This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs