Altisource Asset Management Corp. (AAMCF)

[Enterprising Investor]

Altisource Asset Management Corporation Reports Second Quarter 2022 Results (8/10/22)

Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE American: AAMC) today announced financial and operating results for the second quarter of 2022.

Second Quarter 2022 Highlights and Recent Developments

- The Company has purchased more than $40 million in loans held for investment and has earned $0.5 million from loan interest during the second quarter of 2022.

- As of June 30, 2022, AAMC’s cash position was $31.3 million, which is net of the $32.0 million at quarter end for loans held for investment at fair value.

- Jason Kopcak has been appointed Chief Executive Officer by the Board of Directors.

- The Company has entered into a $50 million line of credit agreement with Flagstar Bank FSB ("Flagstar"). As of August 8, 2022, the Company has drawn $40.2 million on the line of Credit.

- The Company repurchased 286,873 shares of its common stock from Putnam Focused Equity Fund, a series of Putnam Trust, at $10.00 per share in July 2022.

- The Company has hired a Head of Sales and leased approximately 7,000 square feet of office space in Tampa, Florida for its Alternative Lending Group and has begun adding staff to originate loans.

“Since AAMC's announcement of starting its Alternative Lending Group in March 2022, the entire management team has been focused on getting the lending operations off the ground," said Jason Kopcak, Chief Executive Officer. "We believe we are headed in the right direction and the line of credit with Flagstar is an integral component of our business plan."

Second Quarter 2022 Financial Results

AAMC’s net loss to common shareholders for the second quarter of 2022 was $(4.1) million compared to net income of $2.2 million for the same period in 2021. Diluted earnings per share was $(2.00) for the quarter, compared to $1.01 for the same period in 2021.

About AAMC

AAMC is an alternative lending company that provides liquidity and capital to under-served markets. We also continue to assess opportunities that could potentially be of long-term benefit to shareholders such as Crypto-ATMs.

Additional information is available at www.altisourceamc.com.