Financial and operational results for the first quarter of 2023 were released today by Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE American: AAMC.
Results for the first quarter of 2023 and recent developments
- The Company has received a total of $107 million in net loan submissions as of May 12, 2023, from both its direct to borrower and wholesale channels.
- The Company engaged into forward contracts to sell alternative credit products to a total of three more institutional counterparties who oversee insurance and credit investments, increasing our total to five. One of the new institutions is managing more than $500 billion in assets.
- During the first quarter of 2023, AAMC bought back 27,441 shares of its common stock for a total of $1.5 million.
- With an increase in first quarter earnings of $1.1 million and sales from the fourth quarter of 2022 of $2.1 million, the first quarter loss was reduced from $3 million to $3,000.
About Altisource Asset Management Corporation
In order to give capital and liquidity to underserved markets, AAMC, a private credit provider, originates alternative assets. You may get more details at www.altisourceamc.com.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with regard to, among other things, the Company’s financial results, margins, employee costs, future operations, business plans, including its capacity to sell loans and raise capital, and Words like “anticipate,” “intend,” “expect,” “may,” “could,” “should,” “would,” “plan,” “estimate,” “target,” “seek,” “believe,” and other expressions or words with comparable meanings can be used to identify these statements. We issue a warning that certain risks and uncertainties exist, and they could cause actual results and events to materially differ from what is anticipated by the speculative statements. “Our ability to grow our businesses, make them successful, or sustain their performance, as well as our ability to buy, originate, and sell loans, as well as market and industry conditions, particularly with regard to industry margins for loan products we may buy, originate, or sell as well as other factors, among others, could all have a materially negative impact on our actual results. The above list of factors is not intended to be comprehensive.”
Only as of the release date are the claims contained in this news release current. No forward-looking statements or other information contained herein are subject to public update or revision by the Company, whether as a result of new information, future developments, or otherwise.