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Altisource Asset Management Corporation Reports Third Quarter 2013 Results

Stocks in this article: AAMC

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.

Chief Executive Officer Ashish Pandey stated, "AAMC and its management team have continued to provide sound asset management services to Residential in growing Residential's NPL portfolio, providing additional accretive equity and debt capital for Residential to deploy and in managing the resolution of Residential's loans."

"We are proud of our implementation of Residential's differentiated business plan. We believe that, with AAMC's guidance, Residential's acquisition cost, efficient operating structure and low cost of capital provide it with a competitive advantage in the single-family rental REIT space," said Chairman William Erbey.

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