaries and employee benefits	3,991	3,762
Accounts payable and accrued liabilities	2,920	1,165
Contract liability to Front Yard	33,733	0
Short-term lease liabilities	75	71
Current liabilities held for sale	2,001	2,002
Total current liabilities	42,720	7,000
Non-current liabilities:
Non-current lease liabilities	620	675
Non-current liabilities held for sale	3,317	3,543
Total non-current liabilities	3,937	4,218
Total liabilities	46,657	11,218
Commitments and contingencies	0	0
Redeemable preferred stock:
Preferred stock, $0.01 par value, 250,000 shares issued and outstanding as of September 30, 2020 and December 31, 2019; redemption value $250,000	250,000	249,958
Stockholders' deficit:
Common stock, $0.01 par value, 5,000,000 authorized shares; 2,942,597 and 1,632,117 shares issued and outstanding, respectively, as of September 30, 2020 and 2,897,177 and 1,598,512 shares issued and outstanding, respectively, as of December 31, 2019	29	29
Additional paid-in capital	45,865	44,646
Retained earnings	23,782	23,662
Accumulated other comprehensive loss	(84)	(33)
Treasury stock, at cost, 1,310,480 shares as of September 30, 2020 and 1,298,665 shares as of December 31, 2019	(276,428)	(276,232)
Total stockholders' deficit	(206,836)	(207,928)
Total liabilities and equity	$ 89,821	$ 53,248

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	250,000	250,000
Preferred stock, shares outstanding (in shares)	250,000	250,000
Preferred stock, redemption value	$ 250,000,000	$ 250,000,000
Common stock, par value (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)	2,942,597	2,897,177
Common stock, shares outstanding (in shares)	1,632,117	1,598,512
Treasury stock, shares (in shares)	1,310,480	1,298,665

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Expenses:
Salaries and employee benefits	$ 1,668	$ 2,827	$ 8,081	$ 8,634
Legal and professional fees	1,455	351	4,681	1,964
General and administrative	559	658	1,709	1,690
Total expenses	3,682	3,836	14,471	12,288
Other income (loss):
Change in fair value of Front Yard common stock	65	(1,072)	(5,848)	4,597
Dividend income on Front Yard common stock	0	244	244	731
Other income	5	40	29	130
Total other income (loss)	70	(788)	(5,575)	5,458
Net loss from continuing operations before income taxes	(3,612)	(4,624)	(20,046)	(6,830)
Income tax (benefit) expense	(523)	843	(1,091)	29
Net loss from continuing operations	(3,089)	(5,467)	(18,955)	(6,859)
Discontinued operations:
Income from operations related to Front Yard, net of tax	14,843	1,944	19,117	5,785
Gain on discontinued operations	14,843	1,944	19,117	5,785
Net income (loss)	11,754	(3,523)	162	(1,074)
Amortization of preferred stock issuance costs	0	(52)	(42)	(155)
Net income (loss) attributable to common stockholders	$ 11,754	$ (3,575)	$ 120	$ (1,229)
Earnings (loss) per share of common stock – basic:
Continuing operations – basic (usd per share)	$ (1.89)	$ (3.47)	$ (11.69)	$ (4.42)
Discontinued operations – basic (usd per share)	9.09	1.22	11.76	3.65
Earnings (loss) per basic common share (usd per share)	$ 7.20	$ (2.25)	$ 0.07	$ (0.77)
Weighted average common stock outstanding – basic (in shares)	1,632,117	1,590,739	1,625,727	1,587,448
Earnings (loss) per share of common stock – diluted:
Continuing operations – diluted (usd per share)	$ (1.89)	$ (3.47)	$ (11.69)	$ (4.42)
Discontinued operations – diluted (usd per share)	9.09	1.22	11.76	3.65
Earnings (loss) per diluted common share (usd per share)	$ 7.20	$ (2.25)	$ 0.07	$ (0.77)
Weighted average common stock outstanding – diluted (in shares)	1,632,117	1,590,739	1,625,727	1,587,448

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 11,754	$ (3,523)	$ 162	$ (1,074)
Other comprehensive income (loss):
Currency translation adjustments, net	42	(37)	(51)	(20)
Total other comprehensive income (loss)	42	(37)	(51)	(20)
Comprehensive income (loss)	$ 11,796	$ (3,560)	$ 111	$ (1,094)

- Definition

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

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+ Details

Condensed Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated other comprehensive income (loss)	Treasury Stock	Cumulative effect of adoption of ASC 842	Cumulative effect of adoption of ASC 842 Retained Earnings
Beginning balance (in shares) at Dec. 31, 2018		2,862,760
Beginning balance at Dec. 31, 2018	$ (207,156)	$ 29	$ 42,245	$ 26,558	$ 0	$ (275,988)	$ (77)	$ (77)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)		21,383
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes	0
Shares withheld for taxes upon vesting of restricted stock	(195)					(195)
Amortization of preferred stock issuance costs	(51)			(51)
Share-based compensation	698		698
Currency translation adjustments, net	12				12
Net income (loss)	(840)			(840)
Ending balance (in shares) at Mar. 31, 2019		2,884,143
Ending balance at Mar. 31, 2019	(207,609)	$ 29	42,943	25,590	12	(276,183)
Beginning balance (in shares) at Dec. 31, 2018		2,862,760
Beginning balance at Dec. 31, 2018	(207,156)	$ 29	42,245	26,558	0	(275,988)	$ (77)	$ (77)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Amortization of preferred stock issuance costs	(155)
Currency translation adjustments, net	(20)
Net income (loss)	(1,074)
Ending balance (in shares) at Sep. 30, 2019		2,886,009
Ending balance at Sep. 30, 2019	(206,817)	$ 29	44,111	25,252	(20)	(276,189)
Beginning balance (in shares) at Mar. 31, 2019		2,884,143
Beginning balance at Mar. 31, 2019	(207,609)	$ 29	42,943	25,590	12	(276,183)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)		1,866
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes	0
Shares withheld for taxes upon vesting of restricted stock	(6)					(6)
Amortization of preferred stock issuance costs	(52)			(52)
Share-based compensation	588		588
Currency translation adjustments, net	5				5
Net income (loss)	3,289			3,289
Ending balance (in shares) at Jun. 30, 2019		2,886,009
Ending balance at Jun. 30, 2019	(203,785)	$ 29	43,531	28,827	17	(276,189)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Amortization of preferred stock issuance costs	(52)			(52)
Share-based compensation	580		580
Currency translation adjustments, net	(37)				(37)
Net income (loss)	(3,523)			(3,523)
Ending balance (in shares) at Sep. 30, 2019		2,886,009
Ending balance at Sep. 30, 2019	$ (206,817)	$ 29	44,111	25,252	(20)	(276,189)
Beginning balance (in shares) at Dec. 31, 2019	1,598,512	2,897,177
Beginning balance at Dec. 31, 2019	$ (207,928)	$ 29	44,646	23,662	(33)	(276,232)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)		39,562
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes	4		4
Shares withheld for taxes upon vesting of restricted stock	(196)					(196)
Amortization of preferred stock issuance costs	(42)			(42)
Share-based compensation	477		477
Currency translation adjustments, net	(89)				(89)
Net income (loss)	(3,757)			(3,757)
Ending balance (in shares) at Mar. 31, 2020		2,936,739
Ending balance at Mar. 31, 2020	$ (211,531)	$ 29	45,127	19,863	(122)	(276,428)
Beginning balance (in shares) at Dec. 31, 2019	1,598,512	2,897,177
Beginning balance at Dec. 31, 2019	$ (207,928)	$ 29	44,646	23,662	(33)	(276,232)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Amortization of preferred stock issuance costs	(42)
Currency translation adjustments, net	(51)
Net income (loss)	$ 162
Ending balance (in shares) at Sep. 30, 2020	1,632,117	2,942,597
Ending balance at Sep. 30, 2020	$ (206,836)	$ 29	45,865	23,782	(84)	(276,428)
Beginning balance (in shares) at Mar. 31, 2020		2,936,739
Beginning balance at Mar. 31, 2020	(211,531)	$ 29	45,127	19,863	(122)	(276,428)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)		5,858
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes	10		10
Share-based compensation	393		393
Currency translation adjustments, net	(4)				(4)
Net income (loss)	(7,835)			(7,835)
Ending balance (in shares) at Jun. 30, 2020		2,942,597
Ending balance at Jun. 30, 2020	(218,967)	$ 29	45,530	12,028	(126)	(276,428)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Amortization of preferred stock issuance costs	0
Share-based compensation	335		335
Currency translation adjustments, net	42				42
Net income (loss)	$ 11,754			11,754
Ending balance (in shares) at Sep. 30, 2020	1,632,117	2,942,597
Ending balance at Sep. 30, 2020	$ (206,836)	$ 29	$ 45,865	$ 23,782	$ (84)	$ (276,428)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities:
Net income (loss)	$ 162	$ (1,074)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Share-based compensation	1,205	1,866
Change in fair value of Front Yard common stock	5,848	(4,597)
Depreciation	328	285
Amortization of operating lease right-of-use assets	313	226
Changes in operating assets and liabilities:
Receivable from Front Yard	(29,953)	(200)
Prepaid expenses and other assets	(855)	(521)
Other non-current assets	(109)	115
Accrued salaries and employee benefits	118	(766)
Accounts payable and accrued liabilities	(1,259)	(19)
Contract liability to Front Yard	33,733	0
Operating lease liabilities	(252)	(138)
Net cash provided by (used in) operating activities	9,279	(4,823)
Investing activities:
Receipt of deposit from Front Yard related to the Disposal Group (Note 1)	3,200	0
Investment in short-term investments	0	(1,622)
Proceeds from maturities of short-term investments	517	1,251
Investment in property and equipment	(102)	(240)
Proceeds from disposition of property and equipment	0	42
Net cash provided by (used in) investing activities	3,615	(569)
Financing activities:
Proceeds from stock option exercises	23	0
Shares withheld for taxes upon vesting of restricted stock	(196)	(201)
Payment of tax withholdings on stock option exercises	(9)	0
Net cash used in financing activities	(182)	(201)
Net change in cash and cash equivalents	12,712	(5,593)
Effect of exchange rate changes on cash	(38)	(20)
Cash and cash equivalents as of beginning of the period	19,965	27,171
Cash and cash equivalents as of end of the period	32,639	21,558
Supplemental disclosure of cash flow information:
Income taxes paid	346	489
Right-of-use lease assets recognized - operating leases	0	4,684
Operating lease liabilities recognized	$ 0	$ 4,671

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Altisource Asset Management Corporation (“we,” “our,” “us,” or the “Company”) was incorporated in the U.S. Virgin Islands (“USVI”) on March 15, 2012 (our “inception”) and commenced operations on December 21, 2012. Our primary business is to provide asset management and corporate governance services to institutional investors. We have been a registered investment adviser under Section 203(c) of the Investment Advisers Act of 1940 since October 2013. Our primary client has been Front Yard Residential Corporation (“Front Yard”), a public real estate investment trust (“REIT”) focused on acquiring and managing quality, affordable single-family rental (“SFR”) properties throughout the United States. All of our revenue to date was generated through our asset management agreements with Front Yard. Since we have been heavily reliant on revenues earned from Front Yard, investors may obtain additional information about Front Yard in its Securities and Exchange Commission (“SEC”) filings, including, without limitation, Front Yard’s financial statements and other important disclosures therein, available at http://www.sec.gov and http://ir.frontyardresidential.com/financial-information. On October 19, 2020, Front Yard announced that it had entered into an Agreement and Plan of Merger (the “Front Yard Merger Agreement”) with unrelated third parties and that it expects to consummate the merger in the first quarter of 2021. We expect that the asset management agreement will be terminated prior to the consummation of the Front Yard Merger Agreement. For more information on the termination of the asset management agreement with Front Yard, please see “Note 1 — Asset Management Agreements and Termination Agreement with Front Yard.” We are in the process of establishing multiple new lines of business, including an investment fund, a short-term investor loan aggregation business and the establishment of strategic relationships with real estate loan originators. These business lines leverage our history and experience in asset management, real estate investing and real estate operations. We have taken steps to reduce our annual operating expenses, including reductions in our physical office footprint and the optimization of our workforce. Though our potential new businesses are in the development stage, we expect that they will include asset management services, investments in real estate related assets or other businesses that leverage the experience of our new Co-Chief Executive Officer and our real estate asset acquisition and portfolio management teams. Asset Management Agreements and Termination Agreement with Front Yard On March 31, 2015, we entered into an asset management agreement (the “Former AMA”) with Front Yard, under which we were the exclusive asset manager for Front Yard for an initial term of 15 years from April 1, 2015, with two potential five-year extensions. The Former AMA provided for a fee structure in which we were entitled to a base management fee, an incentive management fee and a conversion fee for mortgage loans and real estate owned (“REO”) properties that became rental properties for the first time during each quarter. On May 7, 2019, we entered into an amended and restated asset management agreement with Front Yard (the “Amended AMA”), under which we have been the exclusive asset manager for Front Yard for an initial term of five years and could renew automatically each year thereafter for an additional one-year term, subject in each case to certain termination provisions. The Amended AMA provides for a fee structure in which we have been entitled to a Base Management Fee and a potential Incentive Fee. Accordingly, our operating results have been highly dependent on Front Yard's operating results. For further information on the Former AMA and the Amended AMA, please see Note 6. On August 13, 2020, AAMC and Front Yard entered into Termination and Transition Agreement (the “Termination Agreement”), pursuant to which they have agreed to effectively internalize the asset management function of Front Yard. The Termination Agreement provides that the Amended AMA will terminate following a transition period to enable the internalization of Front Yard’s asset management function, allow for the assignment of certain vendor contracts and implement the transfer of certain employees to Front Yard and the training of required replacement employees at each company. The transition period will end at the time that AAMC and Front Yard mutually agree that all required transition activities have been successfully completed (the “Termination Date”), which will occur no later than February 9, 2021. On the Termination Date, the Amended AMA will terminate, and AAMC will no longer provide services to Front Yard under the Amended AMA. Below are the material terms of the Termination Agreement: •Front Yard will pay AAMC an aggregate termination fee of $46.0 million (the “Termination Fee”), consisting of the following payments: ◦$15.0 million paid in cash to AAMC on August 17, 2020, ◦$15.0 million payable in cash on the Termination Date, and ◦$16.0 million payable in cash or Front Yard common stock, at the option of Front Yard and subject to certain conditions, restrictions, and limitations, on the Termination Date. •Front Yard will acquire the equity interests of AAMC's Indian subsidiary, the equity interests of AAMC's Cayman Islands subsidiary, the right to solicit and hire designated AAMC employees that currently oversee the management of Front Yard's business and other assets of AAMC that are used in connection with the operation of Front Yard's business (the “Disposal Group”) for an aggregate purchase price of $8.2 million ($3.2 million of which was paid to AAMC on August 17, 2020), of which all or a portion of the remaining $5.0 million may be paid in Front Yard common stock, at Front Yard’s option and subject to certain conditions, restrictions, and limitations. •Front Yard will continue to pay Base Management Fees to AAMC under the Amended AMA in the amount of $3.6 million per quarter through the date that Front Yard delivers written notice to AAMC that the transition has been satisfactorily completed, subject to proration for partial quarters. •AAMC has agreed to vote any shares of Front Yard common stock that it receives in connection with the Termination Agreement in accordance with recommendations of the Front Yard board of directors for a period of one year following the Termination Date, including regarding the approval of the Front Yard Merger Agreement and related transactions, which may be presented to Front Yard’s stockholders. •Effective two business days prior to the Termination Date, Mr. Ellison shall resign as Co-Chief Executive Officer of AAMC. We have evaluated the nature of the services provided to Front Yard in exchange for the Termination Fee and have determined that such services constitute a series of distinct services that should be accounted for as a single performance obligation completed over time, which is simultaneously performed by us and consumed by Front Yard. Therefore, we expect to recognize the Termination Fee ratably through the Termination Date. Our receivable from Front Yard as of September 30, 2020 includes $31.0 million related to the unpaid portion of the Termination Fee, and we have recognized a contract liability for the unearned portion of the Termination Fee within our condensed consolidated balance sheets. During the third quarter of 2020, we received an upfront payment of $3.2 million of the $8.2 million aggregate purchase price of the Disposal Group. We have included this upfront payment within accounts payable and accrued liabilities in our condensed consolidated balance sheet. We have concluded that the Disposal Group meets the held-for-sale criteria and have therefore classified the Disposal Group as held for sale on our condensed consolidated balance sheets. The termination of the Amended AMA and the sale of the Disposal Group also represents a significant strategic shift that will have a major effect on our operations and financial results. Therefore, we have classified the results of operations related to Front Yard as discontinued operations in our condensed consolidated statements of operations. For further information, please see Note 2. 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. The unaudited interim condensed consolidated financial statements and accompanying unaudited condensed consolidated financial information, in our opinion, contain all adjustments that are of a normal recurring nature and are 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 2019 Annual Report on Form 10-K, which was filed with the SEC on February 28, 2020. 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. 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 (“Series A Shares”) to institutional investors. Under the Certificate of Designations of the Series A Shares (the “Certificate”), we have 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 has the right to give notice requesting us to redeem all of the shares of Series A Shares held by such holder out of legally available funds. In accordance with the terms of the Certificate, if we have legally available funds to redeem all, but not less than all, of the Series A Shares requested to be redeemed on a redemption date, we will deliver to those holders who have requested redemption in accordance with the Certificate a notice of redemption. If we do not have legally available funds to redeem all, but not less than all, of the Series A Shares requested to be redeemed on a redemption date, we will not provide a notice of redemption. The redemption right will be exercisable in connection with each redemption date every five years until the mandatory redemption date in 2044. If we are required to redeem all of the holder's Series A Shares, we are required to do so for cash at a price equal to $1,000 per share (the issuance price) out of funds legally available therefor. Due to the redemption provisions of the Series A Preferred Stock, we classify these shares as mezzanine equity, outside of permanent stockholders' equity. Between January 31, 2020 and February 3, 2020, we received purported notices from 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 do not have legally available funds to redeem all of the Series A Shares on March 15, 2020. As a result, we do not believe, under the terms of the Certificate, that we are obligated to redeem any of the Series A Shares under the Certificate, and, consistent with the exclusive forum provisions of our Third Amended and Restated Bylaws, on January 27, 2020, we filed a claim for declaratory relief in the Superior Court of the Virgin Islands, Division of St. Croix, against Luxor Capital Group, LP and certain of its funds and managed accounts (collectively, “Luxor”) to confirm our interpretation of the Certificate. Luxor has removed the action to the U.S District Court for the Virgin Islands, and, on March 24, 2020, AAMC moved to remand the action back to the Superior Court of the Virgin Islands, Division of St. Croix. That motion is fully briefed and pending. On May 15, 2020, Luxor moved to dismiss AAMC's declaratory judgment complaint. That motion has been fully briefed and submitted to the Court as of July 29, 2020. On February 3, 2020, Luxor filed a complaint in the Supreme Court of the State of New York, County of New York, against AAMC for breach of contract, specific performance, unjust enrichment, and related damages and expenses. The complaint alleges that AAMC’s position that it will not redeem any of Luxor’s Series A Shares on the March 15, 2020 redemption date is a material breach of AAMC’s redemption obligations under the Certificate. Luxor seeks an order requiring AAMC to redeem its Series A Shares, recovery of no less than $144,212,000 in damages, which is equal to the amount Luxor would receive if AAMC redeemed all of Luxor’s Series A Shares at the redemption price of $1,000 per share set forth in the Certificate, as well as payment of its costs and expenses in the lawsuit. In the alternative, Luxor seeks a return of its initial purchase price of $150,000,000 for the Series A Shares, as well as payment of its costs and expenses in the lawsuit. On May 25, 2020, Luxor’s complaint was amended to add Putnam Equity Spectrum Fund and Putnam Capital Spectrum Fund (collectively, “Putnam”), which also invested in the Series A Shares, as plaintiff. Putnam holds 81,800 Series A Shares. Collectively, Luxor and Putnam seek a recovery of no less than $226,012,000 in damages, which is equal to the amount Luxor and Putnam would receive if AAMC redeemed all of Luxor’s and Putnam’s Series A Shares at the redemption price of $1,000 per share set forth in the Certificate, as well as payment of their costs and expenses in the lawsuit. In the alternative, Luxor and Putnam seek a return of the initial purchase price of $231,800,000 for the Series A Shares, as well as payment of their costs and expenses in the lawsuit. On June 12, 2020, AAMC moved to dismiss the Amended Complaint in favor of AAMC’s first-filed declaratory judgment action in the U.S. Virgin Islands. On August 4, 2020, the court denied AAMC’s motion to dismiss. AAMC has filed a notice of appeal of the court’s decision. AAMC intends to continue to pursue its strategic business initiatives despite this litigation. If Luxor and Putnam were to prevail in its lawsuit, we may need to cease or curtail our business initiatives and our liquidity could be materially and adversely affected. The holders of Series A Preferred Stock are not entitled to receive dividends with respect to the Series A Preferred Stock. The shares of Series A Preferred Stock are convertible into shares of our common stock at a conversion price of $1,250 per share (or an exchange ratio of 0.8 shares of common stock for each share of Series A Preferred Stock), subject to certain anti-dilution adjustments. Upon certain change of control transactions or upon the liquidation, dissolution or winding up of the Company, holders of the Series A Preferred Stock will be entitled to receive an amount in cash per Series A Preferred Stock equal to the greater of: (i) $1,000 plus the aggregate amount of cash dividends paid on the number of shares of common stock into which such shares of Series A Preferred Stock was convertible on each ex-dividend date for such dividends; and (ii) the number of shares of common stock into which the Series A Preferred Stock is then convertible multiplied by the then current market price of the common stock. The Series A Preferred Stock confers no voting rights to holders, except with respect to matters that materially and adversely affect the voting powers, rights or preferences of the Series A Preferred Stock or as otherwise required by applicable law. With respect to the distribution of assets upon the liquidation, dissolution or winding up of the Company, the Series A Preferred Stock ranks senior to our common stock and on parity with all other classes of preferred stock that may be issued by us in the future. The Series A Preferred Stock is recorded net of issuance costs, which were amortized on a straight-line basis through the first potential redemption date in March 2020. 2016 Employee Preferred Stock Plan On May 26, 2016, the 2016 Employee Preferred Stock Plan (the “Employee Preferred Stock Plan”) was approved by our stockholders. Pursuant to the Employee Preferred Stock Plan, the Company may grant one or more series of non-voting preferred stock, par value $0.01 per share in the Company to induce certain employees to become employed and remain employees of the Company in the USVI, and any of its future USVI subsidiaries, to encourage ownership of shares in the Company by such USVI employees and to provide additional incentives for such employees to promote the success of the Company’s business. Pursuant to our stockholder approval of the Employee Preferred Stock Plan, on December 29, 2016, the Company authorized 14 additional series of preferred stock of the Company, consisting of Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock, Series G Preferred Stock, Series H Preferred Stock, Series I Preferred Stock, Series J Preferred Stock, Series K Preferred Stock, Series L Preferred Stock, Series M Preferred Stock, Series N Preferred Stock and Series O Preferred Stock, and each series shall consist of up to an aggregate of 1,000 shares. We have issued shares of preferred stock under the Employee Preferred Stock Plan to certain of our USVI employees. These shares of preferred stock are mandatorily redeemable by us in the event of such employee's termination of service with the Company for any reason. At September 30, 2020 and December 31, 2019, we had 1,100 and 1,000 shares outstanding, respectively, and we included the redemption value of these shares of $11,000 and $10,000, respectively, within accounts payable and accrued liabilities in our condensed consolidated balance sheets. In December 2019 and February 2019, our Board of Directors declared and paid an aggregate of $1.0 million (in relation to the 2019 fiscal year) and $1.1 million (in relation to the 2018 fiscal year), respectively, of dividends on these shares of preferred stock. Such dividends are included in salaries and employee benefits in our condensed consolidated statements of operations. Recently issued accounting standards Adoption of recent accounting standards In January 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, which amends the guidance on measuring credit losses on financial assets held at amortized cost. ASU 2016-13, as amended, is intended to address the issue that the previous “incurred loss” methodology was restrictive for an entity's ability to record credit losses based on not yet meeting the “probable” threshold. The new language requires these assets to be valued at amortized cost presented at the net amount expected to be collected with a valuation provision. This ASU is effective for fiscal years beginning after December 15, 2019. The amendments in ASU 2016-13 should be applied on a modified retrospective transition basis. We adopted this standard on January 1, 2020, and our adoption of the standard did not have a material impact on our consolidated financial statements. Recently issued accounting standards not yet adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021. We are currently evaluating the impact of this standard.

Discontinued Operations

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

The carrying value of major classes of assets and liabilities related to our discontinued operations that constitute the Disposal Group at September 30, 2020 and December 31, 2019 were as follows ($ in thousands):


	September 30, 2020		December 31, 2019
	(unaudited)
Current assets held for sale:
Cash and cash equivalents	$	1,928	$	1,059
Short-term investments	—		517
Prepaid expenses and other assets	691		600
Total current assets held for sale	2,619		2,176

Non-current assets held for sale:
Right-of-use lease assets	3,351		3,607
Other non-current assets	354		288
Total non-current assets held for sale	3,705		3,895
Total assets held for sale	$	6,324	$	6,071

Current liabilities held for sale:
Accrued salaries and employee benefits	$	1,514	$	1,645
Accounts payable and accrued liabilities	268		163
Short-term lease liabilities	219		194
Total current liabilities held for sale	2,001		2,002

Non-current liabilities held for sale:
Non-current lease liabilities	3,317		3,543
Total non-current liabilities held for sale	3,317		3,543
Total liabilities held for sale	$	5,318	$	5,545

Discontinued operations includes (i) the management fee revenues generated under our asset management agreements with Front Yard, (ii) expense reimbursements from Front Yard and the underlying expenses, (iii) the results of operations of our India and Cayman Islands subsidiaries, (iv) the employment costs associated with certain individuals wholly dedicated to Front Yard and (v) the costs associated with our lease in Charlotte, North Carolina, that is expected to be assumed by Front Yard. The following table details the components comprising net income from our discontinued operations ($ in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Revenues from discontinued operations:
Management fees from Front Yard	$	3,584	$	3,584	$	10,752	$	10,686
Termination fee from Front Yard	12,267		—		12,267		—
Conversion fees from Front Yard	—		—		—		29
Expense reimbursements from Front Yard	626		250		1,707		920
Total revenues from discontinued operations	16,477		3,834		24,726		11,635

Expenses from discontinued operations:
Salaries and employee benefits	910		1,392		3,867		4,241
Legal and professional fees	67		38		180		123
General and administrative	334		441		1,171		1,328
Total expenses from discontinued operations	1,311		1,871		5,218		5,692

Other (loss) income from discontinued operations:
Other (loss) income	(6)		23		24		(14)
Total other (loss) income from discontinued operations	(6)		23		24		(14)

Net income from discontinued operations before income taxes	15,160		1,986		19,532		5,929
Income tax expense	317		42		415		144
Net income from discontinued operations	$	14,843	$	1,944	$	19,117	$	5,785

The following table details cash flow information related to our discontinued operations for the periods indicated ($ in thousands):


	Nine months ended September 30,
	2020		2019
Total operating cash flows provided by discontinued operations	$	19,055	$	5,047
Total investing cash flows provided by (used in) discontinued operations	438		(455)

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The following table sets forth the carrying amount and the fair value of our financial assets by level within the fair value hierarchy as of the dates indicated ($ in thousands):


			Level 1		Level 2		Level 3
	Carrying Amount		Quoted Prices in Active Markets		Observable Inputs Other Than Level 1 Prices		Unobservable Inputs
September 30, 2020
Recurring basis (assets):
Front Yard common stock	$	14,198	$	14,198	$	—	$	—

December 31, 2019
Recurring basis (assets):
Front Yard common stock	$	20,046	$	20,046	$	—	$	—

We did not transfer any assets from one level to another level during the nine months ended September 30, 2020 or during the year ended December 31, 2019.

The fair value of our holdings in Front Yard common stock is based on unadjusted quoted prices from active markets.

We held 1,624,465 shares of Front Yard's common stock at each of September 30, 2020 and December 31, 2019, representing approximately 2.8% and 3.0% of Front Yard's then-outstanding common stock, respectively. All of our shares of Front Yard's common stock were acquired in open market transactions.

The following table presents the cost basis and fair value of our holdings in Front Yard's common stock as of the dates indicated ($ in thousands):


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2020
Front Yard common stock	$	20,596	$	—	$	(6,398)	$	14,198

December 31, 2019
Front Yard common stock	$	20,596	$	—	$	(550)	$	20,046

- 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

Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

We lease office space under various operating leases. We currently occupy office space in Christiansted, U.S. Virgin Islands; Charlotte, North Carolina; College Station, Texas; George Town, Cayman Islands; and Bengaluru, India. Subsequent to the Termination Date, we expect to transfer to Front Yard our existing office space in Charlotte, North Carolina; College Station, Texas; George Town, Cayman Islands; and Bengaluru, India. Thereafter, we expect to lease new office space in Charlotte, North Carolina and Bengaluru, India.

As of September 30, 2020 and December 31, 2019, our weighted average remaining lease term, including applicable extensions, was 8.3 years and 9.1 years, respectively, and we applied a discount rate of 8.4% and 8.4%, respectively, to our office leases. We determine the discount rate for each lease to be either the discount rate stated in the lease agreement or our estimated rate that we would be charged to finance real estate assets.

During the three and nine months ended September 30, 2020, we recognized rent expense of $0.2 million and $0.5 million, respectively, related to long-term operating leases and $27,000 and $81,000, respectively, related to short-term operating leases. During the three and nine months ended September 30, 2019, we recognized rent expense of $0.1 million and $0.4 million, respectively, related to long-term operating leases and $0.1 million and $0.2 million, respectively, related to short-term operating leases. We include rent expense as a component of general and administrative expenses.

The following table presents our future lease obligations under our operating leases as of September 30, 2020 ($ in thousands):


	Operating Lease Liabilities
2020 (1)	$	156
2021	634
2022	659
2023	686
2024	708
Thereafter	3,121
Total lease payments	5,964
Less: interest	1,733
Lease liabilities	$	4,231

_____________

(1)Excludes the nine months ended September 30, 2020.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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, 2019. 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: Erbey Holding Corporation et al. v. Blackrock Management Inc., et al. On April 12, 2018, a partial stockholder derivative 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. The action was filed by Erbey Holding Corporation (“Erbey Holding”), John R. Erbey Family Limited Partnership (“JREFLP”), by its general partner Jupiter Capital, Inc., Salt Pond Holdings, LLC (“Salt Pond”), Munus, L.P. (“Munus”), Carisma Trust (“Carisma”), by its trustee, Venia, LLC, and Tribue Limited Partnership (collectively, the “Plaintiffs”) each on its own behalf and Salt Pond and Carisma derivatively on behalf of AAMC. The action was filed against Blackrock Financial Management, Inc., Blackrock Investment Management, LLC, Blackrock Investments, LLC, Blackrock Capital Management, Inc., Blackrock, Inc. (collectively, “Blackrock”), Pacific Investment Management Company LLC, PIMCO Investments LLC (collectively, “PIMCO”) and John and Jane Does 1-10 (collectively with Blackrock and PIMCO, the “Defendants”). The action alleges a conspiracy by Blackrock and PIMCO to harm Ocwen and AAMC and certain of their subsidiaries, affiliates and related companies and to extract enormous profits at the expense of Ocwen and AAMC by attempting to damage their operations, business relationships and reputations. The complaint alleges that Defendants’ conspiratorial activities, which included short-selling activities, were designed to destroy Ocwen and AAMC, and that the Plaintiffs (including AAMC) suffered significant injury, including but not limited to lost value of their stock and/or stock holdings. The action seeks, among other things, an award of monetary damages to AAMC, including treble damages under Section 605, Title IV of the Virgin Islands Code related to the Criminally Influenced and Corrupt Organizations Act, punitive damages and an award of attorney’s and other fees and expenses. Defendants have moved to dismiss the first amended verified complaint. Plaintiffs and AAMC have moved for leave to file a second amended verified complaint to include AAMC as a direct plaintiff, rather than as a derivative party. On March 27, 2019, the Court held oral argument on Defendants' motions to dismiss the first amended verified complaint and Plaintiffs' motion for leave to file the second amended verified complaint. The Court has not yet decided the pending motions. 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. We have determined that there is no contingent liability related to this matter for AAMC. Altisource Asset Management Corporation v. Luxor Capital Group, LP, et al. On January 27, 2020, AAMC filed a complaint for declaratory judgment relief in the Superior Court of the Virgin Islands, Division of St. Croix, against Luxor Capital Group, LP and certain of its funds and managed accounts (collectively, “Luxor”) regarding AAMC’s redemption obligations under the Certificate of Designations (the “Certificate”) of AAMC’s Series A Convertible Preferred Stock (the “Series A Shares”). Under the Certificate, holders of the Series A Shares are permitted on March 15, 2020 and on each successive five-year anniversary of March 15, 2020 to request AAMC, upon not less than 15 nor more than 30 business days’ prior notice, to redeem all but not less than all of their Series A Shares out of legally available funds. AAMC seeks a declaration that AAMC is not required to redeem any of Luxor’s Series A Shares on a redemption date if AAMC does not have legally available funds to redeem all of Luxor’s Series A Shares on such redemption date. Luxor has removed the action to the U.S District Court for the Virgin Islands, and, on March 24, 2020, AAMC moved to remand the action back to the Superior Court of the Virgin Islands, Division of St. Croix. That motion is fully briefed and pending decision. On May 15, 2020, Luxor moved to dismiss AAMC's declaratory judgment complaint. That motion has been fully briefed and submitted to the Court as of July 29, 2020. Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation On February 3, 2020, Luxor filed a complaint in the Supreme Court of the State of New York, County of New York, against AAMC for breach of contract, specific performance, unjust enrichment, and related damages and expenses. The complaint alleges that AAMC’s position that it would not redeem any of Luxor’s Series A Shares on the March 15, 2020 redemption date is a material breach of AAMC’s redemption obligations under the Certificate. Luxor seeks an order requiring AAMC to redeem its Series A Shares, recovery of no less than $144,212,000 in damages, which is equal to the amount Luxor would receive if AAMC redeemed all of Luxor’s Series A Shares at the redemption price of $1,000 per share set forth in the Certificate, as well as payment of its costs and expenses in the lawsuit. In the alternative, Luxor seeks a return of its initial purchase price of $150,000,000 for the Series A Shares, as well as payment of its costs and expenses in the lawsuit. On May 25, 2020, Luxor's complaint was amended to add Putnam Equity Spectrum Fund and Putnam Capital Spectrum Fund (collectively, “Putnam”), which also invested in the Series A Shares, as plaintiffs. Putnam holds 81,800 Series A Shares. Collectively, Luxor and Putnam seek a recovery of no less than $226,012,000 in damages, which is equal to the amount Luxor and Putnam would receive if AAMC redeemed all of Luxor’s and Putnam’s Series A Shares at the redemption price of $1,000 per share set forth in the Certificate, as well as payment of their costs and expenses in the lawsuit. In the alternative, Luxor and Putnam seek a return of the initial purchase price of $231,800,000 for the Series A Shares, as well as payment of their costs and expenses in the lawsuit. On June 12, 2020, AAMC moved to dismiss the Amended Complaint in favor of AAMC's first-filed declaratory judgment action in the U.S. Virgin Islands. On August 4, 2020, the court denied AAMC’s motion to dismiss. AAMC has filed a notice of appeal of the court’s decision. COVID-19 Pandemic Due to the current COVID-19 pandemic in the United States and globally, our business, our employees and the economy as a whole could be adversely impacted. The magnitude and duration of the COVID-19 pandemic and its impact on our cash flows and future results of operations could potentially be significant and will largely depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the COVID-19 pandemic, the success of actions taken to contain or treat the pandemic, and reactions by consumers, companies, governmental entities and capital markets. Although COVID-19 to date has not adversely impacted our revenues, the prolonged duration and impact of the COVID-19 pandemic on our ability to complete our transition obligations to Front Yard, or on any our new businesses in development, could cause or result in office closures and other related disruptions that could materially adversely impact our business operations and impact our financial performance.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Asset management agreement with Front Yard Pursuant to the Amended AMA, we have designed and implemented Front Yard's business strategy, administered its business activities and day-to-day operations and provided corporate governance services, subject to oversight by Front Yard's Board of Directors. We have been responsible for, among other duties: (1) performing and administering certain of Front Yard's day-to-day operations; (2) defining investment criteria in Front Yard's investment policy in cooperation with its Board of Directors; (3) sourcing, analyzing and executing asset acquisitions, including the related financing activities; (4) overseeing Front Yard's renovation, leasing and property management of its SFR properties; (5) analyzing and executing sales of certain rental properties, REO properties and residential mortgage loans; (6) performing asset management duties and (7) performing corporate governance and other management functions, including financial, accounting and tax management services. We have provided Front Yard with a management team and support personnel who have substantial experience in the acquisition and management of residential properties. Our management also has significant corporate governance experience that has enabled us to manage Front Yard's business and organizational structure efficiently. Under the Amended AMA, we had agreed not to provide the same or substantially similar services without the prior written consent of Front Yard's Board of Directors to any business or entity competing against Front Yard in (a) the acquisition or sale of SFR and/or REO properties, non-performing and re-performing mortgage loans or other similar assets; (b) the carrying on of an SFR business or (c) any other activity in which Front Yard engages. However, following the execution of the Termination Agreement, we are entitled to provide advisory or other services to businesses or entities in such competitive activities without Front Yard's prior consent. On August 13, 2020, AAMC and Front Yard entered into the Termination Agreement, pursuant to which they have agreed to terminate the Amended AMA, thereby effectively internalizing the asset management function of Front Yard in exchange for payment of the Termination Fee and other consideration to AAMC. For a description of the Termination Agreement and its key terms, please see Note 1. Terms of the Amended AMA We and Front Yard entered into the Amended AMA on May 7, 2019 (the “Effective Date”). The Amended AMA amended and restated, in its entirety, the Former AMA. The Amended AMA has an initial term of 5 years and could renew automatically each year thereafter for an additional one-year term, subject in each case to certain termination provisions, including termination by Front Yard without cause for any reason or no reason. The Amended AMA provides for a management fee structure that provides AAMC with a quarterly Base Management Fee and a potential annual Incentive Fee, each of which are dependent upon Front Yard's performance and are subject to potential downward adjustments and an aggregate fee cap. The Base Management Fee under the Amended AMA is subject to a quarterly minimum of $3,584,000. The Amended AMA also required that the Base Management Fee would increase commencing after Front Yard’s per share Adjusted AFFO (as defined in the Amended AMA) reaching $0.15 (“Additional Base Fees”). To date, we have earned no Additional Base Fees or Incentive Fees under the Amended AMA. Considering the impending termination of the Amended AMA pursuant to the Termination Agreement, we will no longer receive a Base Management Fee at the earlier of (a) the completion of the termination under the Termination Agreement and (b) the date that Front Yard delivers written notice to AAMC that the transition has been satisfactorily completed, subject to proration for partial quarters. We are responsible for all of our own costs and expenses other than the expenses related to compensation of Front Yard’s dedicated general counsel and, beginning in January 2020, certain specified employees who provide direct property management services to Front Yard. Front Yard and its subsidiaries pay their own costs and expenses, and, to the extent such Front Yard expenses are initially paid by us, Front Yard is required to reimburse us for such reasonable costs and expenses. Terms of the Former AMA On March 31, 2015, we entered into the Former AMA with Front Yard. The Former AMA, which was effective from April 1, 2015 through May 7, 2019, provided for the following management fee structure: •Base Management Fee. We were entitled to a quarterly base management fee equal to 1.5% of the product of (i) Front Yard’s average invested capital (as defined in the Former AMA) for the quarter multiplied by (ii) 0.25, while it had fewer than 2,500 single-family rental properties actually rented (“Rental Properties”). The base management fee percentage increased to 1.75% of average invested capital while Front Yard had between 2,500 and 4,499 Rental Properties and increased to 2.0% of invested capital while Front Yard had 4,500 or more Rental Properties. Because Front Yard had more than 4,500 Rental Properties, until the entry into the Amended AMA, we were entitled to receive a base management fee of 2.0% of Front Yard’s invested capital during the three and nine months ended September 30, 2020 and 2019; •Incentive Management Fee. We were entitled to a quarterly incentive management fee equal to 20% of the amount by which Front Yard's return on invested capital (based on AFFO, defined as net income attributable to holders of common stock calculated in accordance with GAAP plus real estate depreciation expense minus recurring capital expenditures on all real estate assets owned by Front Yard) exceeded an annual hurdle return rate of between 7.0% and 8.25% (or 1.75% and 2.06% per quarter), depending on the 10-year treasury rate. To the extent Front Yard had an aggregate shortfall in its return rate over the previous seven quarters, that aggregate return rate shortfall was added to the normal quarterly return hurdle for the next quarter before we would be entitled to an incentive management fee. The incentive management fee increased to 22.5% while Front Yard has between 2,500 and 4,499 Rental Properties and increased to 25% while Front Yard has 4,500 or more Rental Properties. No incentive management fee under the Former AMA was earned by us because Front Yard's return on invested capital (as defined in the AMA) was below the cumulative required hurdle rate; and •Conversion Fee. We were entitled to a quarterly conversion fee equal to 1.5% of assets converted into leased single-family homes by Front Yard for the first time during the applicable quarter. Under the Former AMA, Front Yard had reimbursed us for the compensation and benefits of the General Counsel dedicated to Front Yard and certain other out-of-pocket expenses incurred on Front Yard's behalf.

Share-Based Payments	9 Months Ended
Share-Based Payments	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Payments	Share-Based Payments On January 30, 2020, in order to induce our new Co-Chief Executive Officer to join the Company, we granted 60,000 shares of restricted stock and 60,000 stock options to our newly appointed Co-Chief Executive Officer. The restricted stock and stock options had a weighted average grant date fair value of $13.11 and $10.61, respectively. The restricted stock units will vest in four equal annual installments on each of January 30, 2021, 2022, 2023 and 2024, subject to forfeiture and acceleration. The stock options have an exercise price of $13.11 and consist of two tranches that will vest based on the satisfaction of certain performance criteria and time-based service requirements. The first tranche includes 40,000 stock options and will vest in three allotments beginning on the date the share price equals or exceeds 400% of the exercise price (the “First Performance Goal”). Upon satisfaction of the First Performance Goal, 13,333 options will vest and become exercisable immediately, with the remaining 26,667 options vesting in equal installments on the first and second anniversary of the achievement of the First Performance Goal, subject to forfeiture or expiration. The second tranche of 20,000 stock options will vest in three allotments beginning on the date the share price equals or exceeds 800% of the exercise price of the options (the “Second Performance Goal”). Upon satisfaction of the Second Performance Goal, 6,666 options will vest and become exercisable immediately, with the remaining 13,334 options vesting in equal installments on the first and second anniversary of the Second Performance goal, subject to forfeiture or expiration. All unvested options shall expire on the tenth anniversary of the January 30, 2020 grant date. On January 23, 2019, we granted 60,329 shares of restricted stock to members of management with a weighted average grant date fair value per share of $26.68. The restricted stock units will vest in three equal annual installments, the first of which occurred on January 23, 2020 with the remaining installments vesting on January 23, 2021 and 2022, subject to forfeiture or acceleration. Our Directors each receive annual grants of restricted stock equal to $60,000 based on the market value of our common stock at the time of the annual stockholders meeting. These shares of restricted stock vest and are issued after a one-year service period, subject to each Director attending at least 75% of the Board and committee meetings. We recorded $0.3 million and $1.2 million of compensation expense related to our share-based compensation for the three and nine months ended September 30, 2020, respectively, and we recorded $0.6 million and $1.9 million of compensation expense related to our share-based compensation for the three and nine months ended September 30, 2019, respectively. As of September 30, 2020 and December 31, 2019, we had an aggregate $1.4 million and $1.2 million, respectively, of total unrecognized share-based compensation cost to be recognized over a weighted average remaining estimated term of 1.7 years and 0.8 years, respectively. On September 11, 2020, the Board of Directors adopted, subject to stockholder approval, the Altisource Asset Management Corporation 2020 Equity Incentive Plan (the “2020 Equity Incentive Plan”). The 2020 Equity Incentive Plan supersedes our prior equity incentive plans and makes available 185,000 shares of our common stock for the granting of awards under compensatory arrangements and incentives permitted by the 2020 Equity Incentive Plan. On October 12, 2020, the 2020 Equity Incentive Plan was approved by our stockholders.

Income Taxes

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

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 and received our certificate of benefits (the “Certificate”), effective as of February 1, 2013. Pursuant to the Certificate, as long as we comply with its provisions, we will receive a 90% tax reduction on our USVI-sourced income taxes until 2043.

As of September 30, 2020 and December 31, 2019, we accrued no interest or penalties associated with any unrecognized tax benefits, nor did we recognize any interest expense or penalties during the nine months ended September 30, 2020 and 2019.

The following table sets forth the components of our deferred tax assets:


	September 30, 2020		December 31, 2019
Deferred tax assets:
Stock compensation	$	96	$	114
Accrued expenses	538		669
Net operating losses	34		357
Lease liabilities	901		955
Front Yard common stock	615		—
Other	146		48
Gross deferred tax assets	2,330		2,143
Deferred tax liability:
Right-of-use lease assets	854		922
Front Yard common stock	—		42
Depreciation	—		4
Gross deferred tax liabilities	854		968
Net deferred tax assets before valuation allowance	1,476		1,175
Valuation allowance	(804)		(491)
Deferred tax asset, net	$	672	$	684

- 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 + Details

Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

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


	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Numerator
Continuing operations:
Net loss from continuing operations	$	(3,089)	$	(5,467)	$	(18,955)	$	(6,859)
Amortization of preferred stock issuance costs	—		(52)		(42)		(155)
Numerator for basic and diluted EPS from continuing operations – net loss from continuing operations attributable to common stockholders	$	(3,089)	$	(5,519)	$	(18,997)	$	(7,014)

Discontinued operations:
Numerator for basic and diluted EPS from discontinued operations - net gain from discontinued operations	$	14,843	$	1,944	$	19,117	$	5,785

Total:
Net income (loss)	$	11,754	$	(3,523)	$	162	$	(1,074)
Amortization of preferred stock issuance costs	—		(52)		(42)		(155)
Numerator for basic and diluted EPS – net income (loss) attributable to common stockholders	$	11,754	$	(3,575)	$	120	$	(1,229)



Denominator
Weighted average common stock outstanding – basic	1,632,117		1,590,739		1,625,727		1,587,448



Weighted average common stock outstanding – diluted	1,632,117		1,590,739		1,625,727		1,587,448

Earnings (loss) per share - basic
Continuing operations – basic	$	(1.89)	$	(3.47)	$	(11.69)	$	(4.42)
Discontinued operations – basic	9.09		1.22		11.76		3.65
Earnings (loss) per basic common share	$	7.20	$	(2.25)	$	0.07	$	(0.77)

Earnings (loss) per share - diluted
Continuing operations – diluted	$	(1.89)	$	(3.47)	$	(11.69)	$	(4.42)
Discontinued operations – diluted	9.09		1.22		11.76		3.65
Earnings (loss) per diluted common share	$	7.20	$	(2.25)	$	0.07	$	(0.77)

We excluded the items presented below from the calculation of diluted earnings per share as they were antidilutive to loss per share from continuing operations for the periods indicated ($ in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Numerator
Reversal of amortization of preferred stock issuance costs	$	—	$	52	$	42	$	155

Denominator
Stock options	5,403		11,527		8,167		13,087
Restricted stock	76,160		13,926		58,565		25,056
Preferred stock, if converted	200,000		200,000		200,000		200,000

Segment Information	9 Months Ended
Segment Information	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information Our primary business is to provide asset management and certain corporate governance services to institutional investors. Because all of our revenue is derived from the services we provide to Front Yard, we operate as a single segment focused on providing asset management and corporate governance services.

- Definition

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

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+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsManagement has evaluated the impact of all subsequent events through the issuance of these interim condensed consolidated financial statements and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

Organization and Basis of Presentation (Policies)	9 Months Ended
Organization and Basis of Presentation (Policies)	Sep. 30, 2020
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.
Consolidation policy	The unaudited interim condensed consolidated financial statements and accompanying unaudited condensed consolidated financial information, in our opinion, contain all adjustments that are of a normal recurring nature and are 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 2019 Annual Report on Form 10-K, which was filed with the SEC on February 28, 2020.
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.
Recently issued accounting standards	Recently issued accounting standards Adoption of recent accounting standards In January 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, which amends the guidance on measuring credit losses on financial assets held at amortized cost. ASU 2016-13, as amended, is intended to address the issue that the previous “incurred loss” methodology was restrictive for an entity's ability to record credit losses based on not yet meeting the “probable” threshold. The new language requires these assets to be valued at amortized cost presented at the net amount expected to be collected with a valuation provision. This ASU is effective for fiscal years beginning after December 15, 2019. The amendments in ASU 2016-13 should be applied on a modified retrospective transition basis. We adopted this standard on January 1, 2020, and our adoption of the standard did not have a material impact on our consolidated financial statements. Recently issued accounting standards not yet adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021. We are currently evaluating the impact of this standard.
Fair value measurement	The fair value of our holdings in Front Yard common stock is based on unadjusted quoted prices from active markets.

Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations


	September 30, 2020		December 31, 2019
	(unaudited)
Current assets held for sale:
Cash and cash equivalents	$	1,928	$	1,059
Short-term investments	—		517
Prepaid expenses and other assets	691		600
Total current assets held for sale	2,619		2,176

Non-current assets held for sale:
Right-of-use lease assets	3,351		3,607
Other non-current assets	354		288
Total non-current assets held for sale	3,705		3,895
Total assets held for sale	$	6,324	$	6,071

Current liabilities held for sale:
Accrued salaries and employee benefits	$	1,514	$	1,645
Accounts payable and accrued liabilities	268		163
Short-term lease liabilities	219		194
Total current liabilities held for sale	2,001		2,002

Non-current liabilities held for sale:
Non-current lease liabilities	3,317		3,543
Total non-current liabilities held for sale	3,317		3,543
Total liabilities held for sale	$	5,318	$	5,545


	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Revenues from discontinued operations:
Management fees from Front Yard	$	3,584	$	3,584	$	10,752	$	10,686
Termination fee from Front Yard	12,267		—		12,267		—
Conversion fees from Front Yard	—		—		—		29
Expense reimbursements from Front Yard	626		250		1,707		920
Total revenues from discontinued operations	16,477		3,834		24,726		11,635

Expenses from discontinued operations:
Salaries and employee benefits	910		1,392		3,867		4,241
Legal and professional fees	67		38		180		123
General and administrative	334		441		1,171		1,328
Total expenses from discontinued operations	1,311		1,871		5,218		5,692

Other (loss) income from discontinued operations:
Other (loss) income	(6)		23		24		(14)
Total other (loss) income from discontinued operations	(6)		23		24		(14)

Net income from discontinued operations before income taxes	15,160		1,986		19,532		5,929
Income tax expense	317		42		415		144
Net income from discontinued operations	$	14,843	$	1,944	$	19,117	$	5,785

The following table details cash flow information related to our discontinued operations for the periods indicated ($ in thousands):


	Nine months ended September 30,
	2020		2019
Total operating cash flows provided by discontinued operations	$	19,055	$	5,047
Total investing cash flows provided by (used in) discontinued operations	438		(455)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair value measurements, recurring and nonrecurring

The following table sets forth the carrying amount and the fair value of our financial assets by level within the fair value hierarchy as of the dates indicated ($ in thousands):


			Level 1		Level 2		Level 3
	Carrying Amount		Quoted Prices in Active Markets		Observable Inputs Other Than Level 1 Prices		Unobservable Inputs
September 30, 2020
Recurring basis (assets):
Front Yard common stock	$	14,198	$	14,198	$	—	$	—

December 31, 2019
Recurring basis (assets):
Front Yard common stock	$	20,046	$	20,046	$	—	$	—

Fair value, unrealized gains (losses)

The following table presents the cost basis and fair value of our holdings in Front Yard's common stock as of the dates indicated ($ in thousands):


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2020
Front Yard common stock	$	20,596	$	—	$	(6,398)	$	14,198

December 31, 2019
Front Yard common stock	$	20,596	$	—	$	(550)	$	20,046

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Schedule of maturity analysis of operating leases

The following table presents our future lease obligations under our operating leases as of September 30, 2020 ($ in thousands):


	Operating Lease Liabilities
2020 (1)	$	156
2021	634
2022	659
2023	686
2024	708
Thereafter	3,121
Total lease payments	5,964
Less: interest	1,733
Lease liabilities	$	4,231

_____________

(1)Excludes the nine months ended September 30, 2020.

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of deferred tax assets and liabilities

The following table sets forth the components of our deferred tax assets:


	September 30, 2020		December 31, 2019
Deferred tax assets:
Stock compensation	$	96	$	114
Accrued expenses	538		669
Net operating losses	34		357
Lease liabilities	901		955
Front Yard common stock	615		—
Other	146		48
Gross deferred tax assets	2,330		2,143
Deferred tax liability:
Right-of-use lease assets	854		922
Front Yard common stock	—		42
Depreciation	—		4
Gross deferred tax liabilities	854		968
Net deferred tax assets before valuation allowance	1,476		1,175
Valuation allowance	(804)		(491)
Deferred tax asset, net	$	672	$	684

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of earning per share, basic and diluted

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


	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Numerator
Continuing operations:
Net loss from continuing operations	$	(3,089)	$	(5,467)	$	(18,955)	$	(6,859)
Amortization of preferred stock issuance costs	—		(52)		(42)		(155)
Numerator for basic and diluted EPS from continuing operations – net loss from continuing operations attributable to common stockholders	$	(3,089)	$	(5,519)	$	(18,997)	$	(7,014)

Discontinued operations:
Numerator for basic and diluted EPS from discontinued operations - net gain from discontinued operations	$	14,843	$	1,944	$	19,117	$	5,785

Total:
Net income (loss)	$	11,754	$	(3,523)	$	162	$	(1,074)
Amortization of preferred stock issuance costs	—		(52)		(42)		(155)
Numerator for basic and diluted EPS – net income (loss) attributable to common stockholders	$	11,754	$	(3,575)	$	120	$	(1,229)



Denominator
Weighted average common stock outstanding – basic	1,632,117		1,590,739		1,625,727		1,587,448



Weighted average common stock outstanding – diluted	1,632,117		1,590,739		1,625,727		1,587,448

Earnings (loss) per share - basic
Continuing operations – basic	$	(1.89)	$	(3.47)	$	(11.69)	$	(4.42)
Discontinued operations – basic	9.09		1.22		11.76		3.65
Earnings (loss) per basic common share	$	7.20	$	(2.25)	$	0.07	$	(0.77)

Earnings (loss) per share - diluted
Continuing operations – diluted	$	(1.89)	$	(3.47)	$	(11.69)	$	(4.42)
Discontinued operations – diluted	9.09		1.22		11.76		3.65
Earnings (loss) per diluted common share	$	7.20	$	(2.25)	$	0.07	$	(0.77)

Schedule of antidilutive securities excluded from computation of earnings per share


	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Numerator
Reversal of amortization of preferred stock issuance costs	$	—	$	52	$	42	$	155

Denominator
Stock options	5,403		11,527		8,167		13,087
Restricted stock	76,160		13,926		58,565		25,056
Preferred stock, if converted	200,000		200,000		200,000		200,000

Organization and Basis of Presentation (Details)						1 Months Ended		3 Months Ended	6 Months Ended
Organization and Basis of Presentation (Details)	Aug. 17, 2020 USD ($)	Aug. 13, 2020 USD ($)	Feb. 03, 2020 USD ($) $ / shares shares	May 07, 2019 USD ($)	Mar. 31, 2015 extension	Dec. 31, 2019 USD ($) $ / shares shares	Feb. 28, 2019 USD ($)	Mar. 31, 2014 USD ($) $ / shares shares	Feb. 09, 2021 USD ($)	Sep. 30, 2020 USD ($) $ / shares shares	Dec. 29, 2016 series_of_preferred_stock shares	May 26, 2016 $ / shares
Organization and Basis of Presentation [Line Items]
Receivable from Front Yard						$ 5,014,000				$ 34,967,000
Preferred stock, shares issued (in shares) \| shares						250,000		250,000		250,000
Issuance of convertible preferred stock								$ 250,000,000.0
Redemption price per share (usd per share) \| $ / shares								$ 1,000
Preferred stock, conversion price per share (usd per share) \| $ / shares								$ 1,250
Exchange ratio for preferred stock to common stock								0.8
Preferred stock, par value (usd per share) \| $ / shares						$ 0.01				$ 0.01		$ 0.01
Number of additional series of preferred stock authorized \| series_of_preferred_stock											14
New series preferred stock, maximum number of shares, each series authorized \| shares											1,000
Accounts payable and accrued liabilities						$ 1,165,000				$ 2,920,000
Dividends declared and paid on preferred stock						1,000,000.0	$ 1,100,000
Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation
Organization and Basis of Presentation [Line Items]
Redemption price per share (usd per share) \| $ / shares			$ 1,000
Preferred stock, if converted
Organization and Basis of Presentation [Line Items]
Accounts payable and accrued liabilities						$ 10,000				$ 11,000
Series A preferred stock
Organization and Basis of Presentation [Line Items]
Preferred stock, liquidation preference			$ 250,000,000.0
Redeemable preferred stock
Organization and Basis of Presentation [Line Items]
Preferred stock, shares issued (in shares) \| shares						1,000				1,100
Affiliated entity \| Asset management agreement (AMA) \| Front Yard
Organization and Basis of Presentation [Line Items]
Asset management agreement, term					15 years
Number of potential renewal extensions \| extension					2
Automatic renewal term					5 years			5 years
Affiliated entity \| Termination agreement \| Front Yard
Organization and Basis of Presentation [Line Items]
Receivable from Front Yard		$ 46,000,000.0								$ 31,000,000.0
Due from Front Yard	$ 15,000,000.0
Disposition of certain assets	$ 3,200,000
Revenue from related parties		$ 3,600,000
Period for voting recommendations		1 year
Affiliated entity \| Termination agreement \| Front Yard \| Forecast
Organization and Basis of Presentation [Line Items]
Due from Front Yard									$ 15,000,000.0
Due from Front Yard, subject to conditions, restrictions, and limitations									16,000,000.0
Disposition of certain assets									8,200,000
Affiliated entity \| Termination agreement \| Front Yard \| Common Stock \| Forecast
Organization and Basis of Presentation [Line Items]
Disposition of certain assets									$ 5,000,000.0
Affiliated entity \| Amended AMA \| Front Yard
Organization and Basis of Presentation [Line Items]
Automatic renewal term				1 year
Contract term				5 years
Revenue from related parties				$ 3,584,000
Luxor and Putnam \| Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation
Organization and Basis of Presentation [Line Items]
Damages sought			231,800,000
Luxor and Putnam \| Minimum \| Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation
Organization and Basis of Presentation [Line Items]
Damages sought			226,012,000
Luxor \| Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation
Organization and Basis of Presentation [Line Items]
Damages sought			150,000,000
Luxor \| Minimum \| Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation
Organization and Basis of Presentation [Line Items]
Damages sought			$ 144,212,000
Putnam \| Series A preferred stock \| Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation
Organization and Basis of Presentation [Line Items]
Preferred stock held (in shares) \| shares			81,800

Discontinued Operations - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets held for sale:
Total current assets held for sale	$ 2,619	$ 2,176
Non-current assets held for sale:
Total non-current assets held for sale	3,705	3,895
Current liabilities held for sale:
Total current liabilities held for sale	2,001	2,002
Non-current liabilities held for sale:
Total non-current liabilities held for sale	3,317	3,543
Held for Sale
Current assets held for sale:
Cash and cash equivalents	1,928	1,059
Short-term investments	0	517
Prepaid expenses and other assets	691	600
Total current assets held for sale	2,619	2,176
Non-current assets held for sale:
Right-of-use lease assets	3,351	3,607
Other non-current assets	354	288
Total non-current assets held for sale	3,705	3,895
Total assets held for sale	6,324	6,071
Current liabilities held for sale:
Accrued salaries and employee benefits	1,514	1,645
Accounts payable and accrued liabilities	268	163
Short-term lease liabilities	219	194
Total current liabilities held for sale	2,001	2,002
Non-current liabilities held for sale:
Non-current lease liabilities	3,317	3,543
Total non-current liabilities held for sale	3,317	3,543
Total liabilities held for sale	$ 5,318	$ 5,545

Discontinued Operations - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Other (loss) income from discontinued operations:
Net income from discontinued operations	$ 14,843	$ 1,944	$ 19,117	$ 5,785
Discontinued Operations
Revenues from discontinued operations:
Total revenues from discontinued operations	16,477	3,834	24,726	11,635
Expenses from discontinued operations:
Salaries and employee benefits	910	1,392	3,867	4,241
Legal and professional fees	67	38	180	123
General and administrative	334	441	1,171	1,328
Total expenses from discontinued operations	1,311	1,871	5,218	5,692
Other (loss) income from discontinued operations:
Total other (loss) income from discontinued operations	(6)	23	24	(14)
Net income from discontinued operations before income taxes	15,160	1,986	19,532	5,929
Income tax expense	317	42	415	144
Net income from discontinued operations	14,843	1,944	19,117	5,785
Management fees from Front Yard \| Discontinued Operations
Revenues from discontinued operations:
Total revenues from discontinued operations	3,584	3,584	10,752	10,686
Termination fee from Front Yard \| Discontinued Operations
Revenues from discontinued operations:
Total revenues from discontinued operations	12,267	0	12,267	0
Conversion fees from Front Yard \| Discontinued Operations
Revenues from discontinued operations:
Total revenues from discontinued operations	0	0	0	29
Expense reimbursements from Front Yard \| Discontinued Operations
Revenues from discontinued operations:
Total revenues from discontinued operations	$ 626	$ 250	$ 1,707	$ 920

Discontinued Operations - Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Total operating cash flows provided by discontinued operations	$ 19,055	$ 5,047
Total investing cash flows provided by (used in) discontinued operations	$ 438	$ (455)

Fair Value of Financial Instruments - Fair value, assets and liabilities measured on recurring and nonrecurring basis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Front Yard common stock, at fair value	$ 14,198	$ 20,046
Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Front Yard common stock, at fair value	14,198	20,046
Common Stock \| Fair value measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Front Yard common stock, at fair value	14,198	20,046
Common Stock \| Fair value measurements, recurring \| Level 1, Quoted prices in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Front Yard common stock, at fair value	14,198	20,046
Common Stock \| Fair value measurements, recurring \| Level 2, Observable inputs other than Level 1 prices
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Front Yard common stock, at fair value	0	0
Common Stock \| Fair value measurements, recurring \| Level 3, Unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Front Yard common stock, at fair value	$ 0	$ 0

Fair Value of Financial Instruments - Narrative (Details) - Common Stock - shares	Sep. 30, 2020	Dec. 31, 2019
Investment Holdings [Line Items]
Shares held of Front Yard (in shares)	1,624,465	1,624,465
Investment owned, ownership percentage	2.80%	3.00%

Fair Value of Financial Instruments - Fair value, unrealized gains (losses) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 14,198	$ 20,046
Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cost	20,596	20,596
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(6,398)	(550)
Fair Value	$ 14,198	$ 20,046

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Leases [Abstract]
Weighted average remaining lease term	8 years 3 months 18 days		8 years 3 months 18 days		9 years 1 month 6 days
Discount rate	8.40%		8.40%		8.40%
Rent expense- long term lease	$ 200	$ 100	$ 500	$ 400
Rent expense- short term lease	$ 27	$ 100	$ 81	$ 200

Leases - Maturity analysis (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Operating Lease Liabilities
2020	$ 156
2021	634
2022	659
2023	686
2024	708
Thereafter	3,121
Total lease payments	5,964
Less: interest	1,733
Lease liabilities	$ 4,231

Commitments and Contingencies (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 03, 2020	Jan. 27, 2020	Mar. 31, 2014
Loss Contingencies [Line Items]
Redemption price per share (usd per share)			$ 1,000
Altisource Asset Management Corporation v. Luxor Capital Group, LP
Loss Contingencies [Line Items]
Threshold period to request company to redeem shares (years)		5 years
Altisource Asset Management Corporation v. Luxor Capital Group, LP \| Minimum
Loss Contingencies [Line Items]
Threshold number of business days to give prior notice to redeem shares (days)		15 days
Altisource Asset Management Corporation v. Luxor Capital Group, LP \| Maximum
Loss Contingencies [Line Items]
Threshold number of business days to give prior notice to redeem shares (days)		30 days
Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation
Loss Contingencies [Line Items]
Redemption price per share (usd per share)	$ 1,000
Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation \| Luxor
Loss Contingencies [Line Items]
Damages sought	$ 150,000
Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation \| Luxor \| Minimum
Loss Contingencies [Line Items]
Damages sought	144,212
Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation \| Luxor and Putnam
Loss Contingencies [Line Items]
Damages sought	231,800
Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation \| Luxor and Putnam \| Minimum
Loss Contingencies [Line Items]
Damages sought	$ 226,012
Series A preferred stock \| Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation \| Putnam
Loss Contingencies [Line Items]
Preferred stock held (in shares)	81,800

Related Party Transactions - Amended AMA Narrative (Details) - Amended AMA - Front Yard - Affiliated entity $ / shares in Units, $ in Thousands	May 07, 2019 USD ($) $ / shares
Related Party Transaction [Line Items]
Contract term	5 years
Automatic renewal term	1 year
Revenue from related parties \| $	$ 3,584
Base management fee, threshold of per share AFFO \| $ / shares	$ 0.15

Related Party Transactions - Former AMA Narrative (Details) - Front Yard - Affiliated entity		9 Months Ended
	Apr. 01, 2015 property	Sep. 30, 2020 USD ($)
Related Party Transaction [Line Items]
Base management fee, percent of qualified average invested capital	1.50%
Conversion fee, percent of market value of new rental properties	1.50%
Asset management fee, threshold one
Related Party Transaction [Line Items]
Base management fee, percent of qualified average invested capital	25.00%
Base management fee, number of rental properties cap	2,500
Incentive management fee, percent of invested capital in excess of threshold	20.00%
Asset management fee, threshold two
Related Party Transaction [Line Items]
Base management fee, percent of qualified average invested capital	1.75%
Base management fee, number of rental properties cap	4,499
Base management fee, number of rental properties floor	2,500
Incentive management fee, percent of invested capital in excess of threshold	22.50%
Incentive management fee, number of rental properties floor	2,500
Incentive management fee, number of rental properties cap	4,499
Asset management fee, threshold three
Related Party Transaction [Line Items]
Base management fee, percent of qualified average invested capital	2.00%
Base management fee, number of rental properties floor	4,500
Incentive management fee, percent of invested capital in excess of threshold	25.00%
Incentive management fee, number of rental properties floor	4,500
Management incentive fees
Related Party Transaction [Line Items]
Revenue from related parties \| $		$ 0
Minimum
Related Party Transaction [Line Items]
Incentive management fee, return on invested capital	7.00%
Incentive management fee, return on invested capital, quarterly rate	1.75%
Maximum
Related Party Transaction [Line Items]
Incentive management fee, return on invested capital	8.25%
Incentive management fee, return on invested capital, quarterly rate	2.06%

Share-Based Payments (Details)			3 Months Ended		9 Months Ended		12 Months Ended
Share-Based Payments (Details)	Jan. 30, 2020 Installment $ / shares shares	Jan. 23, 2019 Installment $ / shares shares	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)	Sep. 11, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation \| $			$ 300,000	$ 600,000	$ 1,200,000	$ 1,900,000
Unrecognized share-based compensation \| $			$ 1,400,000		$ 1,400,000		$ 1,200,000
Weighted average remaining amortization period of unamortized share based compensation					1 year 8 months 12 days		9 months 18 days
Co-chief executive officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	60,000
Weighted average grant date fair value of options granted (usd per share) \| $ / shares	$ 10.61
Options exercise price (usd per share) \| $ / shares	$ 13.11
Co-chief executive officer \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock granted (in shares)	60,000
Weighted average grant date fair value of market based restricted stock granted (usd per share) \| $ / shares	$ 13.11
Number of annual installments \| Installment	4
Management \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock granted (in shares)		60,329
Weighted average grant date fair value of market based restricted stock granted (usd per share) \| $ / shares		$ 26.68
Number of annual installments \| Installment		3
Director \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of restricted stock granted to directors annually \| $					$ 60,000
Required service period for restricted stock					1 year
Director attendance requirement					75.00%
Tranche one \| Co-chief executive officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expected to vest (in shares)	40,000
Performance goal percentage	400.00%
Tranche one, first performance goal \| Co-chief executive officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expected to vest (in shares)	13,333
Tranche one, second and third allotment \| Co-chief executive officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expected to vest (in shares)	26,667
Tranche two \| Co-chief executive officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expected to vest (in shares)	20,000
Performance goal percentage	800.00%
Tranche two, second performance goal \| Co-chief executive officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expected to vest (in shares)	6,666
Tranche two, second and third allotment \| Co-chief executive officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options expected to vest (in shares)	13,334
2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized								185,000

Income Taxes - Narrative (Details) - USD ($)	9 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax exemption, percentage	90.00%
Interest or penalties accrued	$ 0	$ 0

Income Taxes - Schedule of deferred taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Deferred tax assets:
Stock compensation	$ 96	$ 114
Accrued expenses	538	669
Net operating losses	34	357
Lease liabilities	901	955
Front Yard common stock	615	0
Other	146	48
Gross deferred tax assets	2,330	2,143
Deferred tax liability:
Right-of-use lease assets	854	922
Front Yard common stock	0	42
Depreciation	0	4
Gross deferred tax liabilities	854	968
Net deferred tax assets before valuation allowance	1,476	1,175
Valuation allowance	(804)	(491)
Deferred tax asset, net	$ 672	$ 684

Earnings Per Share - Components of Diluted Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator
Net loss from continuing operations	$ (3,089)			$ (5,467)			$ (18,955)	$ (6,859)
Amortization of preferred stock issuance costs	0		$ (42)	(52)	$ (52)	$ (51)	(42)	(155)
Numerator for basic and diluted EPS from continuing operations – net loss from continuing operations attributable to common stockholders	(3,089)			(5,519)			(18,997)	(7,014)
Numerator for basic and diluted EPS from discontinued operations - net gain from discontinued operations	14,843			1,944			19,117	5,785
Net income (loss)	11,754	$ (7,835)	(3,757)	(3,523)	3,289	(840)	162	(1,074)
Amortization of preferred stock issuance costs	0		$ (42)	(52)	$ (52)	$ (51)	(42)	(155)
Net income (loss) attributable to common stockholders	$ 11,754			$ (3,575)			$ 120	$ (1,229)
Denominator
Weighted average common stock outstanding – basic (in shares)	1,632,117			1,590,739			1,625,727	1,587,448
Weighted average common stock outstanding – diluted (in shares)	1,632,117			1,590,739			1,625,727	1,587,448
Earnings (loss) per share - basic
Continuing operations – basic (usd per share)	$ (1.89)			$ (3.47)			$ (11.69)	$ (4.42)
Discontinued operations – basic (usd per share)	9.09			1.22			11.76	3.65
Earnings (loss) per basic common share (usd per share)	7.20			(2.25)			0.07	(0.77)
Earnings (loss) per share of common stock – diluted:
Continuing operations – diluted (usd per share)	(1.89)			(3.47)			(11.69)	(4.42)
Discontinued operations – diluted (usd per share)	9.09			1.22			11.76	3.65
Earnings (loss) per diluted common share (usd per share)	$ 7.20			$ (2.25)			$ 0.07	$ (0.77)

Earnings Per Share - Antidilutive Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator
Reversal of amortization of preferred stock issuance costs	$ 0	$ 52	$ 42	$ 155
Stock options
Denominator
Antidilutive shares excluded from computation of earnings per share (in shares)	5,403	11,527	8,167	13,087
Restricted stock
Denominator
Antidilutive shares excluded from computation of earnings per share (in shares)	76,160	13,926	58,565	25,056
Preferred stock, if converted
Denominator
Antidilutive shares excluded from computation of earnings per share (in shares)	200,000	200,000	200,000	200,000

Segment Information (Details)	9 Months Ended
Segment Information (Details)	Sep. 30, 2020 segment
Segment Reporting [Abstract]
Number of operating segments	1

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201602Member

- Definition

Indicates amendment to accounting standards.

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+ Details