0001462418-23-000075 | 10-Q | XBRL Viewer | Altisource Portfolio Solutions SA

Other Income and Expenses [Abstract]

WARRANTS

On February 14, 2023, the lenders under the Amended Credit Agreement (see Note 11 for additional information) received warrants (the “Warrants”) to purchase 3,223,851 shares of Altisource common stock (the “Warrant Shares”). The number of Warrant Shares is subject to reduction based on the amount of par paydowns on the senior secured term loans (“SSTL”) in the aggregate using proceeds from issuances of equity interests or from junior indebtedness made prior to February 14, 2024 (“Aggregate Paydowns”) as set forth in the table below.


Aggregate Paydowns			Warrant Shares
Less than $20 million			3,223,851
$20 million+ but less than below			2,578,743
$30 million+			1,612,705

During the first quarter of 2023, Company made $20 million of Aggregate Paydowns. In the third quarter of 2023, the Company made an additional $10 million of Aggregate Paydowns. As a result, the number of Warrant Shares as of September 30, 2023 is 1,612,705.

The exercise price per share of common stock under each Warrant is equal to $0.01. The Warrants may be exercised at any time on and after February 14, 2024 and prior to their expiration date. The Warrants are exercisable on a cashless basis and are subject to customary anti-dilution provisions. The Warrants, if not previously exercised or terminated, will be automatically

exercised on May 22, 2027. The Warrants are subject to a lock-up agreement, subject to customary exceptions, ending on February 16, 2024.

The Company determined that the Warrants are free standing financial instruments that are legally detachable and separately exercisable from the term loans under the Amended Credit Agreement. At inception, the Company also determined that the Warrants were not considered to be indexed to the Company’s stock because the number of Warrant Shares varies based on Aggregate Paydowns and as such were required to be classified as a liability pursuant to ASC 815-40, Derivatives and Hedging–Contracts in Entity’s Own Equity. The outstanding Warrants were recognized as a warrant liability on the balance sheet and were measured at their inception date fair value and subsequently re-measured at each reporting period with changes being recorded as a component of other income (expense) in the statement of operations. On September 18, 2023, the Company reached the $30 million in Aggregate Paydowns threshold and the number of Warrant Shares is no longer variable. As a result, the Warrants are considered to be indexed to the Company’s stock and the Warrant Liability was reclassified to equity.

The fair value of the warrant liability was based on the number of Warrant Shares that were expected to be exercisable on and after February 14, 2024 and the Altisource share price less $0.01 at the measurement date.

The fair value of the warrant liability at each of the respective valuation dates is summarized below:


Warrant Liability	Warrant Shares based on Aggregate Paydowns	Expected Warrant Shares that will be exercisable on February 14, 2024	Fair Value per Warrant Share	Fair Value (in thousands)

Fair value at initial measurement date of February 14, 2023	3,223,851	1,612,705	$5.02	$	8,096
Gain on change in fair value of warrant liability				(694)
Fair value at March 31, 2023	2,578,743	1,612,705	$4.59	7,402
Loss on change in fair value of warrant liability				1,774
Fair value at June 30, 2023	2,578,743	1,612,705	$5.69	$	9,176
Gain on change in fair value of warrant liability				(2,225)
Fair value at September 18, 2023	1,612,705	1,612,705	$4.31	$	6,951

During the nine months ended September 30, 2023, the Company recorded a gain on changes in fair value of warrant liability of $1.1 million ($2.2 million for the third quarter of 2023). During the three and nine months ended September 30, 2022, there were no warrant liabilities outstanding.

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Concentration Risk
Sublease income	$ 0.1	$ 0.1		$ 0.1	$ 0.4
Amounts held in escrow and trust accounts	$ 39.0			$ 39.0		$ 13.2
Minimum
Concentration Risk
Lease term	1 year			1 year
Maximum
Concentration Risk
Lease term	6 years			6 years
Ocwen \| Revenue \| Customer Concentration Risk
Concentration Risk
Percentage of revenue from largest customer (in percent)	43.00%	45.00%		43.00%	40.00%
Highly Correlated - Ocwen \| Revenue \| Customer Concentration Risk
Concentration Risk
Percentage of revenue from largest customer (in percent)	6.00%			7.00%
RITM \| Revenue \| Customer Concentration Risk
Concentration Risk
Percentage of loans serviced and subserviced by largest customer's largest client (in percent)			16.00%
Percentage of delinquent loans Ocwen services (in percent)			0.68
RITM \| Revenue \| Customer Concentration Risk \| Ocwen
Concentration Risk
Percentage of loans serviced and subserviced by largest customer's largest client (in percent)			16.00%
Percentage of delinquent loans Ocwen services (in percent)			0.68

OTHER INCOME (EXPENSE), NET (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Other (Expense) Income, Net

Other income (expense), net consists of the following:



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022

Interest income (expense)	$	262	$	212	$	1,011	$	318
Other, net	145		247		1,346		1,074

Total	$	407	$	459	$	2,357	$	1,392

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET

Right-of-use assets under operating leases, net consists of the following:


(in thousands)	September 30, 2023		December 31, 2022

Right-of-use assets under operating leases	$	7,334	$	11,808
Less: Accumulated amortization	(3,706)		(6,487)

Total	$	3,628	$	5,321

Amortization of operating leases was $1.4 million and $2.3 million for the nine months ended September 30, 2023 and 2022, respectively ($0.4 million and $0.5 million for the third quarter of 2023 and 2022, respectively), and is included in cost of revenue for operating assets and in selling, general and administrative expenses for non-operating assets in the accompanying condensed consolidated statements of operations and comprehensive loss.

CUSTOMER CONCENTRATION (Tables)

9 Months Ended

Sep. 30, 2023

Risks and Uncertainties [Abstract]

Schedule of Revenue from Major Customers by Reporting Segments

Revenue from Ocwen as a percentage of segment and consolidated revenue was as follows:


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022

Servicer and Real Estate	55	%	56	%	54	%	52	%
Origination	—	%	—	%	—	%	—	%
Corporate and Others	—	%	—	%	—	%	—	%
Consolidated revenue	43	%	45	%	43	%	40	%

OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Income tax liabilities	$ 16,036	$ 16,079
Operating lease liabilities	2,179	3,371
Deferred revenue	13	82
Other non-current liabilities	4	4
Total	$ 18,232	$ 19,536

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax (provision) benefit	$ (418)	$ 197	$ (2,586)	$ (2,210)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

SEGMENT REPORTING - Narrative (Details)	9 Months Ended
SEGMENT REPORTING - Narrative (Details)	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of reporting segments	2

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less: Debt issuance and amendment costs, net		$ (900,000)
Long-term debt	$ 211,980,000	245,493,000
Revolver
Debt Instrument [Line Items]
Senior Secured Term Loans	0	0
Less: Debt issuance and amendment costs, net	(200,000)	(300,000)
Senior Secured Term Loans
Debt Instrument [Line Items]
Senior Secured Term Loans	221,981,000	247,204,000
Less: Debt issuance and amendment costs, net	(3,918,000)	(878,000)
Less: Unamortized discount, net	(6,083,000)	(833,000)
Net Senior secured term loans	$ (211,980,000)	$ (245,493,000)

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Revenue from Contract with Customer [Abstract]

REVENUE (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Revenue

The components of revenue were as follows:



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022

Service revenue	$	34,112	$	36,290	$	104,356	$	111,691
Reimbursable expenses	2,039		1,957		6,398		6,158
Non-controlling interests	62		133		155		468

Total	$	36,213	$	38,380	$	110,909	$	118,317

Disaggregation of Revenue

Disaggregation of total revenues by segment and major source was as follows:


	Three months ended September 30, 2023
(in thousands)	Revenue recognized when services are performed or assets are sold		Revenue related to technology platforms and professional services		Reimbursable expenses revenue		Total revenue

Servicer and Real Estate	$	24,223	$	2,677	$	1,802	$	28,702
Origination	7,264		10		237		7,511

Total revenue	$	31,487	$	2,687	$	2,039	$	36,213


	Three months ended September 30, 2022
(in thousands)	Revenue recognized when services are performed or assets are sold		Revenue related to technology platforms and professional services		Reimbursable expenses revenue		Total revenue

Servicer and Real Estate	$	26,387	$	2,633	$	1,846	$	30,866
Origination	7,392		11		111		7,514

Total revenue	$	33,779	$	2,644	$	1,957	$	38,380


	Nine months ended September 30, 2023
(in thousands)	Revenue recognized when services are performed or assets are sold		Revenue related to technology platforms and professional services		Reimbursable expenses revenue		Total revenue

Servicer and Real Estate	$	73,314	$	8,265	$	5,916	$	87,495
Origination	22,908		24		482		23,414

Total revenue	$	96,222	$	8,289	$	6,398	$	110,909


	Nine months ended September 30, 2022
(in thousands)	Revenue recognized when services are performed or assets are sold		Revenue related to technology platforms and professional services		Reimbursable expenses revenue		Total revenue

Servicer and Real Estate	$	77,947	$	7,654	$	5,748	$	91,349
Origination	26,533		25		410		26,968

Total revenue	$	104,480	$	7,679	$	6,158	$	118,317

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Oct. 20, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	1-34354
Entity Registrant Name	ALTISOURCE PORTFOLIO SOLUTIONS S.A.
Entity Incorporation, State or Country Code	N4
Entity Tax Identification Number	98-0554932
Entity Address, Address Line One	33, Boulevard Prince Henri
Entity Address, Postal Zip Code	L-1724
Entity Address, City or Town	Luxembourg
Entity Address, Country	LU
City Area Code	352
Local Phone Number	2060 2055
Title of 12(b) Security	Common Stock, $1.00 par value
Trading Symbol	ASPS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Smaller Reporting Company	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,492,632
Entity Central Index Key	0001462418
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other current liabilities
Operating lease liabilities	$ 1,596	$ 2,097
Other	703	770
Total	$ 2,299	$ 2,867

LONG-TERM DEBT - PIK Interest Rate (Details) - Line of Credit - Secured Debt	Sep. 30, 2023	Jun. 30, 2023	Feb. 14, 2023
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)	0.0375	0.0450
Less than $20 million
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)			0.0500
$20 million+ but less than below
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)			0.0450
$30 million+ but less than below
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)			0.0375
$40 million+ but less than below
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)			0.0350
$45 million+ but less than below
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)			0.0300
$50 million+ but less than below
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)			0.0250
$55 million+ but less than below
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)			0.0200
$60 million+ but less than below
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)			0.0100
$65 million+ but less than below
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)			0.0050
$70 million+
Interest Rate and Interest Differential Analysis [Line Items]
PIK Component of Interest Rate (in percent)			0.0000

ORGANIZATION AND BASIS OF PRESENTATION (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) segment installment	Dec. 31, 2022 USD ($)
Summary of significant accounting policies
Number of reporting segments \| segment	2
Total assets:	$ 162,636	$ 195,268
Variable Interest Entity, Primary Beneficiary
Summary of significant accounting policies
Number of terms \| installment	3
Agreement term	5 years
Total assets:	$ 200	1,200
Total liabilities	$ 400	$ 1,100

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS (Tables)

9 Months Ended

Sep. 30, 2023

Lease Term and Assumption

Information about our lease terms and our discount rate assumption were as follows for the nine months ended September 30:



	2023		2022

Weighted average remaining lease term (in years)	2.51		3.15
Weighted average discount rate	5.93	%	5.66	%

Lease Activity During Period

Our lease activity during the period was as follows:



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022

Operating lease costs:
Selling, general and administrative expense	$	553	$	586	$	1,638	$	2,217
Cost of revenue	—		—		—		265

Cash used in operating activities for amounts included in the measurement of lease liabilities	$	507	$	515	$	1,638	$	2,022
Short-term (twelve months or less) lease costs	789		402		1,638		827

Maturities of Operating Lease Liabilities

Maturities of our lease liabilities as of September 30, 2023 are as follows:


(in thousands)	Operating lease obligations

2023	$	559
2024	1,796
2025	1,322
2026	638
2027	—

Total lease payments	4,315
Less: interest	(540)

Present value of lease liabilities	$	3,775

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

9 Months Ended

Sep. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


(in thousands)	September 30, 2023		December 31, 2022

Prepaid expenses	$	2,746	$	5,165
Income taxes receivable	510		7,031
Maintenance agreements, current portion	1,868		1,498
Indemnity escrow receivable from Pointillist sale	3,201		3,223
Restricted cash	23		—
Surety bond collateral	—		4,000
Other current assets	2,869		2,627

Total	$	11,217	$	23,544

OTHER NON-CURRENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Other Non-Current Liabilities

Other non-current liabilities consist of the following:


(in thousands)	September 30, 2023		December 31, 2022

Income tax liabilities	$	16,036	$	16,079
Operating lease liabilities	2,179		3,371
Deferred revenue	13		82
Other non-current liabilities	4		4

Total	$	18,232	$	19,536

WARRANTS (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Stockholders' Equity Note, Warrants or Rights

The number of Warrant Shares is subject to reduction based on the amount of par paydowns on the senior secured term loans (“SSTL”) in the aggregate using proceeds from issuances of equity interests or from junior indebtedness made prior to February 14, 2024 (“Aggregate Paydowns”) as set forth in the table below.


Aggregate Paydowns			Warrant Shares
Less than $20 million			3,223,851
$20 million+ but less than below			2,578,743
$30 million+			1,612,705

Fair Value of Warrant Liability

The fair value of the warrant liability at each of the respective valuation dates is summarized below:


Warrant Liability	Warrant Shares based on Aggregate Paydowns	Expected Warrant Shares that will be exercisable on February 14, 2024	Fair Value per Warrant Share	Fair Value (in thousands)

Fair value at initial measurement date of February 14, 2023	3,223,851	1,612,705	$5.02	$	8,096
Gain on change in fair value of warrant liability				(694)
Fair value at March 31, 2023	2,578,743	1,612,705	$4.59	7,402
Loss on change in fair value of warrant liability				1,774
Fair value at June 30, 2023	2,578,743	1,612,705	$5.69	$	9,176
Gain on change in fair value of warrant liability				(2,225)
Fair value at September 18, 2023	1,612,705	1,612,705	$4.31	$	6,951

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Assets:
Cash and cash equivalents	$ 36,640	$ 51,025	$ 63,812
Restricted cash	3,207	3,248	$ 3,584
Short-term receivable	3,201	3,223
Level 1 \| Fair Value, Measurements, Recurring
Assets:
Cash and cash equivalents	36,640	51,025
Restricted cash	3,207	3,248
Short-term receivable	0	0
Level 2 \| Fair Value, Measurements, Recurring
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Short-term receivable	0	0
Level 3 \| Fair Value, Measurements, Recurring
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Short-term receivable	3,201	3,223
Senior secured term loans
Liabilities:
Senior secured term loans	221,981	247,204
Senior secured term loans \| Level 1 \| Fair Value, Measurements, Recurring
Liabilities:
Senior secured term loans	0	0
Senior secured term loans \| Level 2 \| Fair Value, Measurements, Recurring
Liabilities:
Senior secured term loans	177,585	200,235
Senior secured term loans \| Level 3 \| Fair Value, Measurements, Recurring
Liabilities:
Senior secured term loans	$ 0	$ 0

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Dec. 01, 2021	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Proceeds from the sale of business				$ 0	$ 346
Customer Concentration Risk \| Ocwen \| Revenue
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Percentage of revenue from largest customer (in percent)		43.00%	45.00%	43.00%	40.00%
Pointillist, Inc. \| Disposal Group, Held-for-sale, Not Discontinued Operations
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Proceeds from the sale of business	$ 3,500

COST OF REVENUE

9 Months Ended

Sep. 30, 2023

Cost of Revenue [Abstract]

COST OF REVENUE

Cost of revenue principally includes payroll and employee benefits associated with personnel employed in customer service, operations and technology roles, fees paid to external providers related to the provision of services, reimbursable expenses, technology and telecommunications costs as well as depreciation and amortization of operating assets. The components of cost of revenue were as follows:



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022

Outside fees and services	$	13,659	$	15,319	$	42,810	$	42,573
Compensation and benefits	9,090		11,885		28,072		39,231
Technology and telecommunications	3,786		4,656		11,048		14,844
Reimbursable expenses	2,039		1,957		6,398		6,158
Depreciation and amortization	450		570		1,356		1,805

Total	$	29,024	$	34,387	$	89,684	$	104,611

Transactions with Related Parties

The Company recognized $0.6 million and $0.3 million for the nine months ended September 30, 2023 and 2022, respectively ($0.2 million and $0.1 million for the third quarter of 2023 and 2022, respectively) of reimbursable expenses relating to services provided to Aldridge Pite. As of September 30, 2023, the Company had no payable to Aldridge Pite.

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESWe recognized an income tax (provision) benefit of $(2.6) million and $(2.2) million for the nine months ended September 30, 2023 and 2022, respectively ($(0.4) million and $0.2 million for the third quarter of 2023 and 2022, respectively). Income tax (provision) benefit for the three and nine months ended September 30, 2023 was driven primarily by income tax expense on transfer pricing income from India and the United States, reduction in deferred tax assets related to intangible assets, no tax benefit on the pretax loss from our Luxembourg operating company and uncertain tax positions

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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GOODWILL AND INTANGIBLE ASSETS, NET - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Intangible Assets, Net
Gross carrying amount	$ 259,016	$ 259,016
Accumulated amortization	(231,198)	(227,286)
Net book value	27,818	31,730
Customer related intangible assets
Intangible Assets, Net
Gross carrying amount	214,307	214,307
Accumulated amortization	(199,915)	(197,594)
Net book value	14,392	16,713
Operating agreement
Intangible Assets, Net
Gross carrying amount	35,000	35,000
Accumulated amortization	(23,917)	(22,604)
Net book value	11,083	12,396
Trademarks and trade names
Intangible Assets, Net
Gross carrying amount	9,709	9,709
Accumulated amortization	(7,366)	(7,088)
Net book value	$ 2,343	$ 2,621
Weighted Average \| Customer related intangible assets
Intangible Assets, Net
Weighted average estimated useful life (in years)	9 years
Weighted Average \| Operating agreement
Intangible Assets, Net
Weighted average estimated useful life (in years)	20 years
Weighted Average \| Trademarks and trade names
Intangible Assets, Net
Weighted average estimated useful life (in years)	16 years

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Schedule of Grant Date Fair Value of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Weighted average grant date fair value of stock options granted per share (in usd per share)	$ 0	$ 8.19
Intrinsic value of options exercised	$ 0	$ 0
Grant date fair value of stock options that vested	$ 83	$ 1,031

CUSTOMER CONCENTRATION

9 Months Ended

Sep. 30, 2023

Risks and Uncertainties [Abstract]

CUSTOMER CONCENTRATION

Ocwen

Ocwen Financial Corporation (together with its subsidiaries, “Ocwen”) is a residential mortgage loan servicer of mortgage servicing rights (“MSRs”) it owns, including those MSRs in which others have an economic interest, and a subservicer of loans owned by others.

During the three and nine months ended September 30, 2023, Ocwen was our largest customer, accounting for 43% of our total revenue. Ocwen purchases certain mortgage services from us under the terms of services agreements and amendments thereto (collectively, the “Ocwen Services Agreements”) with terms extending through August 2030. Certain of the Ocwen Services Agreements contain a “most favored nation” provision and also grant the parties the right to renegotiate pricing, among other things.

Revenue from Ocwen primarily consists of revenue earned from the loan portfolios serviced and subserviced by Ocwen when Ocwen engages us as the service provider, and revenue earned directly from Ocwen, pursuant to the Ocwen Services Agreements. For the nine months ended September 30, 2023 and 2022, we recognized revenue from Ocwen of $47.3 million and $47.2 million, respectively ($15.7 million and $17.2 million for the third quarter of 2023 and 2022, respectively). Revenue from Ocwen as a percentage of segment and consolidated revenue was as follows:


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022

Servicer and Real Estate	55	%	56	%	54	%	52	%
Origination	—	%	—	%	—	%	—	%
Corporate and Others	—	%	—	%	—	%	—	%
Consolidated revenue	43	%	45	%	43	%	40	%

We earn additional revenue related to the portfolios serviced and subserviced by Ocwen when a party other than Ocwen or the MSRs owner selects Altisource as the service provider. For the nine months ended September 30, 2023 and 2022, we recognized revenue of $7.3 million ($2.3 million and $2.2 million for the third quarter of 2023 and 2022, respectively), of such revenue. These amounts are not included in deriving revenue from Ocwen and revenue from Ocwen as a percentage of revenue discussed above.

As of September 30, 2023, accounts receivable from Ocwen totaled $4.0 million, $2.8 million of which was billed and $1.2 million of which was unbilled. As of December 31, 2022, accounts receivable from Ocwen totaled $4.0 million, $3.2 million of which was billed and $0.8 million of which was unbilled.

Rithm

Rithm Capital Corp. (individually, together with one or more of its subsidiaries or one or more of its subsidiaries individually, “Rithm”) (formerly New Residential Investment Corp.) is a real estate investment trust that invests in and manages investments primarily related to residential real estate, including MSRs and excess MSRs.

Ocwen has disclosed that Rithm is a significant client of Ocwen’s. As of June 30, 2023, approximately 16% of loans serviced and subserviced by Ocwen (measured in unpaid principal balance (“UPB”)) and approximately 68% of all delinquent loans that Ocwen services were related to Rithm MSRs or rights to MSRs (the “Subject MSRs”).

Rithm purchases brokerage services for real estate owned (“REO”) exclusively from us, irrespective of the subservicer, subject to certain limitations, for certain MSRs set forth in and pursuant to the terms of a Cooperative Brokerage Agreement, as amended, and related letter agreement (collectively, the “Brokerage Agreement”) with terms extending through August 2025.

For the nine months ended September 30, 2023 and 2022, we recognized revenue from Rithm of $2.3 million and $2.6 million, respectively ($0.7 million and $0.8 million for the third quarter of 2023 and 2022, respectively), under the Brokerage Agreement. For the nine months ended September 30, 2023 and 2022, we recognized additional revenue of $10.1 million and $10.4 million, respectively ($3.2 million and $3.0 million for the third quarter of 2023 and 2022, respectively), relating to the Subject MSRs when a party other than Rithm selects Altisource as the service provider.

CUSTOMER CONCENTRATION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Concentration Risk
Revenue	$ 36,213	$ 38,380		$ 110,909	$ 118,317
Customer Concentration Risk \| Ocwen
Concentration Risk
Accounts receivable	4,000			4,000		$ 4,000
Customer Concentration Risk \| Ocwen \| Billed
Concentration Risk
Accounts receivable	2,800			2,800		3,200
Customer Concentration Risk \| Ocwen \| Unbilled
Concentration Risk
Accounts receivable	$ 1,200			$ 1,200		$ 800
Customer Concentration Risk \| Ocwen \| Revenue
Concentration Risk
Concentration percentage (in percent)	43.00%	45.00%		43.00%	40.00%
Revenue	$ 15,700	$ 17,200		$ 47,300	$ 47,200
Customer Concentration Risk \| Highly Correlated - Ocwen \| Revenue
Concentration Risk
Concentration percentage (in percent)	6.00%			7.00%
Revenue	$ 2,300	2,200		$ 7,300	7,300
Customer Concentration Risk \| RITM \| Revenue
Concentration Risk
Revenue	700	800		2,300	2,600
Percentage of loans serviced and subserviced by largest customer's largest client (in percent)			16.00%
Percentage of delinquent loans Ocwen services (in percent)			0.68
Customer Concentration Risk \| Highly Correlated - RITM \| Revenue
Concentration Risk
Revenue	$ 3,200	$ 3,000		$ 10,100	$ 10,400
Customer Concentration Risk \| Ocwen \| RITM \| Revenue
Concentration Risk
Percentage of loans serviced and subserviced by largest customer's largest client (in percent)			16.00%
Percentage of delinquent loans Ocwen services (in percent)			0.68

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 36,213	$ 38,380	$ 110,909	$ 118,317
Revenue recognized when services are performed or assets are sold
Disaggregation of Revenue [Line Items]
Revenue	31,487	33,779	96,222	104,480
Revenue related to technology platforms and professional services
Disaggregation of Revenue [Line Items]
Revenue	2,687	2,644	8,289	7,679
Reimbursable expenses revenue
Disaggregation of Revenue [Line Items]
Revenue	2,039	1,957	6,398	6,158
Servicer and Real Estate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	28,702	30,866	87,495	91,349
Servicer and Real Estate \| Revenue recognized when services are performed or assets are sold \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	24,223	26,387	73,314	77,947
Servicer and Real Estate \| Revenue related to technology platforms and professional services \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	2,677	2,633	8,265	7,654
Servicer and Real Estate \| Reimbursable expenses revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	1,802	1,846	5,916	5,748
Origination \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	7,511	7,514	23,414	26,968
Origination \| Revenue recognized when services are performed or assets are sold \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	7,264	7,392	22,908	26,533
Origination \| Revenue related to technology platforms and professional services \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	10	11	24	25
Origination \| Reimbursable expenses revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	$ 237	$ 111	$ 482	$ 410

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Premises and Equipment, Net

Premises and equipment, net consists of the following:


(in thousands)	September 30, 2023		December 31, 2022

Computer hardware and software	$	46,568	$	49,339
Leasehold improvements	1,011		5,794
Furniture and fixtures	102		3,832
Office equipment and other	24		346

	47,705		59,311
Less: Accumulated depreciation and amortization	(45,537)		(55,089)

Total	$	2,168	$	4,222

Schedule of Premises and Equipment, Net by Country

Premises and equipment, net consist of the following, by country:


(in thousands)	September 30, 2023		December 31, 2022

Luxembourg	$	1,459	$	2,455
India	602		1,129
United States	80		586
Uruguay	27		52


Total	$	2,168	$	4,222

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consists of the following:


(in thousands)	September 30, 2023		December 31, 2022

Senior Secured Term Loans	$	221,981	$	247,204
Less: Debt issuance and amendment costs, net	(3,918)		(878)


Less: Unamortized discount, net	(6,083)		(833)


Net Senior secured term loans	211,980		245,493







Total Long-term debt	$	211,980	$	245,493

Schedule of Debt

The PIK component of the interest rate is subject to adjustment based on the amount of Aggregate Paydowns as set forth in the table below. The PIK component of the interest rate was 3.75% for the three months ended September 30, 2023 and 4.50% for the three months ended June 30, 2023. The interest rate as of September 30, 2023 was 14.09%.


Aggregate Paydowns			PIK Component of Interest Rate
Less than $20 million			5.00%
$20 million+ but less than below			4.50%
$30 million+ but less than below			3.75%
$40 million+ but less than below			3.50%
$45 million+ but less than below			3.00%
$50 million+ but less than below			2.50%
$55 million+ but less than below			2.00%
$60 million+ but less than below			1.00%
$65 million+ but less than below			0.50%
$70 million+			0.00%

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Schedule of Change in Allowance for Doubtful Accounts and Expected Credit Losses

ACCOUNTS RECEIVABLE, NET (Tables)

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Accounts receivable, net consists of the following:


(in thousands)	September 30, 2023		December 31, 2022

Billed	$	10,386	$	11,993
Unbilled	5,974		5,359
	16,360		17,352
Less: Allowance for credit losses	(3,379)		(4,363)

Total	$	12,981	$	12,989

Changes in the allowance for expected credit losses consist of the following:


			Additions
(in thousands)	Balance at Beginning of Period		Charged to Expenses		Deductions Note(1)		Balance at End of Period

Allowance for expected credit losses:

Three months ended September 30, 2023	$	4,314	$	(203)	$	732	$	3,379
Three months ended September 30, 2022	4,792		(22)		289		4,481

Nine months ended September 30, 2023	$	4,363	$	319	$	1,303	$	3,379
Nine months ended September 30, 2022	5,297		578		1,394		4,481

______________________________________

(1) Amounts written off as uncollectible or transferred to other accounts or utilized.

LOSS PER SHARE - Schedule of Basic and Diluted Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net loss attributable to Altisource	$ (11,342)	$ (14,389)	$ (43,139)	$ (42,074)
Weighted average common shares outstanding, basic (in shares)	22,181	16,087	20,538	16,051
Weighted average common shares outstanding, diluted (in shares)	22,181	16,087	20,538	16,051
Loss per share:
Basic (in usd per share)	$ (0.51)	$ (0.89)	$ (2.10)	$ (2.62)
Diluted (in usd per share)	$ (0.51)	$ (0.89)	$ (2.10)	$ (2.62)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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COST OF REVENUE - Schedule of Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cost of Revenue [Abstract]
Outside fees and services	$ 13,659	$ 15,319	$ 42,810	$ 42,573
Compensation and benefits	9,090	11,885	28,072	39,231
Technology and telecommunications	3,786	4,656	11,048	14,844
Reimbursable expenses	2,039	1,957	6,398	6,158
Depreciation and amortization	450	570	1,356	1,805
Total	$ 29,024	$ 34,387	$ 89,684	$ 104,611

The aggregate cost of goods produced and sold and services rendered during the reporting period.

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CUSTOMER CONCENTRATION - Schedule of Revenue from Ocwen (Details) - Ocwen - Revenue - Customer Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Concentration Risk [Line Items]
Concentration percentage (in percent)	43.00%	45.00%	43.00%	40.00%
Corporate and Others
Concentration Risk [Line Items]
Concentration percentage (in percent)	0.00%	0.00%	0.00%	0.00%
Servicer and Real Estate \| Operating Segments
Concentration Risk [Line Items]
Concentration percentage (in percent)	55.00%	56.00%	54.00%	52.00%
Origination \| Operating Segments
Concentration Risk [Line Items]
Concentration percentage (in percent)	0.00%	0.00%	0.00%	0.00%

OTHER INCOME (EXPENSE), NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Interest income (expense)	$ 262	$ 212	$ 1,011	$ 318
Other, net	145	247	1,346	1,074
Total	$ 407	$ 459	$ 2,357	$ 1,392

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Selling, General and Administrative Expense [Abstract]
Compensation and benefits	$ 4,906	$ 7,388	$ 16,312	$ 19,093
Professional services	1,897	2,584	5,743	8,432
Occupancy related costs	1,266	1,008	3,924	4,049
Amortization of intangible assets	1,352	1,281	3,912	3,849
Marketing costs	440	774	1,381	2,446
Depreciation and amortization	129	284	577	895
Other	744	1,237	3,320	4,291
Total	$ 10,734	$ 14,556	$ 35,169	$ 43,055

LOSS PER SHARE

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

LOSS PER SHARE

Basic loss per share is computed by dividing loss available to common shareholders by the weighted average number of common shares outstanding for the period. In accordance with ASC 260, penny warrants are included in the calculation of weighted average basic and diluted earnings (loss) per share for the period of time that they are classified as equity. For the three and nine months ended, September 30, 2023, 0.2 million and 0.1 million penny warrants have been included in the calculation of weighted average basic and diluted loss per share. Diluted net loss per share excludes all dilutive securities because their impact would be anti-dilutive, as described below.

Basic and diluted loss per share are calculated as follows:



	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2023		2022		2023		2022

Net loss attributable to Altisource	$	(11,342)	$	(14,389)	$	(43,139)	$	(42,074)

Weighted average common shares outstanding, basic	22,181		16,087		20,538		16,051


Weighted average common shares outstanding, diluted	22,181		16,087		20,538		16,051

Loss per share:
Basic	$	(0.51)	$	(0.89)	$	(2.10)	$	(2.62)
Diluted	$	(0.51)	$	(0.89)	$	(2.10)	$	(2.62)

For the nine months ended September 30, 2023 and 2022, 1.5 million and 1.3 million, respectively (1.5 million and 1.3 million for the third quarter of 2023 and 2022, respectively), stock options, restricted shares and restricted share units, were excluded from the computation of loss per share, as a result of the following:

•For the nine months ended September 30, 2023 and 2022, 0.3 million and 0.2 million, respectively (0.4 million and 0.2 million for the third quarter of 2023 and 2022, respectively), stock options, restricted shares and restricted share units were anti-dilutive and have been excluded from the computation of diluted loss per share because the Company incurred a net loss

•For the nine months ended September 30, 2023 and 2022, 0.3 million and 0.2 million, respectively (0.2 million and 0.2 million for the third quarter of 2023 and 2022, respectively), stock options were anti-dilutive and have been excluded from the computation of diluted loss per share because their exercise price was greater than the average market price of our common stock

•For the nine months ended September 30, 2023 and 2022, 0.9 million and 0.9 million, respectively (0.9 million and 0.9 million for the third quarter of 2023 and 2022, respectively) , stock options, restricted shares and restricted share units, which begin to vest upon the achievement of certain market criteria related to our common stock price, performance criteria and a total shareholder return compared to the market benchmark, that have not yet been met in each period have been excluded from the computation of diluted loss per share

REVENUE - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
REVENUE - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) category	Sep. 30, 2022 USD ($)
Related Party Transaction [Line Items]
Categories of revenue \| category			3
Revenue	$ 36,213	$ 38,380	$ 110,909	$ 118,317
Revenue recognized that was included in the contract liability at the beginning of the period	500	800	3,300	3,700
Service revenue
Related Party Transaction [Line Items]
Revenue	34,112	36,290	104,356	111,691
Related Party \| Aldridge Pite \| Service revenue
Related Party Transaction [Line Items]
Revenue	$ 100	$ 100	$ 100	$ 100

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

The following table presents the carrying amount and estimated fair value of financial instruments and certain liabilities measured at fair value as of September 30, 2023 and December 31, 2022. The following fair values are estimated using market information and what the Company believes to be appropriate valuation methodologies under GAAP:


	September 30, 2023								December 31, 2022
(in thousands)	Carrying amount		Fair value						Carrying amount		Fair value
			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	36,640	$	36,640	$	—	$	—	$	51,025	$	51,025	$	—	$	—
Restricted cash	3,207		3,207		—		—		3,248		3,248		—		—

Short-term receivable	3,201		—		—		3,201		3,223		—		—		3,223


Liabilities:

Senior secured term loans	221,981		—		177,585		—		247,204		—		200,235		—

Fair Value Measurements on a Recurring Basis

Cash and cash equivalents and restricted cash are carried at amounts that approximate their fair values due to the highly liquid nature of these instruments and were measured using Level 1 inputs.

The fair value of our SSTL is based on quoted market prices. Based on the frequency of trading, we do not believe that there is an active market for our debt. Therefore, the quoted prices are considered Level 2 inputs.

In connection with the sale of Pointillist on December 1, 2021, $3.5 million was deposited into an escrow account to satisfy certain indemnification claims that may arise on or prior to the first anniversary of the sale closing. The deposit was recorded as a short-term receivable. We measure short-term receivables without a stated interest rate based on the present value of the future payments.

There were no transfers between different levels during the periods presented.

Concentrations of Credit Risk

Financial instruments that subject us to concentrations of credit risk primarily consist of cash and cash equivalents and accounts receivable. Our policy is to deposit our cash and cash equivalents with larger, highly rated financial institutions. The Company derived 43% of its revenue from Ocwen for the three and nine months ended September 30, 2023 (see Note 2 for additional information on Ocwen revenues and accounts receivable balance). The Company strives to mitigate its concentrations of credit risk with respect to accounts receivable by actively monitoring past due accounts and the economic status of larger customers, if known.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Share-Based Payment Arrangement [Abstract]

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION

9 Months Ended

Sep. 30, 2023

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION

Share Repurchase Program

On May 16, 2023, our shareholders approved the renewal and amendment of the share repurchase program previously approved by the shareholders on May 15, 2018. Under the program, we are authorized to purchase up to 3.1 million shares of our common stock, based on a limit of 15% of the outstanding shares of common stock on the date of approval, at a minimum price of $1.00 per share and a maximum price of $25.00 per share, for a period of five years from the date of approval. As of September 30, 2023, approximately 3.1 million shares of common stock remain available for repurchase under the program. There were no purchases of shares of common stock during the nine months ended September 30, 2023 and 2022. Luxembourg law limits share repurchases to the balance of Altisource Portfolio Solutions S.A. (unconsolidated parent company) retained earnings, less the value of shares repurchased. As of September 30, 2023, we can repurchase up to approximately $60 million of our common stock under Luxembourg law. Under the Amended Credit Agreement, we are not permitted to repurchase shares except for limited circumstances.

Public offerings of Common Stock

On February 14, 2023, Altisource closed on an underwritten public offering to sell 4,550,000 shares of its common stock, at a price of $5.00 per share, generating net proceeds of $20.5 million, after deducting the underwriting discounts and commissions and other offering expenses.

On September 7, 2023, Altisource closed on an underwritten public offering to sell 5,590,277 shares of its common stock, at a price of $3.60 per share, generating net proceeds of $18.4 million, after deducting the underwriting discounts and commissions and other offering expenses.

Share-Based Compensation

We issue share-based awards in the form of stock options, restricted shares and restricted share units for certain employees, officers and directors. We recognized share-based compensation expense of $3.9 million and $3.9 million for the nine months ended September 30, 2023 and 2022, respectively ($1.2 million and $1.3 million for the third quarter of 2023 and 2022, respectively). As of September 30, 2023, estimated unrecognized compensation costs related to share-based awards amounted to $3.2 million, which we expect to recognize over a weighted average remaining requisite service period of approximately 1.16 years.

Stock Options

Stock option grants are composed of a combination of service-based, market-based and performance-based options.

Service-Based Options. These options generally vest over three or four years with equal annual vesting and generally expire on the earlier of ten years after the date of grant or following termination of service. A total of 182 thousand service-based options were outstanding as of September 30, 2023.

Market-Based Options. These option grants generally have two components, each of which vests only upon the achievement of certain criteria. The first component, which we refer to as “ordinary performance” grants, generally consists of two-thirds of the market-based grant and begins to vest if the stock price is at least double the exercise price, as long as the stock price realizes a compounded annual gain of at least 20% over the exercise price. The remaining third of the market-based options, which we refer to as “extraordinary performance” grants, generally begins to vest if the stock price is at least triple the exercise price, as long as the stock price realizes a compounded annual gain of at least 25% over the exercise price. Market-based options vest in three or four year installments with the first installment vesting upon the achievement of the criteria and the remaining installments vesting thereafter in equal annual installments. Market-based options generally expire on the earlier of ten years after the date of grant or following termination of service, unless the performance criteria is met prior to termination of service or in the final three years of the option term, in which case vesting will generally continue in accordance with the provisions of the award agreement. A total of 96 thousand market-based options were outstanding as of September 30, 2023.

Performance-Based Options. These option grants generally will vest if certain specific financial measures are achieved; typically with one-fourth vesting on each anniversary of the grant date. The award of performance-based options is adjusted based on the level of achievement specified in the award agreements. If the performance criteria achieved is above threshold performance levels, participants generally have the opportunity to vest in 50% to 200% of the option grants, depending upon performance achieved. If the performance criteria achieved is below a certain threshold, the options are canceled. The options generally expire on the earlier of ten years after the date of grant or following termination of service, unless the performance criteria is met prior to termination of service in which case vesting will generally continue in accordance with the provisions of the award agreement. There were 461 thousand performance-based options outstanding as of September 30, 2023.

There were no stock option grants during the nine months ended September 30, 2023. The Company granted 105 thousand stock options (at a weighted average exercise price of $11.86 per share) for the nine months ended September 30, 2022.

The fair values of the performance-based options are determined using the Black-Scholes option pricing model. The following assumptions were used to determine the fair values as of the grant date:


	Nine months ended September 30, 2022
	Black-Scholes

Risk-free interest rate (%)	1.62
Expected stock price volatility (%)	67.75
Expected dividend yield	—
Expected option life (in years)	6
Fair value	$	7.27

We determined the expected option life of all service-based stock option grants using the simplified method, determined based on the graded vesting term plus the contractual term of the options, divided by two. We use the simplified method because we believe that our historical data does not provide a reasonable basis upon which to estimate expected option life.

The following table summarizes the grant date fair value of stock options that vested during the periods presented:


	Nine months ended September 30,
(in thousands, except per share data)	2023		2022

Weighted average grant date fair value of stock options granted per share	$	—	$	8.19
Intrinsic value of options exercised	—		—
Grant date fair value of stock options that vested	83		1,031

The following table summarizes the activity related to our stock options:


	Number of options	Weighted average exercise price		Weighted average contractual term (in years)	Aggregate intrinsic value (in thousands)

Outstanding as of December 31, 2022	745,277	$	27.03	4.83	$	—
Granted	—	—

Forfeited	(6,088)	25.26

Outstanding as of September 30, 2023	739,189	27.04		4.09	—

Exercisable as of September 30, 2023	543,701	25.27		3.50	—

Other Share-Based Awards

The Company’s other share-based and similar types of awards are comprised of restricted shares and restricted share units. The restricted shares and restricted share units are comprised of a combination of service-based awards, performance-based awards, market-based awards and performance and market-based awards.

Service-Based Awards. These awards generally vest over one-to-four-year periods. A total of 907 thousand service-based awards were outstanding as of September 30, 2023.

Performance-Based Awards. These awards generally vest if certain specific financial measures are achieved; generally one-third vests on each anniversary of the grant date or cliff-vest on the third anniversary of the grant date. The number of performance-based restricted shares and restricted share units that may vest is based on the level of achievement as specified in the award agreements. If the performance criteria achieved is above certain financial performance levels and Altisource’s share performance is above certain established criteria, participants have the opportunity to vest in up to 150% of the restricted share unit award for certain awards. If the performance criteria achieved is below certain thresholds, the award is canceled. A total of 141 thousand performance-based awards were outstanding as of September 30, 2023.

Market-Based Awards. 50% of these awards generally vest if certain specific market conditions are achieved over a 30-day period and the remaining 50% of these awards generally vest on the one year anniversary of the initial vesting. The

Company estimates the grant date fair value of these awards using a lattice (binomial) model. A total of 112 thousand market-based awards were outstanding as of September 30, 2023.

Performance-Based and Market-Based Awards. These awards generally vest if certain specific financial measures are achieved and if certain specific market conditions are achieved. If the performance criteria achieved is above certain financial performance levels and Altisource’s share performance is above certain established criteria, participants have the opportunity to vest in up to 300% of the restricted share unit award for certain awards. If the performance criteria or the market criteria is below certain thresholds, the award is canceled. The Company estimates the grant date fair value of these awards using a Monte Carlo simulation model. A total of 125 thousand performance-based and market-based awards were outstanding as of September 30, 2023.

The Company granted 891 thousand restricted share units (at a weighted average grant date fair value of $4.82 per share) during the nine months ended September 30, 2023. These grants include 57 thousand awards that include both a performance condition and a market condition and 57 thousand performance-based awards, for the nine months ended September 30, 2023. The Company granted 46 thousand awards that include both a performance condition and a market condition and 46 thousand performance-based awards, for the nine months ended September 30, 2022.

The following table summarizes the activity related to our restricted shares and restricted share units:


			Number of restricted shares and restricted share units

Outstanding as of December 31, 2022			755,006
Granted			890,810
Issued			(213,576)
Forfeited/canceled			(147,241)

Outstanding as of September 30, 2023			1,284,999

ACCOUNTS RECEIVABLE, NET - Schedule of Allowance for Doubtful Accounts and Expected Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Allowance for expected credit losses:
Balance at Beginning of Period	$ 4,314	$ 4,792	$ 4,363	$ 5,297
Additions Charged to Expenses	(203)	(22)	319	578
Deductions	732	289	1,303	1,394
Balance at End of Period	$ 3,379	$ 4,481	$ 3,379	$ 4,481

ACCOUNTS RECEIVABLE, NET

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consists of the following:


(in thousands)	September 30, 2023		December 31, 2022

Billed	$	10,386	$	11,993
Unbilled	5,974		5,359
	16,360		17,352
Less: Allowance for credit losses	(3,379)		(4,363)

Total	$	12,981	$	12,989

Unbilled accounts receivable consist primarily of certain real estate asset management, REO sales, title and closing services for which we generally recognize revenue when the service is provided but collect upon closing of the sale, and foreclosure trustee services, for which we generally recognize revenues over the service delivery period but bill following completion of the service. We also include amounts in unbilled accounts receivable that are earned during a month and billed in the following month.

We are exposed to credit losses through our sales of products and services to our customers which are recorded as accounts receivable, net on the Company’s condensed consolidated financial statements. We monitor and estimate the allowance for credit losses based on our historical write-offs, historical collections, our analysis of past due accounts based on the contractual terms of the receivables, relevant market and industry reports and our assessment of the economic status of our customers, if known. Estimated credit losses are written off in the period in which the financial asset is determined to be no longer collectible. There can be no assurance that actual results will not differ from estimates or that consideration of these factors in the future will not result in an increase or decrease to our allowance for credit losses.

Changes in the allowance for expected credit losses consist of the following:


			Additions
(in thousands)	Balance at Beginning of Period		Charged to Expenses		Deductions Note(1)		Balance at End of Period

Allowance for expected credit losses:

Three months ended September 30, 2023	$	4,314	$	(203)	$	732	$	3,379
Three months ended September 30, 2022	4,792		(22)		289		4,481

Nine months ended September 30, 2023	$	4,363	$	319	$	1,303	$	3,379
Nine months ended September 30, 2022	5,297		578		1,394		4,481

______________________________________

(1) Amounts written off as uncollectible or transferred to other accounts or utilized.

GOODWILL AND INTANGIBLE ASSETS, NET - Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Intangible Assets, Net
Goodwill	$ 55,960	$ 55,960
Corporate and Others
Intangible Assets, Net
Goodwill	0	0
Servicer and Real Estate \| Operating Segments
Intangible Assets, Net
Goodwill	30,681	30,681
Origination \| Operating Segments
Intangible Assets, Net
Goodwill	$ 25,279	$ 25,279

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Accounts payable and accrued expenses consist of the following:


(in thousands)	September 30, 2023		December 31, 2022

Accounts payable	$	16,404	$	14,981
Accrued expenses - general	8,425		11,858
Accrued salaries and benefits	4,937		5,501
Income taxes payable	1,266		1,167

Total	$	31,032	$	33,507

Other current liabilities consist of the following:


(in thousands)	September 30, 2023		December 31, 2022

Operating lease liabilities	$	1,596	$	2,097
Other	703		770

Total	$	2,299	$	2,867

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - RSU (Details) - Restricted Stock And Restricted Stock Units	9 Months Ended
	Sep. 30, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at the beginning of period (in shares)	755,006
Granted (in shares)	890,810
Issued (in shares)	(213,576)
Forfeited/canceled (in shares)	(147,241)
Outstanding at the end of period (in shares)	1,284,999

WARRANTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 18, 2023	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Feb. 14, 2023
Warrant Liability [Line Items]
Repayments of long-term debt				$ 30,000	$ 0
Price of warrant or right (in usd per share)						$ 0.01
Warrant Shares based on Aggregate Paydowns
Warrant Liability [Line Items]
Gain (loss) on changes in fair value of warrant liability		$ 2,200		1,100
Line of Credit \| Secured Debt
Warrant Liability [Line Items]
Repayments of long-term debt		$ 10,000	$ 20,000	$ 30,000
Line of Credit \| Secured Debt \| Maximum
Warrant Liability [Line Items]
Repayments of long-term debt	$ 30,000
Line of Credit \| Secured Debt \| Common stock
Warrant Liability [Line Items]
Warrant shares (in shares)						3,223,851
Paydown Agreement \| Credit Facility
Warrant Liability [Line Items]
Warrant shares (in shares)		1,612,705		1,612,705

OTHER NON-CURRENT LIABILITIES

9 Months Ended

Sep. 30, 2023

OTHER NON-CURRENT LIABILITIES

Other non-current liabilities consist of the following:


(in thousands)	September 30, 2023		December 31, 2022

Income tax liabilities	$	16,036	$	16,079
Operating lease liabilities	2,179		3,371
Deferred revenue	13		82
Other non-current liabilities	4		4

Total	$	18,232	$	19,536

SEGMENT REPORTING

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTINGOur business segments are based upon our organizational structure, which focuses primarily on the services offered, and are consistent with the internal reporting used by our Chief Executive Officer (our chief operating decision maker) to evaluate operating performance and to assess the allocation of our resources.

We conduct our operations through two reportable segments: Servicer and Real Estate and Origination. In addition, we report Corporate and Others separately.

The Servicer and Real Estate segment provides loan servicers and real estate investors with solutions and technologies that span the mortgage and real estate lifecycle. The Origination segment provides originators with solutions and technologies that span the mortgage origination lifecycle. Corporate and Others includes interest expense and costs related to corporate functions including executive, infrastructure and certain technology groups, finance, law, compliance, human resources, vendor management, facilities, risk management, as well as eliminations between reportable segments.

Financial information for our segments is as follows:


	Three months ended September 30, 2023
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	28,702	$	7,511	$	—	$	36,213
Cost of revenue	18,312		7,151		3,561		29,024
Gross profit (loss)	10,390		360		(3,561)		7,189
Selling, general and administrative expenses	1,966		1,797		6,971		10,734
Income (loss) from operations	8,424		(1,437)		(10,532)		(3,545)
Total other income (expense), net	—		—		(7,317)		(7,317)

Income (loss) before income taxes and non-controlling interests	$	8,424	$	(1,437)	$	(17,849)	$	(10,862)


	Three months ended September 30, 2022
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	30,866	$	7,514	$	—	$	38,380
Cost of revenue	22,082		7,654		4,651		34,387
Gross profit (loss)	8,784		(140)		(4,651)		3,993
Selling, general and administrative expenses	2,931		2,399		9,226		14,556
Income (loss) from operations	5,853		(2,539)		(13,877)		(10,563)
Total other income (expense), net	4		—		(3,894)		(3,890)

Income (loss) before income taxes and non-controlling interests	$	5,857	$	(2,539)	$	(17,771)	$	(14,453)


	Nine months ended September 30, 2023
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	87,495	$	23,414	$	—	$	110,909
Cost of revenue	56,075		22,623		10,986		89,684
Gross profit (loss)	31,420		791		(10,986)		21,225
Selling, general and administrative expenses	6,905		5,873		22,391		35,169
Income (loss) from operations	24,515		(5,082)		(33,377)		(13,944)
Total other income (expense), net	—		—		(26,454)		(26,454)

Income (loss) before income taxes and non-controlling interests	$	24,515	$	(5,082)	$	(59,831)	$	(40,398)


	Nine months ended September 30, 2022
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	91,349	$	26,968	$	—	$	118,317
Cost of revenue	64,235		26,206		14,170		104,611
Gross profit (loss)	27,114		762		(14,170)		13,706
Selling, general and administrative expenses	9,227		6,739		27,089		43,055
Income (loss) from operations	17,887		(5,977)		(41,259)		(29,349)
Total other income (expense), net	4		—		(10,051)		(10,047)

Income (loss) before income taxes and non-controlling interests	$	17,891	$	(5,977)	$	(51,310)	$	(39,396)


(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Total assets:
September 30, 2023	$	57,143	$	51,191	$	54,302	$	162,636
December 31, 2022	63,696		53,984		77,588		195,268

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Goodwill and Intangible Assets Disclosure [Abstract]

ACCOUNTS RECEIVABLE, NET - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounts receivable, net
Accounts receivable, gross	$ 16,360		$ 16,360			$ 17,352
Less: Allowance for credit losses	(3,379)	$ (4,481)	(3,379)	$ (4,481)	$ (4,314)	(4,363)	$ (4,792)	$ (5,297)
Total	12,981		12,981			12,989
Bad debt expense	(203)	(22)	319	578
Deductions	732	$ 289	1,303	$ 1,394
Billed
Accounts receivable, net
Accounts receivable, gross	10,386		10,386			11,993
Unbilled
Accounts receivable, net
Accounts receivable, gross	$ 5,974		$ 5,974			$ 5,359

GOODWILL AND INTANGIBLE ASSETS, NET

9 Months Ended

Sep. 30, 2023

GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

The following is a summary of goodwill by segment:


(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Total







Balance as of September 30, 2023 and December 31, 2022	$	30,681	$	25,279	$	—	$	55,960

Intangible Assets, net

Intangible assets, net consist of the following:


	Weighted average estimated useful life (in years)	Gross carrying amount				Accumulated amortization				Net book value
(in thousands)		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022

Definite lived intangible assets:
Customer related intangible assets	9	$	214,307	$	214,307	$	(199,915)	$	(197,594)	$	14,392	$	16,713
Operating agreement	20	35,000		35,000		(23,917)		(22,604)		11,083		12,396
Trademarks and trade names	16	9,709		9,709		(7,366)		(7,088)		2,343		2,621



Total		$	259,016	$	259,016	$	(231,198)	$	(227,286)	$	27,818	$	31,730

Amortization expense for definite lived intangible assets was $3.9 million and $3.8 million for the nine months ended September 30, 2023 and 2022, respectively ($1.4 million and $1.3 million for the third quarter of 2023 and 2022, respectively).

Forecasted annual definite lived intangible asset amortization expense for 2023 through 2027 is $5.2 million, $5.1 million, $5.1 million, $4.9 million and $4.7 million, respectively.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 36,640	$ 51,025
Accounts receivable, net	12,981	12,989
Prepaid expenses and other current assets	11,217	23,544
Total current assets	60,838	87,558
Premises and equipment, net	2,168	4,222
Right-of-use assets under operating leases	3,628	5,321
Goodwill	55,960	55,960
Intangible assets, net	27,818	31,730
Deferred tax assets, net	4,982	5,048
Other assets	7,242	5,429
Total assets	162,636	195,268
Current liabilities:
Accounts payable and accrued expenses	31,032	33,507
Deferred revenue	$ 3,303	$ 3,711
Other current liabilities	Other current liabilities	Other current liabilities
Other current liabilities	$ 2,299	$ 2,867
Total current liabilities	36,634	40,085
Long-term debt	211,980	245,493
Deferred tax liabilities, net	$ 8,724	$ 9,028
Other non-current liabilities	Other non-current liabilities	Other non-current liabilities
Other non-current liabilities	$ 18,232	$ 19,536
Commitments, contingencies and regulatory matters (Note 21)
Equity (deficit):
Common stock ($1.00 par value; 100,000 shares authorized, 29,963 issued and 26,482 outstanding as of September 30, 2023; 16,129 outstanding as of December 31, 2022)	29,963	25,413
Additional paid-in capital	176,128	149,348
Retained earnings	(166,125)	118,948
Treasury stock, at cost (3,481 shares as of September 30, 2023 and 9,284 shares as of December 31, 2022)	(153,561)	(413,358)
Altisource deficit	(113,595)	(119,649)
Non-controlling interests	661	775
Total deficit	(112,934)	(118,874)
Total liabilities and deficit	$ 162,636	$ 195,268

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

9 Months Ended

Sep. 30, 2023

Selling, General and Administrative Expense [Abstract]

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Selling, general and administrative expenses include payroll and employee benefits associated with personnel employed in executive, sales and marketing, finance, technology, law, compliance, human resources, vendor management, facilities and risk management roles. This category also includes professional services fees, occupancy costs, marketing costs, depreciation and amortization of non-operating assets and other expenses. The components of selling, general and administrative expenses were as follows:



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022

Compensation and benefits	$	4,906	$	7,388	$	16,312	$	19,093
Professional services	1,897		2,584		5,743		8,432
Occupancy related costs	1,266		1,008		3,924		4,049
Amortization of intangible assets	1,352		1,281		3,912		3,849
Marketing costs	440		774		1,381		2,446
Depreciation and amortization	129		284		577		895
Other	744		1,237		3,320		4,291

Total	$	10,734	$	14,556	$	35,169	$	43,055

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in Goodwill

The following is a summary of goodwill by segment:


(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Total







Balance as of September 30, 2023 and December 31, 2022	$	30,681	$	25,279	$	—	$	55,960

Schedule of Intangible Assets

Intangible assets, net consist of the following:


	Weighted average estimated useful life (in years)	Gross carrying amount				Accumulated amortization				Net book value
(in thousands)		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022

Definite lived intangible assets:
Customer related intangible assets	9	$	214,307	$	214,307	$	(199,915)	$	(197,594)	$	14,392	$	16,713
Operating agreement	20	35,000		35,000		(23,917)		(22,604)		11,083		12,396
Trademarks and trade names	16	9,709		9,709		(7,366)		(7,088)		2,343		2,621



Total		$	259,016	$	259,016	$	(231,198)	$	(227,286)	$	27,818	$	31,730

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Pricing Model (Details) - Stock Options	9 Months Ended
	Sep. 30, 2023 $ / shares
Equity And Share-Based Compensation
Risk-free interest rate (%)	1.62%
Expected stock price volatility (%)	67.75%
Expected dividend yield (%)	0.00%
Expected option life (in years)	6 years
Fair value (in usd per share)	$ 7.27

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Schedule of Accounts Payable and Accrued Expenses

COST OF REVENUE - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
COST OF REVENUE - Narrative (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Reimbursable expenses	$ 2,039,000	$ 1,957,000	$ 6,398,000	$ 6,158,000
Accounts payable and accrued expenses	31,032,000		31,032,000		$ 33,507,000
Related Party \| Aldridge Pite
Related Party Transaction [Line Items]
Reimbursable expenses	200,000	$ 100,000	600,000	$ 300,000
Accounts payable and accrued expenses	$ 0		$ 0

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Accounts payable and accrued expenses consist of the following:


(in thousands)	September 30, 2023		December 31, 2022

Accounts payable	$	16,404	$	14,981
Accrued expenses - general	8,425		11,858
Accrued salaries and benefits	4,937		5,501
Income taxes payable	1,266		1,167

Total	$	31,032	$	33,507

Schedule of Other Current Liabilities

Other current liabilities consist of the following:


(in thousands)	September 30, 2023		December 31, 2022

Operating lease liabilities	$	1,596	$	2,097
Other	703		770

Total	$	2,299	$	2,867

REVENUE - Schedule of Components of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 36,213	$ 38,380	$ 110,909	$ 118,317
Service revenue
Disaggregation of Revenue [Line Items]
Revenue	34,112	36,290	104,356	111,691
Reimbursable expenses
Disaggregation of Revenue [Line Items]
Revenue	2,039	1,957	6,398	6,158
Non-controlling interests
Disaggregation of Revenue [Line Items]
Revenue	$ 62	$ 133	$ 155	$ 468

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Fair Value Measurements, Recurring and Nonrecurring

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

The following fair values are estimated using market information and what the Company believes to be appropriate valuation methodologies under GAAP:


	September 30, 2023								December 31, 2022
(in thousands)	Carrying amount		Fair value						Carrying amount		Fair value
			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	36,640	$	36,640	$	—	$	—	$	51,025	$	51,025	$	—	$	—
Restricted cash	3,207		3,207		—		—		3,248		3,248		—		—

Short-term receivable	3,201		—		—		3,201		3,223		—		—		3,223


Liabilities:

Senior secured term loans	221,981		—		177,585		—		247,204		—		200,235		—

PREPAID EXPENSES AND OTHER CURRENT ASSETS

9 Months Ended

Sep. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist of the following:


(in thousands)	September 30, 2023		December 31, 2022

Prepaid expenses	$	2,746	$	5,165
Income taxes receivable	510		7,031
Maintenance agreements, current portion	1,868		1,498
Indemnity escrow receivable from Pointillist sale	3,201		3,223
Restricted cash	23		—
Surety bond collateral	—		4,000
Other current assets	2,869		2,627

Total	$	11,217	$	23,544

OTHER ASSETS

9 Months Ended

Sep. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

Other assets consist of the following:


(in thousands)	September 30, 2023		December 31, 2022

Restricted cash	$	3,184	$	3,248
Security deposits	597		596

Other	3,461		1,585

Total	$	7,242	$	5,429

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Right-of-Use Assets Under Operating Leases

Right-of-use assets under operating leases, net consists of the following:


(in thousands)	September 30, 2023		December 31, 2022

Right-of-use assets under operating leases	$	7,334	$	11,808
Less: Accumulated amortization	(3,706)		(6,487)

Total	$	3,628	$	5,321

LOSS PER SHARE - Narrative (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Anti-dilutive securities
Options, restricted shares and restricted share units excluded from the computation of diluted EPS (in shares)	1,500	1,300	1,500	1,300
Weighted average common shares outstanding, basic (in shares)	22,181	16,087	20,538	16,051
Weighted average common shares outstanding, diluted (in shares)	22,181	16,087	20,538	16,051
Employee and Nonemployee Stock Options, Restricted Stock and Restricted Stock Units Whose Impacts are Anti-Dilutive
Anti-dilutive securities
Options, restricted shares and restricted share units excluded from the computation of diluted EPS (in shares)	400	200	300	200
Options Whose Exercise Price is Greater than Average Market Price
Anti-dilutive securities
Options, restricted shares and restricted share units excluded from the computation of diluted EPS (in shares)	200	200	300	200
Options and Restricted Shares Issuable upon Achievement of Certain Market and Performance Criteria That Has Not Been Met
Anti-dilutive securities
Options, restricted shares and restricted share units excluded from the computation of diluted EPS (in shares)	900	900	900	900
Penny Warrant
Anti-dilutive securities
Weighted average common shares outstanding, basic (in shares)	200		100
Weighted average common shares outstanding, diluted (in shares)	200		100

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 559
2024	1,796
2025	1,322
2026	638
2027	0
Total lease payments	4,315
Less: interest	(540)
Present value of lease liabilities	$ 3,775

PREMISES AND EQUIPMENT, NET - Summary by Country (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total	$ 2,168	$ 4,222
Luxembourg
Property, Plant and Equipment [Line Items]
Total	1,459	2,455
India
Property, Plant and Equipment [Line Items]
Total	602	1,129
United States
Property, Plant and Equipment [Line Items]
Total	80	586
Uruguay
Property, Plant and Equipment [Line Items]
Total	$ 27	$ 52

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	9 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION (Policies)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting and Presentation	Basis of Accounting and Presentation The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, the interim data includes all normal recurring adjustments considered necessary to fairly state the results for the interim periods presented. The preparation of interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of our interim condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Intercompany transactions and accounts have been eliminated in consolidation. Certain prior year balance sheet amounts have been reclassified for consistency with the current year presentation. Altisource consolidates Best Partners Mortgage Cooperative, Inc., which is managed by The Mortgage Partnership of America, L.L.C. (“MPA”), a wholly-owned subsidiary of Altisource. Best Partners Mortgage Cooperative, Inc. is a mortgage cooperative doing business as Lenders One® (“Lenders One”). MPA provides services to Lenders One under a management agreement that ends on December 31, 2025 (with renewals for three successive five-year periods at MPA’s option). The management agreement between MPA and Lenders One, pursuant to which MPA is the management company, represents a variable interest in a variable interest entity. MPA is the primary beneficiary of Lenders One as it has the power to direct the activities that most significantly impact the cooperative’s economic performance and the right to receive benefits from the cooperative. As a result, Lenders One is presented in the accompanying condensed consolidated financial statements on a consolidated basis and the interests of the members are reflected as non-controlling interests.
Fair Value Measurements	Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows: Level 1 — Quoted prices in active markets for identical assets and liabilities Level 2 — Observable inputs other than quoted prices included in Level 1 Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities Financial assets and financial liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Lease Term and Assumption (Details)	Sep. 30, 2023	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term (in years)	2 years 6 months 3 days	3 years 1 month 24 days
Weighted average discount rate	5.93%	5.66%

GOODWILL AND INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,352	$ 1,281	$ 3,912	$ 3,849
2023	5,200		5,200
2024	5,100		5,100
2025	5,100		5,100
2026	4,900		4,900
2027	$ 4,700		$ 4,700

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS We record a liability for contingencies if an unfavorable outcome is probable and the amount of loss can be reasonably estimated, including expected insurance coverage. For proceedings where the reasonable estimate of loss is a range, we record a best estimate of loss within the range.

Litigation

We are currently involved in legal actions in the course of our business, some of which seek monetary damages. We do not believe that the outcome of these proceedings, both individually and in the aggregate, will have a material impact on our financial condition, results of operations or cash flows.

Regulatory Matters

Periodically, we are subject to audits, examinations and investigations by federal, state and local governmental authorities and receive subpoenas, civil investigative demands or other requests for information from such governmental authorities in connection with their regulatory or investigative authority. We are currently responding to such inquiries from governmental authorities relating to certain aspects of our business. We believe it is premature to predict the potential outcome or to estimate any potential financial impact in connection with these inquiries.

Ocwen Related Matters

As discussed in Note 2, during the three and nine months ended September 30, 2023, Ocwen was our largest customer, accounting for 43% of our total revenue. Additionally, 7% of our revenue for the nine months ended September 30, 2023 (6% of our revenue for the third quarter of 2023) was earned on the loan portfolios serviced by Ocwen, when a party other than Ocwen or the MSRs owner selected Altisource as the service provider.

Ocwen has disclosed that it is subject to a number of ongoing regulatory examinations, consent orders, inquiries, subpoenas, civil investigative demands, requests for information and other actions and is subject to pending and threatened legal proceedings, some of which include claims against Ocwen for substantial monetary damages. Previous regulatory actions against Ocwen have subjected Ocwen to independent oversight of its operations and placed certain restrictions on its ability to acquire servicing rights or proceed with default-related actions on the loans it services. Existing or future similar matters could result in adverse regulatory or other actions against Ocwen. In addition to the above, Ocwen may become subject to future adverse regulatory or other actions.

Ocwen has disclosed that Rithm is a significant client of Ocwen’s. As of June 30, 2023, approximately 16% of loans serviced and subserviced by Ocwen (measured in UPB) and approximately 68% of all delinquent loans that Ocwen services were related to Rithm MSRs or rights to MSRs.

The existence or outcome of Ocwen regulatory matters or the termination of Ocwen’s sub-servicing agreements with Rithm or other significant Ocwen clients may have significant adverse effects on Ocwen’s business. For example, Ocwen may be required to alter the way it conducts business, including the parties it contracts with for services, it may be required to seek changes to its existing pricing structure with us, it may lose its non-government-sponsored enterprise (“GSE”) servicing rights or subservicing arrangements or may lose one or more of its state servicing or origination licenses. Additional regulatory actions or adverse financial developments may impose additional restrictions on or require changes in Ocwen’s business that could require it to sell assets or change its business operations. Any or all of these effects and others could result in our eventual loss of Ocwen as a customer or a reduction in the number and/or volume of services they purchase from us or the loss of other customers.

If any of the following events occurred, Altisource’s revenue could be significantly reduced and our results of operations could be materially adversely affected, including from the possible impairment or write-off of goodwill, intangible assets, property and equipment, other assets and accounts receivable:

•Altisource loses Ocwen as a customer or there is a significant reduction in the volume of services they purchase from us

•Ocwen loses, sells or transfers a significant portion of its GSE or Federal Housing Administration servicing rights or subservicing arrangements or remaining other servicing rights or subservicing arrangements and Altisource fails to be retained as a service provider

•The contractual relationship between Ocwen and Rithm changes significantly, including Ocwen’s sub-servicing arrangement with Rithm expiring without renewal, and this change results in a change in our status as a provider of services related to the Subject MSRs

•Ocwen loses state servicing licenses in states with a significant number of loans in Ocwen’s servicing portfolio

•The contractual relationship between Ocwen and Altisource changes significantly or there are significant changes to our pricing to Ocwen for services from which we generate material revenue

•Altisource otherwise fails to be retained as a service provider

Management cannot predict whether any of these events will occur or the amount of any impact they may have on Altisource.

Leases

We lease certain premises and equipment, primarily consisting of office space and information technology equipment. Certain of our leases include options to renew at our discretion or terminate leases early, and these options are considered in our determination of the expected lease term. Certain of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. We sublease certain office space to third parties. Sublease income was $0.1 million and $0.4 million for the nine months ended September 30, 2023 and 2022, respectively (less than $0.1 million and less than $0.1 million for the third quarter of 2023 and 2022, respectively). The amortization periods of right-of-use assets are generally limited by the expected lease term. Our leases generally have expected lease terms at adoption of one to six years.

Information about our lease terms and our discount rate assumption were as follows for the nine months ended September 30:



	2023		2022

Weighted average remaining lease term (in years)	2.51		3.15
Weighted average discount rate	5.93	%	5.66	%

Our lease activity during the period was as follows:



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022

Operating lease costs:
Selling, general and administrative expense	$	553	$	586	$	1,638	$	2,217
Cost of revenue	—		—		—		265

Cash used in operating activities for amounts included in the measurement of lease liabilities	$	507	$	515	$	1,638	$	2,022
Short-term (twelve months or less) lease costs	789		402		1,638		827

Maturities of our lease liabilities as of September 30, 2023 are as follows:


(in thousands)	Operating lease obligations

2023	$	559
2024	1,796
2025	1,322
2026	638
2027	—

Total lease payments	4,315
Less: interest	(540)

Present value of lease liabilities	$	3,775

Escrow Balances

We hold customers’ assets in escrow accounts at various financial institutions pending completion of certain real estate activities. These amounts are held in escrow accounts for limited periods of time and are not included in the accompanying condensed consolidated balance sheets. Amounts held in escrow accounts were $39.0 million and $13.2 million as of September 30, 2023 and December 31, 2022, respectively.

LONG-TERM DEBT - Narrative (Details)					1 Months Ended	3 Months Ended		9 Months Ended
LONG-TERM DEBT - Narrative (Details)	Sep. 18, 2023 USD ($)	Mar. 29, 2023	Feb. 14, 2023 USD ($) shares	Jun. 22, 2021 USD ($)	Apr. 30, 2018 USD ($) lender	Sep. 30, 2023 USD ($) shares	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Jun. 30, 2023	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Repayments of long-term debt								$ 30,000,000	$ 0
Cash and cash equivalents (less than)						$ 36,640,000		36,640,000	$ 63,812,000		$ 51,025,000
Debt issuance and amendment costs						3,900,000		3,900,000
Accumulated amortization of debt issuance and amendment costs						$ 5,500,000		$ 5,500,000
Debt issuance costs, net											900,000
Accumulated amortization											3,600,000
Altisource S.A.R.L. \| Deer Park Road Management Company, LP
Debt Instrument [Line Items]
Noncontrolling ownership percentage (in percent)						15.00%		15.00%
Warrant
Debt Instrument [Line Items]
Warrants and Rights Outstanding			$ 8,100,000
Term B Loans
Debt Instrument [Line Items]
Percentage of consolidated excess cash flow requiring mandatory prepayments (in percent)						0.50		0.50
April 3, 2018 Credit Agreement
Debt Instrument [Line Items]
Number of incremental lenders \| lender					1
Accordion feature, potential increase in additional borrowings					$ 50,000,000
April 3, 2018 Credit Agreement \| Term B Loans
Debt Instrument [Line Items]
Debt instrument, face amount					412,000,000
Interest rate at the end of the period (in percent)						14.09%		14.09%
April 3, 2018 Credit Agreement \| Term B Loans \| Deer Park Road Management Company, LP \| Altisource S.A.R.L.
Debt Instrument [Line Items]
Long-term debt						$ 40,200,000		$ 40,200,000
Interest received								$ 2,000,000
April 3, 2018 Credit Agreement \| Term B Loans \| Altisource S.A.R.L. \| Deer Park Road Management Company, LP
Debt Instrument [Line Items]
Warrants (in shares) \| shares						583,000		583,000
April 3, 2018 Credit Agreement \| Term B Loans \| Maximum
Debt Instrument [Line Items]
Amount of principal or interest if failed to pay considered as event of default					5,000,000
Amount of debt which results in acceleration of debt if failed to pay considered as event of default					5,000,000
Amount of unbonded, undischarged or unstayed debt under entry by court of one or more judgments for certain period to determine as event of default					$ 10,000,000
April 3, 2018 Credit Agreement \| Term B Loans \| Base Rate
Debt Instrument [Line Items]
Debt instrument fixed base rate (in percent)			2.00%
April 3, 2018 Credit Agreement \| Term B Loans \| Variable Rate Component One, Paid In Cash \| Base Rate
Debt Instrument [Line Items]
Interest rate margin (in percent)			4.00%
April 3, 2018 Credit Agreement \| Term B Loans \| Variable Rate Component Two, Paid In Kind \| Base Rate
Debt Instrument [Line Items]
Interest rate margin (in percent)			5.00%
Secured Debt \| Line of Credit
Debt Instrument [Line Items]
Repayments of long-term debt						$ 10,000,000	$ 20,000,000	$ 30,000,000
PIK Component of Interest Rate (in percent)						0.0375		0.0375		0.0450
Secured Debt \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Repayments of long-term debt	$ 30,000,000
Secured Debt \| Line of Credit \| Common stock
Debt Instrument [Line Items]
Warrant shares (in shares) \| shares			3,223,851
Secured Debt \| Term B Loans \| Adjusted Eurodollar Rate
Debt Instrument [Line Items]
Interest rate margin (in percent)		4.00%
Secured Debt \| Second Amended Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Repayments of long-term debt			$ 30,000,000
Secured Debt \| Second Amended Credit Facility \| Line of Credit \| Variable Rate Component One, Paid In Cash \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percent)			5.00%
Secured Debt \| $30 million+ \| Line of Credit
Debt Instrument [Line Items]
PIK Component of Interest Rate (in percent)			0.02
Secured Debt \| $30 million+ \| Line of Credit \| Common stock
Debt Instrument [Line Items]
Warrant shares (in shares) \| shares			1,612,705
Credit Facility
Debt Instrument [Line Items]
Payment due date default period (in days)				3 days
Debt issuance costs, net						$ 200,000		$ 200,000			300,000
Accumulated amortization						400,000		400,000			300,000
Interest rate (in percent)			10.00%
Failure to perform period (in days)				30 days
Covenant threshold				$ 40,000,000
Borrowings under revolving credit facility						$ 0		$ 0			$ 0
Credit Facility \| Maximum
Debt Instrument [Line Items]
PIK Component of Interest Rate (in percent)			0.0200
Cash and cash equivalents (less than)			$ 35,000,000
Credit Facility \| April 3, 2018 Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Payment due date default period (in days)					5 days
Credit Facility \| Second Revolver Amendment
Debt Instrument [Line Items]
Repayments of long-term debt			4,900,000
Other expenses			3,400,000
Credit Facility \| Credit Facility Borrowings Through June 22, 2023
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 15,000,000
Credit Facility \| First Revolver Amendment
Debt Instrument [Line Items]
PIK interest rate (in percent)			0.0300
Upfront fee			$ 750,000

PREMISES AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT, NET

Premises and equipment, net consists of the following:


(in thousands)	September 30, 2023		December 31, 2022

Computer hardware and software	$	46,568	$	49,339
Leasehold improvements	1,011		5,794
Furniture and fixtures	102		3,832
Office equipment and other	24		346

	47,705		59,311
Less: Accumulated depreciation and amortization	(45,537)		(55,089)

Total	$	2,168	$	4,222

Depreciation and amortization expense amounted to $1.9 million and $2.7 million for the nine months ended September 30, 2023 and 2022, respectively ($0.6 million and $0.9 million for the third quarter of 2023 and 2022, respectively), and is included in cost of revenue for operating assets and in selling, general and administrative expenses for non-operating assets in the accompanying condensed consolidated statements of operations and comprehensive loss.

Premises and equipment, net consist of the following, by country:


(in thousands)	September 30, 2023		December 31, 2022

Luxembourg	$	1,459	$	2,455
India	602		1,129
United States	80		586
Uruguay	27		52


Total	$	2,168	$	4,222

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Performance-Based Option Pricing Model

The following assumptions were used to determine the fair values as of the grant date:


	Nine months ended September 30, 2022
	Black-Scholes

Risk-free interest rate (%)	1.62
Expected stock price volatility (%)	67.75
Expected dividend yield	—
Expected option life (in years)	6
Fair value	$	7.27

Summary of the Weighted Average Fair Value of Stock Options Granted, the Total Intrinsic Value of Stock Options Exercised and the Fair Value of Options Vested

The following table summarizes the grant date fair value of stock options that vested during the periods presented:


	Nine months ended September 30,
(in thousands, except per share data)	2023		2022

Weighted average grant date fair value of stock options granted per share	$	—	$	8.19
Intrinsic value of options exercised	—		—
Grant date fair value of stock options that vested	83		1,031

Summary of the Activity of the Entity's Stock Options

The following table summarizes the activity related to our stock options:


	Number of options	Weighted average exercise price		Weighted average contractual term (in years)	Aggregate intrinsic value (in thousands)

Outstanding as of December 31, 2022	745,277	$	27.03	4.83	$	—
Granted	—	—

Forfeited	(6,088)	25.26

Outstanding as of September 30, 2023	739,189	27.04		4.09	—

Exercisable as of September 30, 2023	543,701	25.27		3.50	—

Restricted Stock and Restricted Stock Units Activity

The following table summarizes the activity related to our restricted shares and restricted share units:


			Number of restricted shares and restricted share units

Outstanding as of December 31, 2022			755,006
Granted			890,810
Issued			(213,576)
Forfeited/canceled			(147,241)

Outstanding as of September 30, 2023			1,284,999

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 2,746	$ 5,165
Income taxes receivable	510	7,031
Maintenance agreements, current portion	1,868	1,498
Indemnity escrow receivable from Pointillist sale	3,201	3,223
Restricted cash	23	0
Surety bond collateral	0	4,000
Other current assets	2,869	2,627
Total	$ 11,217	$ 23,544

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3,379	$ 4,363
Common stock, par value (in usd per share)	$ 1.00	$ 1.00
Common stock, shares authorized (in shares)	100,000	100,000
Common stock, shares issued (in shares)	29,963	29,963
Common stock, shares outstanding (in shares)	26,482	16,129
Treasury shares (in shares)	3,481	9,284

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Tables)

9 Months Ended

Sep. 30, 2023

Selling, General and Administrative Expense [Abstract]

Schedule of the Components of Selling, General and Administrative Expenses

The components of selling, general and administrative expenses were as follows:



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022

Compensation and benefits	$	4,906	$	7,388	$	16,312	$	19,093
Professional services	1,897		2,584		5,743		8,432
Occupancy related costs	1,266		1,008		3,924		4,049
Amortization of intangible assets	1,352		1,281		3,912		3,849
Marketing costs	440		774		1,381		2,446
Depreciation and amortization	129		284		577		895
Other	744		1,237		3,320		4,291

Total	$	10,734	$	14,556	$	35,169	$	43,055

PREMISES AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 600	$ 900	$ 1,933	$ 2,700

REVENUE

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

REVENUE

We classify revenue in three categories: service revenue, revenue from reimbursable expenses and non-controlling interests. Service revenue consists of amounts attributable to our fee-based services. Reimbursable expenses and non-controlling interests are pass-through items for which we earn no margin. Reimbursable expenses consist of amounts we incur on behalf of our customers in performing our fee-based services that we pass directly on to our customers without a markup. Non-controlling interests represent the earnings of Lenders One, a consolidated entity that is a mortgage cooperative managed, but not owned, by Altisource. The Lenders One members’ earnings are included in revenue and reduced from net income to arrive at net income attributable to Altisource (see Note 1). Our services are provided to customers located in the United States. The components of revenue were as follows:



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022

Service revenue	$	34,112	$	36,290	$	104,356	$	111,691
Reimbursable expenses	2,039		1,957		6,398		6,158
Non-controlling interests	62		133		155		468

Total	$	36,213	$	38,380	$	110,909	$	118,317

Disaggregation of Revenue

Disaggregation of total revenues by segment and major source was as follows:


	Three months ended September 30, 2023
(in thousands)	Revenue recognized when services are performed or assets are sold		Revenue related to technology platforms and professional services		Reimbursable expenses revenue		Total revenue

Servicer and Real Estate	$	24,223	$	2,677	$	1,802	$	28,702
Origination	7,264		10		237		7,511

Total revenue	$	31,487	$	2,687	$	2,039	$	36,213


	Three months ended September 30, 2022
(in thousands)	Revenue recognized when services are performed or assets are sold		Revenue related to technology platforms and professional services		Reimbursable expenses revenue		Total revenue

Servicer and Real Estate	$	26,387	$	2,633	$	1,846	$	30,866
Origination	7,392		11		111		7,514

Total revenue	$	33,779	$	2,644	$	1,957	$	38,380


	Nine months ended September 30, 2023
(in thousands)	Revenue recognized when services are performed or assets are sold		Revenue related to technology platforms and professional services		Reimbursable expenses revenue		Total revenue

Servicer and Real Estate	$	73,314	$	8,265	$	5,916	$	87,495
Origination	22,908		24		482		23,414

Total revenue	$	96,222	$	8,289	$	6,398	$	110,909


	Nine months ended September 30, 2022
(in thousands)	Revenue recognized when services are performed or assets are sold		Revenue related to technology platforms and professional services		Reimbursable expenses revenue		Total revenue

Servicer and Real Estate	$	77,947	$	7,654	$	5,748	$	91,349
Origination	26,533		25		410		26,968

Total revenue	$	104,480	$	7,679	$	6,158	$	118,317

Transactions with Related Parties

In May 2022, John G. Aldridge, Jr., the Managing Partner of Aldridge Pite LLP (“Aldridge Pite”), joined the Board of Directors of Altisource. Aldridge Pite provides eviction and other real estate related services to the Company. The Company recognized $0.1 million and $0.1 million for the nine months ended September 30, 2023 and 2022, respectively (less than $0.1 million and less than $0.1 million for the third quarter of 2023 and 2022, respectively) of service revenue relating to services provided to Aldridge Pite.

Contract Balances

Our contract assets consist of unbilled accounts receivable (see Note 3). Our contract liabilities consist of current deferred revenue and other non-current liabilities as reported on the accompanying condensed consolidated balance sheets. Revenue recognized that was included in the contract liability at the beginning of the period was $3.3 million and $3.7 million for the nine months ended September 30, 2023 and 2022, respectively ($0.5 million and $0.8 million for the third quarter of 2023 and 2022, respectively).

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org//606/tableOfContent

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Lease Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lessee, Lease, Description [Line Items]
Cash used in operating activities for amounts included in the measurement of lease liabilities	$ 507	$ 515	$ 1,638	$ 2,022
Short-term (twelve months or less) lease costs	789	402	1,638	827
Selling, general and administrative expense
Lessee, Lease, Description [Line Items]
Operating lease costs:	553	586	1,638	2,217
Cost of revenue
Lessee, Lease, Description [Line Items]
Operating lease costs:	$ 0	$ 0	$ 0	$ 265

OTHER ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Restricted cash	$ 3,184	$ 3,248
Security deposits	597	596
Other	3,461	1,585
Total	$ 7,242	$ 5,429

WARRANTS - Aggregate Paydown (Details) - Secured Debt - Line of Credit - Common stock	Feb. 14, 2023 shares
Warrant Liability [Line Items]
Warrant shares (in shares)	3,223,851
Less than $20 million
Warrant Liability [Line Items]
Warrant shares (in shares)	3,223,851
$20 million+ but less than below
Warrant Liability [Line Items]
Warrant shares (in shares)	2,578,743
$30 million+
Warrant Liability [Line Items]
Warrant shares (in shares)	1,612,705

LONG-TERM DEBT

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

LONG-TERM DEBT

Long-term debt consists of the following:


(in thousands)	September 30, 2023		December 31, 2022

Senior Secured Term Loans	$	221,981	$	247,204
Less: Debt issuance and amendment costs, net	(3,918)		(878)


Less: Unamortized discount, net	(6,083)		(833)


Net Senior secured term loans	211,980		245,493







Total Long-term debt	$	211,980	$	245,493

Senior Secured Term Loans

In April 2018, Altisource Portfolio Solutions S.A. and its wholly-owned subsidiary, Altisource S.à r.l., entered into a credit agreement with Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, and certain lenders (the “Credit Agreement”). Under the Credit Agreement, Altisource borrowed $412 million in the form of SSTL. Effective February 14, 2023, Altisource Portfolio Solutions S.A. and Altisource S.à r.l. entered into Amendment No. 2 to the Credit Agreement (as amended by Amendment No. 2, the “Amended Credit Agreement”). Altisource Portfolio Solutions S.A. and its subsidiaries, subject to the applicable exclusions in the Amended Credit Agreement, are guarantors on the SSTL (collectively,

the “Guarantors”). Effective June 1, 2023, the administrative agent and collateral agent of the Amended Credit Agreement changed to Wilmington Trust, N.A.

The maturity date of the SSTL under the Amended Credit Agreement is April 30, 2025. If Aggregate Paydowns are equal to or greater than $30 million, then the maturity date of the SSTL may be extended at the Company’s option to April 30, 2026. Such extension is conditioned upon the Company’s payment of a 2% payment-in-kind extension fee on or before April 30, 2025 and subject to the representations and warranties being true and correct as of such date and there being no default or event of default being in existence as of such date. During the nine months ended September 30, 2023, Company made $30 million of Aggregate Paydowns.

All amounts outstanding under the SSTL will become due on the earlier of (i) the maturity date, and (ii) the date on which the loans are declared to be due and owing by the administrative agent at the request (or with the consent) of the Required Lenders (as defined in the Amended Credit Agreement; other capitalized terms, unless defined herein, are defined in the Amended Credit Agreement) or as otherwise provided in the Amended Credit Agreement upon the occurrence of any event of default. There are no mandatory repayments of the SSTL except as set forth herein until the April 30, 2025 maturity when the balance is due.

In addition to the scheduled principal payments, subject to certain exceptions, the SSTL is subject to mandatory prepayment upon issuances of debt, certain casualty and condemnation events and sales of assets, as well as 50% of Consolidated Excess Cash Flow, as calculated in accordance with the provisions of the Amended Credit Agreement.

Altisource may incur incremental indebtedness under the Amended Credit Agreement from one or more incremental lenders, which may include existing lenders, in an aggregate incremental principal amount not to exceed $50 million, subject to certain conditions set forth in the Amended Credit Agreement. The lenders have no obligation to provide any incremental indebtedness.

Through March 29, 2023, the SSTL’s interest rate was the Adjusted Eurodollar Rate plus 4.00%. Beginning March 30, 2023, the SSTL bears interest at rates based upon, at our option, the Secured Overnight Financing Rate (“SOFR”) or the Base Rate, as defined in the Amended Credit Agreement. If the Company selects SOFR, the term loans initially bear interest at a rate per annum equal to SOFR plus 5.00% payable in cash plus 5.00% payable in kind (“PIK”). If the Company selects Base Rate, the loans initially bear interest at a rate per annum equal to the Base Rate plus 4.00% payable in cash plus 5.00% PIK. Base Rate term loans bear interest at a rate per annum equal to the sum of (i) the greater of (x) the Base Rate and (y) 2.00% plus (ii) 4.00%. The PIK component of the interest rate is subject to adjustment based on the amount of Aggregate Paydowns as set forth in the table below. The PIK component of the interest rate was 3.75% for the three months ended September 30, 2023 and 4.50% for the three months ended June 30, 2023. The interest rate as of September 30, 2023 was 14.09%.


Aggregate Paydowns			PIK Component of Interest Rate
Less than $20 million			5.00%
$20 million+ but less than below			4.50%
$30 million+ but less than below			3.75%
$40 million+ but less than below			3.50%
$45 million+ but less than below			3.00%
$50 million+ but less than below			2.50%
$55 million+ but less than below			2.00%
$60 million+ but less than below			1.00%
$65 million+ but less than below			0.50%
$70 million+			0.00%

If, as of the end of any calendar quarter, (i) the amount of unencumbered cash and cash equivalents of Altisource S.à r.l. and its direct and indirect subsidiaries on a consolidated basis plus (ii) the undrawn commitment amount under the Revolver is, or is forecast as of the end of the immediately subsequent calendar quarter to be, less than $35 million, then up to 2.00% in interest otherwise payable in cash in the following quarter may be paid in kind at the Company’s election.

The payment of all amounts owing by Altisource under the Amended Credit Agreement is guaranteed by the Guarantors and is secured by a pledge of all equity interests of certain subsidiaries of Altisource, as well as a lien on substantially all of the assets of Altisource S.à r.l. and the Guarantors, subject to certain exceptions.

The Amended Credit Agreement includes covenants that restrict or limit, among other things, our ability, subject to certain exceptions and baskets, to incur indebtedness; incur liens on our assets; sell, transfer or dispose of assets; make Restricted Junior Payments including share repurchases, dividends and repayment of junior indebtedness; make investments; dispose of equity interests of any Material Subsidiaries; engage in a line of business substantially different than existing businesses and businesses reasonably related, complimentary or ancillary thereto; amend material debt agreements or other material contracts; engage in certain transactions with affiliates; enter into sale/leaseback transactions; grant negative pledges or agree to such other restrictions relating to subsidiary dividends and distributions; make changes to our fiscal year; and engage in mergers and consolidations.

The Amended Credit Agreement contains certain events of default including (i) failure to pay principal when due or interest or any other amount owing on any other obligation under the Amended Credit Agreement within five days of becoming due, (ii) material incorrectness of representations and warranties when made, (iii) breach of certain other covenants, subject to cure periods described in the Amended Credit Agreement, (iv) failure to pay principal or interest on any other debt that equals or exceeds $5.0 million when due, (v) default on any other debt that equals or exceeds $5.0 million that causes, or gives the holder or holders of such debt the ability to cause, an acceleration of such debt, (vi) occurrence of a Change of Control, (vii) bankruptcy and insolvency events, (viii) entry by a court of one or more judgments against us in an aggregate amount in excess of $10.0 million that remain unbonded, undischarged or unstayed for a certain number of days after the entry thereof, (ix) the occurrence of certain ERISA events, (x) the failure of certain Loan Documents to be in full force and effect and (xi) failure to comply in any material respects with the terms of the Warrants or the Warrant Purchase Agreement. If any event of default occurs and is not cured within applicable grace periods set forth in the Credit Agreement or waived, all loans and other obligations could become due and immediately payable and the facility could be terminated.

The lenders under the Amended Credit Agreement received Warrants to purchase shares of Altisource common stock. The number of Warrant Shares is subject to reduction based on the amount of Aggregate Paydowns (see Note 10 for additional information).

The fair value of the Warrants on February 14, 2023 was $8.1 million and was recorded as an increase in debt discount. In connection with Amendment No. 2, the Company paid $4.9 million to the lenders and to third parties on behalf of the lenders. The $4.9 million payment was recorded as an increase in debt issuance and amendment costs. In connection with Amendment No. 2, the Company paid $3.4 million to advisors and recorded these payments as other expense in the condensed consolidated statements of operations and comprehensive loss.

Deer Park Road Management Company, LP (“Deer Park”), a related party, owns approximately 15% of Altisource’s common stock and $40.2 million of Altisource debt under the Amended Credit Agreement as of September 30, 2023. Deer Park’s Chief Investment Officer and managing partner was a member of Altisource’s Board of Directors until his resignation on March 1, 2022. The replacement director appointed by the Board of Directors is a current employee of Deer Park. In connection with the Amended Credit Agreement, Deer Park received 583 thousand Warrants. During the nine months ended September 30, 2023, Deer Park received interest of $2.0 million from the Altisource SSTL.

As of September 30, 2023, debt issuance and amendment costs were $3.9 million, net of $5.5 million of accumulated amortization. As of December 31, 2022, debt issuance costs were $0.9 million, net of $3.6 million of accumulated amortization.

Revolver

On June 22, 2021 Altisource S.à r.l, a subsidiary of Altisource Portfolio Solutions S.A., entered into a revolving credit facility with STS Master Fund, Ltd. (“STS”) (the “Revolver”). STS is an investment fund managed by Deer Park.

The Revolver was amended effective February 14, 2023 (the “Amended Revolver”). Under the terms of the Amended Revolver, STS will make loans to Altisource from time to time, in amounts requested by Altisource and Altisource may voluntarily prepay all or any portion of the outstanding loans at any time. The Amended Revolver provides Altisource the ability to borrow a maximum amount of $15.0 million. Amounts that are repaid may be re-borrowed in accordance with the limitations set forth below.

The maturity date of the Amended Revolver coincides with the maturity date of the SSTL under the Amended Credit Agreement, as it may be extended. The outstanding balance on the Amended Revolver is due and payable on such maturity date.

Borrowings under the Amended Revolver bear interest of 10.00% per annum in cash and 3.00% per annum PIK and are payable quarterly on the last business day of each March, June, September and December. In connection with the Amended Revolver, Altisource is required to pay a usage fee equal to $0.75 million at the initial extension of credit pursuant to the Amended Revolver.

Altisource’s obligations under the Amended Revolver are secured by a first-priority lien on substantially all of the assets of the Company, which lien will be pari passu with liens securing the SSTL under the Amended Credit Agreement.

The Amended Revolver contains additional representations, warranties, covenants, terms and conditions customary for transactions of this type, that restrict or limit, among other things, our ability to use the proceeds of credit only for general corporate purposes.

The Amended Revolver contains certain events of default including (i) failure to pay principal when due or interest or any other amount owing on any other obligation under the Amended Revolver within three business days of becoming due, (ii) failure to perform or observe any material provisions of the Amended Revolver Documents to be performed or complied with and such failure continues for a period of 30 days after written notice is given by the Lender to the Borrower, (iii) material incorrectness of representations and warranties when made, (iv) default on any other debt that equals or exceeds $40.0 million that causes, or gives the holder or holders of such debt the ability to cause, an acceleration of such debt, (v) entry by a court of one or more judgments against us in an aggregate amount in excess of $40.0 million that remain unbonded, undischarged or unstayed for a certain number of days after the entry thereof, (vi) occurrence of a Change of Control, (vii) bankruptcy and insolvency events. If any event of default occurs and is not cured within applicable grace periods set forth in the Amended Revolver or waived, all loans and other obligations could become due and immediately payable and the facility could be terminated.

As of September 30, 2023 and December 31, 2022, there was no outstanding debt under the Amended Revolver and Revolver, respectively. As of September 30, 2023 and December 31, 2022, debt issuance costs were $0.2 million, net of $0.4 million of accumulated amortization, and $0.3 million, net of $0.3 million of accumulated amortization, respectively. Debt issuance costs for the Amended Revolver and Revolver are included in other assets in the accompanying consolidated balance sheet.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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