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Altisource Asset Management Corporation Reports First Quarter 2013 Results

Stocks in this article: AAMC

FREDERIKSTED, U.S. Virgin Islands, May 9, 2013 (GLOBE NEWSWIRE) -- Altisource Asset Management Corporation ("AAMC") (OTCQX:AAMC) 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.

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.

Chairman 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.

Webcast and conference call

The Company will host a webcast and conference call on Thursday, May 9, 2013, at 11:30 A.M. Eastern Time to discuss its financial results for the first quarter 2013. The conference call will be webcast live over the internet from the Company's website at www.altisourceamc.com, click on the "Shareholder" section.

About AAMC

AAMC is an asset management company that provides portfolio management and corporate governance services to investment vehicles that own real estate related assets. Its initial client is Residential, a real estate investment trust that is focused on providing affordable rental homes to families throughout the United States. Additional information is available at www.altisourceamc.com.

Forward-looking statements

This press release contains forward-looking statements that involve a number of risks and uncertainties. Those forward-looking statements include all statements that are not historical fact, including statements about management's beliefs and expectations. Forward-looking statements are based on management's beliefs as well as assumptions made by and information currently available to management. Because such statements are based on expectations as to future economic performance and are not statements of historical fact, actual results may differ materially from those projected. AAMC undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to: AAMC's ability to achieve its business and strategy and implement its business plan; AAMC's ability to leverage strategic relationships on an efficient and cost-effective basis; its ability to compete; general economic and market conditions; governmental regulations, taxes and policies; availability of adequate and timely sources of liquidity and financing; and other risks and uncertainties detailed in the "Forward-Looking Statements," "Risk Factors" and other sections of AAMC's Registration Statement on Form 10, its Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

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