FREDERIKSTED, U.S. Virgin Islands, July 23, 2013 (GLOBE NEWSWIRE) -- Altisource Asset Management Corporation (AAMC or the Company) (OTCQX:AAMC) announced today financial and operating results for the second quarter of 2013. Net loss for the second quarter of 2013 totaled $1.5 million or $0.64 per share based on a weighted average of 2.3 million shares outstanding.
Net loss for the six months ended June 30, 2013 totaled $2.3 million or $1.00 per share based on a weighted average of 2.3 million shares outstanding.
Second quarter business performance highlights:
- On April 5, 2013, we completed an acquisition of a portfolio of non-performing residential mortgage loans (NPLs) for Residential having an unpaid principal balance, or UPB, of $172.1 million.
- On May 1, 2013, we completed a follow-on equity offering for Residential of 17,250,000 shares at $18.75 per share from which Residential received net proceeds of $309.5 million.
- In addition, during the quarter we agreed to acquire two NPL portfolios for Residential with $470 million in UPB. These recent transactions are expected to close in July 2013.
- Net investment gains for the quarter totaled $8.9 million.