0001555074-21-000076 | 10-Q | XBRL Viewer | Altisource Asset Management Corp

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 06, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-36063
Entity Registrant Name	Altisource Asset Management Corporation
Entity Incorporation, State or Country Code	VI
Entity Tax Identification Number	66-0783125
Entity Address, Address Line One	5100 Tamarind Reef
Entity Address, City or Town	Christiansted
Entity Address, Country	VI
Entity Address, Postal Zip Code	00820
City Area Code	704
Local Phone Number	275-9113
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	AAMC
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,055,561
Entity Central Index Key	0001555074
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 52,027	$ 41,623
Receivable from Front Yard	0	3,414
Dividends receivable	681	0
Prepaid expenses and other assets	2,875	3,328
Current assets held for sale	0	894
Total current assets	95,387	96,614
Non-current assets:
Right-of-use lease assets	894	656
Other non-current assets	419	503
Non-current assets held for sale	0	1,979
Total non-current assets	1,313	3,138
Total assets	96,700	99,752
Current liabilities:
Accrued salaries and employee benefits	299	2,539
Accounts payable and accrued liabilities	2,374	9,152
Short-term lease liabilities	128	75
Current liabilities held for sale	0	1,338
Total current liabilities	2,801	13,104
Non-current liabilities:
Long-term lease liabilities	793	600
Other non-current liabilities	3,497	1,027
Non-current liabilities held for sale	0	1,599
Total non-current liabilities	4,290	3,226
Total liabilities	7,091	16,330
Commitments and contingencies (Note 6)	0	0
Redeemable preferred stock:
Preferred stock, $0.01 par value, 250,000 and 250,000 shares issued as June 30, 2021 and December 31, 2020, respectively. 168,200 shares outstanding and $168,200 redemption value as of June 30, 2021 and 250,000 shares outstanding and $250,000 redemption value as of December 31, 2020.	168,200	250,000
Stockholders' deficit:
Common stock, $0.01 par value, 5,000,000 authorized shares; 3,416,541 and 2,055,561 shares issued and outstanding, respectively, as of June 30, 2021 and 2,966,207 and 1,650,212 shares issued and outstanding, respectively, as of December 31, 2020	34	30
Additional paid-in capital	127,372	46,574
Retained earnings	71,538	63,426
Accumulated other comprehensive loss	54	(65)
Treasury stock, at cost, 1,360,980 shares as of June 30, 2021 and 1,315,995 shares as of December 31, 2020	(277,589)	(276,543)
Total stockholders' deficit	(78,591)	(166,578)
Total liabilities and equity	96,700	99,752
Equity securities
Current assets:
Equity securities, at fair value	39,804	0
Common Stock
Current assets:
Equity securities, at fair value	$ 0	$ 47,355

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
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)	168,200	250,000
Preferred stock, redemption value	$ 168,200,000	$ 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)	3,416,541	2,966,207
Common stock, shares outstanding (in shares)	2,055,561	1,650,212
Treasury stock, shares (in shares)	1,360,980	1,315,995

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Expenses:
Salaries and employee benefits	$ (345)	$ 3,319	$ 3,200	$ 6,413
Legal and professional fees	2,655	1,746	4,540	3,226
General and administrative	611	564	1,364	1,150
Total expenses	2,921	5,629	9,104	10,789
Other income (loss):
Change in fair value of Front Yard common stock	0	(5,279)	146	(5,913)
Dividend income on Front Yard common stock	0	0	0	244
Dividend income	887	0	3,041	0
Gain on sale of equity securities			6,360	0
Interest expense	(24)	0	(60)	0
Other income	4	6	139	24
Total other income (loss)	4,816	(5,273)	12,936	(5,645)
Net income (loss) from continuing operations before income taxes	1,895	(10,902)	3,832	(16,434)
Income tax (benefit) expense	(333)	(690)	1,961	(568)
Net income (loss) from continuing operations	2,228	(10,212)	1,871	(15,866)
Discontinued operations:
Income from operations related to Front Yard, net of tax	0	2,377	0	4,274
Gain on disposal of operations related to Front Yard	0	0	7,485	0
Income tax expense related to disposal	0	0	1,272	0
Net gain on discontinued operations	0	2,377	6,213	4,274
Net income (loss)	2,228	(7,835)	8,084	(11,592)
Amortization of preferred stock issuance costs	0	0	0	(42)
Net income (loss) attributable to common stockholders	2,228	(7,835)	8,084	(11,634)
Continuing operations earnings per share
Net income (loss) from continuing operations	2,228	(10,212)	1,871	(15,866)
Reversal of amortization of preferred stock issuance costs	0	0	0	42
Gain on preferred stock transaction	0	0	71,883	0
Numerator for earnings per share from continuing operations	2,228	(10,212)	73,754	(15,824)
Discontinued operations earnings per share
Net income from discontinued operations	$ 0	$ 2,377	$ 6,213	$ 4,274
Earnings (loss) per share of common stock – basic:
Continuing operations – basic (usd per share)	$ 1.09	$ (6.27)	$ 37.86	$ (9.80)
Discontinued operations – basic (usd per share)	0	1.46	3.19	2.63
Earnings (loss) per basic common share (usd per share)	$ 1.09	$ (4.81)	$ 41.05	$ (7.17)
Weighted average common stock outstanding – basic (in shares)	2,050,786	1,629,285	1,948,070	1,622,497
Earnings (loss) per share of common stock – diluted:
Continuing operations – diluted (usd per share)	$ 1.01	$ (6.27)	$ 34.50	$ (9.80)
Discontinued operations – diluted (usd per share)	0	1.46	2.91	2.63
Earnings (loss) per diluted common share (usd per share)	$ 1.01	$ (4.81)	$ 37.41	$ (7.17)
Weighted average common stock outstanding – diluted (in shares)	2,195,806	1,629,285	2,137,513	1,622,497
Equity securities
Other income (loss):
Change in fair value of equity securities	$ (2,411)	$ 0	$ 3,310	$ 0
Gain on sale of equity securities	$ 6,360	$ 0	$ 6,360	$ 0

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 2,228	$ (7,835)	$ 8,084	$ (11,592)
Other comprehensive loss:
Currency translation adjustments, net	(4)	(4)	(6)	(93)
Total other comprehensive loss:	(4)	(4)	(6)	(93)
Comprehensive income (loss)	$ 2,224	$ (7,839)	$ 8,078	$ (11,685)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3602-108585

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

+ Details

Condensed Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2019		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		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	(93)
Net income (loss)	(11,592)
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)
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
Amortization of preferred stock issuance costs	0
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)
Beginning balance (in shares) at Dec. 31, 2020	1,650,212	2,966,207
Beginning balance at Dec. 31, 2020	$ (166,578)	$ 30	46,574	63,426	(65)	(276,543)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)		153,429
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes	(800)	$ 2	(2)			(800)
Share-based compensation	2,227		2,446			(219)
Currency translation adjustments, net	(2)				(2)
Acquisition and disposition of subsidiaries	153			28	125
Preferred stock conversion (in shares)		288,283
Preferred stock conversion	78,937	$ 2	78,935
Net income (loss)	5,856			5,856
Ending balance (in shares) at Mar. 31, 2021		3,407,919
Ending balance at Mar. 31, 2021	$ (80,207)	$ 34	127,953	69,310	58	(277,562)
Beginning balance (in shares) at Dec. 31, 2020	1,650,212	2,966,207
Beginning balance at Dec. 31, 2020	$ (166,578)	$ 30	46,574	63,426	(65)	(276,543)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Amortization of preferred stock issuance costs	0
Currency translation adjustments, net	(6)
Net income (loss)	$ 8,084
Ending balance (in shares) at Jun. 30, 2021	2,055,561	3,416,541
Ending balance at Jun. 30, 2021	$ (78,591)	$ 34	127,372	71,538	54	(277,589)
Beginning balance (in shares) at Mar. 31, 2021		3,407,919
Beginning balance at Mar. 31, 2021	(80,207)	$ 34	127,953	69,310	58	(277,562)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares)		8,622
Shares withheld for taxes upon vesting of restricted stock	(27)					(27)
Amortization of preferred stock issuance costs	0
Share-based compensation	(581)		(581)
Currency translation adjustments, net	(4)				(4)
Net income (loss)	$ 2,228			2,228
Ending balance (in shares) at Jun. 30, 2021	2,055,561	3,416,541
Ending balance at Jun. 30, 2021	$ (78,591)	$ 34	$ 127,372	$ 71,538	$ 54	$ (277,589)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities:
Net income (loss)	$ 8,084	$ (11,592)
Net income from discontinued operations	6,213	4,274
Income (loss) from continuing operations	1,871	(15,866)
Adjustments to reconcile net income (loss) from continuing operations to net cash from (used in) operating activities:
Depreciation	164	177
Change in fair value of Front Yard common stock	(146)	5,913
Share-based compensation	1,866	870
Amortization of operating lease right-of-use assets	71	38
Dividend income	(3,310)	0
Change in fair value of equity securities	(3,041)	0
Gain on securities	(6,360)	0
Changes in operating assets and liabilities, net of effects from discontinued operations and acquisition of subsidiary:
Receivable from Front Yard	3,414	1,128
Prepaid expenses and other assets	(984)	(748)
Other non-current assets	1,743	(370)
Accrued salaries and employee benefits	(2,235)	183
Accounts payable and accrued liabilities	(6,920)	(59)
Other non-current liabilities and operating lease liabilities	2,716	(34)
Net cash (used in) continuing operations	(11,151)	(8,768)
Net cash from discontinued operations	5,439	4,451
Net cash (used in) operating activities	(5,712)	(4,317)
Investing activities:
Purchase of equity securities	(96,950)	0
Dividends received	2,360	0
Proceeds from sale of equity securities	114,316	0
Investment in property and equipment	(511)	(22)
Net cash from (used in) continuing operations	19,215	(22)
Net cash from discontinued operations	511	483
Net cash from investing activities	19,726	461
Financing activities:
Proceeds from borrowed funds	28,549	0
Repayment of borrowed funds	(28,549)	0
Settlement of preferred stock	(2,868)	0
Proceeds and payment of tax withholding on stock options exercised, net	5	14
Shares withheld for taxes upon vesting of restricted stock	(1,046)	(196)
Net payment to subsidiaries included in disposal group	(80)	271
Net cash from (used in) continuing operations	(3,989)	89
Net cash from (used in) discontinued operations	80	(271)
Net cash (used in) financing activities	(3,909)	(182)
Net change in cash and cash equivalents	10,105	(4,038)
Effect of exchange rate changes on cash and cash equivalents	115	(82)
Consolidated cash and cash equivalents, beginning of period	41,807	19,965
Consolidated cash and cash equivalents, end of the period	52,027	15,845
Supplemental disclosure of cash flow information (continuing and discontinued operations):
Cash paid for interest	60	0
Income taxes paid	225	143
Right-of-use lease assets recognized - operating leases	308	0
Cash and cash equivalents	52,027	11,182
Consolidated cash and cash equivalents	52,027	15,845
Held for Sale
Cash and cash equivalents included in assets of discontinued operations	$ 0	$ 4,663

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Jun. 30, 2021
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 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 for periods in fiscal year 2020 was generated through our asset management agreements with Front Yard. Asset Management Agreements and Termination Agreement with Front Yard On May 7, 2019, we entered into the Amended and Restated Asset Management Agreement (the “Amended AMA”) with Front Yard and Front Yard Residential L.P. (“FYR LP”), under which we were provided to be the exclusive asset manager for Front Yard for an initial term of five years. The Amended AMA had the option to renew automatically each year thereafter for an additional one-year term, subject in each case to certain termination provisions. The Amended AMA provided for a fee structure in which we were entitled to a Base Management Fee and a potential Incentive Fee. On August 13, 2020, AAMC, Front Yard and FYR LP entered into a Termination and Transition Agreement (the “Termination Agreement”), under which, on December 31, 2020 (the “Termination Date”): •Front Yard agreed to acquire on January 1, 2021, the equity interests of AAMC's India subsidiary. Additionally, Front Yard acquired the equity interests of AAMC's Cayman Islands subsidiary, the right to solicit and hire designated AAMC employees that had oversight of the management of Front Yard's business and other assets of AAMC that were used in connection with the operation of Front Yard's business (the “Disposal Group”) for an aggregate purchase price of $8.2 million. •In satisfaction of the amounts payable in Front Yard stock, we received 1,298,701 shares of Front Yard common stock. We recorded a nominal gain on the shares received. •AAMC assigned its office lease in Charlotte, North Carolina. Certain assets related to the lease, primarily office and employee-related equipment were written off, none of which were individually material, and were recorded through other income (loss). •Two business days prior to the Termination Date, Mr. Ellison resigned as Co-Chief Executive Officer of AAMC. We have concluded that the Disposal Group met 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. On January 1, 2021, we completed the sale of our India subsidiary and recognized a one-time gain before tax of $7.5 million on the disposal. Following the sale of the Disposal Group on January 1, 2021, no further activity has been recognized as discontinued operations in our condensed consolidated financial results. 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. In management's opinion, the unaudited interim condensed consolidated financial statements 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 Annual Report on Form 10-K for the year ended December 31, 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. Redeemable Preferred stock Issuance of Series A Convertible Preferred Stock in 2014 Private Placement During the first quarter of 2014, we issued 250,000 shares of convertible preferred stock for $250.0 million (“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 did 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 were (or 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 held 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. On February 17, 2021, the Company entered into a settlement agreement dated as of February 17, 2021 (the “Putnam Agreement”) with Putnam. Pursuant to the Putnam Agreement, AAMC and Putnam agreed to exchange all of Putnam’s 81,800 Series A Shares for 288,283 shares of AAMC’s common stock. AAMC agreed to pay to Putnam $1,636,000 within three business days of the effective date of the Putnam Agreement and $1,227,000 on the one-year anniversary of the effective date of the Putnam Agreement, and in return Putnam agreed to release AAMC from all claims related to the Series A Shares and enter into a voting rights agreement as more fully described in the Putnam Agreement. Finally, AAMC granted to Putnam a most favored nations provision with respect to future settlements of the Series A Shares. As a result of the transaction, we recognized a one-time gain directly to Additional paid in capital of $71.9 million. AAMC intends to continue to pursue its strategic business initiatives despite this litigation. If Luxor 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 Certificate 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 June 30, 2021 and December 31, 2020, we had 1,200 and 1,100 shares outstanding, respectively, and we included the redemption value of these shares of $12,000 and $11,000, respectively, within accounts payable and accrued liabilities in our condensed consolidated balance sheets. In January 2021, our Board of Directors declared and paid an aggregate of $1.6 million (in relation to the 2020 fiscal year) 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. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. We will adopt this standard when LIBOR is discontinued. We are evaluating the impact the new standard will have on our consolidated financial statements and related disclosures, but do not anticipate a material impact.

Discontinued Operations

6 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On August 13, 2020, AAMC and Front Yard entered into Termination and Transition Agreement, pursuant to which they agreed to effectively internalize the asset management function of Front Yard. Pursuant to the agreement, Front Yard has acquired the equity interests of AAMC's India subsidiary, the equity interests of AAMC's Cayman Islands subsidiary, the right to solicit and hire designated AAMC employees that oversaw 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.

On December 31, 2020, in connection with the Termination Agreement, the company completed the assignment of our lease in Charlotte, North Carolina to Front Yard. Additionally, on December 31, 2020, we completed the sale of our Cayman Islands subsidiary.

On January 1, 2021, in connection with the Termination Agreement, the company completed the sale of our India subsidiary.

The carrying value of major classes of assets and liabilities related to our discontinued operations that constitute the Disposal Group at June 30, 2021 and December 31, 2020 were as follows ($ in thousands):


	June 30, 2021		December 31, 2020
	(unaudited)
Current assets held for sale:
Cash and cash equivalents	$	—	$	184
Short-term investments	—
Prepaid expenses and other assets	—		710
Total current assets held for sale	—		894

Non-current assets held for sale:
Right-of-use lease assets	—		1,612
Other non-current assets	—		367
Total non-current assets held for sale	—		1,979
Total assets held for sale	$	—	$	2,873

Current liabilities held for sale:
Accrued salaries and employee benefits	$	—	$	910
Accounts payable and accrued liabilities	—		300
Short-term lease liabilities	—		128
Total current liabilities held for sale	—		1,338

Non-current liabilities held for sale:
Non-current lease liabilities	—		1,599
Total non-current liabilities held for sale	—		1,599
Total liabilities held for sale	$	—	$	2,937

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 was assumed by Front Yard on December 31, 2020. The operating results of these items are presented in our consolidated statements of operations as discontinued operations for all periods presented and revenues and expenses directly related to discontinued operations were eliminated from our ongoing operations.

The following table details the components comprising net income from our discontinued operations ($ in thousands):


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Revenues from discontinued operations:
Management fees from Front Yard	$	—	$	3,584	$	—	$	7,168


Expense reimbursements from Front Yard	—		713		—		1,081
Total revenues from discontinued operations	—		4,297		—		8,249

Expenses from discontinued operations:
Salaries and employee benefits	—		1,507		—		2,957
Legal and professional fees	—		59		—		113
General and administrative	—		328		—		837
Total expenses from discontinued operations	—		1,894		—		3,907

Other income from discontinued operations:
Gain on disposal	—		—		7,485		—
Other income	—		11		—		30
Total other income from discontinued operations	—		11		7,485		30

Net income from discontinued operations before income taxes	—		2,414		7,485		4,372
Income tax expense	—		37		1,272		98
Net income from discontinued operations	$	—	$	2,377	$	6,213	$	4,274

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


	Six months ended June 30,
	2021		2020
Total operating cash flows from discontinued operations	$	5,439	$	4,451
Total investing cash flows from discontinued operations	511		483
Total financing cash flows from discontinued operations	80		(271)

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2021

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
June 30, 2021
Recurring basis (assets):
Equity securities	$	39,804	$	39,804	$	—	$	—
Front Yard common stock	—		—		—		—

December 31, 2020
Recurring basis (assets):
Equity securities	$	—	$	—	$	—	$	—
Front Yard common stock	47,355		47,355		—		—

We did not transfer any assets from one level to another level during the six months ended June 30, 2021 or during the year ended December 31, 2020.

The fair value of our holdings in both equity securities and Front Yard common stock are based on unadjusted quoted prices from active markets. The fair values of equity securities are classified as Level 1 in the fair value hierarchy because we use quoted prices for identical assets in active markets.

At December 31, 2020, we held 2,923,166 shares of Front Yard's common stock representing approximately 4.9% of Front Yard's then-outstanding common stock. We previously acquired 1,624,465 shares of Front Yard's common stock in open market transactions, and on December 31, 2020, we received 1,298,701 shares of Front Yard's common stock in connection with the transactions contemplated in the Termination Agreement with Front Yard. On January 11, 2021, Front Yard completed its previously announced merger, and all 2,923,166 shares were sold.

Investment gains/losses in the second quarter of 2021 and 2020 are summarized as follows ($ in thousands):


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Equity securities:
Change in unrealized gains (losses) during the period on securities held at the end of the end of the period	$	(2,411)	$	—	$	3,310	$	—
Investment gains on securities sold during the period	6,360		—		6,360		—
	3,949		—		9,670		—

Front Yard common stock:
Change in unrealized losses during the period on securities held at the end of the period	—		(5,279)		—		(5,913)
Investment gains on securities sold during the period	—		—		146		—
	—		(5,279)		146		(5,913)

Total change in fair value of equity securities and Front Yard common stock	$	3,949	$	(5,279)	$	9,816	$	(5,913)

Investment gains and losses include unrealized gains and losses from changes in fair values during the period on positions that we still own, as well as gains and losses on positions sold during the period. As reflected in the condensed consolidated statements of cash flows, we received proceeds from sales of Front Yard common stock of $47.5 million in the six months ended June 30, 2021 and zero in the six months ended June 30, 2020. In the preceding table, investment gains/losses on equity securities sold during the period reflect the difference between the sales proceeds and the fair value of the equity securities sold at the beginning of the applicable quarterly period.

A summary of the year-to-date activity of Front Yard common stock and equity securities is presented in the table below ($ in thousands):


	Front Yard Common Stock			Equity Securities
	Shares	Cost		Shares	Cost

December 31, 2020	2,923	$	41,635	—	$	—
Purchased	—	—		8,123	96,950
Sold	(2,923)	(41,635)		(5,073)	(60,456)
June 30, 2021	—	$	—	3,050	$	36,494

A summary of the cost basis, fair value and the corresponding amounts of gross unrealized gains and losses recognized as of the dates indicated are presented in the table below ($ in thousands):


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2021
Equity securities	$	36,494	$	3,310	$	—	$	39,804
Front Yard common stock	—		—		—		—

December 31, 2020
Equity securities	$	—	$	—	$	—	$	—
Front Yard common stock	41,635		5,720		—		47,355

- 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

Borrowings

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Borrowings

In 2021, the Company began borrowing under a standard margin arrangement with our banking institution. The margin account is secured by the securities held in our brokerage account with this institution.

We pay interest on all of our borrowings each month when a balance is owed. As of June 30, 2021, the average annualized interest rate on borrowings under our borrowing agreements was 1.10%. The margin account is carried at its unpaid principal balance which was zero as of June 30, 2021.

The following table sets forth data with respect to our margin loan facility as of June 30, 2021 and December 31, 2020 ($ in thousands):


	Maturity Date		Interest Rate	Amount Outstanding		Book Value of Collateral
June 30, 2021
UBS Financial Services Margin Loan	7/1/2021	(1)	1-month LIBOR + 1.00%	$	—	$	39,804
				$	—	$	39,804

December 31, 2020
UBS Financial Services Margin Loan	1/1/2021	(1)	1-month LIBOR + 1.00%	$	—	$	—
				$	—	$	—

(1) Subject to a 1-month LIBOR floor of 0.00%

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

We lease office space under operating leases in Christiansted, U.S. Virgin Islands, and Bengaluru, India.

As of June 30, 2021 and December 31, 2020, our weighted average remaining lease term, including applicable extensions, was 5.5 years and 7.5 years, respectively, and we applied a discount rate of 7.0% and 7.0%, 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 six months ended June 30, 2021, we recognized rent expense of $50,000 and $100,000, respectively, related to long-term operating leases. We have had no short-term rent expense in 2021 reporting periods. During the three and six months ended June 30, 2020, we recognized rent expense of $200,000 and $300,000, respectively, related to long term operating leases and $27,000 and $54,000, 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 June 30, 2021 ($ in thousands):


	Operating Lease Liabilities
2021 (1)	$	93
2022	194
2023	204
2024	209
2025	206
Thereafter	207
Total lease payments	1,113
Less: interest	192
Lease liabilities	$	921

_____________

(1)Excludes the six months ended June 30, 2021.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2021
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, 2020. We establish reserves for specific legal proceedings when we determine that the likelihood of an outcome is probable and the amount of loss can be reasonably estimated. We do not currently have any reserves for our legal proceedings. The following updates and restates the description of the previously reported matters: Litigation regarding Luxor Capital Group, LP and certain of its managed funds and accounts ("Luxor") AAMC (plaintiff) v. Luxor (defendant) 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 (plaintiff) v. AAMC (defendant) On February 3, 2020, Luxor filed a complaint in the Supreme Court of the State of New York, County of New York, against AAMC for breach of contract, specific performance, unjust enrichment, and related damages and expenses. The complaint 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 held 81,800 Series A Shares. On February 17, 2021, AAMC entered into the Putnam Agreement, as result Putnam is no longer a party to the Luxor litigation.- See Note 1 for more information on the Putnam Agreement. Luxor Books and Records Demand On April 26, 2021, Luxor, which holds 144,212 shares of Series A Shares, sent a letter to the Company demanding, under the common law of the USVI, the right to inspect certain books and records of the Company (the “Demand”). According to Luxor, the purpose of the Demand is to investigate whether the Company’s Board of Directors may have considered or engaged in transactions with or at the direction of a significant shareholder of the Company or whether the Company’s Board of Directors and/or Company management may have mismanaged the Company or engaged in wrongdoing, may not have properly discharged their fiduciary duties, or may have conflicts of interest. Luxor further alleges that it seeks an inspection of the Company books and records to determine whether the current directors should continue to serve on the Company’s board or whether a derivative suit should be filed. On May 10, 2021, the Company sent a letter responding to the Demand and declining to provide the Company’s books and records for inspection (the “Response”). The Response states that Luxor does not have a credible basis for the Demand, which is required under the USVI common law; that, as preferred shareholders with no voting rights, Luxor’s purpose for the Demand is not reasonably related to Luxor’s interests as shareholders of the Company because Luxor cannot vote in connection with Board elections or business transactions of the Company; and that Luxor’s Demand serves only to personally benefit Luxor in its private suit against the Company. Executive Arbitrations Former Chief Executive Officer, Indroneel Chatterjee On May 3, 2021, Mr. Chatterjee, commenced an arbitration against the Company and each of its directors. The arbitration complaint alleges that the Company’s April 16, 2021 for cause termination of Mr. Chatterjee was in breach of Mr. Chatterjee’s Amended and Restated Employment Agreement and also asserts a tort claim against each of the Company’s directors relating to that termination and against the Company for its April 16, 2021 public announcement of the for cause termination. Mr. Chatterjee’s arbitration complaint seeks unspecified damages for his contract claims including for loss of income, stock and bonus, and punitive damages on his tort claims. On June 10, 2021, the Company and its directors responded to the arbitration complaint and advanced counterclaims against Mr. Chatterjee. The arbitrator has set a trial date for October 24-28, 2022. The Company and the directors intend to vigorously defend the claims. Former General Counsel, Graham Singer On June 25, 2021, Mr. Singer commenced an arbitration against the Company and its subsidiary AAMC US, Inc. The Company had previously demanded that Mr. Singer return his signing bonus in accordance with the terms of his employment agreement. The arbitration complaint alleges that the Company discriminated against Mr. Singer regarding his compensation and the terms of his employment, allegedly in violation of U.S. Virgin Islands’ Civil Rights Act and Discrimination in Employment Act, and further alleges that the Company retaliated against Mr. Singer as a result of his complaints against Mr. Chatterjee in violation of Virgin Islands’ Whistleblowers Protection Act and Discrimination in Employment Act. The arbitration complaint also alleges that the Company failed to pay wages due to Mr. Singer, pursuant to his employment agreement, allegedly in violation of the North Carolina Wage and Hour Act. In connection with these allegations, Mr. Singer’s arbitration complaint also includes breach of contract, unjust enrichment, promissory estoppel, and breach of the covenant of good faith and fair dealing claims. Mr. Singer seeks declaratory judgment and compensatory damages based on his alleged lost wages, bonuses and equity interests, as well as liquidated damages and punitive damages in connection with emotional, reputational, and other alleged harms. The Company intends to vigorously defend the claims. 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 Financial Corporation (“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. 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.

Share-Based Payments	6 Months Ended
Share-Based Payments	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Payments	Share-Based Payments On June 28, 2021, we granted 5,000 shares of restricted stock to management with a weighted average grant date fair value per share of $19.64. The restricted stock units will vest in three equal annual installments on June 28, 2022, 2023 and 2024 subject to forfeiture or acceleration. On February 24, 2021, we granted 82,671 shares of restricted stock to members of management with a weighted average grant date fair value per share of $26.25. The restricted stock units immediately vested. On October 15, 2020, we granted 10,000 shares of restricted stock to management with a weighted average grant date fair value per share of $19.29. The restricted stock units were to vest in three equal annual installments, on October 15, 2021, 2022, and 2023. These shares were forfeited in April 2021 upon their resignations. On January 30, 2020, in order to induce our former Chief Executive Officer to join the Company, we granted 60,000 shares of restricted stock and 60,000 stock options to our former 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 three equal annual installments on January 30, 2021, 2022, and 2023. On April 16, 2021, the former Chief Executive Officer was terminated for cause, and as a result, 40,000 unvested restricted stock units and 60,000 unvested options were forfeited at that date. 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. During 2020, we granted 8,622 shares of stock pursuant to our Equity Incentive Plans with a weighted average grant date fair value per share of $20.87. We recorded $(0.6) million and $1.9 million of compensation expense related to our share-based compensation for the three and six months ended June 30, 2021, which includes adjustments for forfeited restricted stock. We recorded $0.4 million and $0.9 million of compensation expense related to our share-based compensation for the three and six months ended June 30, 2020, respectively. As of June 30, 2021 and December 31, 2020, we had an aggregate $0.1 million and $1.0 million, respectively, of total unrecognized share-based compensation cost to be recognized over a weighted average remaining estimated term of 2.0 years and 0.9 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

6 Months Ended

Jun. 30, 2021

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 (“EDC”) 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 credit on our USVI-sourced income taxes until 2043. By letter dated December 21, 2020, the EDC approved a temporary waiver (the “Waiver”) of the Company’s minimum employment requirements to five full-time USVI employees for the period from January 1, 2021 to December 31, 2021.

At June 30, 2021, the Company had two less USVI employees than what is required under the provisions of the Waiver. The Company is also continuing to seek to hire USVI employees to meet the requirements of the Waiver. Both the Company's Chief Financial Officer and General Counsel have agreed to relocate to the USVI and will be eligible USVI employees after one year of residency.

As of June 30, 2021 and December 31, 2020, we accrued no interest or penalties associated with any unrecognized tax benefits, nor did we recognize any interest expense or penalties during the six months ended June 30, 2021 and 2020.

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


	June 30, 2021		December 31, 2020
Deferred tax assets:
Stock compensation	$	107	$	64
Accrued expenses	39		171
Net operating losses (1)	105		285
Lease liabilities	92		491

Other	2		44
Gross deferred tax assets	345		1,055
Deferred tax liability:
Right-of-use lease assets	91		459
Front Yard common stock	2,345		1,547
Depreciation	—		2
Other	10		5
Gross deferred tax liabilities	2,446		2,013
Net deferred tax asset (liability) before valuation allowance	(2,101)		(958)
Valuation allowance	(139)		(69)
Deferred tax asset (liability), net	$	(2,240)	$	(1,027)

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

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


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Numerator
Continuing operations:
Net income (loss) from continuing operations	$	2,228	$	(10,212)	$	1,871	$	(15,866)
Amortization of preferred stock issuance costs	—		—		—		(42)
Gain on preferred stock transactions	—		—		71,883		$	—
Numerator for basic and diluted EPS from continuing operations – net income (loss) from continuing operations attributable to common stockholders	$	2,228	$	(10,212)	$	73,754	$	(15,908)

Discontinued operations:
Numerator for basic and diluted EPS from discontinued operations - net gain from discontinued operations	$	—	$	2,377	$	6,213	$	4,274

Total:
Net income (loss)	$	2,228	$	(7,835)	$	8,084	$	(11,592)
Amortization of preferred stock issuance costs	—		—		—		(42)
Gain on preferred stock transactions	—		—		$	71,883	$	—
Numerator for basic and diluted EPS – net income (loss) attributable to common stockholders	$	2,228	$	(7,835)	$	79,967	$	(11,634)



Denominator
Weighted average common stock outstanding – basic	2,050,786		1,629,285		1,948,070		1,622,497



Weighted average common stock outstanding – diluted	2,195,806		1,629,285		2,137,513		1,622,497

Earnings (loss) per share - basic
Continuing operations – basic	$	1.09	$	(6.27)	$	37.86	$	(9.80)
Discontinued operations – basic	—		1.46		3.19		2.63
Earnings (loss) per basic common share	$	1.09	$	(4.81)	$	41.05	$	(7.17)

Earnings (loss) per share - diluted
Continuing operations – diluted	$	1.01	$	(6.27)	$	34.50	$	(9.80)
Discontinued operations – diluted	—		1.46		2.91		2.63
Earnings (loss) per diluted common share	1.01		$	(4.81)	$	37.41	$	(7.17)

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 June 30,			Six months ended June 30,
	2021	2020		2021		2020
Numerator
Reversal of amortization of preferred stock issuance costs	—	$	—	$	—	$	42

Denominator
Stock options	—	7,988		—		9,549
Restricted stock	—	49,502		—		49,768
Preferred stock, if converted	—	200,000		—		200,000

Segment Information	6 Months Ended
Segment Information	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information Our primary business was to provide asset management and certain corporate governance services to institutional investors. Because all of our revenue was derived from the services we provided to Front Yard, we operated as a single segment focused on providing asset management and corporate governance services. Prior to 2020, we reported all activity of the Company in a single segment and activity from continuing operations. In connection with the termination of the Amended AMA and subsequent sale of the Disposal Group to Front Yard, we have reclassified the Disposal Group activity as a discontinued operation effective as of the end of the third quarter of 2020. The results of operations, cash flows, and assets and liabilities of our discontinued operations and continued operations, for all periods presented in the accompanying financial statements, have been reclassified to conform to the current year presentation.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2021
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)	6 Months Ended
Organization and Basis of Presentation (Policies)	Jun. 30, 2021
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	In management's opinion, the unaudited interim condensed consolidated financial statements 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 Annual Report on Form 10-K for the year ended December 31, 2020.
Use of estimates	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. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. We will adopt this standard when LIBOR is discontinued. We are evaluating the impact the new standard will have on our consolidated financial statements and related disclosures, but do not anticipate a material impact.
Fair value measurement	The fair value of our holdings in both equity securities and Front Yard common stock are based on unadjusted quoted prices from active markets. The fair values of equity securities are classified as Level 1 in the fair value hierarchy because we use quoted prices for identical assets in active markets.

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations


	June 30, 2021		December 31, 2020
	(unaudited)
Current assets held for sale:
Cash and cash equivalents	$	—	$	184
Short-term investments	—
Prepaid expenses and other assets	—		710
Total current assets held for sale	—		894

Non-current assets held for sale:
Right-of-use lease assets	—		1,612
Other non-current assets	—		367
Total non-current assets held for sale	—		1,979
Total assets held for sale	$	—	$	2,873

Current liabilities held for sale:
Accrued salaries and employee benefits	$	—	$	910
Accounts payable and accrued liabilities	—		300
Short-term lease liabilities	—		128
Total current liabilities held for sale	—		1,338

Non-current liabilities held for sale:
Non-current lease liabilities	—		1,599
Total non-current liabilities held for sale	—		1,599
Total liabilities held for sale	$	—	$	2,937

The following table details the components comprising net income from our discontinued operations ($ in thousands):


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Revenues from discontinued operations:
Management fees from Front Yard	$	—	$	3,584	$	—	$	7,168


Expense reimbursements from Front Yard	—		713		—		1,081
Total revenues from discontinued operations	—		4,297		—		8,249

Expenses from discontinued operations:
Salaries and employee benefits	—		1,507		—		2,957
Legal and professional fees	—		59		—		113
General and administrative	—		328		—		837
Total expenses from discontinued operations	—		1,894		—		3,907

Other income from discontinued operations:
Gain on disposal	—		—		7,485		—
Other income	—		11		—		30
Total other income from discontinued operations	—		11		7,485		30

Net income from discontinued operations before income taxes	—		2,414		7,485		4,372
Income tax expense	—		37		1,272		98
Net income from discontinued operations	$	—	$	2,377	$	6,213	$	4,274

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


	Six months ended June 30,
	2021		2020
Total operating cash flows from discontinued operations	$	5,439	$	4,451
Total investing cash flows from discontinued operations	511		483
Total financing cash flows from discontinued operations	80		(271)

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring

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
June 30, 2021
Recurring basis (assets):
Equity securities	$	39,804	$	39,804	$	—	$	—
Front Yard common stock	—		—		—		—

December 31, 2020
Recurring basis (assets):
Equity securities	$	—	$	—	$	—	$	—
Front Yard common stock	47,355		47,355		—		—

Investment Gain/Losses

Investment gains/losses in the second quarter of 2021 and 2020 are summarized as follows ($ in thousands):


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Equity securities:
Change in unrealized gains (losses) during the period on securities held at the end of the end of the period	$	(2,411)	$	—	$	3,310	$	—
Investment gains on securities sold during the period	6,360		—		6,360		—
	3,949		—		9,670		—

Front Yard common stock:
Change in unrealized losses during the period on securities held at the end of the period	—		(5,279)		—		(5,913)
Investment gains on securities sold during the period	—		—		146		—
	—		(5,279)		146		(5,913)

Total change in fair value of equity securities and Front Yard common stock	$	3,949	$	(5,279)	$	9,816	$	(5,913)

Summary of Cost Basis, Fair Value, and Unrealized Gains (Losses)

A summary of the cost basis, fair value and the corresponding amounts of gross unrealized gains and losses recognized as of the dates indicated are presented in the table below ($ in thousands):


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2021
Equity securities	$	36,494	$	3,310	$	—	$	39,804
Front Yard common stock	—		—		—		—

December 31, 2020
Equity securities	$	—	$	—	$	—	$	—
Front Yard common stock	41,635		5,720		—		47,355

Common Stock and Equity Securities Activity

A summary of the year-to-date activity of Front Yard common stock and equity securities is presented in the table below ($ in thousands):


	Front Yard Common Stock			Equity Securities
	Shares	Cost		Shares	Cost

December 31, 2020	2,923	$	41,635	—	$	—
Purchased	—	—		8,123	96,950
Sold	(2,923)	(41,635)		(5,073)	(60,456)
June 30, 2021	—	$	—	3,050	$	36,494

- 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

Borrowings (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The following table sets forth data with respect to our margin loan facility as of June 30, 2021 and December 31, 2020 ($ in thousands):


	Maturity Date		Interest Rate	Amount Outstanding		Book Value of Collateral
June 30, 2021
UBS Financial Services Margin Loan	7/1/2021	(1)	1-month LIBOR + 1.00%	$	—	$	39,804
				$	—	$	39,804

December 31, 2020
UBS Financial Services Margin Loan	1/1/2021	(1)	1-month LIBOR + 1.00%	$	—	$	—
				$	—	$	—

(1) Subject to a 1-month LIBOR floor of 0.00%

Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Schedule of Maturity Analysis of Operating Leases

The following table presents our future lease obligations under our operating leases as of June 30, 2021 ($ in thousands):


	Operating Lease Liabilities
2021 (1)	$	93
2022	194
2023	204
2024	209
2025	206
Thereafter	207
Total lease payments	1,113
Less: interest	192
Lease liabilities	$	921

_____________

(1)Excludes the six months ended June 30, 2021.

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

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


	June 30, 2021		December 31, 2020
Deferred tax assets:
Stock compensation	$	107	$	64
Accrued expenses	39		171
Net operating losses (1)	105		285
Lease liabilities	92		491

Other	2		44
Gross deferred tax assets	345		1,055
Deferred tax liability:
Right-of-use lease assets	91		459
Front Yard common stock	2,345		1,547
Depreciation	—		2
Other	10		5
Gross deferred tax liabilities	2,446		2,013
Net deferred tax asset (liability) before valuation allowance	(2,101)		(958)
Valuation allowance	(139)		(69)
Deferred tax asset (liability), net	$	(2,240)	$	(1,027)

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

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Components of Diluted Earnings (Loss) Per Share

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


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Numerator
Continuing operations:
Net income (loss) from continuing operations	$	2,228	$	(10,212)	$	1,871	$	(15,866)
Amortization of preferred stock issuance costs	—		—		—		(42)
Gain on preferred stock transactions	—		—		71,883		$	—
Numerator for basic and diluted EPS from continuing operations – net income (loss) from continuing operations attributable to common stockholders	$	2,228	$	(10,212)	$	73,754	$	(15,908)

Discontinued operations:
Numerator for basic and diluted EPS from discontinued operations - net gain from discontinued operations	$	—	$	2,377	$	6,213	$	4,274

Total:
Net income (loss)	$	2,228	$	(7,835)	$	8,084	$	(11,592)
Amortization of preferred stock issuance costs	—		—		—		(42)
Gain on preferred stock transactions	—		—		$	71,883	$	—
Numerator for basic and diluted EPS – net income (loss) attributable to common stockholders	$	2,228	$	(7,835)	$	79,967	$	(11,634)



Denominator
Weighted average common stock outstanding – basic	2,050,786		1,629,285		1,948,070		1,622,497



Weighted average common stock outstanding – diluted	2,195,806		1,629,285		2,137,513		1,622,497

Earnings (loss) per share - basic
Continuing operations – basic	$	1.09	$	(6.27)	$	37.86	$	(9.80)
Discontinued operations – basic	—		1.46		3.19		2.63
Earnings (loss) per basic common share	$	1.09	$	(4.81)	$	41.05	$	(7.17)

Earnings (loss) per share - diluted
Continuing operations – diluted	$	1.01	$	(6.27)	$	34.50	$	(9.80)
Discontinued operations – diluted	—		1.46		2.91		2.63
Earnings (loss) per diluted common share	1.01		$	(4.81)	$	37.41	$	(7.17)

Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share


	Three months ended June 30,			Six months ended June 30,
	2021	2020		2021		2020
Numerator
Reversal of amortization of preferred stock issuance costs	—	$	—	$	—	$	42

Denominator
Stock options	—	7,988		—		9,549
Restricted stock	—	49,502		—		49,768
Preferred stock, if converted	—	200,000		—		200,000

Organization and Basis of Presentation (Details)				3 Months Ended				6 Months Ended		12 Months Ended
Organization and Basis of Presentation (Details)	Feb. 17, 2021 USD ($) shares	Feb. 03, 2020 USD ($) $ / shares shares	May 07, 2019	Jun. 30, 2021 USD ($) $ / shares shares	Mar. 31, 2021 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2014 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) $ / shares shares	Jan. 01, 2021 USD ($)	Dec. 29, 2016 series_of_preferred_stock shares	May 26, 2016 $ / shares
Organization and Basis of Presentation [Line Items]
Gain on disposal, before tax				$ 0		$ 0		$ 7,485,000	$ 0
Preferred stock, shares issued (in shares) \| shares				250,000			250,000	250,000		250,000
Issuance of convertible preferred stock							$ 250,000,000.0
Redemption period							5 years
Redemption price per share (usd per share) \| $ / shares				$ 1,000			$ 1,000	$ 1,000
Loss contingency, number of business days to pay	3 days
Recognized gain in retained earnings					$ 78,937,000
Preferred stock, conversion price per share (usd per share) \| $ / shares				1,250				$ 1,250
Convertible preferred stock, conversion ratio								0.8
Preferred stock, par value (usd per share) \| $ / shares				$ 0.01				$ 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 (in shares) \| shares												1,000
Accounts payable and accrued liabilities				$ 2,374,000				$ 2,374,000		$ 9,152,000
Dividends declared and paid on preferred stock										1,600,000
Additional Paid-in Capital
Organization and Basis of Presentation [Line Items]
Recognized gain in retained earnings	$ 71,900,000				$ 78,935,000
Preferred stock, if converted
Organization and Basis of Presentation [Line Items]
Accounts payable and accrued liabilities				$ 12,000				$ 12,000		$ 11,000
Luxor v. AAMC
Organization and Basis of Presentation [Line Items]
Redemption price per share (usd per share) \| $ / shares		$ 1,000
Luxor v. AAMC \| Luxor and Putnam
Organization and Basis of Presentation [Line Items]
Damages sought		$ 231,800,000
Luxor v. AAMC \| Luxor
Organization and Basis of Presentation [Line Items]
Damages sought		150,000,000
Luxor v. AAMC \| Minimum \| Luxor and Putnam
Organization and Basis of Presentation [Line Items]
Damages sought		226,012,000
Luxor v. AAMC \| Minimum \| Luxor
Organization and Basis of Presentation [Line Items]
Damages sought		144,212,000
Series A preferred stock
Organization and Basis of Presentation [Line Items]
Preferred stock, liquidation preference		$ 250,000,000.0
Series A preferred stock \| Luxor v. AAMC \| Putnam
Organization and Basis of Presentation [Line Items]
Preferred stock held (in shares) \| shares		81,800
Redeemable preferred stock
Organization and Basis of Presentation [Line Items]
Preferred stock, shares issued (in shares) \| shares				1,200				1,200		1,100
Common Stock
Organization and Basis of Presentation [Line Items]
Preferred stock held (in shares) \| shares				0				0		2,923,000
Front Yard \| Common Stock
Organization and Basis of Presentation [Line Items]
Number of Front Yard shares acquired (in shares) \| shares										1,298,701
Preferred stock held (in shares) \| shares										2,923,166
Putnam \| Luxor v. AAMC
Organization and Basis of Presentation [Line Items]
Loss contingency, damages awarded	1,636,000
Loss contingency, damages awarded, due on one-year anniversary of the effective date of the agreement	$ 1,227,000
Putnam \| Common Stock \| Luxor v. AAMC
Organization and Basis of Presentation [Line Items]
Shares issued related to exchange of stock (in shares) \| shares	288,283
Putnam \| Series A preferred stock \| Luxor v. AAMC
Organization and Basis of Presentation [Line Items]
Shares exchanged (in shares) \| shares	81,800
Amended AMA \| Front Yard \| Affiliated entity
Organization and Basis of Presentation [Line Items]
Contract term			5 years
Automatic renewal term			1 year
Termination agreement \| Front Yard \| Affiliated entity \| River Business Solutions Private Limited
Organization and Basis of Presentation [Line Items]
Aggregate purchase price											$ 8,200,000

Discontinued Operations - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Current assets held for sale:
Total current assets held for sale	$ 0	$ 894
Non-current assets held for sale:
Total non-current assets held for sale	0	1,979
Current liabilities held for sale:
Total current liabilities held for sale	0	1,338
Non-current liabilities held for sale:
Total non-current liabilities held for sale	0	1,599
Held for Sale
Current assets held for sale:
Cash and cash equivalents	0	184	$ 4,663
Short-term investments	0
Prepaid expenses and other assets	0	710
Total current assets held for sale	0	894
Non-current assets held for sale:
Right-of-use lease assets	0	1,612
Other non-current assets	0	367
Total non-current assets held for sale	0	1,979
Total assets held for sale	0	2,873
Current liabilities held for sale:
Accrued salaries and employee benefits	0	910
Accounts payable and accrued liabilities	0	300
Short-term lease liabilities	0	128
Total current liabilities held for sale	0	1,338
Non-current liabilities held for sale:
Non-current lease liabilities	0	1,599
Total non-current liabilities held for sale	0	1,599
Total liabilities held for sale	$ 0	$ 2,937

Discontinued Operations - Income Statement (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 01, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other income from discontinued operations:
Net income from discontinued operations		$ 0	$ 2,377	$ 0	$ 4,274
Discontinued Operations
Revenues from discontinued operations:
Total revenues from discontinued operations		0	4,297	0	8,249
Expenses from discontinued operations:
Salaries and employee benefits		0	1,507	0	2,957
Legal and professional fees		0	59	0	113
General and administrative		0	328	0	837
Total expenses from discontinued operations		0	1,894	0	3,907
Other income from discontinued operations:
Gain on disposal	$ 7,500	0	0	7,485	0
Other income		0	11	0	30
Total other income from discontinued operations		0	11	7,485	30
Net income from discontinued operations before income taxes		0	2,414	7,485	4,372
Income tax expense		0	37	1,272	98
Net income from discontinued operations		0	2,377	6,213	4,274
Discontinued Operations \| Management fees from Front Yard
Revenues from discontinued operations:
Total revenues from discontinued operations		0	3,584	0	7,168
Discontinued Operations \| Expense reimbursements from Front Yard
Revenues from discontinued operations:
Total revenues from discontinued operations		$ 0	$ 713	$ 0	$ 1,081

Discontinued Operations - Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Total operating cash flows from discontinued operations	$ 5,439	$ 4,451
Total investing cash flows from discontinued operations	511	483
Total financing cash flows from discontinued operations	$ 80	$ (271)

Fair Value of Financial Instruments - Fair Value Measurements, Recurring (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	$ 39,804	$ 0
Equity securities \| Fair value measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	39,804	0
Equity securities \| Fair value measurements, recurring \| Level 1, Quoted Prices In Active Markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	39,804	0
Equity securities \| 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]
Equity securities, at fair value	0	0
Equity securities \| Fair value measurements, recurring \| Level 3, Unobservable Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	0	0
Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	0	47,355
Common Stock \| Fair value measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities, at fair value	0	47,355
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]
Equity securities, at fair value	0	47,355
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]
Equity securities, 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]
Equity securities, at fair value	$ 0	$ 0

Fair Value of Financial Instruments - Narrative (Details) - USD ($)		6 Months Ended
	Jan. 11, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Investment Holdings [Line Items]
Proceeds from sale of equity securities		$ 114,316,000	$ 0
Common Stock
Investment Holdings [Line Items]
Shares held of Front Yard (in shares)		0		2,923,000
Investment owned, number of shares sold (in shares)		2,923,000
Proceeds from sale of equity securities		$ 47,500,000	$ 0
Common Stock \| Front Yard
Investment Holdings [Line Items]
Shares held of Front Yard (in shares)				2,923,166
Investment owned, ownership percentage				4.90%
Number of shares acquired in open market transactions (in shares)				1,624,465
Number of Front Yard shares acquired (in shares)				1,298,701
Investment owned, number of shares sold (in shares)	2,923,166

Fair Value of Financial Instruments - Investment Gain/Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Gain (Loss) on Securities [Line Items]
Investment gains on securities sold during the period			$ 6,360	$ 0
Total change in fair value	$ 3,949	$ (5,279)	9,816	(5,913)
Equity securities
Gain (Loss) on Securities [Line Items]
Change in unrealized gains (losses) during the period on securities held at the end of the end of the period	(2,411)	0	3,310	0
Investment gains on securities sold during the period	6,360	0	6,360	0
Total change in fair value	3,949	0	9,670	0
Common Stock
Gain (Loss) on Securities [Line Items]
Change in unrealized gains (losses) during the period on securities held at the end of the end of the period	0	(5,279)	0	(5,913)
Investment gains on securities sold during the period	0	0	146	0
Total change in fair value	$ 0	$ (5,279)	$ 146	$ (5,913)

Fair Value of Financial Instruments - Common Stock and Equity Securities Activity (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cost
Purchased	$ 96,950	$ 0
Common Stock
Shares
Beginning balance (in shares)	2,923
Purchased (in shares)	0
Sold (in shares)	(2,923)
Ending balance (in shares)	0
Cost
Beginning balance	$ 41,635
Purchased	0
Sold	(41,635)
Ending balance	$ 0
Equity securities
Shares
Beginning balance (in shares)	0
Purchased (in shares)	8,123
Sold (in shares)	(5,073)
Ending balance (in shares)	3,050
Cost
Beginning balance	$ 0
Purchased	96,950
Sold	(60,456)
Ending balance	$ 36,494

Fair Value of Financial Instruments - Summary of Cost Basis, Fair Value, and Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Equity securities
Debt and Equity Securities, FV-NI [Line Items]
Cost	$ 36,494	$ 0
Gross Unrealized Gains	3,310	0
Gross Unrealized Losses	0	0
Fair Value	39,804	0
Common Stock
Debt and Equity Securities, FV-NI [Line Items]
Cost	0	41,635
Gross Unrealized Gains	0	5,720
Gross Unrealized Losses	0	0
Fair Value	$ 0	$ 47,355

Borrowings - Narrative (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Annualized interest rate	1.10%
UBS Financial Services Margin Loan, Amount Outstanding	$ 0	$ 0

Borrowings - Schedule of Debt (Details) - USD ($)	6 Months Ended	12 Months Ended
Borrowings - Schedule of Debt (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Short-term Debt [Line Items]
Basis spread on variable interest rate	1.00%	1.00%
UBS Financial Services Margin Loan, Amount Outstanding	$ 0	$ 0
UBS Financial Services Margin Loan, Book Value of Collateral	$ 39,804,000	$ 0
London Interbank Offered Rate (LIBOR)
Short-term Debt [Line Items]
LIBOR floor rate	0.00%

Leases - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Leases - Narrative (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Leases [Abstract]
Weighted average remaining lease term	5 years 6 months		5 years 6 months		7 years 6 months
Discount rate	7.00%		7.00%		7.00%
Rent expense- long term lease	$ 50,000	$ 200,000	$ 100,000	$ 300,000
Rent expense- short term lease	$ 0	$ 27,000	$ 0	$ 54,000

Leases - Maturity Analysis of Operating Leases (Details) $ in Thousands	Jun. 30, 2021 USD ($)
Operating Lease Liabilities
2021	$ 93
2022	194
2023	204
2024	209
2025	206
Thereafter	207
Total lease payments	1,113
Less: interest	192
Lease liabilities	$ 921

Commitments and Contingencies (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 03, 2020	Jan. 27, 2020	Jun. 30, 2021	Apr. 26, 2021	Mar. 31, 2014
Loss Contingencies [Line Items]
Redemption price per share (usd per share)			$ 1,000		$ 1,000
AAMC v. Luxor
Loss Contingencies [Line Items]
Threshold period to request company to redeem shares (years)		5 years
AAMC v. Luxor \| Minimum
Loss Contingencies [Line Items]
Threshold number of business days to give prior notice to redeem shares (days)		15 days
AAMC v. Luxor \| Maximum
Loss Contingencies [Line Items]
Threshold number of business days to give prior notice to redeem shares (days)		30 days
Luxor v. AAMC
Loss Contingencies [Line Items]
Redemption price per share (usd per share)	$ 1,000
Luxor v. AAMC \| Luxor
Loss Contingencies [Line Items]
Damages sought	$ 150,000
Luxor v. AAMC \| Luxor \| Minimum
Loss Contingencies [Line Items]
Damages sought	$ 144,212
Luxor v. AAMC \| Series A preferred stock \| Putnam
Loss Contingencies [Line Items]
Preferred stock held (in shares)	81,800
Luxor Books and Records Demand \| Series A preferred stock \| Luxor
Loss Contingencies [Line Items]
Preferred stock held (in shares)				144,212

Share-Based Payments (Details)						3 Months Ended		6 Months Ended		12 Months Ended
Share-Based Payments (Details)	Jun. 28, 2021 installment $ / shares shares	Apr. 16, 2021 shares	Feb. 24, 2021 $ / shares shares	Oct. 15, 2020 $ / shares shares	Jan. 30, 2020 installment $ / shares shares	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) $ / shares shares	Sep. 11, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested options forfeited (in shares)		60,000
Share-based compensation \| $						$ (600,000)	$ 400,000	$ 1,900,000	$ 900,000
Unrecognized share-based compensation \| $						$ 100,000		$ 100,000		$ 1,000,000.0
Weighted average remaining amortization period of unamortized share based compensation								2 years		10 months 24 days
2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)											185,000
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
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock units forfeited (in shares)		40,000
Restricted stock \| Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock granted (in shares)	5,000		82,671	10,000
Weighted average grant date fair value of market based restricted stock granted (usd per share) \| $ / shares	$ 19.64		$ 26.25	$ 19.29
Number of annual installments \| installment	3
Restricted stock \| Co-chief executive officer
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					3
Restricted stock \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of restricted stock granted (in shares)										8,622
Weighted average grant date fair value of market based restricted stock granted (usd per share) \| $ / shares										$ 20.87
Value of restricted stock granted to directors annually \| $								$ 60,000
Required service period for restricted stock								1 year
Director attendance requirement								75.00%

Income Taxes - Narrative (Details)	6 Months Ended
Income Taxes - Narrative (Details)	Jun. 30, 2021 USD ($) employee	Dec. 31, 2020 USD ($)
Income Tax Disclosure [Abstract]
Income tax exemption, percentage	90.00%
Number of employees below the requirement \| employee	2
Interest or penalties accrued \| $	$ 0	$ 0

Income Taxes - Schedule of deferred taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Deferred tax assets:
Stock compensation	$ 107	$ 64
Accrued expenses	39	171
Net operating losses	105	285
Lease liabilities	92	491
Other	2	44
Gross deferred tax assets	345	1,055
Deferred tax liability:
Right-of-use lease assets	91	459
Front Yard common stock	2,345	1,547
Depreciation	0	2
Other	10	5
Gross deferred tax liabilities	2,446	2,013
Net deferred tax asset (liability) before valuation allowance	(2,101)	(958)
Valuation allowance	(139)	(69)
Deferred tax asset (liability), net	$ (2,240)	$ (1,027)

Earnings Per Share - Components of Diluted Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator
Net income (loss) from continuing operations	$ 2,228		$ (10,212)		$ 1,871	$ (15,866)
Amortization of preferred stock issuance costs	0		0	$ (42)	0	(42)
Gain on preferred stock transaction	0		0		71,883	0
Numerator for basic and diluted EPS from continuing operations – net income (loss) from continuing operations attributable to common stockholders	2,228		(10,212)		73,754	(15,908)
Numerator for basic and diluted EPS from discontinued operations - net gain from discontinued operations	0		2,377		6,213	4,274
Net income (loss)	2,228	$ 5,856	(7,835)	$ (3,757)	8,084	(11,592)
Numerator for diluted EPS – net income (loss) attributable to common stockholders	$ 2,228		$ (7,835)		$ 79,967	$ (11,634)
Denominator
Weighted average common stock outstanding – basic (in shares)	2,050,786		1,629,285		1,948,070	1,622,497
Weighted average common stock outstanding – diluted (in shares)	2,195,806		1,629,285		2,137,513	1,622,497
Earnings (loss) per share - basic
Continuing operations – basic (usd per share)	$ 1.09		$ (6.27)		$ 37.86	$ (9.80)
Discontinued operations – basic (usd per share)	0		1.46		3.19	2.63
Earnings (loss) per basic common share (usd per share)	1.09		(4.81)		41.05	(7.17)
Earnings (loss) per share of common stock – diluted:
Continuing operations – diluted (usd per share)	1.01		(6.27)		34.50	(9.80)
Discontinued operations – diluted (usd per share)	0		1.46		2.91	2.63
Earnings (loss) per diluted common share (usd per share)	$ 1.01		$ (4.81)		$ 37.41	$ (7.17)

Earnings Per Share - Antidilutive Securities (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator
Reversal of amortization of preferred stock issuance costs	$ 0	$ 0	$ 0	$ 42
Stock options
Denominator
Antidilutive shares excluded from computation of earnings per share (in shares)	0	7,988	0	9,549
Restricted stock
Denominator
Antidilutive shares excluded from computation of earnings per share (in shares)	0	49,502	0	49,768
Preferred stock, if converted
Denominator
Antidilutive shares excluded from computation of earnings per share (in shares)	0	200,000	0	200,000

Segment Information (Details)	6 Months Ended
Segment Information (Details)	Jun. 30, 2021 segment
Segment Reporting [Abstract]
Number of operating segments	1