0001555074-23-000012 | 10-K | XBRL Viewer | Altisource Asset Management Corp

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Loans Held for Sale or Investment at Fair Value - Fair Value Measurements, Recurring (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	$ 11,593,000	$ 0
Loans held for investment, at fair value	83,143,000	0
Fair Value Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	11,593,000
Loans held for investment, at fair value	83,143,000
Total measured	94,736,000	$ 0
Fair Value Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	0
Loans held for investment, at fair value	0
Total measured	0
Fair Value Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	0
Loans held for investment, at fair value	0
Total measured	0
Fair Value Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for sale, at fair value	11,593,000
Loans held for investment, at fair value	83,143,000
Total measured	$ 94,736,000

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Altisource Asset Management Corporation (“we,” “our,” “us,” “AAMC,” or the “Company”) was incorporated in the U.S. Virgin Islands (“USVI”) on March 15, 2012 (our “inception”), and commenced operations as an asset manager on December 21, 2012. As disclosed in our public filings, the Company’s prior business operations ceased in the first week of 2021. The Company previously operated as the external manager for 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. During 2021, AAMC engaged in a comprehensive assessment to either internally develop a new business operation or acquire a separate operating company. A range of industries were analyzed, including, but not limited to, real estate, lending cryptocurrency, block-chain technology and insurance operations. Outside professional firms, including among others, Cowen and Company, LLC, an investment bank, and Norton Rose Fulbright LLP, a global law practice, were engaged to provide due diligence, legal and valuation expertise to assist in our search. As of March 2022, the Company created the Alternative Lending Group (“ALG”), to generate alternative private credit loans through Direct to Borrower Lending, Wholesale Originations, and Correspondent Loan Acquisitions. The initial operations of ALG entail the following: •Build out a niche origination platform as well as a loan acquisition team; •Fund the originated or acquired alternative loans from a combination of Company equity and existing or future lines of credit; •Sell the originated and acquired alternative loans through forward commitment and repurchase contracts; •Leverage senior management’s expertise in this space; and •Utilize AAMC’s existing operations in India to drive controls and cost efficiencies. ALG's primary sources of income is derived from mortgage banking activities generated through the origination and acquisition of loans, and their subsequent sale or securitization as well as net interest income from loans while held on the balance sheet for investment. In addition, the Company has determined to focus operations solely on ALG for the foreseeable future. Based on current market conditions in the cryptocurrency industry the Company does not believe the timing is right to deploy resources to the cryptocurrency ATM business until the cryptocurrency market has reached some type of stabilization. Basis of presentation and use of estimates The accompanying audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. All wholly owned subsidiaries are included, and all intercompany accounts and transactions have been eliminated. The Company changed its balance sheet presentation from classified (distinguishing between short-term and long-term accounts) to unclassified (no such distinction) in the second quarter of 2022. This change was prompted by the Company’s strategic decision to launch an alternative lending operation, ALG, in March 2022, as described above. The presentation of an unclassified balance sheet is consistent with that of the Company’s peers within the lending industry. Further, the previous classified presentation was not utilized to derive any metric by which the Company is measured or will be measured on a prospective basis. As the Company is now presenting an unclassified balance sheet, reclassification adjustments have been made to the historical Consolidated Balance Sheets at December 31, 2021 in order for it to conform with the current unclassified presentation. Use of estimates The preparation of 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Loans held for sale or investment, carried at fair market value We originate and purchase alternative loans. These loans will either be classified as held for investment or held for sale depending upon the determination of management. We have elected to measure these alternative loans at fair value on a loan by loan basis. This option is available when we first recognize a financial asset. Subsequent changes in the fair value of these loans will be recorded in our Consolidated Statements of Operations in the period of the change. Purchased loans, also known as correspondent loans, can be bought with a net strip interest component in that the seller of the loan will receive an agreed upon percentage of the coupon interest generated from the sold loan. This strip component is reflected as service and asset management expense on the Consolidated Statements of Operations. A fair value measurement represents the price at which an orderly transaction would occur between willing market participants at the measurement date. We estimate the fair values of the loans held for investment or sale based on available inputs from the marketplace. The market for the loans that we have or will invest in is generally illiquid. Establishing fair values for illiquid assets is inherently subjective and is often dependent upon our estimates and modeling assumptions. In circumstances where relevant market inputs cannot be obtained, increased analysis and management judgment are required to estimate fair value. This generally requires us to establish internal assumptions about future cash flows and appropriate risk-adjusted discount rates. Regardless of the valuation inputs we apply, the objective of fair value measurement for assets is unchanged from what it would be if markets were operating at normal activity levels and/or transactions were orderly; that is, to determine the current exit price. See Note 4 for further discussion on fair value measurements. Interest for these loans is recognized as revenue based on the stated coupon when earned and deemed collectible or until a loan becomes more than 90 days past due, at which point the loan is placed on nonaccrual status and any accrued interest is reversed against interest income. When a seriously delinquent loan previously placed on nonaccrual status has been cured, meaning all delinquent principal and interest have been remitted by the borrower, the loan will be placed back on accrual status. Interest accrued as of period end is included within loans held for sale, at fair value or loans held for investment, at fair value in the Consolidated Balance Sheets as applicable. Redeemable Preferred stock Issuance of Series A Convertible Preferred Stock in 2014 Private Placement During the first quarter of 2014, we issued 250,000 shares of convertible preferred stock for $250.0 million to institutional investors. Under the Certificate of Designations of the Series A Shares (the “Certificate”), we 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 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 Shares, we classify these shares as mezzanine equity, outside of permanent stockholders' equity. The holders of our Series A Shares are not entitled to receive dividends with respect to their Series A Shares. The Series A Shares are convertible into shares of our common stock at a conversion price of $1,250 per share (or an exchange rate of 0.8 shares of common stock for Series A Share), subject to certain anti-dilution adjustments. Upon certain change of control transactions or upon the liquidation, dissolution or winding up of the Company, holders of the Series A Shares will be entitled to receive an amount in cash per Series A Share 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 Series A Shares were convertible on each ex-dividend date for such dividends; and (ii) The number of shares of common stock into which the Series A Shares are 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 Shares 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 Shares rank 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 Shares are recorded net of issuance costs, which were amortized on a straight-line basis through the first potential redemption date in March 2020. Between January 31, 2020 and February 3, 2020, we received purported notices from all of the holders of our Series A Shares requesting us to redeem an aggregate of $250.0 million liquidation preference of our Series A Shares on March 15, 2020. We did not have legally available funds to redeem all, but not less than all, of the Series A Shares on March 15, 2020. As a result, we do not believe, under the terms of the Certificate, that we were obligated to redeem any of the Series A Shares under the Certificate. Current Litigation –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 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. 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 3, 2020, the court denied AAMC’s motion to dismiss. On February 23, 2021, in accordance with the terms of the Putnam Agreement described below, Putnam agreed to discontinue all claims against AAMC with prejudice related to the Series A shares. Luxor and AAMC have completed discovery in the action. AAMC and Luxor each filed summary judgment motions on July 19, 2022 and replies to those motions on August 18, 2022 and September 15, 2022. On December 1, 2022, having heard oral arguments on the summary judgment motions, the court denied both parties’ motions. AAMC And Luxor have filed an appeal and cross-appeal, respectively, from the trial court’s ruling in the Appellate Division - First Department, of the Supreme Court of the State of New York. By stipulation of the parties, the appeal and cross-appeal shall be perfected and briefed for the June 2023 term. AAMC’s brief as Defendant-Appellant-Cross-Respondent was filed on February 22, 2023. Luxor’s brief as Plaintiff-Appellee-Cross-Appellant is due to be filed by April 6, 2023. AAMC’s reply brief is due April 21, 2023. Luxor’s reply brief is due May 8, 2023. AAMC continues to pursue its strategic business initiatives despite this litigation. If Luxor were to prevail in its lawsuit, our liquidity could be materially and adversely affected. –AAMC (plaintiff) v. Nathaniel Redleaf (defendant) On October 31, 2022, AAMC filed a complaint with demand for jury trial in the Superior Court of the Virgin Islands, Division of St. Croix, against Nathaniel Redleaf alleging breach of fiduciary duty to AAMC. Mr. Redleaf was a member of AAMC’s Board of Directors for five years and the Company’s complaint alleges that he breached his fiduciary duty, by among other things, disclosing AAMC’s confidential information to Luxor. AAMC seeks a number of remedies, including compensatory damages, disgorgement of any benefit received by Luxor or Mr. Redleaf as a result of such breaches. On January 4, 2023, this action was removed to the United States District Court of the Virgin Islands, Division of St. Croix. On February 28, 2023, defendant Redleaf filed a motion to dismiss the complaint. AAMC’s opposition to defendant’s motion is due on April 4, 2023. Settlement Activities 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 exchanged all of Putnam’s 81,800 Series A Shares for 288,283 shares of AAMC’s common stock. Additionally, AAMC paid 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 released 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 this settlement, we recognized a one-time gain directly to Additional paid in capital of $71.9 million in the first quarter of 2021. On August 27, 2021, the Company entered into a settlement agreement (the “Wellington Agreement”) with certain funds managed by Wellington Management Company LLP (collectively, “Wellington”). Under the Wellington Agreement, the Company paid Wellington $2,093,000 in exchange for 18,200 Series A Shares ($18.2 million of liquidation preference) held by Wellington, and in return Wellington agreed to release AAMC from all claims related to the Series A Shares. As a result of this settlement, we recognized a one-time gain directly to Additional paid in capital of $16.1 million gain in the third quarter of 2021. On January 6, 2022, the Company entered into a settlement agreement (the "Settlement Agreement") with two institutional investors. Under the Settlement Agreement, the Company paid the institutional investors approximately $665 thousand in cash in exchange for 5,788 Series A Shares ($5.79 million of liquidation preference) held by the institutional investors. As a result of this settlement, the Company recognized a one-time gain directly to Additional paid in capital of approximately $5.1 million in the first quarter of 2022. On July 18, 2022, the Company entered into an agreement (the "Purchase Agreement") with Putnam in which the Company repurchased 286,873 shares of common stock of the Company owned by Putnam (the "Putnam Shares"). The aggregate purchase price of the Putnam Shares was $2,868,730, or $10 per share. Pursuant to the Purchase Agreement, the Company and Putnam also agreed to terminate the most favored nation clause granted to Putnam in the Putnam Agreement. The Company and Putnam also agreed to terminate all of Putnam's shareholder voting obligations included in the Putnam Agreement. 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 the holder's termination of service with the Company for any reason. At December 31, 2022 and 2021, we had 3,200 and 1,200 and shares outstanding, respectively, and we included the redemption value of these shares of $32,000 and $12,000 respectively, within accounts payable and accrued liabilities in our Consolidated Balance Sheets. In December 2022 and January 2021, our Board of Directors declared and paid an aggregate $0.4 million and of $1.6 million, respectively, of dividends on these shares of preferred stock. Such dividends are included in salaries and employee benefits in our Consolidated Statements of Operations. Recently issued accounting standards Recently issued accounting standards 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. Our adoption of this standard in the first quarter of 2022 did not have a material impact on our financial statements. Recently issued accounting standards not yet adopted 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. In December 2022, the FASB extended the temporary accounting rules under Topic 848 from December 31, 2022 to December 31, 2024. 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. Recent accounting pronouncements pending adoption not discussed above or in the 2021 Form 10-K are either not applicable or will not have, or are not expected to have a material impact on our consolidated financial position, results of operations, or cash flows.

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2022	Mar. 17, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 10.5
Entity Common Stock, Shares Outstanding		1,760,827
Documents Incorporated by Reference	Portions of the Registrant's definitive proxy statement relating to its 2023 annual meeting of shareholders (the “2023 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The Registrant intends to file the 2023 Proxy Statement with the U.S. Securities and Exchange Commission not later than 120 days after the end of the fiscal year to which this report relates.
Entity Central Index Key	0001555074
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Loans Held for Sale or Investment at Fair Value

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Loans Held for Sale or Investment at Fair Value

4. Loans Held for Sale or Investment at Fair Value

Our loan portfolio consists of business purpose loans secured by single family, multifamily and commercial real estate that were acquired from third party originators or issued by us. The composition of the loan portfolio by classification as of December 31, 2022 and 2021, respectively, is summarized in the table below ($ in thousands):


	Held for Sale				Held for Investment
	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Total loan commitments	$	15,080	$	—	$	98,157	$	—
Less: construction holdbacks (1)	(3,350)		—		(13,188)		—
Total principal outstanding	11,730		—		84,969		—
Change in fair value of loans	(137)		—		(1,826)		—
Total loans at fair value	$	11,593	$	—	$	83,143	$	—

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

The loan portfolio consists of 128 loans at December 31, 2022, with a weighted average coupon of 9.4%, of which the Company receives a net yield of 8.5% after taking into account the strip interest to the sellers of the loans. The weighted average life of the portfolio is approximately 8.2 months. 19 loans represent 60% of the total principal outstanding at December 31, 2022. There was one loan on nonaccrual status or 90 days or more past due at December 31, 2022, with a carrying value of $0.6 million.

The table below represents activity within the loan portfolio by classification for the period shown ($ in thousands):


		Loans Held for Sale		Loans Held for Investment
Balance at	December 31, 2021	$	—	$	—
Acquisitions		—		99,087
Originations		8,843		—

Additional fundings		3,857		10,794
	Interest receivable	91		1,262
Payoffs and repayments		(1,061)		(26,174)
Fair value adjustment		(137)		(1,826)
Balance at	December 31, 2022	$	11,593	$	83,143

The composition of the total loan commitment by state as of December 31, 2022 is summarized below ($ in thousands):


State	Commitment		Percent of Portfolio
Florida	$	32,422	28.6	%
New York	22,250		19.6	%
New Jersey	12,367		10.9	%
California	12,513		11.1	%
Washington	6,215		5.5	%
Connecticut	4,374		3.9	%
Texas	4,815		4.3	%
Illinois	4,357		3.8	%





Other	13,924		12.3	%
Total	$	113,237	100.0	%

For financial reporting purposes of our alternative loans, we follow a fair value hierarchy established under GAAP, as described in Note 2, that is used to determine the fair value of financial instruments. This hierarchy prioritizes relevant market inputs in order to determine an “exit price” at the measurement date, or at the price at which an asset could be sold or a liability could be transferred in an orderly process that is not a forced liquidation or distressed sale.

In certain cases, inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, the level at which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. Our assessment of the significance of a particular input requires judgment and considers factors specific to the asset or liability being measured.

The following table presents the assets that are reported at fair value on a recurring basis as of December 31, 2022, as well as the fair value of hierarchy of the valuation inputs used to measure fair value. We did not have any assets that were reported at fair value as of December 31, 2021. We did not have any liabilities to report at fair value on a recurring basis as of December 31, 2022.



December 31, 2022	Carrying		Fair Value Measurements Using
(In thousands)	Value		Level 1		Level 2		Level 3
Assets
Loans held for sale	$	11,593	$	—	$	—	$	11,593
Loans held for investment	83,143		—		—		83,143
Total measured	$	94,736	$	—	$	—	$	94,736

The estimated fair value for our business purpose loans is determined using the discounted cash flow model (“DCF”) to estimate the net present value of the future cash flows expected from each loan. For performing loans, the DCF is based on the future expected cash flows of each loan in accordance with its contractual terms net of the strip component. Cash flows for performing loans with construction holdbacks incorporate the draws to complete the required improvements to the underlying property securing the loan. For nonaccrual loans, the estimated cash flows are based on the current fair value of the collateral of the loans, in which the Company will utilize a third-party appraisal to determine the fair value (Level 3).

On a loan by loan basis, the weighted average discount rate range utilized for the DCF applied to the net yield to be received by the Company was 11.4% which is greater than the overall yield on the portfolio of 7.7%, resulting in the decrease in value of the portfolio at December 31, 2022. The determination of the discount rate was based on analysis of the current interest rates charged for business purpose loans in conjunction with the increase in rates for other underlying base rates such as the 10-year U.S. treasury bond and the 30 day Secured Overnight Financing Rate ("SOFR") (Level 3).

As of December 31, 2022, the Company had no securities outstanding. We did not transfer any assets from one level to another level during the years ended December 31, 2022 and 2021, respectively.

- 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

Incentive Compensation and Share-based Payments - Long-Term Incentive Compensation (Details)	12 Months Ended
	Dec. 31, 2022
Share-based compensation arrangement by share-based payment award [Line Items]
Weighting of Company's performance based on board of director objectives	80.00%
Personal evaluation weighting	20.00%
Minimum
Share-based compensation arrangement by share-based payment award [Line Items]
Non-equity incentive compensation percentage	50.00%
Maximum
Share-based compensation arrangement by share-based payment award [Line Items]
Non-equity incentive compensation percentage	200.00%

Borrowings	12 Months Ended
Borrowings	Dec. 31, 2022
Debt Disclosure [Abstract]
Borrowings	6. Borrowings In December 2022, the Company entered into a $50.0 million Master Repurchase Agreement (the "NexBank Line") with NexBank, as the buyer. The Company uses the proceeds from the NexBank Line to fund the acquisition and origination of business purpose loans (the "Loans") secured by residential, multifamily and certain commercial properties. Each draw on the NexBank Line can be outstanding up to 180 days. NexBank has a security interest in the Loans subject to a transaction under the NexBank Line. The NexBank Line's maturity is 364 days from the execution date. The carrying value of the NexBank Line approximates its fair value as of December 31, 2022 due to its short-term nature and floating interest rate terms. The NexBank Line accrues interest at a equal to the greater of (a) the 1 month Term SOFR rate plus a spread dependent on three and on-half percent (3.50%) or (b) four and one-quarter (4.25%). The average borrowing rate was 5.60% and weighted average remaining term is 156 days as of December 31, 2022. NexBank Line’s outstanding balance is $9.2 million and is collateralized by $10.4 million in Loans at December 31, 2022. The NexBank Line provides for certain affirmative and negative covenants applicable to the Company and its subsidiaries. The Company is required to maintain financial covenants including specified levels of: 1) maximum debt to net worth ratio; 2) minimum current ratio; and 3) minimum liquidity. The NexBank Line also contains events of default (subject to certain materiality thresholds and grace periods), including payment defaults, breaches of covenants and representations and warranties, cross defaults, bankruptcy or insolvency proceedings and other events of default which are customary for this type of transaction. The remedies for such events of default include the acceleration of the principal amount outstanding under the NexBank Line and the liquidation of Loans subject to a transaction. The Company was in compliance with all covenants and there were no defaults as of December 31, 2022. In August 2022, the Company entered into a $50.0 million Master Repurchase Agreement (the “Flagstar Line”) with Flagstar Bank FSB (“Flagstar”), a federal savings bank, as a buyer and administrative agent. The Company uses the proceeds from the Flagstar Line to fund the acquisition and origination of Loans secured by residential, multifamily and certain commercial properties. Each draw on the Flagstar Line can be outstanding up to 180 days. Flagstar has a security interest in the Loans subject to a transaction under the Flagstar Line and requires the Company to maintain restricted cash of $2 million in a Flagstar deposit account. The Flagstar Line's maturity is 364 days from the execution date. The carrying value of the Flagstar Line approximates its fair value as of December 31, 2022 due to its short-term nature and floating interest rate terms. The Flagstar Line accrues interest at a base 1-Month Term SOFR rate plus a spread dependent upon the type of Loan subject to a transaction. Interest is payable at 90 days. The Company also incurs a fee on the unused portion of the $50.0 million if the average outstanding balance of the Flagstar Line is less than a threshold level of the total commitment. The average borrowing rate was 7.30% and weighted average remaining term is 134 days as of December 31, 2022. Flagstar Line’s outstanding balance is $42.5 million and is collateralized by $57.4 million in Loans at December 31, 2022. The Flagstar Line provides for certain affirmative and negative covenants applicable to the Company and its subsidiaries. The Company is required to maintain financial covenants including specified levels of: 1) quarter-end tangible net worth; 2) quarter-end liquidity; 3) a quarter-end ratio of total liabilities to tangible net worth; and 4) minimum profitability requirements in 2023. The Flagstar Line also contains events of default (subject to certain materiality thresholds and grace periods), including payment defaults, breaches of covenants and representations and warranties, cross defaults, bankruptcy or insolvency proceedings and other events of default which are customary for this type of transaction. The remedies for such events of default include the acceleration of the principal amount outstanding under the Flagstar Line and the liquidation of Loans subject to a transaction. The Company was in compliance with all covenants and there were no defaults as of December 31, 2022. In 2021, the Company began borrowing under a standard margin arrangement with our banking institution. The margin account was secured by the securities held in our brokerage account with this institution. We paid interest on all of our borrowings each month when a balance was owed. All indebtedness on the margin agreement was paid off as of December 31, 2021.

- 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
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+ Details

Loans Held for Sale or Investment at Fair Value - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loan commitments	$ 113,237
Total loans at fair value	83,143	$ 0
Loans Held For Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loan commitments	15,080	0
Less: construction holdbacks	(3,350)	0
Total principal outstanding	11,730	0
Change in fair value of loans	(137)	0
Total loans at fair value	11,593	0
Loan Held For Investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loan commitments	98,157	0
Less: construction holdbacks	(13,188)	0
Total principal outstanding	84,969	0
Change in fair value of loans	(1,826)	0
Total loans at fair value	$ 83,143	$ 0

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2020		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 employee tax withholdings (in shares)		162,051
Common shares issued under share-based compensation plans, net of employee tax withholdings	(800)	$ 2	(2)			(800)
Shares withheld for taxes upon vesting of restricted stock	(27)					(27)
Share-based compensation	1,720		1,939			(219)
Currency translation adjustments, net	(6)				(6)
Acquisition and disposition of subsidiaries	153			28	125
Preferred stock conversion (in shares)		288,283
Preferred stock conversion	95,014	$ 2	95,012
Net loss	$ (6,004)			(6,004)
Ending balance (in shares) at Dec. 31, 2021	2,055,561	3,416,541
Ending balance at Dec. 31, 2021	$ (76,528)	$ 34	143,523	57,450	54	(277,589)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued under share-based compensation plans, net of employee tax withholdings (in shares)		15,753
Common shares issued under share-based compensation plans, net of employee tax withholdings	25	$ 0	25			0
Treasury shares repurchased	(2,881)					(2,881)
Share-based compensation	340		340			0
Currency translation adjustments, net	(34)				(34)
Preferred stock conversion (in shares)		0
Preferred stock conversion	5,122	$ 0	5,122
Net loss	$ (15,934)			(15,934)
Ending balance (in shares) at Dec. 31, 2022	1,783,862	3,432,294
Ending balance at Dec. 31, 2022	$ (89,890)	$ 34	$ 149,010	$ 41,516	$ 20	$ (280,470)

Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

11. Earnings Per Share

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


	Year ended December 31,
	2022		2021
Numerator
Continuing operations:
Net loss from continuing operations	$	(15,934)	$	(12,217)

Gain on preferred stock transactions	5,122		87,961
Numerator for basic and diluted EPS from continuing operations – net income (loss) from continuing operations attributable to common stockholders	$	(10,812)	$	75,744



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

Total:
Net loss	$	(15,934)	$	(6,004)

Gain on preferred stock transactions	5,122		87,961
Numerator for basic and diluted EPS - net income attributable to common stockholders	(10,812)		81,957

Denominator
Weighted average common stock outstanding – basic	1,917,503		2,002,111



Weighted average common stock outstanding – diluted	1,917,503		2,162,378

Earnings (loss) per share of common stock – basic:
Continuing operations - basic	$	(5.64)	$	37.83
Discontinued operations - basic	—		3.11
Earnings per basic common share	$	(5.64)	$	40.94

Earnings (loss) per share of common stock – diluted:
Continuing operations - diluted	$	(5.64)	$	35.03
Discontinued operations - diluted	—		2.87
Earnings per diluted common share	$	(5.64)	$	37.90

We excluded the items presented below from the calculation of diluted earnings per share as they were antidilutive for the periods indicated, as the Company had a net loss from continuing operations for each period presented ($ in thousands):


	Year ended December 31,
	2022	2021



Denominator
Stock options	—	—
Restricted stock	16,965	—
Preferred stock, if converted	115,434	—

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Loans held for sale, at fair value	$ 11,593	$ 0
Loans held for investment, at fair value	83,143	0
Cash and cash equivalents	10,727	78,349
Restricted cash	2,047	0
Other assets	10,137	3,127
Total assets	117,647	81,476
Liabilities
Accrued expenses and other liabilities	10,349	7,145
Lease liabilities	1,323	859
Credit facility	51,653	0
Total liabilities	63,325	8,004
Commitments and contingencies
Redeemable preferred stock:
Preferred stock, $0.01 par value, 250,000 shares authorized as of December 31, 2022 and December 31, 2021. 144,212 shares issued and outstanding and $144,212 redemption value as of December 31, 2022 and 150,000 shares issued and outstanding and $150,000 redemption value as of December 31, 2021.	144,212	150,000
Stockholders' deficit:
Common stock, $.01 par value, 5,000,000 authorized shares; 3,432,294 and 1,783,862 shares issued and outstanding, respectively, as of December 31, 2022 and 3,416,541 and 2,055,561 shares issued and outstanding, respectively, as of December 31, 2021.	34	34
Additional paid-in capital	149,010	143,523
Retained earnings	41,516	57,450
Accumulated other comprehensive income	20	54
Treasury stock, at cost, 1,648,432 shares as of December 31, 2022 and 1,360,980 shares as of December 31, 2021.	(280,470)	(277,589)
Total stockholders' deficit	(89,890)	(76,528)
Total Liabilities and Equity	$ 117,647	$ 81,476

Incentive Compensation and Share-based Payments - Schedule of Restricted Stock Activity (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Beginning balance (in shares)	15,236	129,380
Granted (in shares)	31,071	97,907
Vested (in shares)	(9,903)	(162,051)
Forfeited/expired (in shares)		(50,000)
Ending balance (in shares)	36,404	15,236
Weighted Average Grant Date Fair Value
Beginning balance (in USD per share)	$ 14.22	$ 23.15	$ 24.32
Granted (in USD per share)	12.95	25.77
Vested (in USD per share)	23.99	14.50
Forfeited/expired (in USD per share)		14.35
Ending balance (in USD per share)	$ 14.22	$ 23.15	$ 24.32
Vesting date fair value of restricted stock that vested	$ 0.2	$ 2.1

Discontinued Operations - Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Total operating cash flows from discontinued operations	$ 0	$ 5,439
Total investing cash flows from discontinued operations	0	511
Total financing cash flows from discontinued operations	$ 0	$ 80

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Maturity Analysis of Operating Leases

The following table presents a maturity analysis of our operating leases as of December 31, 2022 ($ in thousands):


	Operating Lease Liabilities
2022	$	468
2023	330
2024	311
2025	321
2026	76

Total lease payments	1,506
Less: interest	183
Lease liabilities	$	1,323

Consolidated Statements of Operations (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Income Statement [Abstract]
Income tax expense related to disposal	$ 1,272

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. Virgin Islands income tax rate	23.10%	23.10%
EDC benefits in the USVI	(19.50%)	(48.20%)
Foreign tax rate differential	(0.20%)	(0.20%)
Subpart F income	0.00%	(18.50%)
Permanent and other	(0.50%)	(1.60%)
Share-based compensation	0.00%	(0.20%)
Valuation allowance	(4.90%)	(4.80%)
Foreign Tax Credit	0.00%	13.60%
Other Adjustments	(0.30%)	0.00%
Effective income tax rate	(2.30%)	(36.80%)

Leases - Maturity Analysis of Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating Lease Liabilities
2022	$ 468
2023	330
2024	311
2025	321
2026	76
Total lease payments	1,506
Less: interest	183
Lease liabilities	$ 1,323	$ 859

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

We are domiciled in the USVI and are obligated to pay taxes to the USVI on our income. We applied for tax benefits from the USVI Economic Development Commission (“EDC”) and received our certificate of benefits (“the EDC Certificate”), effective as of February 1, 2013. Pursuant to the Certificate, so long as we comply its provisions, we will receive a 90% tax reduction on our USVI-sourced income until 2043. By letter dated September 16, 2022, 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 July 1, 2022 to December 31, 2022.

At December 31, 2022, the Company met the minimum employment requirements required under the provisions of the Waiver. Additionally, the Company hired Jason Kopcak as President and Chief Operating Officer, now Chief Executive Officer, in May 2022, and he has relocated to the USVI.

Beginning on January 1, 2017, AAMC US, Inc., a domestic U.S. corporation and wholly-owned subsidiary, began operations. This entity is based entirely in the mainland U.S. and is subject to U.S. federal and state corporate income tax.

The following table sets forth the components of income (loss) from continuing operations before income taxes ($ in thousands):


	Year ended December 31,
	2022		2021
U.S. Virgin Islands	$	(15,584)	$	(8,879)
Other	—		(65)
Loss before income taxes	$	(15,584)	$	(8,944)

The provision (benefit) for income taxes from continuing operations is summarized as follows ($ in thousands):


	Year ended December 31,
	2022		2021
Current
Federal	$	195	$	4,378
State	4		—
International	55		203
Total current tax expense	254		4,581
Deferred
Federal	94		(1,281)
State	2		—
International	—		(27)
Total deferred tax expense (benefit)	96		(1,308)
Total tax expense	$	350	$	3,273

The following table sets forth the components of our total deferred tax assets ($ in thousands):


	December 31, 2022		December 31, 2021
Deferred tax assets:
Stock compensation	$	2	$	2
Accrued expenses	84		24


Net operating losses (1)	1,109		637
Lease liabilities	54		14
Other	76		1

Gross deferred tax assets	1,325		678
Deferred tax liability:
Right-of-use lease assets	53		13
Investments	6		—


Gross deferred tax liabilities	59		13
Net deferred tax asset before valuation allowance	1,266		665
Valuation allowance	(1,266)		(498)
Deferred tax asset, net	$	—	$	167

_____________

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

The change in deferred tax assets is included in changes in other assets and liabilities in the Consolidated Statement of Cash Flows. The significant factors contributing to the increase in our valuation allowance in 2022 are due to increases in the temporary differences attributable to net operating losses, accrued compensation, and unrealized losses.

ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is "more likely than not." Realization of the future tax benefits is dependent on the Company's ability to generate sufficient taxable income within the carryforward period. AAMC has historically been in a three-year cumulative loss position with the exception of 2020 due to the recognition of the Termination Fee payments as income that year. Removing this income from the analysis results in cumulative three-year book losses as of December 31, 2022. The Company believes that it is more likely than not that the Company will not realize the benefit of its net deferred tax assets. As such, the Company has recorded a full valuation allowance in 2022 against its net deferred tax assets. The valuation allowance increased by $768 thousand during the year ended December 31, 2022.

The following table sets forth the reconciliation of the statutory USVI income tax rate from continuing operations to our effective income tax rate:


	Year ended December 31,
	2022		2021
U.S. Virgin Islands income tax rate	23.1	%	23.1	%


EDC benefits in the USVI	(19.5)		(48.2)
Foreign tax rate differential	(0.2)		(0.2)
Subpart F income	—		(18.5)
Permanent and other	(0.5)		(1.6)
Share-based compensation	—		(0.2)
Valuation allowance	(4.9)		(4.8)
Foreign Tax Credit	—		13.6
Other Adjustments	(0.3)		—
Effective income tax rate	(2.3)	%	(36.8)	%

During the tax years ended December 31, 2022 and 2021, we recognized no interest or penalties associated with unrecognized tax benefits. As of December 31, 2022 and 2021, we had accrued no unrecognized tax benefits or associated interest and penalties.

AAMC believes that the tax positions taken in the AAMC tax returns satisfy the more-likely-than-not threshold for benefit recognition. Furthermore, a review of the AAMC entity trial balances suggests that AAMC has appropriately addressed the material book-tax differences. AAMC is confident that the amounts claimed (or expected to be claimed) in the tax returns reflect the largest amount of such benefits that are greater than fifty percent likely of being realized upon ultimate settlement. Accordingly, no ASC 740-10-25 liabilities have been recorded by the Company as a result of ASC 740-10-25.

We remain subject to tax examination in the USVI for tax years 2019 to 2022 and in the United States for tax years 2019 to 2022.

- 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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Loans Held for Sale or Investment at Fair Value - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Number of loan portfolio \| loan	128
Weighted average coupon	9.40%
Net yield	8.50%
Weighted average life, terms	8 months 6 days
Number of loan outstanding \| loan	19
Percentage of outstanding total principal amount	60.00%
Number of loans on nonaccrual status or 90 days or more past due \| loan	1
Carry value of nonaccrual loan \| $	$ 600,000
Valuation Technique, Discounted Cash Flow
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Net yield	11.40%
Valuation Technique, Discounted Cash Flow \| Portfolio Loans
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Net yield	7.70%
Fair Value Measurements, Recurring
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Assets, fair value disclosure \| $	$ 94,736,000	$ 0
Liabilities, fair value disclosure \| $	$ 0	$ 0

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Stock compensation	$ 2	$ 2
Accrued expenses	84	24
Net operating losses	1,109	637
Lease liabilities	54	14
Other	76	1
Gross deferred tax assets	1,325	678
Deferred tax liability:
Right-of-use lease assets	53	13
Investments	6	0
Gross deferred tax liabilities	59	13
Net deferred tax asset before valuation allowance	1,266	665
Valuation allowance	(1,266)	(498)
Deferred tax asset, net	$ 0	$ 167

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (15,934)	$ (6,004)
Other comprehensive loss:
Currency translation adjustments, net	(34)	(6)
Total other comprehensive loss	(34)	(6)
Comprehensive loss	$ (15,968)	$ (6,010)

- Definition

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

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+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	250,000	250,000
Preferred stock, shares outstanding (in shares)	144,212	150,000
Preferred stock, redemption amount	$ 144,212,000	$ 150,000,000
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	5,000,000	5,000,000
Common stock, shares issued (in shares)	3,432,294	3,416,541
Common stock, shares outstanding (in shares)	1,783,862	2,055,561
Treasury stock, shares (in shares)	1,648,432	1,360,980

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net loss	$ (15,934,000)	$ (6,004,000)
Less: Income from discontinued operations, net of tax	0	6,213,000
Net loss from continuing operations	(15,934,000)	(12,217,000)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities:
Depreciation	199,000	309,000
Share-based compensation	340,000	1,939,000
Amortization of operating lease right-of-use assets	241,000	139,000
Change in fair value of loans	1,963,000	0
Dividend income	0	(3,061,000)
Change in fair value of securities	0	(146,000)
Gain on securities	0	(8,347,000)
Changes in operating assets and liabilities, net of effects from discontinued operations and acquisitions of subsidiaries:
Originations of held for sale loans	(8,843,000)	0
Principal payments on held for sale loans	1,061,000	0
Additional fundings of held for sale loans	(3,857,000)	0
Interest receivable	(1,353,000)	0
Amortization of deferred financing fees	52,000	0
Other assets and liabilities	(933,000)	(5,145,000)
Receivable from Front Yard	0	3,414,000
Net cash used in continuing operations	(27,064,000)	(23,115,000)
Net cash provided by discontinued operations	0	5,439,000
Net cash used in operating activities	(27,064,000)	(17,676,000)
Investing activities:
Website development	(1,482,000)	0
Purchase of loans held for investment	(99,087,000)	0
Additional fundings of loans held for investment	(10,794,000)	0
Principal payments on loans held for investment	26,174,000	0
Purchase of equity securities	0	(96,950,000)
Dividends received	0	3,061,000
Proceeds from sale of interest in equity securities	0	152,796,000
Investment in property and equipment	(60,000)	(511,000)
Net cash (used in) provided by continuing operations	(85,249,000)	58,396,000
Net cash provided by discontinued operations	0	511,000
Net cash (used in) provided by investing activities	(85,249,000)	58,907,000
Financing activities:
Conversion of preferred stock	(1,893,000)	(3,763,000)
Proceeds from borrowed funds	95,197,000	28,549,000
Repayment of borrowed funds	(43,544,000)	(28,549,000)
Deferred financing fees	(125,000)	0
Proceeds and payment of tax withholding on exercise of stock options, net	25,000	5,000
Shares withheld for taxes upon vesting of restricted stock	0	(1,046,000)
Net payment from subsidiaries included in disposal group	0	(80,000)
Repurchase of common stock	(2,881,000)	0
Net cash provided by (used in) continuing operations	46,779,000	(4,884,000)
Net cash provided by discontinued operations	0	80,000
Net cash provided by (used in) financing activities	46,779,000	(4,804,000)
Net change in cash and cash equivalents	(65,534,000)	36,427,000
Effect of exchange rate changes on cash and cash equivalents	(41,000)	115,000
Consolidated cash, cash equivalents and restricted cash, beginning of period	78,349,000	41,807,000
Consolidated cash, cash equivalents and restricted, end of the period	12,774,000	78,349,000
Supplemental disclosure of cash flow information (continuing and discontinued operations):
Cash paid for interest	873,000	60,000
Income taxes paid	3,806,000	2,103,000
Right-of-use lease assets recognized - operating leases	710,000	308,000
Operating lease liabilities recognized	710,000	0
Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets:
Cash and cash equivalents	10,727,000	78,349,000
Restricted cash	2,047,000	0
Consolidated cash and cash equivalents	$ 12,774,000	$ 78,349,000

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Atlanta, Georgia

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of presentation	The accompanying audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. All wholly owned subsidiaries are included, and all intercompany accounts and transactions have been eliminated. The Company changed its balance sheet presentation from classified (distinguishing between short-term and long-term accounts) to unclassified (no such distinction) in the second quarter of 2022. This change was prompted by the Company’s strategic decision to launch an alternative lending operation, ALG, in March 2022, as described above. The presentation of an unclassified balance sheet is consistent with that of the Company’s peers within the lending industry. Further, the previous classified presentation was not utilized to derive any metric by which the Company is measured or will be measured on a prospective basis. As the Company is now presenting an unclassified balance sheet, reclassification adjustments have been made to the historical Consolidated Balance Sheets at December 31, 2021 in order for it to conform with the current unclassified presentation.
Use of estimates	The preparation of 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Loans held for sale or investment, carried at fair market value We originate and purchase alternative loans. These loans will either be classified as held for investment or held for sale depending upon the determination of management. We have elected to measure these alternative loans at fair value on a loan by loan basis. This option is available when we first recognize a financial asset. Subsequent changes in the fair value of these loans will be recorded in our Consolidated Statements of Operations in the period of the change. Purchased loans, also known as correspondent loans, can be bought with a net strip interest component in that the seller of the loan will receive an agreed upon percentage of the coupon interest generated from the sold loan. This strip component is reflected as service and asset management expense on the Consolidated Statements of Operations. A fair value measurement represents the price at which an orderly transaction would occur between willing market participants at the measurement date. We estimate the fair values of the loans held for investment or sale based on available inputs from the marketplace. The market for the loans that we have or will invest in is generally illiquid. Establishing fair values for illiquid assets is inherently subjective and is often dependent upon our estimates and modeling assumptions. In circumstances where relevant market inputs cannot be obtained, increased analysis and management judgment are required to estimate fair value. This generally requires us to establish internal assumptions about future cash flows and appropriate risk-adjusted discount rates. Regardless of the valuation inputs we apply, the objective of fair value measurement for assets is unchanged from what it would be if markets were operating at normal activity levels and/or transactions were orderly; that is, to determine the current exit price. See Note 4 for further discussion on fair value measurements. Interest for these loans is recognized as revenue based on the stated coupon when earned and deemed collectible or until a loan becomes more than 90 days past due, at which point the loan is placed on nonaccrual status and any accrued interest is reversed against interest income. When a seriously delinquent loan previously placed on nonaccrual status has been cured, meaning all delinquent principal and interest have been remitted by the borrower, the loan will be placed back on accrual status. Interest accrued as of period end is included within loans held for sale, at fair value or loans held for investment, at fair value in the Consolidated Balance Sheets as applicable.
Recently issued accounting standards	Recently issued accounting standards Recently issued accounting standards 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. Our adoption of this standard in the first quarter of 2022 did not have a material impact on our financial statements. Recently issued accounting standards not yet adopted 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. In December 2022, the FASB extended the temporary accounting rules under Topic 848 from December 31, 2022 to December 31, 2024. 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. Recent accounting pronouncements pending adoption not discussed above or in the 2021 Form 10-K are either not applicable or will not have, or are not expected to have a material impact on our consolidated financial position, results of operations, or cash flows.
Cash equivalents	Cash equivalents We consider highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Certain account balances exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. To mitigate this risk, we maintain our cash and cash equivalents at large national or international banking institutions. Restricted cash We have designated restricted cash when appropriate within our Consolidated Balance Sheets.
Consolidations	Consolidations The consolidated financial statements include the accounts of AAMC and its consolidated subsidiaries, which include the voting interest entities in which we are determined to have a controlling financial interest. Our voting interest entities consist entirely of our wholly owned subsidiaries. We also consider variable interest entities (“VIEs”) for consolidation where we are the primary beneficiary. We had no VIEs or potential VIEs as of and for the years ended December 31, 2022 or 2021.
Earnings per share	Earnings per share Basic earnings per share is computed by dividing net income or loss, less amortization of preferred stock issuance costs, by the weighted average common stock outstanding during the period. Diluted earnings per share is computed by dividing net income or loss by the weighted average common stock outstanding for the period plus the dilutive effect of (i) stock options and restricted stock outstanding using the treasury stock method and (ii) Series A Preferred Shares using the if-converted method. Weighted average common stock outstanding - basic excludes the impact of unvested restricted stock since dividends paid on such restricted stock are non-participating. Any gain on settlement of preferred shares, which is recorded directly to equity, is included in the numerators for our earnings per share calculations.
Fair value of financial instruments	Fair value of financial instruments We designate fair value measurements into three levels based on the lowest level of substantive input used to make the fair value measurement. Those levels are as follows: •Level 1 - Quoted prices in active markets for identical assets or liabilities. •Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. •Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Income taxes	Income taxes Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to our judgment, we reduce a deferred tax asset by a valuation allowance if it is “more likely than not” that some or the entire deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and we recognize tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority. For all temporary differences, we have considered the potential future sources of taxable income against which they may be realized. In so doing, we have taken into account temporary differences that we expect to reverse in future years and those where it is unlikely. Where it is more likely than not that there will not be potential future taxable income to offset a temporary difference, a valuation allowance has been recorded. Lastly, the Company accounts for the tax on global intangible low-taxed income (“GILTI”) as incurred and therefore has not recorded deferred taxes related to GILTI on its foreign subsidiaries.
Leases	Leases On January 1, 2019, we adopted ASU 2016-02, including various associated updates and amendments, which together comprise the requirements for lease accounting under ASC 842. ASC 842 fundamentally changes accounting for operating leases by requiring lessees to recognize a liability to make lease payments and a right-of-use asset over the term of the lease. We also adopted the “package of practical expedients,” which permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs under the new standard. We also elected the short-term lease exemption for all leases that qualify; as a result, we will not recognize right-of-use assets or lease liabilities for leases with a term of less than 12 months at inception. We lease office space under three operating leases. Our office leases are generally for terms of one to five years and typically include renewal options, which we consider when determining our lease right-of-use assets and lease liabilities to the extent that a renewal option is reasonably certain of being exercised. Along with rents, we are generally required to pay common area maintenance, property taxes and insurance, each of which vary from period to period and are therefore expensed as incurred.
Other assets	Other assetsOther assets includes leasehold improvements; furniture, fixtures and equipment; deferred tax assets, refunds due and miscellaneous other assets. The cost basis of fixed assets is depreciated using the straight-line method over an estimated useful life of three to five years based on the nature of the components.
Revenue recognition	Revenue recognition Interest revenue is recognized based on the stated coupon when earned and deemed collectible or until a loan becomes more than 90 days past due, at which point the loan is place on nonaccrual status and any accrued interest is reversed against interest revenue. Upon a nonaccrual loan being reinstated, meaning all delinquent principal and interest payments have been remitted by the borrower, the loan will be placed back on accrual status. Interest accrued as of period end is included within loans for sale, at fair value, or loans held for investment, at fair value, in the Consolidated Balance Sheets as applicable. Loan fees represent origination fees charged to borrowers and are recognized to revenue upon the origination date of the loan.
Share-based compensation	Share-based compensation We amortize the grant date fair value of restricted stock as expense on a straight-line basis over the service period with an offsetting increase in stockholders' equity. The grant date fair value of awards with only service-based vesting conditions is determined based upon the share price on the grant date. We recognize share-based compensation expense related to (i) awards to employees in salaries and employee benefits and (ii) awards to Directors or non-employees in general and administrative expense in our Consolidated Statements of Operations. Forfeitures of share-based awards are recognized as they occur.
Treasury stock	Treasury stock We account for repurchased common stock under the cost method and include such treasury stock as a component of total stockholders’ equity. We have repurchased shares of our common stock (i) under our Board approval to repurchase up to $300.0 million in shares of our common stock and (ii) upon our withholding of shares of our common stock to satisfy tax withholding obligations in connection with the vesting of our restricted stock.

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table details the components comprising net income from our discontinued operations for the year ended December 31, 2021. ($ in thousands):


	Year ended December 31,
		2021













Other income from discontinued operations:
Gain on disposal		$	7,485

Total other income from discontinued operations		7,485

Net income from discontinued operations before income taxes		7,485

Income tax expense		1,272
Net income from discontinued operations		$	6,213

The following table details cash flow information related to our discontinued operations for the year ended December 31, 2021. ($ in thousands):


	Year ended December 31,
		2021
Total operating cash flows from discontinued operations		$	5,439
Total investing cash flows from discontinued operations		511
Total financing cash flows from discontinued operations		80

- Definition

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

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+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Litigation, claims and assessments From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. Set forth below is a summary of material legal proceedings to which we are a party as of December 31, 2022: Litigation regarding Luxor Capital Group, LP and certain of its managed funds and accounts ("Luxor") Please refer to Note 1 – Section Series A Convertible Preferred Stock in 2014 Private Placement. 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 made extra contractual claims against the Company for not affording Mr. Chatterjee a “fair procedure” and placed him in a “false light” by disclosing Mr. Chatterjee’s termination in its public announcement of the for cause termination. In addition, the arbitration complaint 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. On October 20, 2021, the arbitrator granted the Company’s motion to dismiss with respect to Mr. Chatterjee’s “fair procedure” and “false light” claims, but denied the motion to dismiss the tort claim against each of the directors. Following the close of discovery on July 11, 2022, the Company moved for summary judgment seeking dismissal of Mr. Chatterjee's remaining claims against the Company and against its directors, and further seeking entry of judgment on the majority of the Company's counterclaims. On July 21, 2022, the Company and its directors filed a motion alleging that Mr. Chatterjee had engaged in fraud and seeking as sanctions for that abuse both the dismissal of all of Mr. Chatterjee's claims and the payment of the Company's legal fees resulting from that alleged abuse. Following briefing by all parties on the summary judgment and sanction motions, on October 19, 2022, the arbitrator found that Mr. Chatterjee engaged in serious and repeated misconduct, attempting to perpetrate a fraud on the arbitrator and the Company and accordingly (i) dismissed all of Mr. Chatterjee's remaining claims, both as a sanction for his misconduct and, independently, on the merits of the Respondents' motion for summary judgment; (ii) granted summary judgment on one of the Company's counterclaims requiring Mr. Chatterjee to pay the Company $400,000 (the return of half of his initial signing bonus); and, (iii) ordered that Mr. Chatterjee, as a further sanction for his misconduct, reimburse the Company for all expenses it incurred directly and solely as a result of his misconduct (which dollar amount has not yet been set). On December 29, 2022, the arbitrator entered a final order which granted an additional award of fees and costs to the Company in the amount of over $1 million, bringing the Company's total judgment against Mr. Chatterjee to approximately $1.6 million. In the arbitrator's final award, he also included the amounts he had previously awarded to the Company in his October 19, 2022 order, which were $400,000 plus interest at the U.S. Virgin Islands' 9.0% statutory rate for contractual claims (since Mr. Chatterjee's termination on April 16, 2021) and approximately $140,000 as reimbursement to the Company for all expenses the Company incurred directly and soley as a result of Mr. Chatterjee's misconduct in the arbitration. The Company intends to enforce the judgment against Mr. Chatterjee. 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 on various alleged grounds, including that the Court allegedly lacks personal jurisdiction over Defendants. Plaintiffs and AAMC have opposed Defendants’ motions and have also 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 held additional oral argument on the pending motions on October 25, 2021. Plaintiffs have repeatedly requested the Court to decide the pending motions and issue a scheduling order permitting discovery to proceed. On October 11, 2022, the Court appointed a Staff Master to decide, or issue a recommended decision on, the pending motions, including the motion to dismiss for lack of personal jurisdiction. On February 1, 2023, Plaintiffs and AAMC filed a petition for mandamus with the United States Virgin Islands Supreme Court seeking an order directing the Superior Court to issue a decision on the personal jurisdiction issue and to permit discovery to proceed. On March 3, 2023, the Staff Master held a hearing to discuss the pending motions to dismiss. At the hearing, he indicated that a recommended decision on the pending motions (which would need to be confirmed or rejected by the Court) could be expected in late March or early April, 2023. At this time, we are not able to predict the ultimate outcome of this matter, nor can we estimate the range of possible damages to be awarded to AAMC, if any. As such, we have not recorded a gain contingency for this matter at December 31, 2022 or 2021, respectively.

Leases - Narrative (Details) - USD ($)	12 Months Ended
Leases - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease, weighted average remaining lease term	3 years 9 months 18 days	5 years 1 month 6 days
Operating lease, discount rate	7.00%	7.00%
Operating lease cost	$ 300,000	$ 200,000
Short-term lease cost	0	0
Finance lease, liability	$ 0	$ 0

Income Taxes - Narrative (Details)	12 Months Ended
Income Taxes - Narrative (Details)	Dec. 31, 2022 USD ($) employee	Dec. 31, 2021 USD ($)
Income Tax Disclosure [Abstract]
Income tax exemption, percentage	90.00%
Minimum employee requirement \| employee	5
Cumulative loss position, duration	3 years
Increase in valuation allowance	$ 768,000
Unrecognized tax benefit, interest and penalties expensed	0	$ 0
Unrecognized tax benefit, interest and penalties accrued	$ 0	$ 0

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 195	$ 4,378
State	4	0
International	55	203
Total current tax expense	254	4,581
Deferred
Federal	94	(1,281)
State	2	0
International	0	(27)
Total deferred tax expense (benefit)	96	(1,308)
Total tax expense	$ 350	$ 3,273

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Information	12. Segment Information Our primary business prior to December 31, 2020 was to provide asset management and certain corporate governance services to institutional investors. Because substantially all of our revenue was derived from the services we provided to Front Yard, we previously operated as a single segment focused on providing asset management and corporate governance services. Currently, ALG is our primary segment which we will be growing in 2023.

- Definition

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

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+ Details

Loans Held for Sale or Investment at Fair Value - Schedule Of Accounts Loan Portfolio By Classification (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at December 31, 2021	$ 0
Balance at December 31, 2022	83,143
Loans Held For Sale
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at December 31, 2021	0
Acquisitions	0
Originations	8,843
Additional fundings	3,857
Interest receivable	91
Payoffs and repayments	(1,061)
Fair value adjustment	(137)
Balance at December 31, 2022	11,593
Loan Held For Investment
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance at December 31, 2021	0
Acquisitions	99,087
Originations	0
Additional fundings	10,794
Interest receivable	1,262
Payoffs and repayments	(26,174)
Fair value adjustment	(1,826)
Balance at December 31, 2022	$ 83,143

Incentive Compensation and Share-based Payments - Schedule of Shares Reserved for Future Issuance (Details) - shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Stock options outstanding (in shares)	0	5,850	67,225
Possible future issuances under equity incentive plan (in shares)	91,217
Common stock reserved for future issuance (in shares)	91,217
Common stock, shares available to be issued under charter (in shares)	1,567,706

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

7. Leases

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

As of December 31, 2022 and 2021, our weighted average remaining lease term, including applicable extensions, was 3.8 years and 5.1 years, respectively, and we applied a discount rate of 7.0% and 7.0%, respectively, to our office leases. We determined the discount rate for each lease to be either the discount rate stated in the lease agreement or our estimated rate that we would charge to finance real estate assets.

During the years ended December 31, 2022 and 2021, we recognized rent expense of $0.3 million and $0.2 million, respectively, related to long-term operating leases. We had no short-term rent expense in 2022 or 2021. We include rent expense as a component of general and administrative expenses in the Consolidated Statements of Operations. We had no finance leases during the years ended December 31, 2022 and December 31, 2021.

The following table presents a maturity analysis of our operating leases as of December 31, 2022 ($ in thousands):


	Operating Lease Liabilities
2022	$	468
2023	330
2024	311
2025	321
2026	76

Total lease payments	1,506
Less: interest	183
Lease liabilities	$	1,323

Equity Securities

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Equity Securities

5. Equity Securities

Investment gains/losses for December 31, 2022 and 2021, are summarized as follows ($ in thousands):


	Year ended December 31,
	2022		2021
Equity securities:

Investment gains on securities sold during the period	$	—	$	8,347
	—		8,347

Front Yard common stock:

Investment gains on securities sold during the period	—		146
	—		146

Total change in fair value of equity securities and Front Yard common stock	$	—	$	8,493

Investment gains and losses include unrealized gains and losses from changes in fair values during the period on positions that we owned in 2021. As reflected in the Consolidated Statements of Cash Flows, total proceeds from sales of securities during December 31, 2021 was $152.8 million which consisted of proceeds from sales of Front Yard common stock of $47.5 million and $105.3 million in proceeds from sales of securities. No proceeds from sales of securities were received in 2022 because no investments were held. 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 period.

Equity Securities (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Gain/Losses

Investment gains/losses for December 31, 2022 and 2021, are summarized as follows ($ in thousands):


	Year ended December 31,
	2022		2021
Equity securities:

Investment gains on securities sold during the period	$	—	$	8,347
	—		8,347

Front Yard common stock:

Investment gains on securities sold during the period	—		146
	—		146

Total change in fair value of equity securities and Front Yard common stock	$	—	$	8,493

Organization and Basis of Presentation (Details)						3 Months Ended				12 Months Ended
Organization and Basis of Presentation (Details)	Jul. 18, 2022 USD ($) $ / shares shares	Jan. 06, 2022 USD ($) investor shares	Aug. 27, 2021 USD ($) shares	Feb. 17, 2021 USD ($) shares	Feb. 03, 2020 USD ($) $ / shares	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2014 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)	Dec. 29, 2016 series_of_preferred_stock shares	May 26, 2016 $ / shares
Organization and Basis of Presentation [Line Items]
Loans receivable, threshold period past due										90 days
Preferred stock, shares issued (in shares) \| shares									250,000	250,000	250,000
Proceeds from issuance of convertible preferred stock									$ 250,000,000
Temporary equity, redemption period									5 years
Redemption price per share (in USD per share) \| $ / shares					$ 1,000				$ 1,000
Preferred stock, conversion price per share (in USD per share) \| $ / shares									$ 1,250
Exchange ratio for preferred stock to common stock									0.8
Loss contingency, damages awarded, number of business days to pay				3 days
Preferred stock conversion										$ 5,122,000	$ 95,014,000
Stock repurchased during period (in shares) \| shares	286,873
Stock repurchased during period, value	$ 2,868,730									$ 2,881,000
Price of common stock repurchased ( in usd per share) \| $ / shares	$ 10
Number of institutional investors in settlement agreement \| investor		2
Preferred stock, par value (in USD per share) \| $ / shares										$ 0.01	$ 0.01			$ 0.01
Number of additional series of preferred stock authorized \| series_of_preferred_stock													14
Number of shares each new series of preferred stock authorizes (in shares) \| shares													1,000
Dividends declared and paid on preferred stock										$ 400,000	$ 400,000	$ 1,600,000
Additional Paid-in Capital
Organization and Basis of Presentation [Line Items]
Preferred stock conversion								$ 71,900,000		5,122,000	95,012,000
Preferred stock
Organization and Basis of Presentation [Line Items]
Accounts payable and accrued liabilities										$ 32,000	$ 12,000
Luxor
Organization and Basis of Presentation [Line Items]
Damages sought					$ 150,000,000
Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation
Organization and Basis of Presentation [Line Items]
Gain related to litigation settlement						$ 5,100,000
Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation \| Putnam
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
Settlement Agreement with Wellington
Organization and Basis of Presentation [Line Items]
Amount awarded to other party			$ 2,093,000
Gain related to litigation settlement							$ 16,100,000
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		$ 5,790,000			$ 250,000,000
Litigation settlement, shares awarded from other party (in shares) \| shares		5,788
Series A Preferred Stock \| Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation
Organization and Basis of Presentation [Line Items]
Amount awarded to other party		$ 665,000
Series A Preferred Stock \| Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation \| Putnam
Organization and Basis of Presentation [Line Items]
Shares converted (in shares) \| shares				81,800
Series A Preferred Stock \| Settlement Agreement with Wellington
Organization and Basis of Presentation [Line Items]
Preferred stock, liquidation preference			$ 18,200,000
Litigation settlement, shares awarded from other party (in shares) \| shares			18,200
Common Stock \| Luxor Capital Group, LP, et al. v. Altisource Asset Management Corporation \| Putnam
Organization and Basis of Presentation [Line Items]
Shares issued related to conversion of stock (in shares) \| shares				288,283
Redeemable Preferred Stock
Organization and Basis of Presentation [Line Items]
Preferred stock, shares issued (in shares) \| shares										3,200	1,200

Discontinued Operations - Income Statement (Details) - Discontinued Operations $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Other income from discontinued operations:
Gain on disposal	$ 7,485
Total other income from discontinued operations	7,485
Net income from discontinued operations before income taxes	7,485
Income tax expense	1,272
Net income from discontinued operations	$ 6,213

Discontinued Operations

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

3. Discontinued Operations

Our primary client prior to December 31, 2020 had 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 all periods presented prior to December 31, 2021 was generated through our asset management agreements with Front Yard.

On August 13, 2020, AAMC and Front Yard entered into a Termination and Transition Agreement (the “Termination Agreement”), pursuant to which the Company and Front Yard have agreed to effectively internalize the asset management function of Front Yard. The Termination Agreement provided that the Amended AMA would terminate following a transition period to enable the internalization of Front Yard’s asset management function, allow for the assignment of certain vendor contracts and implement the transfer of certain employees to Front Yard and the training of required replacement employees at each company. In addition, Front Yard acquired the equity interests of AAMC's Indian subsidiary, the equity interests of AAMC's Cayman Islands subsidiary, the right to solicit and hire designated AAMC employees that oversaw 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 transition period ended at the close of business, December 31, 2020, the time that AAMC and Front Yard mutually agreed that all required transition activities had been successfully completed (the “Termination Date”). On the Termination Date, the Amended AMA terminated, and 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 gain on this sale, net of taxes was $6.2 million.

The Company had no assets and liabilities related to our discontinued operations that constituted the Disposal Group at December 31, 2022.

The following table details the components comprising net income from our discontinued operations for the year ended December 31, 2021. ($ in thousands):


	Year ended December 31,
		2021













Other income from discontinued operations:
Gain on disposal		$	7,485

Total other income from discontinued operations		7,485

Net income from discontinued operations before income taxes		7,485

Income tax expense		1,272
Net income from discontinued operations		$	6,213

The following table details cash flow information related to our discontinued operations for the year ended December 31, 2021. ($ in thousands):


	Year ended December 31,
		2021
Total operating cash flows from discontinued operations		$	5,439
Total investing cash flows from discontinued operations		511
Total financing cash flows from discontinued operations		80

Loans Held for Sale or Investment at Fair Value - Loan Commitment Classified by Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	$ 113,237
Percent of Portfolio		100.00%
Florida
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	32,422
Percent of Portfolio		28.60%
New York
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	22,250
Percent of Portfolio		19.60%
New Jersey
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	12,367
Percent of Portfolio		10.90%
California
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	12,513
Percent of Portfolio		11.10%
Washington
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	6,215
Percent of Portfolio		5.50%
Connecticut
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	4,374
Percent of Portfolio		3.90%
Texas
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	4,815
Percent of Portfolio		4.30%
Illinois
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	4,357
Percent of Portfolio		3.80%
Other
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Commitment	$ 13,924
Percent of Portfolio		12.30%

Earnings Per Share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock options
Denominator
Antidilutive shares excluded from computation of earnings per share (in shares)	0	0
Restricted stock
Denominator
Antidilutive shares excluded from computation of earnings per share (in shares)	16,965	0
Preferred stock
Denominator
Antidilutive shares excluded from computation of earnings per share (in shares)	115,434	0

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events Management has evaluated the impact of all subsequent events to December 31, 2022 and through the issuance of these consolidated financial statements. Management has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

Commitments and Contingencies (Details)			12 Months Ended
Commitments and Contingencies (Details)	Dec. 29, 2022 USD ($)	Oct. 19, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Former Chief Executive Officer, Indroneel Chatterjee
Loss Contingencies [Line Items]
Amount awarded to company	$ 1,000,000	$ 400,000	$ 1,600,000
Amount awarded to company, interest rate		0.090
Reimbursement of legal expenses		$ 140,000
Erbey Holding Corporation et al. v. Blackrock Management Inc., et al.
Loss Contingencies [Line Items]
Gain contingency			$ 0	$ 0

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) lease
Property, Plant and Equipment [Line Items]
Number of operating leases \| lease	3
Authorized amount of stock to repurchase \| $	$ 300.0
Minimum
Property, Plant and Equipment [Line Items]
Operating lease, term of contract	1 year
Property useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Operating lease, term of contract	5 years
Property useful life	5 years

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Cash equivalents We consider highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Certain account balances exceed FDIC insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. To mitigate this risk, we maintain our cash and cash equivalents at large national or international banking institutions. Restricted cash We have designated restricted cash when appropriate within our Consolidated Balance Sheets. Consolidations The consolidated financial statements include the accounts of AAMC and its consolidated subsidiaries, which include the voting interest entities in which we are determined to have a controlling financial interest. Our voting interest entities consist entirely of our wholly owned subsidiaries. We also consider variable interest entities (“VIEs”) for consolidation where we are the primary beneficiary. We had no VIEs or potential VIEs as of and for the years ended December 31, 2022 or 2021. Earnings per share Basic earnings per share is computed by dividing net income or loss, less amortization of preferred stock issuance costs, by the weighted average common stock outstanding during the period. Diluted earnings per share is computed by dividing net income or loss by the weighted average common stock outstanding for the period plus the dilutive effect of (i) stock options and restricted stock outstanding using the treasury stock method and (ii) Series A Preferred Shares using the if-converted method. Weighted average common stock outstanding - basic excludes the impact of unvested restricted stock since dividends paid on such restricted stock are non-participating. Any gain on settlement of preferred shares, which is recorded directly to equity, is included in the numerators for our earnings per share calculations. Fair value of financial instruments We designate fair value measurements into three levels based on the lowest level of substantive input used to make the fair value measurement. Those levels are as follows: •Level 1 - Quoted prices in active markets for identical assets or liabilities. •Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. •Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Income taxes Income taxes are provided for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to our judgment, we reduce a deferred tax asset by a valuation allowance if it is “more likely than not” that some or the entire deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and we recognize tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority. For all temporary differences, we have considered the potential future sources of taxable income against which they may be realized. In so doing, we have taken into account temporary differences that we expect to reverse in future years and those where it is unlikely. Where it is more likely than not that there will not be potential future taxable income to offset a temporary difference, a valuation allowance has been recorded. Lastly, the Company accounts for the tax on global intangible low-taxed income (“GILTI”) as incurred and therefore has not recorded deferred taxes related to GILTI on its foreign subsidiaries. Leases On January 1, 2019, we adopted ASU 2016-02, including various associated updates and amendments, which together comprise the requirements for lease accounting under ASC 842. ASC 842 fundamentally changes accounting for operating leases by requiring lessees to recognize a liability to make lease payments and a right-of-use asset over the term of the lease. We also adopted the “package of practical expedients,” which permits us not to reassess our prior conclusions about lease identification, lease classification and initial direct costs under the new standard. We also elected the short-term lease exemption for all leases that qualify; as a result, we will not recognize right-of-use assets or lease liabilities for leases with a term of less than 12 months at inception. We lease office space under three operating leases. Our office leases are generally for terms of one to five years and typically include renewal options, which we consider when determining our lease right-of-use assets and lease liabilities to the extent that a renewal option is reasonably certain of being exercised. Along with rents, we are generally required to pay common area maintenance, property taxes and insurance, each of which vary from period to period and are therefore expensed as incurred. Other assets Other assets includes leasehold improvements; furniture, fixtures and equipment; deferred tax assets, refunds due and miscellaneous other assets. The cost basis of fixed assets is depreciated using the straight-line method over an estimated useful life of three to five years based on the nature of the components. Revenue recognition Interest revenue is recognized based on the stated coupon when earned and deemed collectible or until a loan becomes more than 90 days past due, at which point the loan is place on nonaccrual status and any accrued interest is reversed against interest revenue. Upon a nonaccrual loan being reinstated, meaning all delinquent principal and interest payments have been remitted by the borrower, the loan will be placed back on accrual status. Interest accrued as of period end is included within loans for sale, at fair value, or loans held for investment, at fair value, in the Consolidated Balance Sheets as applicable. Loan fees represent origination fees charged to borrowers and are recognized to revenue upon the origination date of the loan. Share-based compensation We amortize the grant date fair value of restricted stock as expense on a straight-line basis over the service period with an offsetting increase in stockholders' equity. The grant date fair value of awards with only service-based vesting conditions is determined based upon the share price on the grant date. We recognize share-based compensation expense related to (i) awards to employees in salaries and employee benefits and (ii) awards to Directors or non-employees in general and administrative expense in our Consolidated Statements of Operations. Forfeitures of share-based awards are recognized as they occur. Treasury stock We account for repurchased common stock under the cost method and include such treasury stock as a component of total stockholders’ equity. We have repurchased shares of our common stock (i) under our Board approval to repurchase up to $300.0 million in shares of our common stock and (ii) upon our withholding of shares of our common stock to satisfy tax withholding obligations in connection with the vesting of our restricted stock.

Incentive Compensation and Share-based Payments (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table sets forth the activity of our outstanding options:


	Number of Options	Weighted Average Exercise Price per Share

















December 31, 2020	67,225	12.13
Forfeited/expired (1)	(61,375)	12.87
December 31, 2021	5,850	4.36
Exercised (2)	(5,850)	$	4.36
December 31, 2022	—

_____________

(1)1,000 stock options expired on July 18, 2021 and 375 expired on July 21, 2021. All forfeited and expired options had a weighted average exercise price of $12.87.

(2)5,850 stock options were exercised on March 12, 2022 with a weighted average exercise price of $4.36.

Schedule of Restricted Stock Activity

The following table sets forth the activity of our restricted stock:


	Number of Shares	Weighted Average Grant Date Fair Value


















December 31, 2020	129,380	24.32
Granted	97,907	25.77
Vested (1)	(162,051)	14.50
Forfeited/expired	(50,000)	14.35
December 31, 2021	15,236	23.15
Granted	31,071	12.95
Vested (1)	(9,903)	23.99
December 31, 2021	36,404	$	14.22

_____________

(1)The vesting date fair value of restricted stock that vested during the years ended December 31, 2022, and 2021 was $0.2 million and $2.1 million, respectively.

Schedule of Shares Reserved for Future Issuance

The following table sets forth the number of shares of common stock reserved for future issuance. We may issue new shares or issue shares from treasury shares upon the exercise of stock options or the vesting of restricted stock.


						December 31, 2022
Stock options outstanding						—
Possible future issuances under share-based compensation plans						91,217
						91,217

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Components of Diluted Earnings (Loss) Per Share

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


	Year ended December 31,
	2022		2021
Numerator
Continuing operations:
Net loss from continuing operations	$	(15,934)	$	(12,217)

Gain on preferred stock transactions	5,122		87,961
Numerator for basic and diluted EPS from continuing operations – net income (loss) from continuing operations attributable to common stockholders	$	(10,812)	$	75,744



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

Total:
Net loss	$	(15,934)	$	(6,004)

Gain on preferred stock transactions	5,122		87,961
Numerator for basic and diluted EPS - net income attributable to common stockholders	(10,812)		81,957

Denominator
Weighted average common stock outstanding – basic	1,917,503		2,002,111



Weighted average common stock outstanding – diluted	1,917,503		2,162,378

Earnings (loss) per share of common stock – basic:
Continuing operations - basic	$	(5.64)	$	37.83
Discontinued operations - basic	—		3.11
Earnings per basic common share	$	(5.64)	$	40.94

Earnings (loss) per share of common stock – diluted:
Continuing operations - diluted	$	(5.64)	$	35.03
Discontinued operations - diluted	—		2.87
Earnings per diluted common share	$	(5.64)	$	37.90

Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share


	Year ended December 31,
	2022	2021



Denominator
Stock options	—	—
Restricted stock	16,965	—
Preferred stock, if converted	115,434	—

Incentive Compensation and Share-based Payments

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Incentive Compensation and Share-based Payments

9. Incentive Compensation and Share-based Payments

Long-term incentive compensation

Our officers and employees participate in an annual non-equity incentive program whereby they are eligible for incentive cash payments based on a percentage of their annual base salary. Our officers generally have a target annual non-equity incentive payment percentage that ranges from 50% to 200% of base salary. The officer's actual incentive payment for the year is determined by (i) the Company's performance versus the objectives established by our Board of Directors (80%) and (ii) a performance appraisal (20%).

Share-based Payments

Certain executive officers and employees have and will receive grants of stock options and/or restricted stock under the 2012 and 2020 Equity Incentive Plans, collectively (the "Equity Incentive Plans"). The Equity Incentive Plans also allow for the grant of performance awards and other awards such as purchase rights, equity appreciation rights, shares of common stock awarded without restrictions or conditions, convertible securities, exchangeable securities or other rights convertible or exchangeable into shares of common stock, as the Compensation Committee in its discretion may determine.

2012 Special Equity Incentive Plan

A special grant of stock options and restricted stock was made to certain employees of Altisource Portfolio Solutions N.A. (“ASPS”) related to our separation from ASPS under the 2012 Special Equity Incentive Plan (the “2012 Special Plan”). We included no share-based compensation in our consolidated financial statements for the portion of these grants made to ASPS employees. The shares of restricted stock became fully vested and were issued during 2017.

Dividends received on restricted stock are forfeitable and are accumulated until the time of vesting at the same rate and on the same date as on shares of common stock. Upon the vesting of stock options and restricted stock, we may withhold up to the statutory minimum to satisfy the resulting employee tax obligation.

Stock options

During the years ended December 31, 2022 and 2021, we recorded zero and approximately $21,000 compensation expense related to grants of stock options, respectively.

The following table sets forth the activity of our outstanding options:


	Number of Options	Weighted Average Exercise Price per Share

















December 31, 2020	67,225	12.13
Forfeited/expired (1)	(61,375)	12.87
December 31, 2021	5,850	4.36
Exercised (2)	(5,850)	$	4.36
December 31, 2022	—

_____________

(1)1,000 stock options expired on July 18, 2021 and 375 expired on July 21, 2021. All forfeited and expired options had a weighted average exercise price of $12.87.

(2)5,850 stock options were exercised on March 12, 2022 with a weighted average exercise price of $4.36.

As of December 31, 2022, we had no outstanding options issued under all of our share-based compensation plans or as inducement awards.

As of December 31, 2021, we had 5,850 outstanding options issued under all of our share-based compensation plans or as inducement awards, with a weighted average exercise price of $4.36, weighted average remaining life of 0.2 years and intrinsic value of $0.1 million. All options were exercised in March 2022.

Restricted stock

During the year ended December 31, 2022, we granted a total of 22,500 shares of service-based restricted stock to members of management with a weighted average grant date value per share of $9.89. These shares of service-based restricted stock awards were granted either as inducement awards or under our Equity Incentive Plans. These grants were to vest in three equal installments based on the grant date(s), subject to forfeiture or acceleration.

During the year ended December 31, 2021, we granted a total of 90,671 shares of service-based restricted stock to members of management. Of which, 82,671 shares of service-based restricted stock awards were issued with a weighted average grant date fair value per share of $26.25 which vested immediately. An additional 8,000 shares were issued with a weighted average grant date value per share of $21.58. These additional shares of service-based restricted stock awards were granted either as inducement awards or under our Equity Incentive Plans. These grants will vest in three equal annual installments based on the grant date(s), subject to forfeiture or acceleration.

We recorded $0.2 million and $1.8 million of compensation expense related to these grants for the years ended December 31, 2022, and 2021, respectively. As of December 31, 2022 and 2021, we had $0.3 million and $0.3 million, respectively, of total unrecognized share-based compensation cost to be recognized over a weighted average remaining estimated term of 1.1 years and 1.2 years, respectively.

Additionally, 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. This restricted stock vests on the date of the next Annual Meeting of Stockholders following the date of grant, service period subject to each Director attending at least 75% of the Board and committee meetings. No dividends are paid on the shares until the award is issued. During the years ended December 31, 2022 and 2021, we granted 8,571 and 7,236 shares of stock, respectively, pursuant to our Equity Incentive Plans with a weighted average grant date fair value per share of $21.00 and $24.88, respectively.

The following table sets forth the activity of our restricted stock:


	Number of Shares	Weighted Average Grant Date Fair Value


















December 31, 2020	129,380	24.32
Granted	97,907	25.77
Vested (1)	(162,051)	14.50
Forfeited/expired	(50,000)	14.35
December 31, 2021	15,236	23.15
Granted	31,071	12.95
Vested (1)	(9,903)	23.99
December 31, 2021	36,404	$	14.22

_____________

(1)The vesting date fair value of restricted stock that vested during the years ended December 31, 2022, and 2021 was $0.2 million and $2.1 million, respectively.


						December 31, 2022
Stock options outstanding						—
Possible future issuances under share-based compensation plans						91,217
						91,217

As of December 31, 2022, we had 1,567,706 remaining shares of common stock, excluding treasury shares, authorized to be issued under our charter.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income by Jurisdiction

The following table sets forth the components of income (loss) from continuing operations before income taxes ($ in thousands):


	Year ended December 31,
	2022		2021
U.S. Virgin Islands	$	(15,584)	$	(8,879)
Other	—		(65)
Loss before income taxes	$	(15,584)	$	(8,944)

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes from continuing operations is summarized as follows ($ in thousands):


	Year ended December 31,
	2022		2021
Current
Federal	$	195	$	4,378
State	4		—
International	55		203
Total current tax expense	254		4,581
Deferred
Federal	94		(1,281)
State	2		—
International	—		(27)
Total deferred tax expense (benefit)	96		(1,308)
Total tax expense	$	350	$	3,273

Schedule of Deferred Tax Assets and Liabilities

The following table sets forth the components of our total deferred tax assets ($ in thousands):


	December 31, 2022		December 31, 2021
Deferred tax assets:
Stock compensation	$	2	$	2
Accrued expenses	84		24


Net operating losses (1)	1,109		637
Lease liabilities	54		14
Other	76		1

Gross deferred tax assets	1,325		678
Deferred tax liability:
Right-of-use lease assets	53		13
Investments	6		—


Gross deferred tax liabilities	59		13
Net deferred tax asset before valuation allowance	1,266		665
Valuation allowance	(1,266)		(498)
Deferred tax asset, net	$	—	$	167

_____________

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

Schedule of Effective Income Tax Rate Reconciliation

The following table sets forth the reconciliation of the statutory USVI income tax rate from continuing operations to our effective income tax rate:


	Year ended December 31,
	2022		2021
U.S. Virgin Islands income tax rate	23.1	%	23.1	%


EDC benefits in the USVI	(19.5)		(48.2)
Foreign tax rate differential	(0.2)		(0.2)
Subpart F income	—		(18.5)
Permanent and other	(0.5)		(1.6)
Share-based compensation	—		(0.2)
Valuation allowance	(4.9)		(4.8)
Foreign Tax Credit	—		13.6
Other Adjustments	(0.3)		—
Effective income tax rate	(2.3)	%	(36.8)	%

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenues from discontinued operations:
Loan interest income	$ 4,579	$ 0
Loan fee income	353	0
Servicing fee revenue	33	0
Total revenues	4,965	0
Expenses:
Salaries and employee benefits	5,839	5,635
Legal fees	4,349	6,885
Professional fees	1,901	1,531
General and administrative	3,545	2,573
Servicing and asset management expense	683	0
Acquisition charges	513	3,908
Interest expense	1,328	60
Direct loan expense	122	0
Loan sales and marketing expense	338	0
Total expenses	18,618	20,592
Other income from discontinued operations:
Change in fair value of loans	(1,963)	0
Change in fair value of equity securities	0	146
Gain on sale of equity securities	0	8,347
Dividend income	0	3,061
Other	32	94
Total other (expense) income	(1,931)	11,648
Net loss from continuing operations before income tax	(15,584)	(8,944)
Income tax expense	350	3,273
Net loss from continuing operations	(15,934)	(12,217)
Gain on sale of discontinued operations, net of tax expense	0	6,213
Net loss attributable to common stockholders	(15,934)	(6,004)
Continuing operations earnings per share
Net loss from continuing operations	(15,934)	(12,217)
Gain on preferred stock transaction	5,122	87,961
Numerator for earnings per share from continuing operations	(10,812)	75,744
Discontinued operations earnings per share
Net income from discontinued operations	$ 0	$ 6,213
Earnings per share of common stock - Basic:
Continuing operations - basic ( in USD per share)	$ (5.64)	$ 37.83
Discontinued operations - basic (in USD per share)	0	3.11
Earnings (loss) per basic common share (in USD per share)	$ (5.64)	$ 40.94
Weighted average common stock outstanding – basic (in shares)	1,917,503	2,002,111
Earnings per share of common stock - Diluted:
Continuing operations - diluted (in USD per share)	$ (5.64)	$ 35.03
Discontinued operations - diluted (in USD per share)	0	2.87
Earnings (loss) per diluted common share (in USD per share)	$ (5.64)	$ 37.90
Weighted average common stock outstanding – diluted (in shares)	1,917,503	2,162,378

Incentive Compensation and Share-based Payments - Restricted Stock Activity (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) installment $ / shares shares	Dec. 31, 2021 USD ($) installment $ / shares shares
Share-based compensation arrangement by share-based payment award [Line Items]
Share-based compensation \| $	$ 0	$ 21,000
Unrecognized stock compensation \| $	$ 300,000	$ 300,000
Restricted stock
Share-based compensation arrangement by share-based payment award [Line Items]
Number of shares granted (in shares)	31,071	97,907
Weighted average grant date fair value of grants in period (in USD per share) \| $ / shares	$ 12.95	$ 25.77
Forfeited (in shares)		50,000
Weighted average grant date fair value of shares forfeited (in USD per share) \| $ / shares		$ 14.35
Share-based compensation \| $	$ 200,000	$ 1,800,000
Weighted average remaining amortization period of unamortized share based compensation (in years)	1 year 1 month 6 days	1 year 2 months 12 days
Restricted stock \| Management
Share-based compensation arrangement by share-based payment award [Line Items]
Number of shares granted (in shares)	22,500	90,671
Number of annual installments \| installment	3	3
Restricted stock \| Management \| Vesting tranche one
Share-based compensation arrangement by share-based payment award [Line Items]
Number of shares granted (in shares)		82,671
Weighted average grant date fair value of grants in period (in USD per share) \| $ / shares	$ 9.89	$ 26.25
Restricted stock \| Management \| Vesting tranche two
Share-based compensation arrangement by share-based payment award [Line Items]
Number of shares granted (in shares)		8,000
Weighted average grant date fair value of grants in period (in USD per share) \| $ / shares		$ 21.58
Restricted stock \| Directors
Share-based compensation arrangement by share-based payment award [Line Items]
Number of shares granted (in shares)	8,571	7,236
Weighted average grant date fair value of grants in period (in USD per share) \| $ / shares	$ 21.00	$ 24.88
Value of restricted stock granted to directors annually \| $	$ 60,000
Director attendance requirement	75.00%

Equity Securities - Schedule of Investment Gain/Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Equity Securities without Readily Determinable Fair Value [Line Items]
Total change in fair value	$ 0	$ 8,493
Equity Securities
Equity Securities without Readily Determinable Fair Value [Line Items]
Investment gains on securities sold during the period	0	8,347
Total change in fair value	0	8,347
Common Stock
Equity Securities without Readily Determinable Fair Value [Line Items]
Investment gains on securities sold during the period	0	146
Total change in fair value	$ 0	$ 146

Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 01, 2021	Dec. 31, 2022	Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Gain on sale of discontinued operations, net of tax expense	$ 6,200	$ 0	$ 6,213

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

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The composition of the loan portfolio by classification as of December 31, 2022 and 2021, respectively, is summarized in the table below ($ in thousands):


	Held for Sale				Held for Investment
	December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Total loan commitments	$	15,080	$	—	$	98,157	$	—
Less: construction holdbacks (1)	(3,350)		—		(13,188)		—
Total principal outstanding	11,730		—		84,969		—
Change in fair value of loans	(137)		—		(1,826)		—
Total loans at fair value	$	11,593	$	—	$	83,143	$	—

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

The table below represents activity within the loan portfolio by classification for the period shown ($ in thousands):


		Loans Held for Sale		Loans Held for Investment
Balance at	December 31, 2021	$	—	$	—
Acquisitions		—		99,087
Originations		8,843		—

Additional fundings		3,857		10,794
	Interest receivable	91		1,262
Payoffs and repayments		(1,061)		(26,174)
Fair value adjustment		(137)		(1,826)
Balance at	December 31, 2022	$	11,593	$	83,143

Loan Commitment Classified by Geographic Areas

The composition of the total loan commitment by state as of December 31, 2022 is summarized below ($ in thousands):


State	Commitment		Percent of Portfolio
Florida	$	32,422	28.6	%
New York	22,250		19.6	%
New Jersey	12,367		10.9	%
California	12,513		11.1	%
Washington	6,215		5.5	%
Connecticut	4,374		3.9	%
Texas	4,815		4.3	%
Illinois	4,357		3.8	%





Other	13,924		12.3	%
Total	$	113,237	100.0	%

Fair Value Measurements, Recurring and Nonrecurring



December 31, 2022	Carrying		Fair Value Measurements Using
(In thousands)	Value		Level 1		Level 2		Level 3
Assets
Loans held for sale	$	11,593	$	—	$	—	$	11,593
Loans held for investment	83,143		—		—		83,143
Total measured	$	94,736	$	—	$	—	$	94,736

- 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

Incentive Compensation and Share-based Payments - Stock Option Activity (Details) - USD ($)				12 Months Ended
	Mar. 12, 2022	Jul. 21, 2021	Jul. 18, 2021	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Share-based compensation				$ 0	$ 21,000
Number of Options
Beginning balance (in shares)				5,850	67,225
Forfeited/expired (in shares)					(61,375)
Exercised (in shares)				(5,850)
Ending balance (in shares)				0	5,850
Weighted Average Exercise Price per Share
Beginning balance (in USD per share)				$ 4.36	$ 12.13
Forfeited/expired (in USD per share)					12.87
Exercised (in USD per share)				4.36
Ending balance (in USD per share)					$ 4.36
Stock options expired (in shares)	5,850	375	1,000
Exercise price (in USD per share)	$ 4.36			$ 12.87
Stock options outstanding (in shares)				0	5,850
Stock options outstanding, weighted average remaining life					2 months 12 days
Weighted average exercise price of exercisable options (in USD per share)					$ 4.36
Stock options outstanding, intrinsic value					$ 100,000

Earnings Per Share - Schedule of Components of Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Numerator
Net loss from continuing operations	$ (15,934)	$ (12,217)
Gain on preferred stock transactions	5,122	87,961
Numerator for basic and diluted EPS from continuing operations – net income (loss) from continuing operations attributable to common stockholders	(10,812)	75,744
Discontinued operations:
Net income from discontinued operations	0	6,213
Net loss	(15,934)	(6,004)
Gain on preferred stock transactions	5,122	87,961
Numerator for diluted EPS - (loss) income available to common stockholders after assumed conversions	$ (10,812)	$ 81,957
Denominator
Weighted average common stock outstanding – basic (in shares)	1,917,503	2,002,111
Weighted average common stock outstanding – diluted (in shares)	1,917,503	2,162,378
Earnings per share of common stock - Basic:
Continuing operations - basic ( in USD per share)	$ (5.64)	$ 37.83
Discontinued operations - basic (in USD per share)	0	3.11
Earnings (loss) per basic common share (in USD per share)	(5.64)	40.94
Earnings per share of common stock - Diluted:
Continuing operations - diluted (in USD per share)	(5.64)	35.03
Discontinued operations - diluted (in USD per share)	0	2.87
Earnings (loss) per diluted common share (in USD per share)	$ (5.64)	$ 37.90

Income Taxes - Schedule of Income by Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule of income by jurisdiction [Line Items]
Loss before income taxes	$ (15,584)	$ (8,944)
U.S. Virgin Islands
Schedule of income by jurisdiction [Line Items]
Loss before income taxes	(15,584)	(8,879)
Other
Schedule of income by jurisdiction [Line Items]
Loss before income taxes	$ 0	$ (65)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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+ Details

Borrowings (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Aug. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Credit facility, outstanding balance	$ 51,653		$ 51,653	$ 0
NexBank Line
Line of Credit Facility [Line Items]
Credit facility, outstanding balance	9,200		9,200
Flagstar Line
Line of Credit Facility [Line Items]
Credit facility, outstanding balance	42,500		42,500
Line of Credit \| NexBank Line
Line of Credit Facility [Line Items]
Borrowing capacity	$ 50,000		50,000
Term for each draw on the line	180 days
Debt instrument, term	364 days
Average borrowing rate	5.60%
Weighted average remaining term	156 days
Credit facility, collateralized amount	$ 10,400		$ 10,400
Line of Credit \| NexBank Line \| Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	3.50%
Line of Credit \| NexBank Line \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	4.25%
Line of Credit \| Flagstar Line
Line of Credit Facility [Line Items]
Borrowing capacity		$ 50,000
Term for each draw on the line		180 days
Debt instrument, term		364 days
Average borrowing rate			7.30%
Weighted average remaining term			134 days
Credit facility, collateralized amount	$ 57,400		$ 57,400
Required restricted cash balance		$ 2,000
Interest payable term		90 days

Equity Securities - Narrative (Details) - USD ($)	12 Months Ended
Equity Securities - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Investment Holdings [Line Items]
Proceeds from sale of interest in equity securities	$ 0	$ 152,796,000
Common Stock
Investment Holdings [Line Items]
Proceeds from sale of interest in equity securities		47,500,000
Equity Securities
Investment Holdings [Line Items]
Proceeds from sale of interest in equity securities		$ 105,300,000