FREDERIKSTED, U.S. Virgin Islands, Feb. 20, 2014 (GLOBE NEWSWIRE) -- Altisource Asset Management Corporation ("AAMC" or the "Company") (NYSE MKT: AAMC) announced today financial and operating results for the fourth quarter and full year of 2013. The Company's net loss for the fourth quarter of 2013 totaled $0.4 million, or $0.17 per share. 1 Net loss attributable to common stockholders for the year ended December 31, 2013 totaled $5.3 million or $2.26 per share. 2 Adjusted earnings for the fourth quarter of 2013 totaled $4.0 million and for the full year of 2013 totaled $2.5 million.³
Fourth quarter 2013 highlights:
- Generated positive adjusted earnings for the quarter of $4.0 million.³
- Earned incentive management fees from Altisource Residential Corporation ("Residential") of $4.8 million.
- Facilitated Residential's acquisition of three portfolios of non-performing residential mortgage loans ("NPLs") with an aggregate market value of underlying properties of $1.7 billion representing a 170% increase in underlying property value from the end of the third quarter. $530 million of these NPLs closed in December 2013.
Full-year 2013 highlights:
- Facilitated the acquisition of an aggregate of approximately 13,500 non-performing loans with $2.7 billion in underlying property value.
- Assisted Residential in raising $659 million in equity capital at accretive prices.
- Assisted Residential in securing $750 million of portfolio debt financing.
- Assisted Residential in raising $468 million in equity capital at accretive prices.
- Facilitated Residential's purchase of $890 million of NPLs pursuant to fourth quarter agreements.