Altisource Asset Management Corporation announced today financial and operating results for the first quarter 2013. Net loss attributable to stockholders for the quarter totaled $840,000 or $0.36 per share based on 2.3 million shares outstanding.
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First quarter business performance highlights:
- On February 21, 2013, we completed an acquisition on behalf of Altisource Residential Corporation (Residential) of a portfolio of non-performing residential mortgage loans (NPLs) having aggregate collateral market value of approximately $94.2 million.
- On March 21, 2013, we completed an acquisition on behalf of Residential of an NPL portfolio having aggregate collateral market value of approximately $38.7 million.
- On March 22, 2013, on behalf of Residential, we entered into a $100 million Master Repurchase Agreement to finance the acquisition and ownership of sub-performing and non-performing residential mortgage loans and REO properties by Residential.
Subsequent events
On April 5, 2013, we completed an acquisition of behalf of Residential of an NPL portfolio having aggregate collateral market value of approximately $122.1 million.
On May 1, 2013, Residential completed a follow-on equity offering of 17,250,000 shares at $18.75 per share from which Residential received net proceeds of $309.6 million.
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By GlobalDataChairman William Erbey stated, "AAMC is off to a solid start with successfully acquiring NPL portfolios that meet Residential’s investment criteria, securing financing to leverage Residential’s assets and completing an accretive follow-on equity offering to further grow the non-performing loan portfolios for Residential."
"Our recent portfolio acquisitions and financing activities for Residential are important steps in building a sustainable business," said Chief Executive Officer Ashish Pandey.
