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Altisource Asset Management Corporation (AAMC)

NYSE American - NYSE American Delayed Price. Currency in USD
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19.05-0.01 (-0.05%)
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Previous Close19.06
Open19.42
Bid0.60 x 1200
Ask0.00 x 800
Day's Range19.05 - 19.42
52 Week Range12.51 - 31.24
Volume1,906
Avg. Volume14,303
Market Cap39.02M
Beta (5Y Monthly)0.72
PE Ratio (TTM)0.27
EPS (TTM)69.44
Earnings DateAug 12, 2021 - Aug 16, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • Altisource Asset Management Corporation Reports First Quarter 2021 Results
    GlobeNewswire

    Altisource Asset Management Corporation Reports First Quarter 2021 Results

    CHRISTIANSTED, U.S. Virgin Islands, May 18, 2021 (GLOBE NEWSWIRE) -- Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE American: AAMC) today announced financial and operating results for the first quarter of 2021. First Quarter 2021 Highlights and Recent Developments Fueled by cash resources emanating from the sales and termination of discontinued operations late last year, the Company invested in equity securities concentrated in Real Estate Investment Trusts (“REITs”). The purpose was to secure investment income while the Company reviews new business opportunities.Net income of $5.9 million for the first quarter was fueled in part by (i) the market value appreciation of those REIT equity securities as well as the associated dividend income, and (ii) the gain on the sale of subsidiaries to Front Yard Residential Corporation.Settled ongoing litigation with Putnam Investments, LLC and its affiliates (collectively “Putnam”), one of the plaintiffs in the litigation related to the Company’s Series A Convertible Preferred Stock. “The Company’s attention and focus,” stated Thomas K. McCarthy, Interim Chief Executive Officer, “is to identify, evaluate and where applicable, pursue new business opportunities. In the meantime, the Company is keeping its options open and no final decision has been made.” First Quarter 2021 Financial Results AAMC’s net income for the first quarter of 2021 was $5.9 million compared to a net loss of $3.8 million for the same period in 2020. Due to a $71.9 million gain on the settlement of preferred shares, which was recorded directly to equity, but is included in the numerator for our earnings per share calculations, diluted earnings per share was $37.41 for the quarter, compared with a diluted net loss per share of $2.35 for the same period in 2020. About AAMC AAMC has historically been an asset management company that provides portfolio management and corporate governance services to investment vehicles but given the sale and discontinuance of certain operations the Company is in the process of repositioning itself. Additional information is available at www.altisourceamc.com. Forward-looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections, anticipations and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies as well as industry and market conditions. These statements may be identified by words such as “anticipate,” “intend,” “expect,” “may,” “could,” “should,” “would,” “plan,” “estimate,” “target,” “seek,” “believe” and other expressions or words of similar meaning. We caution that forward-looking statements are qualified by the existence of certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from these forward-looking statements may include, without limitation, our ability to implement new businesses or, to the extent such businesses are developed, our ability to make them successful or sustain the performance of any such businesses; developments in the litigation regarding our redemption obligations under the Certificate of Designations of our Series A Convertible Preferred Stock; and other risks and uncertainties detailed in the “Risk Factors” and other sections described from time to time in the Company’s current and future filings with the Securities and Exchange Commission. The foregoing list of factors should not be construed as exhaustive. The statements made in this press release are current as of the date of this press release only. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, whether as a result of new information, future events or otherwise. Altisource Asset Management Corporation Condensed Consolidated Statements of Operations (In thousands, except share and per share amounts)(Unaudited) Three months ended March 31, 2021 2020Expenses: Salaries and employee benefits$3,545 $3,094 Legal and professional fees1,885 1,480 General and administrative753 586 Total expenses6,183 5,160 Other income (loss): Change in fair value of Front Yard common stock146 (634)Dividend income on Front Yard common stock— 244 Change in fair value of equity securities5,721 — Dividend income2,154 — Interest expense(36) — Other income135 18 Total other income (loss)8,120 (372) Net income (loss) from continuing operations before income taxes1,937 (5,532)Income tax expense2,294 122 Net loss from continuing operations(357) (5,654) Discontinued operations: Income from operations related to Front Yard, net of tax— 1,897 Gain on disposal of operations related to Front Yard7,485 — Income tax expense related to disposal1,272 — Net gain on discontinued operations6,213 1,897 Net income (loss)5,856 (3,757)Amortization of preferred stock issuance costs— (42)Net income (loss) attributable to common stockholders$5,856 $(3,799) Continuing operations earnings per share Net loss from continuing operations$(357) (5,654)Reverse amortization of preferred stock issuance costs— 42 Gain on preferred stock transaction71,883 — Numerator for earnings per share from continuing operations$71,526 $(5,612) Discontinued operations earnings per share Net income from discontinued operations$6,213 $1,897 Earnings (loss) per share of common stock – basic: Continuing operations – basic$38.78 $(3.52)Discontinued operations – basic3.37 1.17 Earnings (loss) per basic common share$42.15 $(2.35)Weighted average common stock outstanding – basic1,844,212 1,615,710 Earnings (loss) per share of common stock – diluted: Continuing operations – diluted$34.42 $(3.52)Discontinued operations – diluted2.99 1.17 Earnings (loss) per diluted common share$37.41 $(2.35)Weighted average common stock outstanding – diluted2,078,077 1,615,710 Altisource Asset Management Corporation Condensed Consolidated Balance Sheets (In thousands, except share and per share amounts) March 31, 2021 December 31, 2020 (unaudited) Current assets: Cash and cash equivalents$14,902 $41,623 Equity securities, at fair value102,672 — Front Yard common stock, at fair value— 47,355 Receivable from Front Yard— 3,414 Dividends receivable2,012 — Prepaid expenses and other assets2,882 3,328 Current assets held for sale— 894 Total current assets122,468 96,614 Non-current assets: Right-of-use lease assets932 656 Other non-current assets587 503 Non-current assets held for sale— 1,979 Total non-current assets1,519 3,138 Total assets$123,987 $99,752 Current liabilities: Accrued salaries and employee benefits$404 $2,539 Accounts payable and accrued liabilities1,668 9,152 Interest payable36 — Borrowed funds28,407 — Short-term lease liabilities126 75 Current liabilities held for sale— 1,338 Total current liabilities30,641 13,104 Non-current liabilities: Long-term lease liabilities830 600 Other non-current liabilities4,523 1,027 Non-current liabilities held for sale— 1,599 Total non-current liabilities5,353 3,226 Total liabilities35,994 16,330 Commitments and contingencies (Note 6) — — Redeemable preferred stock: Preferred stock, $0.01 par value, 250,000 and 250,000 shares issued as March 31, 2021 andDecember 31, 2020, respectively. 168,200 shares outstanding and $168,200 redemption value as ofMarch 31, 2021 and 250,000 shares outstanding and $250,000 redemption value as of December 31,2020168,200 250,000 Stockholders' deficit: Common stock, $0.01 par value, 5,000,000 authorized shares; 3,407,919 and 2,048,319 shares issuedand outstanding, respectively, as of March 31, 2021 and 2,966,207 and 1,650,212 shares issued andoutstanding, respectively, as of December 31, 202034 30 Additional paid-in capital127,953 46,574 Retained earnings69,310 63,426 Accumulated other comprehensive loss58 (65)Treasury stock, at cost, 1,359,600 shares as of March 31, 2021 and 1,315,995 shares as ofDecember 31, 2020(277,562) (276,543)Total stockholders' deficit(80,207) (166,578)Total liabilities and equity$123,987 $99,752 FOR FURTHER INFORMATION CONTACT: Investor Relations T: +1-704-275-9113 E: IR@AltisourceAMC.com

  • Altisource Asset Management Corporation Terminates Chief Executive Officer
    GlobeNewswire

    Altisource Asset Management Corporation Terminates Chief Executive Officer

    CHRISTIANSTED, U.S. Virgin Islands, April 19, 2021 (GLOBE NEWSWIRE) -- On April 16, 2021, the Board of Directors (the “Board”) of Altisource Asset Management Corporation (the “Company”) terminated the Company’s Chief Executive Officer, Indroneel Chatterjee, for cause, effective immediately, for violations of the Company’s Equal Employment Opportunity, Prevention Against Harassment, and Conduct on the Job Policies. This action reflects the results of an independent inquiry by counsel to the Board into Mr. Chatterjee’s conduct. Under Mr. Chatterjee’s employment agreement with the Company, he was also deemed to have simultaneously resigned from his positions as Chairman of the Board and a director of the Company, and the Board accepted his resignations. The Board expects to promptly commence a search for its next Chief Executive Officer and has appointed Mr. Thomas K. McCarthy as interim Chief Executive Officer during the search period. Mr. McCarthy has extensive experience in real estate and financial services, including successfully building and growing business lines at multiple companies during his career. “This is an unfortunate situation, but we believe we have taken the appropriate action based on the findings of the independent inquiry. We remain committed to developing new businesses. Our team remains otherwise intact, and we do not expect this event to impede our efforts nor the company’s future success,” stated Governor John de Jongh, who became interim Chairman of the Board for the duration of the Chief Executive Officer search period. About AAMC AAMC is an asset management company that provides portfolio management and corporate governance services to investment vehicles. Additional information is available at www.altisourceamc.com. Forward-looking Statements Statements in this press release, or made by officers, directors or authorized persons of the Company, concerning the search process for a new President and Chief Executive Officer and the timing of that search as well as the Company’s implementation of new business initiatives are forward-looking statements under the safe-harbor provisions of the federal securities laws. The actual results and timing of the search process may differ possibly materially from that contemplated by those statements due to, among other things, the ability of the Board to find eligible candidates, delays due to the COVID-19 pandemic, the performance of the Company and the other factors set forth under Item 1A Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and the Company’s implementation of new business initiatives is subject to the risks associated with starting up any new business, including the ability to retain and hire qualified personnel to run the new businesses, the Company’s ability to effectively compete with established businesses, the challenges of commencing a new business during the COVID-19 pandemic and the other factors set forth under Item 1A Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The Company undertakes no obligation to update forward-looking statements as a result of changes in circumstances, new information or otherwise. The statements made in this press release are current as of the date of this press release only. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, whether as a result of new information, future events or otherwise. FOR FURTHER INFORMATION CONTACT:Investor RelationsT: +1-704-885-2461E: IR@AltisourceAMC.com

  • Altisource Asset Management Corporation Reports Fourth Quarter and Full Year 2020 Results
    GlobeNewswire

    Altisource Asset Management Corporation Reports Fourth Quarter and Full Year 2020 Results

    CHRISTIANSTED, U.S. Virgin Islands, March 03, 2021 (GLOBE NEWSWIRE) -- Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE American: AAMC) today announced financial and operating results for the fourth quarter and full year of 2020. Fourth Quarter 2020 Highlights and Recent Developments Successfully completed the transition plan on December 31, 2020, over a month ahead of the outside date of February 9, 2021 described in the Termination and Transition Agreement, dated August 13, 2020, by and among Front Yard Residential Corporation (“Front Yard”), Front Yard Residential, L.P., and the Company received an aggregate termination fee of $46 million in connection with the termination of the Amended and Restated Asset management Agreement with Front Yard (the “Management Agreement”).On December 31, 2020 and January 1, 2021, AAMC transferred the equity interests of the Company’s Cayman Islands subsidiary and India subsidiary, respectively, to Front Yard. The aggregate purchase price paid to AAMC by Front Yard for the subsidiaries was $8,200,000.Prior to the termination of the Management Agreement, negotiated on behalf of Front Yard the entry into an Agreement and Plan of Merger to be acquired by a partnership led by Pretium, resulting in Front Yard being taken private at $16.25 per share, a 63% premium to the market value of Front Yard’s common stock on the date of the announcement, which subsequently closed on January 11, 2021.Subsequent to year end, negotiated the settlement of litigation with the holder of 81,800 shares of Series A Preferred stock previously issued at $1,000 per share for aggregate cash consideration of $2.9 million dollars paid in two installments and the exchange of such shares of Series A Preferred stock for 288,283 shares of AAMC common stock.Made substantial progress in launching new business lines, including certain investment funds that will be managed by AAMC. “When this management team took over the operations of AAMC, we announced our commitment to increase shareholder value and become cash flow positive. Since that time, we have established a track record of acting in the best interest of our stakeholders to maximize income, reduce costs, and actively manage cash on hand. We have negotiated and signed a master loan purchase agreement with a leading originator to implement our loan aggregation strategy and are actively engaged in process of evaluating similar strategic relationships with other originators. With 2020 and the first major milestones of 2021 behind us, we can narrow our focus to creating new lines of business and making strategic acquisitions to increase shareholder value and achieve our goal of being cash flow positive. We also made short-term investments in mortgage REITs,” stated Chief Executive Officer Indroneel Chatterjee. Fourth Quarter and Full Year 2020 GAAP Financial Results Net income for the fourth quarter of 2020 totaled $39.7 million, or $20.35 per diluted common share, which included a $12.1 million change in the fair value of its shares of Front Yard common stock, compared to a net loss of $(1.5) million, or $(1.00) per diluted common share, for the fourth quarter of 2019, which included a $1.3 million change in the fair value of its shares of Front Yard common stock. Net income for the year ended December 31, 2020 totaled $39.8 million, or $24.38 per diluted common share, which included a $6.3 million change in the fair value of its shares of Front Yard common stock, compared to net loss of $(2.6) million, or $(1.77) per diluted common share, for the year ended December 31, 2019, which included a $5.9 million change in the fair value of its shares of Front Yard common stock. About AAMC AAMC is an asset management company that provides portfolio management and corporate governance services to investment vehicles. Additional information is available at www.altisourceamc.com. Forward-looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding management’s beliefs, estimates, projections, anticipations and assumptions with respect to, among other things, the Company’s financial results, future operations, business plans and investment strategies as well as industry and market conditions. These statements may be identified by words such as “anticipate,” “intend,” “expect,” “may,” “could,” “should,” “would,” “plan,” “estimate,” “target,” “seek,” “believe” and other expressions or words of similar meaning. We caution that forward-looking statements are qualified by the existence of certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from these forward-looking statements may include, without limitation, our ability to implement our business strategy; our ability to develop and implement new businesses or, to the extent such businesses are developed, our ability to make them successful or sustain the performance of any such businesses; our ability to retain and maintain our strategic relationships; our ability to obtain additional asset management clients or businesses; our ability to effectively compete with our competitors; developments in the litigation regarding our redemption obligations under the Certificate of Designations of our Series A Convertible Preferred Stock (the “Series A Shares”), including our ability to obtain declaratory relief confirming that we were not obligated to redeem any of the Series A Shares on the March 15, 2020 redemption date if we do not have funds legally available to redeem all, but not less than all, of the Series A Shares requested to be redeemed on that redemption date; and other risks and uncertainties detailed in the “Risk Factors” and other sections described from time to time in the Company’s current and future filings with the Securities and Exchange Commission. The foregoing list of factors should not be construed as exhaustive. The statements made in this press release are current as of the date of this press release only. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, whether as a result of new information, future events or otherwise. Altisource Asset Management Corporation Consolidated Statements of Operations (In thousands, except share and per share amounts) Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 (unaudited) (unaudited) Expenses: Salaries and employee benefits$3,896 $2,733 $11,977 $11,367 Legal and professional fees1,524 1,480 6,205 3,444 General and administrative619 644 2,328 2,334 Total expenses6,039 4,857 20,510 17,145 Other income: Change in fair value of Front Yard common stock12,118 1,267 6,270 5,864 Dividend income on Front Yard common stock— — 244 731 Other income16 28 45 158 Total other income12,134 1,295 6,559 6,753 Net income (loss) from continuing operations before income taxes6,095 (3,562) (13,951) (10,392) Income tax expense1,860 136 769 165 Net income (loss) from continuing operations4,235 (3,698) (14,720) (10,557) Discontinued Operations: Income from operations related to Front Yard, net of tax35,526 2,159 54,643 7,944 Loss on disposal of operation related to Front Yard(102) — (102) — Net gain on discontinued operations35,424 2,159 54,541 7,944 Net income (loss)39,659 (1,539) 39,821 (2,613) Amortization of preferred stock issuance costs— (51) (42) (206) Net income (loss) attributable to common stockholders$39,659 $(1,590) $39,779 $(2,819) Net earnings (loss) per share of common stock – basic: Continuing operations – basic$2.57 $(2.35) $(9.05) $(6.77) Discontinued operations – basic 21.49 1.35 33.43 5.00 Earnings (loss) per basic common share$24.06 $(1.00) $24.38 $(1.77) Weighted average common stock outstanding – basic 1,648,000 1,597,384 1,631,326 1,589,952 Net earnings (loss) per share of common stock – diluted: Continuing operations – diluted$2.17 $(2.35) $(9.05) $(6.77) Discontinued operations – diluted18.18 1.35 33.43 5.00 Earnings (loss) per diluted common share$20.35 $(1.00) $24.38 $(1.77) Weighted average common stock outstanding – diluted 1,948,704 1,597,384 1,631,326 1,589,952 Altisource Asset Management Corporation Consolidated Balance Sheets (In thousands, except share and per share amounts) December 31, 2020 December 31, 2019Current assets: Cash and cash equivalents$41,623 $18,906 Front Yard common stock, at fair value47,355 20,046 Receivable from Front Yard3,414 5,014 Prepaid expenses and other assets3,328 1,009 Current assets held for sale894 2,176 Total current assets96,614 47,151 Non-current assets: Right-of-use lease assets656 732 Other non-current assets503 1,470 Non-current assets held for sale1,979 3,895 Total non-current assets3,138 6,097 Total assets99,752 53,248 Current liabilities: Accrued salaries and employee benefits$2,539 $3,762 Accounts payable and accrued liabilities9,152 1,165 Short-term lease liabilities75 71 Current liabilities held for sale1,338 2,002 Total current liabilities13,104 7,000 Non-current liabilities Long-term lease liabilities600 675 Other non-current liabilities1,027 — Non-current liabilities held for sale1,599 3,543 Total non-current liabilities3,226 4,218 Total liabilities16,330 11,218 Commitments and contingencies— — Redeemable preferred stock: Series A preferred stock, $0.01 par value, 250,000 shares issued and outstanding as of December 31, 2020 and 2019; redemption value $250,000250,000 249,958 Stockholders' deficit: Common stock, $.01 par value, 5,000,000 authorized shares; 2,966,207 and 1,650,212 shares issued and outstanding, respectively, as of December 31, 2020 and 2,897,177 and 1,598,512 shares issued and outstanding, respectively, as of December 31, 201930 29 Additional paid-in capital46,574 44,646 Retained earnings63,426 23,662 Accumulated other comprehensive loss(65) (33) Treasury stock, at cost, 1,315,995 and 1,298,665 shares as of December 31, 2020 and 2019, respectively(276,543) (276,232) Total stockholders' deficit(166,578) (207,928) Total liabilities and equity$99,752 $53,248 FOR FURTHER INFORMATION CONTACT:Investor RelationsT: +1-704-275-9113E: IR@AltisourceAMC.com