FREDERIKSTED, U.S. Virgin Islands, Oct. 22, 2013 (GLOBE NEWSWIRE) -- Altisource Asset Management Corporation ("AAMC" or the "Company") (NYSE MKT:AAMC) announced today financial and operating results for the third quarter of 2013. Net loss for the third quarter of 2013 totaled $2.6 million or $1.09 per share based on a weighted average of 2.3 million shares outstanding.
Net loss for the nine months ended September 30, 2013 totaled $4.9 million or $2.09 per share based on a weighted average of 2.3 million shares outstanding.
Third quarter business performance highlights:
- We facilitated the purchase of three portfolios of non-performing residential mortgage loans ("NPLs") for Altisource Residential Corporation ("Residential") having an aggregate market value of underlying properties of $712 million.
- We facilitated the entry into two master repurchase agreements with major financial institutions for Residential which have provided $325 million of additional borrowing capacity to finance the acquisition and ownership of sub-performing and non-performing residential mortgage loans and REO properties.
- We earned incentive management fees from Residential of $51,000 based on Residential's payment of a dividend of $0.10 per share to its stockholders.
- We priced the second accretive equity offering for Residential which closed on October 1, 2013, raising a total of $350 million.
- We transferred the listing of our common stock from the OTCQX to the NYSE MKT.