0001462418-24-000046 | 10-Q | XBRL Viewer | Altisource Portfolio Solutions SA

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CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 40,531	$ 36,213	$ 119,121	$ 110,909
Cost of revenue	28,461	29,024	82,030	89,684
Gross profit	12,070	7,189	37,091	21,225
Selling, general and administrative expenses	10,965	10,734	34,451	35,169
Income (loss) from operations	1,105	(3,545)	2,640	(13,944)
Other income (expense), net:
Interest expense	(9,960)	(9,890)	(29,277)	(26,554)
Change in fair value of warrant liability	0	2,225	0	1,145
Debt amendment costs	0	(59)	0	(3,402)
Other income (expense), net	362	407	2,143	2,357
Total other income (expense), net	(9,598)	(7,317)	(27,134)	(26,454)
Income (loss) before income taxes and non-controlling interests	(8,493)	(10,862)	(24,494)	(40,398)
Income tax provision	(809)	(418)	(2,237)	(2,586)
Net loss	(9,302)	(11,280)	(26,731)	(42,984)
Net income attributable to non-controlling interests	(60)	(62)	(136)	(155)
Net loss attributable to Altisource	$ (9,362)	$ (11,342)	$ (26,867)	$ (43,139)
Loss per share:
Basic (in usd per share)	$ (0.33)	$ (0.51)	$ (0.94)	$ (2.10)
Diluted (in usd per share)	$ (0.33)	$ (0.51)	$ (0.94)	$ (2.10)
Weighted average shares outstanding:
Basic (in shares)	28,672	22,181	28,469	20,538
Diluted (in shares)	28,672	22,181	28,469	20,538
Comprehensive loss:
Comprehensive loss, net of tax	$ (9,302)	$ (11,280)	$ (26,731)	$ (42,984)
Comprehensive income attributable to non-controlling interests	(60)	(62)	(136)	(155)
Comprehensive loss attributable to Altisource	$ (9,362)	$ (11,342)	$ (26,867)	$ (43,139)

PREMISES AND EQUIPMENT, NET - Schedule of Premises and Equipment, Net by Country (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total	$ 901	$ 1,709
Luxembourg
Property, Plant and Equipment [Line Items]
Total	671	1,131
India
Property, Plant and Equipment [Line Items]
Total	199	492
United States
Property, Plant and Equipment [Line Items]
Total	31	64
Uruguay
Property, Plant and Equipment [Line Items]
Total	$ 0	$ 22

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Schedule of the Activity of the Entity's Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Number of options
Outstanding at the beginning of the period (in shares)	739,189
Granted (in shares)	0	0
Forfeited (in shares)	(27,500)
Outstanding at the end of the period (in shares)	711,689		739,189
Exercisable at the end of the period (in shares)	543,200
Weighted average exercise price
Outstanding at the beginning of the period (in usd per share)	$ 27.04
Granted (in usd per share)	0
Forfeited (in usd per share)	81.44
Outstanding at the end of the period (in usd per share)	24.94		$ 27.04
Exercisable at the end of the period (in usd per share)	$ 24.34
Weighted average contractual term (in years)
Weighted average contractual term	3 years 2 months 15 days		4 years 9 months 29 days
Exercisable at the end of the period	2 years 7 months 9 days
Aggregate intrinsic value (in thousands)
Aggregate intrinsic value, beginning balance (in dollars)	$ 0
Aggregate intrinsic value, ending balance (in dollars)	0		$ 0
Exercisable at the end of the period (in dollars)	$ 0

REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 40,531	$ 36,213	$ 119,121	$ 110,909
Revenue recognized when services are performed or assets are sold
Disaggregation of Revenue [Line Items]
Revenue	35,121	31,487	103,422	96,222
Revenue related to technology platforms and professional services
Disaggregation of Revenue [Line Items]
Revenue	3,089	2,687	8,618	8,289
Reimbursable expenses revenue
Disaggregation of Revenue [Line Items]
Revenue	2,321	2,039	7,081	6,398
Servicer and Real Estate \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	32,549	28,702	95,175	87,495
Servicer and Real Estate \| Revenue recognized when services are performed or assets are sold \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	27,467	24,223	80,358	73,314
Servicer and Real Estate \| Revenue related to technology platforms and professional services \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	2,922	2,677	8,137	8,265
Servicer and Real Estate \| Reimbursable expenses revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	2,160	1,802	6,680	5,916
Origination \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	7,982	7,511	23,946	23,414
Origination \| Revenue recognized when services are performed or assets are sold \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	7,654	7,264	23,064	22,908
Origination \| Revenue related to technology platforms and professional services \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	167	10	481	24
Origination \| Reimbursable expenses revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	$ 161	$ 237	$ 401	$ 482

- Definition

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.

+ References + Details

- Definition

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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+ Details

OTHER INCOME (EXPENSE), NET

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

OTHER INCOME (EXPENSE), NET

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



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023

Interest income (expense)	$	319	$	262	$	748	$	1,011
Other, net	43		145		1,395		1,346

Total	$	362	$	407	$	2,143	$	2,357

LOSS PER SHARE - Narrative (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Anti-dilutive securities
Weighted average common shares outstanding, basic (in shares)	28,672	22,181	28,469	20,538
Weighted average common shares outstanding, diluted (in shares)	28,672	22,181	28,469	20,538
Options, restricted shares and restricted share units excluded from the computation of diluted EPS (in shares)	2,400	1,500	2,300	1,500
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)	600	400	700	300
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)	700	200	700	300
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)	1,100	900	900	900
Penny Warrant
Anti-dilutive securities
Weighted average common shares outstanding, basic (in shares)	1,500		1,500
Weighted average common shares outstanding, diluted (in shares)	1,500		1,500

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Changes in Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
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

- Definition

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.

+ References + Details

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax provision	$ 809	$ 418	$ 2,237	$ 2,586

- Definition

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

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ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Description of Business Altisource Portfolio Solutions S.A., together with its subsidiaries (which may be referred to as “Altisource,” the “Company,” “we,” “us” or “our”), is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve. We are publicly traded on the NASDAQ Global Select Market under the symbol “ASPS.” We are organized under the laws of the Grand Duchy of Luxembourg. We conduct our operations through two reportable segments: Servicer and Real Estate and Origination. In addition, we report Corporate and Others separately (see Note 22 for a description of our business segments). 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. As of September 30, 2024, Lenders One had total assets of $0.4 million and total liabilities of $0.4 million. As of December 31, 2023, Lenders One had total assets of $0.4 million and total liabilities of $0.6 million. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on March 7, 2024. 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. Future Adoption of New Accounting Pronouncement In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses that are part of an entity’s segment measure of profit or loss and regularly provided to the chief operating decision maker. In addition, it adds or makes clarifications to other segment-related disclosures, such as clarifying that the disclosure requirements in ASC 280 are required for entities with a single reportable segment and that an entity may disclose multiple measures of segment profit and loss. This standard will be effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. Early adoption of this standard is permitted. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard amends the Codification to enhance the transparency and decision usefulness of income tax disclosures, to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This standard will be effective for annual periods beginning after December 15, 2024. Early adoption of this standard is permitted. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements.

CUSTOMER CONCENTRATION (Tables)

9 Months Ended

Sep. 30, 2024

Risks and Uncertainties [Abstract]

Schedule of Revenue from Major Customers by Reporting Segments

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


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

Servicer and Real Estate	54	%	55	%	55	%	54	%
Origination	—	%	—	%	—	%	—	%
Corporate and Others	—	%	—	%	—	%	—	%
Consolidated revenue	43	%	43	%	44	%	43	%

PREMISES AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT, NET

Premises and equipment, net consists of the following:


(in thousands)	September 30, 2024		December 31, 2023

Computer hardware and software	$	46,078	$	46,519
Leasehold improvements	709		1,011
Furniture and fixtures	72		102
Office equipment and other	17		17
	46,876		47,649
Less: Accumulated depreciation and amortization	(45,975)		(45,940)

Total	$	901	$	1,709

Depreciation and amortization expense amounted to $0.8 million and $1.9 million for the nine months ended September 30, 2024 and 2023, respectively ($0.2 million and $0.6 million for the third quarter of 2024 and 2023, 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, 2024		December 31, 2023

Luxembourg	$	671	$	1,131
India	199		492
United States	31		64
Uruguay	—		22

Total	$	901	$	1,709

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Schedule of Lease Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lessee, Lease, Description [Line Items]
Cash used in operating activities for amounts included in the measurement of lease liabilities	$ 430	$ 512	$ 1,396	$ 1,343
Short-term (twelve months or less) lease costs	12	398	33	1,247
Selling, general and administrative expense
Lessee, Lease, Description [Line Items]
Operating lease costs:	$ 407	$ 553	$ 1,350	$ 1,639

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule 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, 2024 and December 31, 2023	$	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, 2024		December 31, 2023		September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023

Definite lived intangible assets:
Customer related intangible assets	9	$	213,912	$	214,307	$	(202,481)	$	(200,656)	$	11,431	$	13,651
Operating agreement	20	35,000		35,000		(25,666)		(24,354)		9,334		10,646
Trademarks and trade names	16	9,709		9,709		(7,736)		(7,458)		1,973		2,251



Total		$	258,621	$	259,016	$	(235,883)	$	(232,468)	$	22,738	$	26,548

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

COST OF REVENUE - Schedule of Components of Cost of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cost of Revenue [Abstract]
Outside fees and services	$ 15,534	$ 13,659	$ 44,301	$ 42,810
Compensation and benefits	7,457	9,090	21,913	28,072
Technology and telecommunications	3,026	3,786	8,256	11,048
Reimbursable expenses	2,321	2,039	7,081	6,398
Depreciation and amortization	123	450	479	1,356
Total	$ 28,461	$ 29,024	$ 82,030	$ 89,684

- Definition

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

+ References

+ Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS

9 Months Ended

Sep. 30, 2024

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, 2024		December 31, 2023

Indemnity escrow receivable from Pointillist sale	$	3,160	$	3,201
Prepaid expenses	2,207		3,722
Maintenance agreements, current portion	1,311		1,327
Income taxes receivable	965		325
Restricted cash	23		23

Other current assets	578		2,738

Total	$	8,244	$	11,336

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	9 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION (Policies)	Sep. 30, 2024
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.
Future Adoption of New Accounting Pronouncement	Future Adoption of New Accounting Pronouncement In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses that are part of an entity’s segment measure of profit or loss and regularly provided to the chief operating decision maker. In addition, it adds or makes clarifications to other segment-related disclosures, such as clarifying that the disclosure requirements in ASC 280 are required for entities with a single reportable segment and that an entity may disclose multiple measures of segment profit and loss. This standard will be effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. Early adoption of this standard is permitted. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard amends the Codification to enhance the transparency and decision usefulness of income tax disclosures, to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This standard will be effective for annual periods beginning after December 15, 2024. Early adoption of this standard is permitted. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Tables)

9 Months Ended

Sep. 30, 2024

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)	2024		2023		2024		2023

Compensation and benefits	$	4,413	$	4,906	$	14,765	$	16,312
Professional services	2,547		1,897		7,160		5,743
Amortization of intangible assets	1,270		1,352		3,810		3,912
Occupancy related costs	801		1,266		2,776		3,924
Marketing costs	489		440		1,536		1,381
Depreciation and amortization	99		129		315		577
Other	1,346		744		4,089		3,320

Total	$	10,965	$	10,734	$	34,451	$	35,169

GOODWILL AND INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,270	$ 1,352	$ 3,810	$ 3,912
Expected amortization, remainder of year	5,100		5,100
Expected amortization, year 1	5,100		5,100
Expected amortization, year 2	4,900		4,900
Expected amortization, year 3	4,700		4,700
Expected amortization, year 4	$ 4,400		$ 4,400

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Allowance for expected credit losses:
Balance at Beginning of Period	$ 3,421	$ 4,314	$ 3,123	$ 4,363
Additions Charged to Expenses	226	(203)	776	319
Deductions	(161)	(732)	(413)	(1,303)
Balance at End of Period	$ 3,486	$ 3,379	$ 3,486	$ 3,379

SEGMENT REPORTING - Narrative (Details)	9 Months Ended
SEGMENT REPORTING - Narrative (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reporting segments	2

REVENUE (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue

The components of revenue were as follows:



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023

Service revenue	$	38,150	$	34,112	$	111,904	$	104,356
Reimbursable expenses	2,321		2,039		7,081		6,398
Non-controlling interests	60		62		136		155

Total	$	40,531	$	36,213	$	119,121	$	110,909

Schedule of Disaggregation of Revenue

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


	Three months ended September 30, 2024
(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	$	27,467	$	2,922	$	2,160	$	32,549
Origination	7,654		167		161		7,982

Total revenue	$	35,121	$	3,089	$	2,321	$	40,531

	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

	Nine months ended September 30, 2024
(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	$	80,358	$	8,137	$	6,680	$	95,175
Origination	23,064		481		401		23,946

Total revenue	$	103,422	$	8,618	$	7,081	$	119,121

	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

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024		December 31, 2023

Indemnity escrow receivable from Pointillist sale	$	3,160	$	3,201
Prepaid expenses	2,207		3,722
Maintenance agreements, current portion	1,311		1,327
Income taxes receivable	965		325
Restricted cash	23		23

Other current assets	578		2,738

Total	$	8,244	$	11,336

PREMISES AND EQUIPMENT, NET - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 46,876	$ 47,649
Less: Accumulated depreciation and amortization	(45,975)	(45,940)
Total	901	1,709
Computer hardware and software
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	46,078	46,519
Leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	709	1,011
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	72	102
Office equipment and other
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 17	$ 17

COST OF REVENUE

9 Months Ended

Sep. 30, 2024

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)	2024		2023		2024		2023

Outside fees and services	$	15,534	$	13,659	$	44,301	$	42,810
Compensation and benefits	7,457		9,090		21,913		28,072
Technology and telecommunications	3,026		3,786		8,256		11,048
Reimbursable expenses	2,321		2,039		7,081		6,398
Depreciation and amortization	123		450		479		1,356

Total	$	28,461	$	29,024	$	82,030	$	89,684

Transactions with Related Parties

The Company recognized $0.7 million and $0.6 million for the nine months ended September 30, 2024 and 2023, respectively ($0.3 million and $0.2 million for the third quarter of 2024 and 2023, respectively), of cost of revenue relating to services received from Aldridge Pite. As of September 30, 2024, the Company had no payable to Aldridge Pite.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 3,486	$ 3,123
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)	27,171	26,496
Treasury shares (in shares)	2,792	3,467

CUSTOMER CONCENTRATION - Schedule of Revenue from Onity (Details) - Onity Financial Corporation - Revenue - Customer Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Concentration Risk [Line Items]
Concentration percentage (in percent)	43.00%	43.00%	44.00%	43.00%
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)	54.00%	55.00%	55.00%	54.00%
Origination \| Operating Segments
Concentration Risk [Line Items]
Concentration percentage (in percent)	0.00%	0.00%	0.00%	0.00%

OTHER ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Restricted cash	$ 2,864	$ 2,871
Surety bond collateral	2,000	2,000
Security deposits	339	397
Other	1,365	1,462
Total	$ 6,568	$ 6,730

REVENUE

9 Months Ended

Sep. 30, 2024

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 loss to arrive at net loss 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)	2024		2023		2024		2023

Service revenue	$	38,150	$	34,112	$	111,904	$	104,356
Reimbursable expenses	2,321		2,039		7,081		6,398
Non-controlling interests	60		62		136		155

Total	$	40,531	$	36,213	$	119,121	$	110,909

Disaggregation of Revenue

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


	Three months ended September 30, 2024
(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	$	27,467	$	2,922	$	2,160	$	32,549
Origination	7,654		167		161		7,982

Total revenue	$	35,121	$	3,089	$	2,321	$	40,531

	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

	Nine months ended September 30, 2024
(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	$	80,358	$	8,137	$	6,680	$	95,175
Origination	23,064		481		401		23,946

Total revenue	$	103,422	$	8,618	$	7,081	$	119,121

	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

Transactions with Related Parties

John G. Aldridge, Jr., the Managing Partner of Aldridge Pite LLP (“Aldridge Pite”), is a member of the Board of Directors of Altisource. Aldridge Pite provides eviction and other real estate related services to the Company and pays for the use of certain of the Company’s technology in connection with providing these services. The Company recognized less than $0.1 million for the three and nine months ended September 30, 2024 and 2023, 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 $2.7 million and $3.3 million for the nine months ended September 30, 2024 and 2023, respectively ($0.5 million and $0.5 million for the third quarter of 2024 and 2023 respectively).

- Definition

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.

+ References

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
-Section 50
-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
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-Section 50
-Paragraph 15
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-Topic 606
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-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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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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-Paragraph 12
-Subparagraph (d)
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+ Details

WARRANTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 18, 2023	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Feb. 14, 2024	Feb. 14, 2023
Warrant Liability [Line Items]
Repayments of long-term debt				$ 0	$ 30,000
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

ACCOUNTS RECEIVABLE, NET (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

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

Accounts receivable, net consists of the following:


(in thousands)	September 30, 2024		December 31, 2023

Billed	$	10,548	$	9,826
Unbilled	7,179		4,979
	17,727		14,805
Less: Allowance for credit losses	(3,486)		(3,123)

Total	$	14,241	$	11,682

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, 2024	$	3,421	$	226	$	(161)	$	3,486
Three months ended September 30, 2023	4,314		(203)		(732)		3,379

Nine months ended September 30, 2024	$	3,123	$	776	$	(413)	$	3,486
Nine months ended September 30, 2023	4,363		319		(1,303)		3,379

______________________________________

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

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Schedule of Lease Term and Assumption (Details)	Sep. 30, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term (in years)	2 years 25 days	2 years 6 months 3 days
Weighted average discount rate	7.77%	5.93%

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Operating lease liabilities	$ 1,502	$ 1,570
Other	650	907
Total	2,402	2,477
Credit Facility \| Revolving Loan Agreement \| Line of Credit
Debt Instrument [Line Items]
Revolving loan agreement	$ 250	$ 0

- Definition

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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+ Details

WARRANTS - Schedule of Fair Value of Warrant Liability (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended			9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Sep. 18, 2023	Jun. 30, 2023	Sep. 30, 2023	Feb. 14, 2023
Warrant Shares based on Aggregate Paydowns
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance (in shares)		2,578,743	2,578,743	2,578,743
Fair value measurement (in shares)	2,578,743		1,612,705	2,578,743		3,223,851
Gain (loss) on changes in fair value of warrant liability		$ (2,200)			$ (1,100)
Ending balance (in shares)	2,578,743		1,612,705	2,578,743
Expected Warrant Shares that will be exercisable on February 14, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance (in shares)		1,612,705	1,612,705	1,612,705
Fair value measurement (in shares)	1,612,705		1,612,705	1,612,705		1,612,705
Ending balance (in shares)	1,612,705		1,612,705	1,612,705
Warranty Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance (in usd per share)		$ 5.69	$ 5.69	$ 4.59
Beginning balance Fair Value		$ 9,176	$ 9,176	$ 7,402
Fair value per Warrant Share (in usd per share)	$ 4.59		$ 4.31	$ 5.69		$ 5.02
Fair value of warrants	$ 7,402		$ 6,951	$ 9,176		$ 8,096
Gain (loss) on changes in fair value of warrant liability	$ (694)		$ (2,225)	$ 1,774
Ending balance (in usd per share)	$ 4.59		$ 4.31	$ 5.69
Ending balance Fair Value	$ 7,402		$ 6,951	$ 9,176

OTHER ASSETS (Tables)

9 Months Ended

Sep. 30, 2024

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

Schedule of Other Assets

Other assets consist of the following:


(in thousands)	September 30, 2024		December 31, 2023

Restricted cash	$	2,864	$	2,871
Surety bond collateral	2,000		2,000
Security deposits	339		397
Other	1,365		1,462

Total	$	6,568	$	6,730

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ORGANIZATION AND BASIS OF PRESENTATION (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) segment installment	Dec. 31, 2023 USD ($)
Summary of significant accounting policies
Number of reporting segments \| segment	2
Total assets:	$ 144,503	$ 154,858
Variable Interest Entity, Primary Beneficiary
Summary of significant accounting policies
Number of terms \| installment	3
Agreement term	5 years
Total assets:	$ 400	400
Total liabilities	$ 400	$ 600

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- Definition

Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

+ References

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+ Details

GOODWILL AND INTANGIBLE ASSETS, NET

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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, 2024 and December 31, 2023	$	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, 2024		December 31, 2023		September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023

Definite lived intangible assets:
Customer related intangible assets	9	$	213,912	$	214,307	$	(202,481)	$	(200,656)	$	11,431	$	13,651
Operating agreement	20	35,000		35,000		(25,666)		(24,354)		9,334		10,646
Trademarks and trade names	16	9,709		9,709		(7,736)		(7,458)		1,973		2,251



Total		$	258,621	$	259,016	$	(235,883)	$	(232,468)	$	22,738	$	26,548

Amortization expense for definite lived intangible assets was $3.8 million and $3.9 million for the nine months ended September 30, 2024 and 2023, respectively ($1.3 million and $1.4 million for the third quarter of 2024 and 2023, respectively). Forecasted annual definite lived intangible asset amortization expense for 2024 through 2028 is $5.1 million, $5.1 million, $4.9 million, $4.7 million and $4.4 million, respectively.

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESWe recognized an income tax provision of $2.2 million and $2.6 million for the nine months ended September 30, 2024 and 2023, respectively ($0.8 million and $0.4 million for the third quarter of 2024 and 2023, respectively). Income tax provision for the three and nine months ended September 30, 2024 was driven primarily by income tax expense on transfer pricing income from India and the United States, no tax benefit on the pretax loss from our Luxembourg operating company, and uncertain tax positions

- Definition

The entire disclosure for income tax.

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+ Details

CUSTOMER CONCENTRATION

9 Months Ended

Sep. 30, 2024

Risks and Uncertainties [Abstract]

CUSTOMER CONCENTRATION

Onity

Onity Group Inc. (together with its subsidiaries, “Onity”) (formerly Ocwen Financial Corporation, or “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, 2024, Onity was our largest customer, accounting for 43% and 44%, respectively, of our total revenue. Onity purchases certain mortgage services from us under the terms of services agreements and amendments thereto (collectively, the “Onity Services Agreements”) with terms extending through August 2030. Certain of the Onity Services Agreements contain a “most favored nation” provision and also grant the parties the right to renegotiate pricing, among other things.

Revenue from Onity primarily consists of revenue earned from the loan portfolios serviced and subserviced by Onity when Onity engages us as the service provider, and revenue earned directly from Onity, pursuant to the Onity Services Agreements. For the nine months ended September 30, 2024 and 2023, we recognized revenue from Onity of $52.6 million and $47.3 million, respectively ($17.6 million and $15.7 million for the third quarter of 2024 and 2023, respectively). Revenue from Onity as a percentage of segment and consolidated revenue was as follows:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

Servicer and Real Estate	54	%	55	%	55	%	54	%
Origination	—	%	—	%	—	%	—	%
Corporate and Others	—	%	—	%	—	%	—	%
Consolidated revenue	43	%	43	%	44	%	43	%

We earn additional revenue related to the portfolios serviced and subserviced by Onity when a party other than Onity or the MSR owner selects Altisource as the service provider. For the nine months ended September 30, 2024 and 2023, we recognized $7.5 million and $7.3 million, respectively ($2.3 million and $2.3 million for the third quarter of 2024 and 2023, respectively), of such revenue. These amounts are not included in deriving revenue from Onity and revenue from Onity as a percentage of revenue discussed above.

As of September 30, 2024, accounts receivable from Onity totaled $3.9 million, $2.8 million of which was billed and $1.1 million of which was unbilled. As of December 31, 2023, accounts receivable from Onity totaled $3.4 million, $2.2 million of which was billed and $1.2 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”) is an asset manager focused on the real estate and financial services industries.

Onity has disclosed that Rithm is one of its largest servicing clients. As of June 30, 2024, Onity reported that approximately 14% of loans serviced and subserviced by Onity (measured in unpaid principal balance (“UPB”)) and approximately 64% of all delinquent loans that Onity 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, 2024 and 2023, we recognized revenue from Rithm of $1.8 million and $2.3 million, respectively ($0.5 million and $0.7 million for the third quarter of 2024 and 2023, respectively), under the Brokerage Agreement. For the nine months ended September 30, 2024 and 2023, we recognized additional revenue of $8.6 million and $10.1 million, respectively ($2.5 million and $3.2 million for the third quarter of 2024 and 2023, respectively), relating to the Subject MSRs when a party other than Rithm selects Altisource as the service provider.

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 15,616	$ 15,275
Accrued expenses - general	9,263	8,637
Accrued salaries and benefits	5,127	5,048
Income taxes payable	2,494	1,128
Total	$ 32,500	$ 30,088

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, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Weighted average grant date fair value of stock options granted per share (in usd per share)	$ 0	$ 0
Intrinsic value of options exercised	$ 0	$ 0
Grant date fair value of stock options that vested	$ 83	$ 83

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

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Right-of-Use Assets Under Operating Leases

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


(in thousands)	September 30, 2024		December 31, 2023

Right-of-use assets under operating leases	$	6,132	$	7,242
Less: Accumulated amortization	(3,588)		(3,863)

Total	$	2,544	$	3,379

OTHER NON-CURRENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Other Non-Current Liabilities

Other non-current liabilities consist of the following:


(in thousands)	September 30, 2024		December 31, 2023

Income tax liabilities	$	17,450	$	17,506
Operating lease liabilities	1,140		1,950
Deferred revenue	—		9
Other non-current liabilities	116		45

Total	$	18,706	$	19,510

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Schedule of Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Assets:
Cash and cash equivalents	$ 28,339	$ 32,522	$ 36,640
Restricted cash	2,887	2,894	$ 3,207
Short-term receivable	3,160	3,201
Level 1 \| Fair Value, Measurements, Recurring
Assets:
Cash and cash equivalents	28,339	32,522
Restricted cash	2,887	2,894
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	3,160	3,201
Line of Credit \| Credit Facility \| Revolving Loan Agreement
Liabilities:
Revolving loan agreement	250	0
Line of Credit \| Level 1 \| Fair Value, Measurements, Recurring \| Credit Facility \| Revolving Loan Agreement
Liabilities:
Revolving loan agreement	0	0
Line of Credit \| Level 2 \| Fair Value, Measurements, Recurring \| Credit Facility \| Revolving Loan Agreement
Liabilities:
Revolving loan agreement	0	0
Line of Credit \| Level 3 \| Fair Value, Measurements, Recurring \| Credit Facility \| Revolving Loan Agreement
Liabilities:
Revolving loan agreement	250	0
Senior secured term loan
Liabilities:
Senior secured term loan	230,590	224,085
Senior secured term loan \| Level 1 \| Fair Value, Measurements, Recurring
Liabilities:
Senior secured term loan	0	0
Senior secured term loan \| Level 2 \| Fair Value, Measurements, Recurring
Liabilities:
Senior secured term loan	123,366	177,027
Senior secured term loan \| Level 3 \| Fair Value, Measurements, Recurring
Liabilities:
Senior secured term loan	$ 0	$ 0

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 400
2025	1,527
2026	742
2027	104
2028	104
2029	52
Total lease payments	2,929
Less: interest	(287)
Present value of lease liabilities	$ 2,642

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements, Recurring and Nonrecurring

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


	September 30, 2024								December 31, 2023
(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	$	28,339	$	28,339	$	—	$	—	$	32,522	$	32,522	$	—	$	—
Restricted cash	2,887		2,887		—		—		2,894		2,894		—		—
Short-term receivable	3,160		—		—		3,160		3,201		—		—		3,201


Liabilities:
Revolving loan agreement	250		—		—		250		—		—		—		—
Senior secured term loan	230,590		—		123,366		—		224,085		—		177,027		—

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Narrative (Details) - Credit Facility - USD ($) $ in Thousands	Jun. 03, 2024	Sep. 30, 2024	Dec. 31, 2023	Feb. 14, 2023
Debt Instrument [Line Items]
Interest rate (in percent)				10.00%
Revolving Loan Agreement \| Line of Credit
Debt Instrument [Line Items]
Revolving loan agreement, outstanding debt		$ 250	$ 0
Revolving Loan Agreement \| Line of Credit \| Altisource Asset Management Corporation ("AAMC")
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,000
Line of credit facility, accordion feature, increase limit	$ 3,000
Debt instrument, extended term (in years)	1 year
Debt instrument, maturity date, days after notice to terminate	150 days
Interest rate (in percent)	12.00%
Line of credit facility, commitment fee percentage (in percent)	0.25%

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Thousands				3 Months Ended		9 Months Ended
	Sep. 07, 2023 USD ($) $ / shares shares	Feb. 14, 2023 USD ($) $ / shares shares	May 15, 2018 $ / shares shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) component $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2023 shares
Share-Based Compensation
Share-based compensation expense \| $				$ 900	$ 1,200	$ 3,916	$ 3,918
Estimated unrecognized compensation costs \| $				$ 1,900		$ 1,900
Weighted average remaining requisite service period for stock options over which unrecognized compensation costs would be recognized						1 year 7 days
Outstanding (in shares)				711,689		711,689		739,189
Stock options granted (in shares)						0	0
Common stock \| Public Stock Offering
Share Repurchase Program
Shares issued in transaction (in shares)	5,590,277	4,550,000
Price of stock (in usd per share) \| $ / shares	$ 3.60	$ 5.00
Net proceeds of sale of stock \| $	$ 18,400	$ 20,500
Stock Options, Service-Based
Share-Based Compensation
Outstanding (in shares)				174,000		174,000
Stock Options, Service-Based \| Minimum
Share-Based Compensation
Vesting period						3 years
Expiration term						10 years
Stock Options, Service-Based \| Maximum
Share-Based Compensation
Vesting period						4 years
Stock Options, Market-Based
Share-Based Compensation
Outstanding (in shares)				77,000		77,000
Number of components of an award \| component						2
Allowable performance period before expiration date						3 years
Stock Options, Market-Based \| Minimum
Share-Based Compensation
Vesting period						3 years
Expiration term						10 years
Stock Options, Market-Based \| Maximum
Share-Based Compensation
Vesting period						4 years
Stock Options, Market-Based, Ordinary Performance
Share-Based Compensation
Percentage of awards				67.00%		67.00%
Vesting threshold				2		2
Stock Options, Market-Based, Ordinary Performance \| Minimum
Share-Based Compensation
Percentage of compounded annual gain of stock price over exercise price required for the award to vest						20.00%
Stock Options, Market-Based, Extraordinary Performance
Share-Based Compensation
Percentage of awards				33.00%		33.00%
Stock Options, Market-Based, Extraordinary Performance \| Minimum
Share-Based Compensation
Percentage of compounded annual gain of stock price over exercise price required for the award to vest						25.00%
Stock Options, Performance-Based
Share-Based Compensation
Outstanding (in shares)				461,000		461,000
Stock Options, Performance-Based \| Share-based Payment Arrangement, Tranche One
Share-Based Compensation
Vesting percentage						25.00%
Stock Options, Performance-Based \| Share-based Payment Arrangement, Tranche Two
Share-Based Compensation
Vesting percentage						25.00%
Stock Options, Performance-Based \| Share-based Payment Arrangement, Tranche Three
Share-Based Compensation
Vesting percentage						25.00%
Stock Options, Performance-Based \| Share-based Payment Arrangement, Tranche Four
Share-Based Compensation
Vesting percentage						25.00%
Stock Options, Performance-Based \| Minimum
Share-Based Compensation
Allowable performance period before expiration date						10 years
Attainment above threshold performance levels, vesting percentage						50.00%
Stock Options, Performance-Based \| Maximum
Share-Based Compensation
Attainment above threshold performance levels, vesting percentage						200.00%
Restricted Stock and Restricted Stock Units, Service-Based
Share-Based Compensation
Restricted shares and restricted share units outstanding (in shares)				1,512,000		1,512,000
Restricted Stock and Restricted Stock Units, Service-Based \| Minimum
Share-Based Compensation
Vesting period						1 year
Restricted Stock and Restricted Stock Units, Service-Based \| Maximum
Share-Based Compensation
Vesting period						4 years
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based
Share-Based Compensation
Restricted shares and restricted share units outstanding (in shares)				190,000		190,000
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based \| Share-based Payment Arrangement, Tranche One
Share-Based Compensation
Vesting percentage						33.00%
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based \| Share-based Payment Arrangement, Tranche Two
Share-Based Compensation
Vesting percentage						33.00%
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based \| Share-based Payment Arrangement, Tranche Three
Share-Based Compensation
Vesting percentage						33.00%
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based \| Maximum
Share-Based Compensation
Attainment above threshold performance levels, vesting percentage						150.00%
Restricted Stock and Restricted Stock Units (RSUs), Market-Based
Share-Based Compensation
Restricted shares and restricted share units outstanding (in shares)				112,000		112,000
Restricted Stock and Restricted Stock Units (RSUs), Market-Based \| Minimum
Share-Based Compensation
Vesting period						30 years
Vesting percentage						50.00%
Restricted Stock and Restricted Stock Units (RSUs), Market-Based \| Maximum
Share-Based Compensation
Vesting period						1 year
Vesting percentage						50.00%
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based and Market-Based
Share-Based Compensation
Restricted shares and restricted share units outstanding (in shares)				189,000		189,000
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based and Market-Based \| Maximum
Share-Based Compensation
Attainment above threshold performance levels, vesting percentage						300.00%
Restricted Stock Units (RSUs)
Share-Based Compensation
Restricted share units granted (in shares)						1,638,000	891,000
Restricted share units granted, weighted average grant date fair value (in usd per share) \| $ / shares						$ 2.46	$ 4.82
Restricted Stock Units (RSUs), Performance-Based and Market-Based
Share-Based Compensation
Restricted share units granted (in shares)						88,000	57,000
Restricted Stock Units (RSUs), Performance-Based
Share-Based Compensation
Restricted share units granted (in shares)						88,000	57,000
Share Repurchase Program, Current
Share Repurchase Program
Number of shares of common stock authorized to be purchased (in shares)			3,100,000
Percentage of outstanding shares authorized to be repurchased			15.00%
Minimum purchase price authorized (in usd per share) \| $ / shares			$ 1.00
Maximum purchase price authorized (in usd per share) \| $ / shares			$ 25.00
Period that shares may be repurchased, from the date of approval			5 years
Remaining number of shares available for repurchase under the plan (in shares)				3,100,000		3,100,000
Number of shares of common stock purchased (in shares)						0	0
Authorized amount \| $				$ 114,000		$ 114,000

REVENUE - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
REVENUE - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) category	Sep. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Categories of revenue \| category			3
Revenue (less than)	$ 40,531	$ 36,213	$ 119,121	$ 110,909
Revenue recognized that was included in the contract liability at the beginning of the period	500	500	2,700	3,300
Service revenue
Related Party Transaction [Line Items]
Revenue (less than)	38,150	34,112	111,904	104,356
Related Party \| Aldridge Pite \| Service revenue
Related Party Transaction [Line Items]
Revenue (less than)	$ 100	$ 100	$ 100	$ 100

- Definition

+ References

+ Details

OTHER NON-CURRENT LIABILITIES

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

OTHER NON-CURRENT LIABILITIES

Other non-current liabilities consist of the following:


(in thousands)	September 30, 2024		December 31, 2023

Income tax liabilities	$	17,450	$	17,506
Operating lease liabilities	1,140		1,950
Deferred revenue	—		9
Other non-current liabilities	116		45

Total	$	18,706	$	19,510

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

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:


(in thousands)	September 30, 2024		December 31, 2023

Accounts payable	$	15,616	$	15,275
Accrued expenses - general	9,263		8,637
Accrued salaries and benefits	5,127		5,048
Income taxes payable	2,494		1,128

Total	$	32,500	$	30,088

Schedule of Other Current Liabilities

Other current liabilities consist of the following:


(in thousands)	September 30, 2024		December 31, 2023

Operating lease liabilities	$	1,502	$	1,570
Revolving loan agreement	250		—
Other	650		907

Total	$	2,402	$	2,477

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS

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, 2024 and December 31, 2023. The following fair values are estimated using market information and what the Company believes to be appropriate valuation methodologies under GAAP:


	September 30, 2024								December 31, 2023
(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	$	28,339	$	28,339	$	—	$	—	$	32,522	$	32,522	$	—	$	—
Restricted cash	2,887		2,887		—		—		2,894		2,894		—		—
Short-term receivable	3,160		—		—		3,160		3,201		—		—		3,201


Liabilities:
Revolving loan agreement	250		—		—		250		—		—		—		—
Senior secured term loan	230,590		—		123,366		—		224,085		—		177,027		—

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 are 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.

Our Revolving Loan Agreement was measured using Level 3 inputs based on the present value of the future payments. As quoted market price is not available and there is no trading, we believe that the contractual interest rate represents the market rate at the measurement date and therefore the fair value equals the Revolving Loan Agreement book value.

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% and 44% of its revenue from Onity for the three and nine months ended September 30, 2024, respectively (see Note 2 for additional information on Onity 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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

OTHER ASSETS

9 Months Ended

Sep. 30, 2024

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

OTHER ASSETS

Other assets consist of the following:


(in thousands)	September 30, 2024		December 31, 2023

Restricted cash	$	2,864	$	2,871
Surety bond collateral	2,000		2,000
Security deposits	339		397
Other	1,365		1,462

Total	$	6,568	$	6,730

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 28,339	$ 32,522
Accounts receivable, net of allowance for credit losses of	14,241	11,682
Prepaid expenses and other current assets	8,244	11,336
Total current assets	50,824	55,540
Premises and equipment, net	901	1,709
Right-of-use assets under operating leases	2,544	3,379
Goodwill	55,960	55,960
Intangible assets, net	22,738	26,548
Deferred tax assets, net	4,968	4,992
Other assets	6,568	6,730
Total assets	144,503	154,858
Current liabilities:
Accounts payable and accrued expenses	32,500	30,088
Current portion of long-term debt	226,708	0
Deferred revenue	$ 3,769	$ 3,195
Other current liabilities	Other current liabilities	Other current liabilities
Other current liabilities	$ 2,402	$ 2,477
Total current liabilities	265,379	35,760
Long-term debt	0	215,615
Deferred tax liabilities, net	$ 9,104	$ 9,028
Other non-current liabilities	Other non-current liabilities	Other non-current liabilities
Other non-current liabilities	$ 18,706	$ 19,510
Commitments, contingencies and regulatory matters (Note 21)
Deficit:
Common stock ($1.00 par value; 100,000 shares authorized, 29,963 issued and 27,171 outstanding as of September 30, 2024; 29,963 issued and 26,496 outstanding as of December 31, 2023)	29,963	29,963
Additional paid-in capital	180,776	177,278
Accumulated deficit	(247,545)	(180,162)
Treasury stock, at cost (2,792 shares as of September 30, 2024 and 3,467 shares as of December 31, 2023)	(112,580)	(152,749)
Altisource deficit	(149,386)	(125,670)
Non-controlling interests	700	615
Total deficit	(148,686)	(125,055)
Total liabilities and deficit	$ 144,503	$ 154,858

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Less: Current portion	$ (226,708)	$ 0
Long-term debt	0	215,615
Senior secured term loans
Debt Instrument [Line Items]
Senior secured term loans	230,590	224,085
Less: Debt issuance and amendment costs, net	(1,521)	(3,318)
Less: Unamortized discount, net	(2,361)	(5,152)
Net long-term debt	$ 226,708	$ 215,615

- Definition

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.

+ References

+ Details

- Definition

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

+ References + Details

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET - Schedule of Right-of-Use Assets Under Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Right-of-use assets under operating leases	$ 6,132	$ 7,242
Less: Accumulated amortization	(3,588)	(3,863)
Total	$ 2,544	$ 3,379

WARRANTS

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

WARRANTS

On February 14, 2023, the lenders under the Amended Credit Agreement (see Note 10 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 was subject to reduction based on the amount of Aggregate Paydowns. During 2023, the Company made $30 million of Aggregate Paydowns. Since Aggregate Paydowns were equal to or greater than $30 million, the number of Warrant Shares was reduced to 1,612,705.

The following table summarizes the activity related to our Warrant Shares:


			Warrant Shares
Outstanding as of December 31, 2023			1,612,705
Exercised			(96,808)
Outstanding as of September 30, 2024			1,515,897

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 were subject to a lock-up agreement, subject to customary exceptions, which expired on February 16, 2024.

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 Warrants were not considered to be indexed to the Company’s stock because the number of Warrant Shares varied based on Aggregate Paydowns. 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 based on their inception date fair value and subsequently re-measured at each reporting period with changes 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 was no longer variable. As a result, the Warrants were 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) (no comparative amount for the three and nine months ended September 30, 2024).

ACCOUNTS RECEIVABLE, NET - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounts receivable, net
Accounts receivable, gross	$ 17,727		$ 14,805
Less: Allowance for credit losses	(3,486)	$ (3,421)	(3,123)	$ (3,379)	$ (4,314)	$ (4,363)
Total	14,241		11,682
Billed
Accounts receivable, net
Accounts receivable, gross	10,548		9,826
Unbilled
Accounts receivable, net
Accounts receivable, gross	$ 7,179		$ 4,979

ACCOUNTS RECEIVABLE, NET

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consists of the following:


(in thousands)	September 30, 2024		December 31, 2023

Billed	$	10,548	$	9,826
Unbilled	7,179		4,979
	17,727		14,805
Less: Allowance for credit losses	(3,486)		(3,123)

Total	$	14,241	$	11,682

Unbilled accounts receivable consist primarily of certain real estate asset management services, REO and foreclosure sales, title and closing services, for which we generally recognize revenue when the service is provided but collect upon closing of the sale, as well as foreclosure trustee services and the recently launched property renovation 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, 2024	$	3,421	$	226	$	(161)	$	3,486
Three months ended September 30, 2023	4,314		(203)		(732)		3,379

Nine months ended September 30, 2024	$	3,123	$	776	$	(413)	$	3,486
Nine months ended September 30, 2023	4,363		319		(1,303)		3,379

______________________________________

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

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

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, 2024, 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, 2024 and 2023. 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, 2024, we can repurchase up to approximately $114 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, 2024 and 2023, respectively ($0.9 million and $1.2 million for the third quarter of 2024 and 2023, respectively). As of September 30, 2024, estimated unrecognized compensation costs related to share-based awards amounted to $1.9 million, which we expect to recognize over a weighted average remaining requisite service period of approximately 1.02 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 174 thousand service-based options were outstanding as of September 30, 2024.

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 generally 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 77 thousand market-based options were outstanding as of September 30, 2024.

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, 2024.

There were no stock option grants during the nine months ended September 30, 2024 and 2023.

The fair values of the performance-based options are determined using the Black-Scholes option pricing model.

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)	2024		2023

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

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, 2023	739,189	$	27.04	4.83	$	—
Granted	—	—

Forfeited	(27,500)	81.44

Outstanding as of September 30, 2024	711,689	24.94		3.21	—

Exercisable as of September 30, 2024	543,200	24.34		2.61	—

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 1,512 thousand service-based awards were outstanding as of September 30, 2024.

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 190 thousand performance-based awards were outstanding as of September 30, 2024.

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, 2024.

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 189 thousand performance-based and market-based awards were outstanding as of September 30, 2024.

The Company granted 1,638 thousand restricted share units (at a weighted average grant date fair value of $2.46 per share) during the nine months ended September 30, 2024. These grants included 88 thousand performance-based awards and 88 thousand awards that include both a performance condition and a market condition. 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 included 57 thousand performance-based awards and 57 thousand awards that include both a performance condition and a market condition.

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, 2023			1,262,742
Granted			1,637,880
Issued			(578,325)
Forfeited/canceled			(319,708)

Outstanding as of September 30, 2024			2,002,589

LONG-TERM DEBT

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

LONG-TERM DEBT

Long-term debt consists of the following:


(in thousands)	September 30, 2024		December 31, 2023

Senior secured term loans	$	230,590	$	224,085
Less: Debt issuance and amendment costs, net	(1,521)		(3,318)


Less: Unamortized discount, net	(2,361)		(5,152)
Net long-term debt	226,708		215,615
Less: Current portion of long-term debt	(226,708)		—








Total long-term debt, less current portion	$	—	$	215,615

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 senior secured term loans (“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. Since the aggregate amount of par paydowns on the SSTL made prior to February 14, 2024 using proceeds from issuances of equity interests or from junior indebtedness (“Aggregate Paydowns”) was equal to or greater than $30 million, 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.

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. If the maturity date is extended to April 30, 2026, the Company is required to make mandatory repayments of $5.2 million in the first quarter of 2026 with the remaining balance due at the April 2026 maturity.

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. SOFR-based term loans bear interest at a rate per annum equal to SOFR plus 5.00% payable in cash plus a payable in kind (“PIK”) component. Base Rate-based term loans bear interest at a rate per annum equal to the Base Rate plus 4.00% payable in cash plus a PIK component. The PIK component of the interest rate was subject to adjustment based on the amount of Aggregate Paydowns. Since Aggregate Paydowns were $20 million in the first quarter of 2023 and an additional $10 million in the third quarter of 2023, the PIK component was 4.50% for the period March 30, 2023

through June 30, 2023 and 3.75% for periods thereafter. The interest rate as of September 30, 2024, including the PIK component, was 14.18%.

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 million when due, (v) default on any other debt that equals or exceeds $5 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 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 Amended 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 11 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 16% and 15% of Altisource’s common stock as of September 30, 2024 and 2023, respectively, and $41.7 million and $40.2 million of Altisource debt under the Amended Credit Agreement as of September 30, 2024 and 2023, respectively. An employee of Deer Park is a member of Altisource’s Board of Directors. In connection with the Amended Credit Agreement, Deer Park received 292 thousand Warrants. During the nine months ended September 30, 2024 and 2023, Deer Park received interest of $1.1 million and $2.0 million, respectively from the Altisource SSTL.

As of September 30, 2024, debt issuance and amendment costs were $1.5 million, net of $7.9 million of accumulated amortization. As of December 31, 2023, debt issuance and amendment costs were $3.3 million, net of $6.1 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, 2024 and December 31, 2023, there was no outstanding debt under the Amended Revolver and Revolver, respectively. As of September 30, 2024 debt issuance costs were $0.1 million, net of $0.5 million of accumulated amortization. As of December 31, 2023 debt issuance costs were $0.2 million, net of $0.4 million of accumulated amortization. Debt issuance costs for the Amended Revolver and Revolver are included in other assets in the accompanying consolidated balance sheet.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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
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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://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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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
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

WARRANTS - Schedule of Warrant Activity (Details)	9 Months Ended
WARRANTS - Schedule of Warrant Activity (Details)	Sep. 30, 2024 shares
Class Of Warrant Or Right [Roll Forward]
Beginning balance, Outstanding (in shares)	1,612,705
Exercised (in shares)	(96,808)
Ending balance, Outstanding (in shares)	1,515,897

OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Income tax liabilities	$ 17,450	$ 17,506
Operating lease liabilities	1,140	1,950
Deferred revenue	0	9
Other non-current liabilities	116	45
Total	$ 18,706	$ 19,510

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Term and Assumption

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



	2024		2023

Weighted average remaining lease term (in years)	2.07		2.51
Weighted average discount rate	7.77	%	5.93	%

Schedule of 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)	2024		2023		2024		2023

Operating lease costs:
Selling, general and administrative expense	$	407	$	553	$	1,350	$	1,639


Cash used in operating activities for amounts included in the measurement of lease liabilities	$	430	$	512	$	1,396	$	1,343
Short-term (twelve months or less) lease costs	12		398		33		1,247

Schedule of Maturities of Operating Lease Liabilities

Maturities of our lease liabilities as of September 30, 2024 are as follows:


(in thousands)	Operating lease obligations

2024	$	400
2025	1,527
2026	742
2027	104
2028	104
2029	52

Total lease payments	2,929
Less: interest	(287)

Present value of lease liabilities	$	2,642

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Dec. 01, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Customer Concentration Risk \| Onity Financial Corporation \| Revenue
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Percentage of revenue from largest customer (in percent)		43.00%	43.00%	44.00%	43.00%
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	$ 3.5

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Selling, General and Administrative Expense [Abstract]
Compensation and benefits	$ 4,413	$ 4,906	$ 14,765	$ 16,312
Professional services	2,547	1,897	7,160	5,743
Amortization of intangible assets	1,270	1,352	3,810	3,912
Occupancy related costs	801	1,266	2,776	3,924
Marketing costs	489	440	1,536	1,381
Depreciation and amortization	99	129	315	577
Other	1,346	744	4,089	3,320
Total	$ 10,965	$ 10,734	$ 34,451	$ 35,169

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Schedule of Restricted Stock and Restricted Stock Units Activity (Details) - Restricted Stock And Restricted Stock Units	9 Months Ended
	Sep. 30, 2024 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)	1,262,742
Granted (in shares)	1,637,880
Issued (in shares)	(578,325)
Forfeited/canceled (in shares)	(319,708)
Outstanding at the end of period (in shares)	2,002,589

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

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, most of which seek monetary damages. Although the outcome of these proceedings cannot be predicted with certainty, we currently believe that their outcome, both individually and in the aggregate, will not 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 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.

Onity Related Matters

As discussed in Note 2, during the three and nine months ended September 30, 2024, Onity was our largest customer, accounting for 43% and 44% respectively, of our total revenue. Additionally, 6% of our revenue for the nine months ended September 30, 2024 (6% of our revenue for the third quarter of 2024) was earned on the loan portfolios serviced by Onity, when a party other than Onity or the MSRs owner selected Altisource as the service provider.

Onity has disclosed that it is subject to a number of ongoing regulatory examinations, 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 Onity for substantial monetary damages. Previous regulatory actions against Onity have subjected Onity 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 Onity. In addition to the above, Onity may become subject to future adverse regulatory or other actions.

Onity has disclosed that Rithm is one of its largest servicing clients. As of June 30, 2024, Onity reported that approximately 14% of loans serviced and subserviced by Onity (measured in UPB) and approximately 64% of all delinquent loans that Onity services were related to Rithm MSRs or rights to MSRs.

The existence or outcome of Onity regulatory matters or the termination of Onity’s sub-servicing agreements with Rithm, or other significant Onity clients may have significant adverse effects on Onity’s business. For example, Onity 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 Onity’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 Onity as a customer or a reduction in the number and/or volume of services it purchases 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 Onity as a customer or there is a significant reduction in the volume of services it purchases from us

•Onity 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 Onity and Rithm changes significantly, including Onity’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

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

•Onity is subject to stays, moratoriums, suspensions or other restrictions that limit or delay default-related actions on the loans it services

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

•Altisource otherwise fails to be retained as a service provider.

The foregoing list is not intended to be exhaustive. Management cannot predict whether any of these events or other 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 $0.5 million and $0.1 million for the nine months ended September 30, 2024 and 2023, respectively ($0.2 million and less than $0.1 million for the third quarter of 2024 and 2023, 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:



	2024		2023

Weighted average remaining lease term (in years)	2.07		2.51
Weighted average discount rate	7.77	%	5.93	%

Our lease activity during the period was as follows:



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023

Operating lease costs:
Selling, general and administrative expense	$	407	$	553	$	1,350	$	1,639


Cash used in operating activities for amounts included in the measurement of lease liabilities	$	430	$	512	$	1,396	$	1,343
Short-term (twelve months or less) lease costs	12		398		33		1,247

Maturities of our lease liabilities as of September 30, 2024 are as follows:


(in thousands)	Operating lease obligations

2024	$	400
2025	1,527
2026	742
2027	104
2028	104
2029	52

Total lease payments	2,929
Less: interest	(287)

Present value of lease liabilities	$	2,642

Escrow and Other Balances

We hold customers’ assets in escrow and other accounts at various financial institutions pending completion of certain real estate activities. These amounts are held in escrow and other accounts for limited periods of time and are not included in the accompanying condensed consolidated balance sheets. Amounts held in escrow and other accounts were $19.0 million and $21.6 million as of September 30, 2024 and December 31, 2023, respectively.

COST OF REVENUE - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
COST OF REVENUE - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Reimbursable expenses	$ 2,321,000	$ 2,039,000	$ 7,081,000	$ 6,398,000
Accounts payable and accrued expenses	32,500,000		32,500,000		$ 30,088,000
Related Party \| Aldridge Pite
Related Party Transaction [Line Items]
Reimbursable expenses	300,000	$ 200,000	700,000	$ 600,000
Accounts payable and accrued expenses	$ 0		$ 0

REVENUE - Schedule of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 40,531	$ 36,213	$ 119,121	$ 110,909
Service revenue
Disaggregation of Revenue [Line Items]
Revenue	38,150	34,112	111,904	104,356
Reimbursable expenses
Disaggregation of Revenue [Line Items]
Revenue	2,321	2,039	7,081	6,398
Non-controlling interests
Disaggregation of Revenue [Line Items]
Revenue	$ 60	$ 62	$ 136	$ 155

- Definition

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.

+ References + Details

- Definition

+ References

+ Details

SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Financial Information of Segments

Financial Information

Financial information for our segments is as follows:


	Three months ended September 30, 2024
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	32,549	$	7,982	$	—	$	40,531
Cost of revenue	20,509		6,312		1,640		28,461
Gross profit (loss)	12,040		1,670		(1,640)		12,070
Selling, general and administrative expenses	3,194		1,325		6,446		10,965
Income (loss) from operations	8,846		345		(8,086)		1,105
Total other income (expense), net	62		—		(9,660)		(9,598)

Income (loss) before income taxes and non-controlling interests	$	8,908	$	345	$	(17,746)	$	(8,493)

	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)

	Nine months ended September 30, 2024
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	95,175	$	23,946	$	—	$	119,121
Cost of revenue	58,357		18,801		4,872		82,030
Gross profit (loss)	36,818		5,145		(4,872)		37,091
Selling, general and administrative expenses	8,687		5,030		20,734		34,451
Income (loss) from operations	28,131		115		(25,606)		2,640
Total other income (expense), net	61		—		(27,195)		(27,134)

Income (loss) before income taxes and non-controlling interests	$	28,192	$	115	$	(52,801)	$	(24,494)


	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)

Total Assets

Total assets for our segments are as follows:


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

Total assets:
September 30, 2024	$	56,465	$	48,342	$	39,696	$	144,503
December 31, 2023	57,535		50,431		46,892		154,858

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule 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)	2024		2023

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

Schedule 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, 2023	739,189	$	27.04	4.83	$	—
Granted	—	—

Forfeited	(27,500)	81.44

Outstanding as of September 30, 2024	711,689	24.94		3.21	—

Exercisable as of September 30, 2024	543,200	24.34		2.61	—

Schedule of 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, 2023			1,262,742
Granted			1,637,880
Issued			(578,325)
Forfeited/canceled			(319,708)

Outstanding as of September 30, 2024			2,002,589

SEGMENT REPORTING - Schedule of Financial Information of Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
SEGMENT REPORTING
Revenue	$ 40,531	$ 36,213	$ 119,121	$ 110,909
Cost of revenue	28,461	29,024	82,030	89,684
Gross profit (loss)	12,070	7,189	37,091	21,225
Selling, general and administrative expenses	10,965	10,734	34,451	35,169
Income (loss) from operations	1,105	(3,545)	2,640	(13,944)
Total other income (expense), net	(9,598)	(7,317)	(27,134)	(26,454)
Income (loss) before income taxes and non-controlling interests	(8,493)	(10,862)	(24,494)	(40,398)
Total assets:
Total assets:	144,503		144,503		$ 154,858
Corporate and Others
SEGMENT REPORTING
Revenue	0	0	0	0
Cost of revenue	1,640	3,561	4,872	10,986
Gross profit (loss)	(1,640)	(3,561)	(4,872)	(10,986)
Selling, general and administrative expenses	6,446	6,971	20,734	22,391
Income (loss) from operations	(8,086)	(10,532)	(25,606)	(33,377)
Total other income (expense), net	(9,660)	(7,317)	(27,195)	(26,454)
Income (loss) before income taxes and non-controlling interests	(17,746)	(17,849)	(52,801)	(59,831)
Total assets:
Total assets:	39,696		39,696		46,892
Servicer and Real Estate \| Operating Segments
SEGMENT REPORTING
Revenue	32,549	28,702	95,175	87,495
Cost of revenue	20,509	18,312	58,357	56,075
Gross profit (loss)	12,040	10,390	36,818	31,420
Selling, general and administrative expenses	3,194	1,966	8,687	6,905
Income (loss) from operations	8,846	8,424	28,131	24,515
Total other income (expense), net	62	0	61	0
Income (loss) before income taxes and non-controlling interests	8,908	8,424	28,192	24,515
Total assets:
Total assets:	56,465		56,465		57,535
Origination \| Operating Segments
SEGMENT REPORTING
Revenue	7,982	7,511	23,946	23,414
Cost of revenue	6,312	7,151	18,801	22,623
Gross profit (loss)	1,670	360	5,145	791
Selling, general and administrative expenses	1,325	1,797	5,030	5,873
Income (loss) from operations	345	(1,437)	115	(5,082)
Total other income (expense), net	0	0	0	0
Income (loss) before income taxes and non-controlling interests	345	$ (1,437)	115	$ (5,082)
Total assets:
Total assets:	$ 48,342		$ 48,342		$ 50,431

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (9,302)	$ (9,157)	$ (11,280)	$ (12,867)	$ (26,731)	$ (42,984)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	200		600		794	1,933
Amortization of right-of-use assets under operating leases	400		400		1,190	1,351
Amortization of intangible assets	1,270		1,352		3,810	3,912
PIK accrual					6,505	4,777
Share-based compensation expense	900		1,200		3,916	3,918
Bad debt expense	226		(203)		776	319
Amortization of debt discount					2,791	2,846
Amortization of debt issuance costs					1,797	1,846
Deferred income taxes					76	(224)
Loss on disposal of fixed assets					14	121
Change in fair value of warrant liability	0		(2,225)		0	(1,145)
Changes in operating assets and liabilities:
Accounts receivable					(3,335)	(311)
Prepaid expenses and other current assets					3,092	12,350
Other assets					179	(1,891)
Accounts payable and accrued expenses					2,412	(2,475)
Current and non-current operating lease liabilities					(1,233)	(1,351)
Other current and non-current liabilities					323	(587)
Net cash used in operating activities					(3,624)	(17,595)
Cash flows from financing activities:
Proceeds from revolving loan agreement					250	0
Proceeds from issuance of common stock, net of issuance costs					0	20,461
Proceeds from issuance of treasury stock, net of issuance costs					0	18,374
Exercise of Warrants, net of costs					(90)	0
Debt issuance and amendment costs					0	(4,886)
Repayments of long-term debt					0	(30,000)
Distributions to non-controlling interests					(51)	(269)
Payments of tax withholding on issuance of restricted share units and restricted shares					(675)	(511)
Net cash (used in) provided by financing activities					(566)	3,169
Net decrease in cash, cash equivalents and restricted cash					(4,190)	(14,426)
Cash, cash equivalents and restricted cash at the beginning of the period		$ 35,416		$ 54,273	35,416	54,273	$ 54,273
Cash, cash equivalents and restricted cash at the end of the period	31,226		39,847		31,226	39,847	35,416
Supplemental cash flow information:
Interest paid					18,092	16,989
Income taxes paid (refunded), net					1,393	(4,034)
Acquisition of right-of-use assets with operating lease liabilities					442	329
Reduction of right-of-use assets from operating lease modifications or reassessments					(87)	(671)
Non-cash investing and financing activities:
Warrants issued in connection with Amended Credit Agreement					0	8,096
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	28,339		36,640		28,339	36,640	32,522
Restricted cash	2,887		3,207		2,887	3,207	2,894
Total cash, cash equivalents and restricted cash reported in the statements of cash flows	$ 31,226		$ 39,847		$ 31,226	$ 39,847	$ 35,416

WARRANTS (Tables)

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Warrant Activity

The following table summarizes the activity related to our Warrant Shares:


			Warrant Shares
Outstanding as of December 31, 2023			1,612,705
Exercised			(96,808)
Outstanding as of September 30, 2024			1,515,897

Schedule of 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

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible Assets, Net
Gross carrying amount	$ 258,621	$ 259,016
Accumulated amortization	(235,883)	(232,468)
Net book value	22,738	26,548
Customer related intangible assets
Intangible Assets, Net
Gross carrying amount	213,912	214,307
Accumulated amortization	(202,481)	(200,656)
Net book value	11,431	13,651
Operating agreement
Intangible Assets, Net
Gross carrying amount	35,000	35,000
Accumulated amortization	(25,666)	(24,354)
Net book value	9,334	10,646
Trademarks and trade names
Intangible Assets, Net
Gross carrying amount	9,709	9,709
Accumulated amortization	(7,736)	(7,458)
Net book value	$ 1,973	$ 2,251
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

- Definition

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.

+ References + Details

OTHER INCOME (EXPENSE), NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Interest income (expense)	$ 319	$ 262	$ 748	$ 1,011
Other, net	43	145	1,395	1,346
Total	$ 362	$ 407	$ 2,143	$ 2,357

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Indemnity escrow receivable from Pointillist sale	$ 3,160	$ 3,201
Prepaid expenses	2,207	3,722
Maintenance agreements, current portion	1,311	1,327
Income taxes receivable	965	325
Restricted cash	23	23
Other current assets	578	2,738
Total	$ 8,244	$ 11,336

PREMISES AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 200	$ 600	$ 794	$ 1,933

LONG-TERM DEBT - Narrative (Details)						1 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended
LONG-TERM DEBT - Narrative (Details)	Feb. 14, 2024 USD ($)	Sep. 18, 2023 USD ($)	Mar. 29, 2023	Feb. 14, 2023 USD ($)	Jun. 22, 2021 USD ($)	Apr. 30, 2018 USD ($) lender	Mar. 31, 2026 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) shares	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Repayments of long-term debt										$ 0	$ 30,000,000
Cash and cash equivalents (less than)								$ 36,640,000		$ 28,339,000	$ 36,640,000	$ 32,522,000
Warrants (in shares) \| shares										1,515,897		1,612,705
Debt issuance and amendment costs										$ 1,500,000		$ 3,300,000
Accumulated amortization of debt issuance and amendment costs										$ 7,900,000		6,100,000
Altisource S.A.R.L. \| Deer Park Road Management Company, LP
Debt Instrument [Line Items]
Noncontrolling ownership percentage (in percent)								15.00%		16.00%	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
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)										14.18%
April 3, 2018 Credit Agreement \| Term B Loans \| Deer Park Road Management Company, LP \| Altisource S.A.R.L.
Debt Instrument [Line Items]
Net long-term debt								$ 40,200,000		$ 41,700,000	$ 40,200,000
Interest received										$ 1,100,000	$ 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										292,000
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 \| Variable Rate Component One, Paid In Cash \| Base Rate
Debt Instrument [Line Items]
Interest rate margin (in percent)				4.00%
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	0.0450
Secured Debt \| Line of Credit \| Forecast
Debt Instrument [Line Items]
Repayments of senior debt							$ 5,200,000
Secured Debt \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Repayments of long-term debt		$ 30,000,000
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 \| Credit agreement, par paydown, greater than $30 million \| Line of Credit
Debt Instrument [Line Items]
PIK Component of Interest Rate (in percent)	0.02
Credit Facility
Debt Instrument [Line Items]
Payment due date default period (in days)					3 days
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
Debt issuance costs, net										100,000		200,000
Accumulated amortization										$ 500,000		$ 400,000
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				$ 15,000,000.0
Credit Facility \| First Revolver Amendment
Debt Instrument [Line Items]
PIK interest rate (in percent)				0.0300
Upfront fee				$ 750,000

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET

9 Months Ended

Sep. 30, 2024

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, 2024		December 31, 2023

Right-of-use assets under operating leases	$	6,132	$	7,242
Less: Accumulated amortization	(3,588)		(3,863)

Total	$	2,544	$	3,379

Amortization of operating leases was $1.2 million and $1.4 million for the nine months ended September 30, 2024 and 2023, respectively ($0.4 million and $0.4 million for the third quarter of 2024 and 2023, 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.

LOSS PER SHARE

9 Months Ended

Sep. 30, 2024

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 loss per share for the period that they are classified as equity. For the three and nine months ended September 30, 2024, 1.5 million and 1.5 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)	2024		2023		2024		2023

Net loss attributable to Altisource	$	(9,362)	$	(11,342)	$	(26,867)	$	(43,139)

Weighted average common shares outstanding, basic	28,672		22,181		28,469		20,538

Weighted average common shares outstanding, diluted	28,672		22,181		28,469		20,538

Loss per share:
Basic	$	(0.33)	$	(0.51)	$	(0.94)	$	(2.10)
Diluted	$	(0.33)	$	(0.51)	$	(0.94)	$	(2.10)

For the nine months ended September 30, 2024 and 2023, 2.3 million and 1.5 million, respectively (2.4 million and 1.5 million for the third quarter of 2024 and 2023, 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, 2024 and 2023, 0.7 million and 0.3 million, respectively (0.6 million and 0.4 million for the third quarter of 2024 and 2023, 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, 2024 and 2023, 0.7 million and 0.3 million, respectively (0.7 million and 0.2 million for the third quarter of 2024 and 2023, 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, 2024 and 2023, 0.9 million and 0.9 million, respectively (1.1 million and 0.9 million for the third quarter of 2024 and 2023, 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, have been excluded from the computation of diluted loss per share because the achievement levels have not yet been met

OTHER INCOME (EXPENSE), NET (Tables)

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

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)	2024		2023		2024		2023

Interest income (expense)	$	319	$	262	$	748	$	1,011
Other, net	43		145		1,395		1,346

Total	$	362	$	407	$	2,143	$	2,357

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		27,173,867
Entity Central Index Key	0001462418
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

LOSS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted EPS Calculation

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)	2024		2023		2024		2023

Net loss attributable to Altisource	$	(9,362)	$	(11,342)	$	(26,867)	$	(43,139)

Weighted average common shares outstanding, basic	28,672		22,181		28,469		20,538

Weighted average common shares outstanding, diluted	28,672		22,181		28,469		20,538

Loss per share:
Basic	$	(0.33)	$	(0.51)	$	(0.94)	$	(2.10)
Diluted	$	(0.33)	$	(0.51)	$	(0.94)	$	(2.10)

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consists of the following:


(in thousands)	September 30, 2024		December 31, 2023

Senior secured term loans	$	230,590	$	224,085
Less: Debt issuance and amendment costs, net	(1,521)		(3,318)


Less: Unamortized discount, net	(2,361)		(5,152)
Net long-term debt	226,708		215,615
Less: Current portion of long-term debt	(226,708)		—








Total long-term debt, less current portion	$	—	$	215,615

- Definition

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.

+ References

+ Details

PREMISES AND EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Premises and Equipment, Net

Premises and equipment, net consists of the following:


(in thousands)	September 30, 2024		December 31, 2023

Computer hardware and software	$	46,078	$	46,519
Leasehold improvements	709		1,011
Furniture and fixtures	72		102
Office equipment and other	17		17
	46,876		47,649
Less: Accumulated depreciation and amortization	(45,975)		(45,940)

Total	$	901	$	1,709

Schedule of Premises and Equipment, Net by Country

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


(in thousands)	September 30, 2024		December 31, 2023

Luxembourg	$	671	$	1,131
India	199		492
United States	31		64
Uruguay	—		22

Total	$	901	$	1,709

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Amortization of right-of-use assets under operating leases	$ 400	$ 400	$ 1,190	$ 1,351

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Concentration Risk
Sublease income	$ 0.2	$ 0.1		$ 0.5	$ 0.1
Amounts held in escrow and trust accounts	$ 19.0			$ 19.0		$ 21.6
Minimum
Concentration Risk
Lease term (in years)	1 year			1 year
Maximum
Concentration Risk
Lease term (in years)	6 years			6 years
Onity Financial Corporation \| Revenue \| Customer Concentration Risk
Concentration Risk
Percentage of revenue from largest customer (in percent)	43.00%	43.00%		44.00%	43.00%
Highly Correlated - Onity \| Revenue \| Customer Concentration Risk
Concentration Risk
Percentage of revenue from largest customer (in percent)	6.00%			6.00%
RITM \| Revenue \| Customer Concentration Risk \| Onity Financial Corporation
Concentration Risk
Percentage of loans serviced and subserviced by largest customer's largest client (in percent)			14.00%
Percentage of delinquent loans Onity services (in percent)			0.64

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accounts payable and accrued expenses consist of the following:


(in thousands)	September 30, 2024		December 31, 2023

Accounts payable	$	15,616	$	15,275
Accrued expenses - general	9,263		8,637
Accrued salaries and benefits	5,127		5,048
Income taxes payable	2,494		1,128

Total	$	32,500	$	30,088

Other current liabilities consist of the following:


(in thousands)	September 30, 2024		December 31, 2023

Operating lease liabilities	$	1,502	$	1,570
Revolving loan agreement	250		—
Other	650		907

Total	$	2,402	$	2,477

Revolving Loan Agreement

In connection with the Company’s residential real estate renovation services business, on June 3, 2024 Altisource Solutions, Inc., an indirect subsidiary of Altisource Portfolio Solutions S.A, entered into a revolving loan agreement with a related party, Altisource Asset Management Corporation (“AAMC”) (the “Revolving Loan Agreement”).

Under the terms of the Revolving Loan Agreement, AAMC will make loans to Altisource from time to time, as may be requested by Altisource. The Revolving Loan Agreement provides Altisource the ability to borrow an initial aggregate amount of up to $1.0 million, with the potential for this to be increased up to $3.0 million at the option of AAMC. Amounts that are repaid may be re-borrowed in accordance with the limitations set forth below.

The maturity date of the Revolving Loan Agreement is June 3, 2025 and may be automatically extended for one year on each anniversary of the maturity date. During any extension period, AAMC may terminate the Revolving Loan Agreement upon 150 days prior written notice and the loan will mature upon such termination.

Borrowings under the Revolving Loan Agreement bear interest of 12.00% per annum in cash and are payable monthly in arrears on the first business day of each calendar month. Altisource will pay AAMC a monthly unused commitment fee in an amount equal to 0.25% per annum of the average amount of the unused available credit under the Revolving Loan Agreement.

Altisource’s obligation under the Revolving Loan Agreement is secured by certain receivables related to the Company’s residential real estate renovation services business. The outstanding balance on the Revolving Loan Agreement is due and payable on the maturity date.

As of September 30, 2024, there was $250 thousand outstanding debt under the Revolving Loan Agreement which is included in other current liabilities in the accompanying consolidated balance sheet.

CUSTOMER CONCENTRATION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Concentration Risk
Revenue	$ 40,531	$ 36,213		$ 119,121	$ 110,909
Customer Concentration Risk \| Highly Correlated - Onity \| Revenue
Concentration Risk
Concentration percentage (in percent)	6.00%			6.00%
Revenue	$ 2,300	$ 2,300		$ 7,500	$ 7,300
Customer Concentration Risk \| Onity Financial Corporation
Concentration Risk
Accounts receivable	3,900			3,900		$ 3,400
Customer Concentration Risk \| Onity Financial Corporation \| Billed
Concentration Risk
Accounts receivable	2,800			2,800		2,200
Customer Concentration Risk \| Onity Financial Corporation \| Unbilled
Concentration Risk
Accounts receivable	$ 1,100			$ 1,100		$ 1,200
Customer Concentration Risk \| Onity Financial Corporation \| Revenue
Concentration Risk
Concentration percentage (in percent)	43.00%	43.00%		44.00%	43.00%
Revenue	$ 17,600	$ 15,700		$ 52,600	$ 47,300
Customer Concentration Risk \| RITM \| Revenue
Concentration Risk
Revenue	500	700		1,800	2,300
Customer Concentration Risk \| Highly Correlated - RITM \| Revenue
Concentration Risk
Revenue	$ 2,500	$ 3,200		$ 8,600	$ 10,100
Customer Concentration Risk \| Onity Financial Corporation \| RITM \| Revenue
Concentration Risk
Percentage of loans serviced and subserviced by largest customer's largest client (in percent)			14.00%
Percentage of delinquent loans Onity services (in percent)			0.64

SEGMENT REPORTING

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

SEGMENT REPORTING

Our 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, and eliminations between reportable segments.

Financial Information

Financial information for our segments is as follows:


	Three months ended September 30, 2024
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	32,549	$	7,982	$	—	$	40,531
Cost of revenue	20,509		6,312		1,640		28,461
Gross profit (loss)	12,040		1,670		(1,640)		12,070
Selling, general and administrative expenses	3,194		1,325		6,446		10,965
Income (loss) from operations	8,846		345		(8,086)		1,105
Total other income (expense), net	62		—		(9,660)		(9,598)

Income (loss) before income taxes and non-controlling interests	$	8,908	$	345	$	(17,746)	$	(8,493)

	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)

	Nine months ended September 30, 2024
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	95,175	$	23,946	$	—	$	119,121
Cost of revenue	58,357		18,801		4,872		82,030
Gross profit (loss)	36,818		5,145		(4,872)		37,091
Selling, general and administrative expenses	8,687		5,030		20,734		34,451
Income (loss) from operations	28,131		115		(25,606)		2,640
Total other income (expense), net	61		—		(27,195)		(27,134)

Income (loss) before income taxes and non-controlling interests	$	28,192	$	115	$	(52,801)	$	(24,494)


	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)

Total Assets

Total assets for our segments are as follows:


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

Total assets:
September 30, 2024	$	56,465	$	48,342	$	39,696	$	144,503
December 31, 2023	57,535		50,431		46,892		154,858

- Definition

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.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (DEFECIT) - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings	Treasury stock, at cost	Non-controlling interests
Balance (in shares) at Dec. 31, 2022		25,413
Balance at Dec. 31, 2022	$ (118,874)	$ 25,413	$ 149,348	$ 118,948	$ (413,358)	$ 775
Increase (Decrease) in Equity
Net loss	(12,867)			(12,947)		80
Distributions to non-controlling interest holders	(102)					(102)
Share-based compensation expense	1,445		1,445
Issuance of restricted share units and restricted shares	0			(6,058)	6,058
Issuance of common stock, net of issuance costs (in shares)		4,550
Issuance of common stock, net of issuance costs	20,461	$ 4,550	15,911
Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances	(460)			(3,700)	3,240
Balance (in shares) at Mar. 31, 2023		29,963
Balance at Mar. 31, 2023	(110,397)	$ 29,963	166,704	96,243	(404,060)	753
Balance (in shares) at Dec. 31, 2022		25,413
Balance at Dec. 31, 2022	(118,874)	$ 25,413	149,348	118,948	(413,358)	775
Increase (Decrease) in Equity
Net loss	(42,984)
Balance (in shares) at Sep. 30, 2023		29,963
Balance at Sep. 30, 2023	(112,934)	$ 29,963	176,128	(166,125)	(153,561)	661
Balance (in shares) at Mar. 31, 2023		29,963
Balance at Mar. 31, 2023	(110,397)	$ 29,963	166,704	96,243	(404,060)	753
Increase (Decrease) in Equity
Net loss	(18,837)			(18,850)		13
Distributions to non-controlling interest holders	(100)					(100)
Share-based compensation expense	1,242		1,242
Issuance of restricted share units and restricted shares	0			(2,259)	2,259
Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances	(3)			(30)	27
Balance (in shares) at Jun. 30, 2023		29,963
Balance at Jun. 30, 2023	(128,095)	$ 29,963	167,946	75,104	(401,774)	666
Increase (Decrease) in Equity
Net loss	(11,280)			(11,342)		62
Distributions to non-controlling interest holders	(67)					(67)
Reclassification of warrant liability to equity	6,951		6,951
Share-based compensation expense	1,231		1,231
Sale of treasury stock, net of transaction costs	18,374			(228,269)	246,643
Issuance of restricted share units and restricted shares	0			(1,153)	1,153
Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances	(48)			(465)	417
Balance (in shares) at Sep. 30, 2023		29,963
Balance at Sep. 30, 2023	(112,934)	$ 29,963	176,128	(166,125)	(153,561)	661
Balance (in shares) at Dec. 31, 2023		29,963
Balance at Dec. 31, 2023	(125,055)	$ 29,963	177,278	(180,162)	(152,749)	615
Increase (Decrease) in Equity
Net loss	(9,157)			(9,198)		41
Distributions to non-controlling interest holders	(19)					(19)
Share-based compensation expense	2,213		2,213
Exercise of warrants, net of costs	(90)		(398)	(3,722)	4,030
Issuance of restricted share units and restricted shares	0			(15,860)	15,860
Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances	(590)			(9,575)	8,985
Balance (in shares) at Mar. 31, 2024		29,963
Balance at Mar. 31, 2024	(132,698)	$ 29,963	179,093	(218,517)	(123,874)	637
Balance (in shares) at Dec. 31, 2023		29,963
Balance at Dec. 31, 2023	(125,055)	$ 29,963	177,278	(180,162)	(152,749)	615
Increase (Decrease) in Equity
Net loss	(26,731)
Balance (in shares) at Sep. 30, 2024		29,963
Balance at Sep. 30, 2024	(148,686)	$ 29,963	180,776	(247,545)	(112,580)	700
Balance (in shares) at Mar. 31, 2024		29,963
Balance at Mar. 31, 2024	(132,698)	$ 29,963	179,093	(218,517)	(123,874)	637
Increase (Decrease) in Equity
Net loss	(8,272)			(8,307)		35
Distributions to non-controlling interest holders	(32)					(32)
Share-based compensation expense	844		844
Issuance of restricted share units and restricted shares	0			(6,427)	6,427
Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances	(42)			(1,100)	1,058
Balance (in shares) at Jun. 30, 2024		29,963
Balance at Jun. 30, 2024	(140,200)	$ 29,963	179,937	(234,351)	(116,389)	640
Increase (Decrease) in Equity
Net loss	(9,302)			(9,362)		60
Share-based compensation expense	859		859
Exercise of warrants, net of costs	0		(20)	(171)	191
Issuance of restricted share units and restricted shares	0			(2,290)	2,290
Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances	(43)			(1,371)	1,328
Balance (in shares) at Sep. 30, 2024		29,963
Balance at Sep. 30, 2024	$ (148,686)	$ 29,963	$ 180,776	$ (247,545)	$ (112,580)	$ 700

COST OF REVENUE (Tables)

9 Months Ended

Sep. 30, 2024

Cost of Revenue [Abstract]

Schedule of Components of Cost of Revenue

The components of cost of revenue were as follows:



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023

Outside fees and services	$	15,534	$	13,659	$	44,301	$	42,810
Compensation and benefits	7,457		9,090		21,913		28,072
Technology and telecommunications	3,026		3,786		8,256		11,048
Reimbursable expenses	2,321		2,039		7,081		6,398
Depreciation and amortization	123		450		479		1,356

Total	$	28,461	$	29,024	$	82,030	$	89,684

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

9 Months Ended

Sep. 30, 2024

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)	2024		2023		2024		2023

Compensation and benefits	$	4,413	$	4,906	$	14,765	$	16,312
Professional services	2,547		1,897		7,160		5,743
Amortization of intangible assets	1,270		1,352		3,810		3,912
Occupancy related costs	801		1,266		2,776		3,924
Marketing costs	489		440		1,536		1,381
Depreciation and amortization	99		129		315		577
Other	1,346		744		4,089		3,320

Total	$	10,965	$	10,734	$	34,451	$	35,169

LOSS PER SHARE - Schedule of Basic and Diluted EPS Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss attributable to Altisource	$ (9,362)	$ (11,342)	$ (26,867)	$ (43,139)
Weighted average common shares outstanding, basic (in shares)	28,672	22,181	28,469	20,538
Weighted average common shares outstanding, diluted (in shares)	28,672	22,181	28,469	20,538
Loss per share:
Basic (in usd per share)	$ (0.33)	$ (0.51)	$ (0.94)	$ (2.10)
Diluted (in usd per share)	$ (0.33)	$ (0.51)	$ (0.94)	$ (2.10)

- Definition

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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+ Details