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SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Schedule of Restricted Shares and RSUs (Details) - Restricted Stock And Restricted Stock Units	9 Months Ended
	Sep. 30, 2025 shares
Number of restricted shares and restricted share units
Outstanding at the beginning of period (in shares)	249,562
Granted (in shares)	964,138
Issued (in shares)	(111,697)
Forfeited/canceled (in shares)	(71,055)
Outstanding at the end of period (in shares)	1,030,948

PREMISES AND EQUIPMENT, NET - Schedule of Premises and Equipment, Net by Country (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total	$ 307	$ 701
Luxembourg
Property, Plant and Equipment [Line Items]
Total	259	554
India
Property, Plant and Equipment [Line Items]
Total	23	124
United States
Property, Plant and Equipment [Line Items]
Total	22	23
Uruguay
Property, Plant and Equipment [Line Items]
Total	$ 3	$ 0

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 392
2026	805
2027	109
2028	104
2029	52
Total lease payments	1,462
Less: interest	(129)
Present value of lease liabilities	$ 1,333

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Intangible Assets, Net
Gross carrying amount	$ 258,621	$ 258,621
Accumulated amortization	(240,963)	(237,153)
Net book value	17,658	21,468
Customer related intangible assets
Intangible Assets, Net
Gross carrying amount	213,912	213,912
Accumulated amortization	(205,440)	(203,221)
Net book value	8,472	10,691
Operating agreement
Intangible Assets, Net
Gross carrying amount	35,000	35,000
Accumulated amortization	(27,417)	(26,104)
Net book value	7,583	8,896
Trademarks and trade names
Intangible Assets, Net
Gross carrying amount	9,709	9,709
Accumulated amortization	(8,106)	(7,828)
Net book value	$ 1,603	$ 1,881
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.

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+ Details

GOODWILL AND INTANGIBLE ASSETS, NET

9 Months Ended

Sep. 30, 2025

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, 2025 and December 31, 2024	$	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, 2025		December 31, 2024		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024

Definite lived intangible assets:
Customer related intangible assets	9	$	213,912	$	213,912	$	(205,440)	$	(203,221)	$	8,472	$	10,691
Operating agreement	20	35,000		35,000		(27,417)		(26,104)		7,583		8,896
Trademarks and trade names	16	9,709		9,709		(8,106)		(7,828)		1,603		1,881



Total		$	258,621	$	258,621	$	(240,963)	$	(237,153)	$	17,658	$	21,468

Amortization expense for definite lived intangible assets was $3.8 million and $3.8 million for the nine months ended September 30, 2025 and 2024, respectively ($1.3 million and $1.3 million for the third quarter of 2025 and 2024, respectively). Forecasted annual definite lived intangible asset amortization expense for 2025 through 2029 is $5.1 million, $4.9 million, $4.7 million, $4.4 million and $2.1 million, respectively.

PREMISES AND EQUIPMENT, NET - Schedule of Premises and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 46,888	$ 46,872
Less: Accumulated depreciation and amortization	(46,581)	(46,171)
Total	307	701
Computer hardware and software
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	46,090	46,074
Leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	709	709
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	72	72
Office equipment and other
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 17	$ 17

OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Income tax liabilities	$ 3,021	$ 19,068
Operating lease liabilities	202	831
Deferred revenue	51	0
Other non-current liabilities	64	117
Total	$ 3,338	$ 20,016

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 28,598	$ 29,811
Accounts receivable, net of allowance for credit losses of $2,407 and $3,124, respectively	17,419	15,050
Prepaid expenses and other current assets	8,349	6,240
Total current assets	54,366	51,101
Premises and equipment, net	307	701
Right-of-use assets under operating leases	1,288	2,243
Goodwill	55,960	55,960
Intangible assets, net	17,658	21,468
Deferred tax assets, net	5,560	5,629
Other assets	4,771	6,504
Total assets	139,910	143,606
Current liabilities:
Accounts payable and accrued expenses	32,030	33,512
Current portion of long-term debt	1,225	230,544
Deferred revenue	3,502	3,979
Other current liabilities	2,900	3,238
Total current liabilities	39,657	271,273
Long-term debt	191,268	0
Deferred tax liabilities, net	9,119	9,028
Other non-current liabilities	3,338	20,016
Commitments, contingencies and regulatory matters (Note 21)
Deficit:
Common stock ($0.01 par value; 250,000 shares authorized, 11,019 issued and 10,990 outstanding as of September 30, 2025; 3,745 issued and 3,403 outstanding as of December 31, 2024)	110	37
Additional paid-in capital	256,117	211,523
Accumulated deficit	(355,876)	(259,977)
Treasury stock, at cost (29 shares as of September 30, 2025 and 342 shares as of December 31, 2024)	(4,562)	(108,959)
Altisource deficit	(104,211)	(157,376)
Non-controlling interests	739	665
Total deficit	(103,472)	(156,711)
Total liabilities and deficit	$ 139,910	$ 143,606

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total principal debt	$ 171,888	$ 232,800
Plus: Unamortized premium	23,391	0
Less: Unamortized discount	(1,807)	(1,372)
Less: Unamortized debt issuance and amendment costs	(979)	(884)
Total debt	192,493	230,544
Less: Current maturities of long-term debt	(1,225)	(230,544)
Total long-term debt	191,268	0
Super senior term loan
Debt Instrument [Line Items]
Total principal debt		0
Senior secured term loans
Debt Instrument [Line Items]
Total principal debt	$ 159,450	$ 232,800

ACCOUNTS RECEIVABLE, NET - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Accounts receivable, net
Gross accounts receivable	$ 19,826		$ 18,174			$ 14,800
Less allowance for credit losses	2,407	$ 2,575	3,124	$ 3,486	$ 3,421	3,123
Net accounts receivable	17,419		15,050			11,700
Billed
Accounts receivable, net
Gross accounts receivable	12,164		12,169			11,200
Unbilled
Accounts receivable, net
Gross accounts receivable	$ 7,662		$ 6,005			$ 3,600

OTHER ASSETS

9 Months Ended

Sep. 30, 2025

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

OTHER ASSETS

Other assets consist of the following:


(in thousands)	September 30, 2025		December 31, 2024

Restricted cash	$	2,858	$	2,866
Surety bond collateral	—		2,000
Security deposits	337		332
Other	1,576		1,306

Total	$	4,771	$	6,504

COST OF REVENUE (Tables)

9 Months Ended

Sep. 30, 2025

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)	2025		2024		2025		2024

Outside fees and services	$	17,261	$	15,534	$	51,757	$	44,301
Compensation and benefits	8,112		7,457		22,971		21,913
Technology and telecommunications	2,945		3,026		8,830		8,256
Reimbursable expenses	2,171		2,321		7,067		7,081
Depreciation and amortization	72		123		311		479

Total	$	30,561	$	28,461	$	90,936	$	82,030

SEGMENT REPORTING - Schedule of Financial Information and Total Assets of Segments (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Feb. 19, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
SEGMENT REPORTING
Revenue		$ 41,908	$ 40,531	$ 128,635	$ 119,121
Cost of revenue		30,561	28,461	90,936	82,030
Gross profit (loss)		11,347	12,070	37,699	37,091
Selling, general and administrative expenses		10,826	10,965	30,702	34,451
Income from operations		521	1,105	6,997	2,640
Other income (expense), net:
Interest income (expense)		(2,368)	(9,960)	(9,921)	(29,277)
Debt amendment costs	$ (3,600)	(194)	0	(3,646)	0
Other, net		376	362	563	2,143
Total other income (expense), net		(2,186)	(9,598)	(13,004)	(27,134)
Income (loss) before income taxes and non-controlling interests		(1,665)	(8,493)	(6,007)	(24,494)
Total assets:
Total assets		139,910		139,910		$ 143,606
Operating Segments \| Servicer and Real Estate
SEGMENT REPORTING
Revenue		33,242	32,549	102,597	95,175
Cost of revenue		21,977	20,509	65,724	58,357
Gross profit (loss)		11,265	12,040	36,873	36,818
Selling, general and administrative expenses		2,344	3,194	5,707	8,687
Income from operations		8,921	8,846	31,166	28,131
Other income (expense), net:
Interest income (expense)		(30)	(12)	(97)	(13)
Debt amendment costs		0		0
Other, net		83	74	105	74
Total other income (expense), net		53	62	8	61
Income (loss) before income taxes and non-controlling interests		8,974	8,908	31,174	28,192
Total assets:
Total assets		58,652		58,652		58,000
Operating Segments \| Origination
SEGMENT REPORTING
Revenue		8,666	7,982	26,038	23,946
Cost of revenue		6,984	6,312	20,453	18,801
Gross profit (loss)		1,682	1,670	5,585	5,145
Selling, general and administrative expenses		2,040	1,325	5,463	5,030
Income from operations		(358)	345	122	115
Other income (expense), net:
Interest income (expense)		0	0	0	0
Debt amendment costs		0		0
Other, net		0	0	0	0
Total other income (expense), net		0	0	0	0
Income (loss) before income taxes and non-controlling interests		(358)	345	122	115
Total assets:
Total assets		46,280		46,280		47,251
Corporate and Others
SEGMENT REPORTING
Revenue		0	0	0	0
Cost of revenue		1,600	1,640	4,759	4,872
Gross profit (loss)		(1,600)	(1,640)	(4,759)	(4,872)
Selling, general and administrative expenses		6,442	6,446	19,532	20,734
Income from operations		(8,042)	(8,086)	(24,291)	(25,606)
Other income (expense), net:
Interest income (expense)		(2,338)	(9,948)	(9,824)	(29,264)
Debt amendment costs		(194)		(3,646)
Other, net		293	288	458	2,069
Total other income (expense), net		(2,239)	(9,660)	(13,012)	(27,195)
Income (loss) before income taxes and non-controlling interests		(10,281)	$ (17,746)	(37,303)	$ (52,801)
Total assets:
Total assets		$ 34,978		$ 34,978		$ 38,355

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Concentration Risk
Sublease income	$ 0.1	$ 0.2		$ 0.2	$ 0.5
Amounts held in escrow and trust accounts	$ 52.5			$ 52.5		$ 27.1
Minimum
Concentration Risk
Lease term	1 year			1 year
Maximum
Concentration Risk
Lease term	6 years			6 years
Onity Financial Corporation \| Revenue \| Customer Concentration Risk
Concentration Risk
Revenue from largest customer (in percent)	42.00%	43.00%		43.00%	44.00%
Highly Correlated - Onity \| Revenue Benchmark \| Customer Concentration Risk
Concentration Risk
Revenue from largest customer (in percent)	4.00%			5.00%
Rithm \| Revenue \| Customer Concentration Risk \| Onity Financial Corporation
Concentration Risk
Revenue from largest customer (in percent)			11.00%
Percentage of delinquent loans Onity services (in percent)			0.59
Rithm \| Revenue Benchmark \| Customer Concentration Risk \| Onity Financial Corporation
Concentration Risk
Revenue from largest customer (in percent)			11.00%

OTHER ASSETS (Tables)

9 Months Ended

Sep. 30, 2025

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

Schedule of Other Assets

Other assets consist of the following:


(in thousands)	September 30, 2025		December 31, 2024

Restricted cash	$	2,858	$	2,866
Surety bond collateral	—		2,000
Security deposits	337		332
Other	1,576		1,306

Total	$	4,771	$	6,504

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 2,407	$ 3,124
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	11,019,000	3,745,000
Common stock, shares outstanding (in shares)	10,990,000	3,403,000
Treasury stock, at cost (in shares)	29,000	342,000

COST OF REVENUE - Schedule of Components of Cost of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Cost of Revenue [Abstract]
Outside fees and services	$ 17,261	$ 15,534	$ 51,757	$ 44,301
Compensation and benefits	8,112	7,457	22,971	21,913
Technology and telecommunications	2,945	3,026	8,830	8,256
Reimbursable expenses	2,171	2,321	7,067	7,081
Depreciation and amortization	72	123	311	479
Total	$ 30,561	$ 28,461	$ 90,936	$ 82,030

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LONG-TERM DEBT - Revolver (Details) $ in Millions	Feb. 19, 2025 USD ($)
Credit Facility \| Credit Facility Borrowings Through June 22, 2023
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 15.0

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ORGANIZATION AND BASIS OF PRESENTATION (Details) $ in Thousands		9 Months Ended
	May 28, 2025 shares	Sep. 30, 2025 USD ($) segment installment shares	May 27, 2025 shares	Feb. 19, 2025 shares	Dec. 31, 2024 USD ($) shares
Summary of significant accounting policies
Number of reporting segments \| segment		2
Total assets		$ 139,910			$ 143,606
Reverse stock split ratio	0.125
Common stock, shares issued (in shares) \| shares	11,016,220	11,019,000	88,129,766	7,300,000	3,745,000
Common stock, shares outstanding (in shares) \| shares	11,016,220	10,990,000	88,129,766		3,403,000
Variable Interest Entity, Primary Beneficiary
Summary of significant accounting policies
Number of terms \| installment		3
Agreement term		5 years
Total assets		$ 1,000			$ 500
Total liabilities		$ 400			$ 400

WARRANTS

9 Months Ended

Sep. 30, 2025

Other Liabilities Disclosure [Abstract]

WARRANTS

Penny Warrants

On February 14, 2023, the lenders under the Amended Credit Agreement (see Note 10 for additional information) received warrants (the “Penny Warrants”) to purchase 402,981 shares of Altisource common stock (the “Penny Warrant Shares”). The number of Penny Warrant Shares was subject to reduction based on the amount of Aggregate Paydowns. Based on Aggregate Paydowns made during 2023, the number of Penny Warrant Shares was reduced to 201,588.

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


			Penny Warrant Shares
Outstanding as of December 31, 2023			201,588
Exercised			(12,105)
Outstanding as of December 31, 2024			189,483
Exercised			(189,483)
Outstanding as of September 30, 2025			—

The exercise price per share of common stock under each Penny Warrant was equal to $0.01. As of September 30, 2025, no Penny Warrant Shares remain outstanding.

Stakeholder Warrants

On April 3, 2025, the Company distributed 70.5 million warrants to purchase approximately 14.3 million shares of Altisource common stock for $9.5998 per share (the “Stakeholder Warrants”). The distribution of Stakeholder Warrants was contingent upon, among other things, approval of the distribution by the Company’s shareholders and the consummation of the Debt Exchange Transaction (such conditions, collectively, the “Distribution Conditions”). The Distribution Conditions were satisfied during the quarter ended March 31, 2025.

Fifty percent of the Stakeholder Warrants will expire on April 2, 2029 and require settlement through the cash payment to the Company of the exercise price of such Stakeholder Warrant (“Cash Exercise Stakeholder Warrants”). Fifty percent of the Stakeholder Warrants will expire on April 30, 2032 and require settlement through the forfeiture of shares of common stock to the Company equal to the exercise price of such Stakeholder Warrants (“Net Settle Stakeholder Warrants”). Each Cash Exercise Stakeholder Warrant is exercisable for 0.20313 shares of our common stock (“Cash Exercise Stakeholder Warrant Shares). Each Net Settle Stakeholder Warrant is exercisable for 0.20313 shares of our common stock (“Net Settle Stakeholder Warrant Shares” and, collectively with the Cash Exercise Stakeholder Warrant Shares, the “Stakeholder Warrant Shares”). The Stakeholder Warrants became exercisable pursuant to their term on July 28, 2025. The exercise price of the Stakeholder Warrants is $1.95 per Stakeholder Warrant.

The Stakeholder Warrants are listed on the NASDAQ Global Select Market and began trading on May 7, 2025. The Cash Exercise Stakeholder Warrants trade under the symbol “ASPSZ” and the Net Settle Stakeholder Warrants trade under the symbol “ASPSW”.

For purposes of recording the distribution of the Stakeholder Warrants during the three months ended March 31, 2025, the fair values of the Cash Exercise Stakeholder Warrants and the Net Exercise Stakeholder Warrants were determined using the Black-Scholes option pricing model. The following table summarizes the fair value of the Stakeholder Warrants and the assumptions used to determine the fair value:


	Cash Exercise Stakeholder Warrants		Net Settle Stakeholder Warrants

Risk-free interest rate (%)	4.29	%	4.42	%
Expected stock price volatility (%)	57.50	%	57.50	%
Expected dividend yield	0.00	%	0.00	%
Expected option life (in years)	4.12		7.19
Fair value per Stakeholder Warrant	$0.47		$0.68

The Stakeholder Warrants are indexed to the common stock and are classified as equity under ASC 815 Derivatives and Hedging, resulting in a $40.5 million increase in Additional paid-in capital. The distribution of the Stakeholder Warrants are non-reciprocal pro rata distributions and are accounted for as a dividend. Because the Company has negative retained earnings,

the Company recorded the dividend as a $40.5 million reduction to Additional paid-in capital. Since the transaction is accounted for as both an increase and a decrease in Additional paid-in capital, the net result is zero and is not reflected in the Condensed Consolidated Statements of Equity (Deficit).

The following table summarizes outstanding Stakeholder Warrants and Stakeholder Warrant Shares issuable upon the exercise of outstanding Stakeholder Warrants following the distribution:


Cash Exercise Stakeholder Warrants	Cash Exercise Stakeholder Warrant Shares	Net Settle Stakeholder Warrants	Net Settle Stakeholder Warrant Shares	Total Stakeholder Warrants	Total Stakeholder Warrant Shares
35,230,503	7,156,372	35,230,503	7,156,372	70,461,006	14,312,744

The following table summarizes the activity related to Stakeholder Warrants:


	Cash Exercise Stakeholder Warrants	Net Settle Stakeholder Warrants

Outstanding at December 31, 2024	—	—
Granted	35,230,503	35,230,503
Exercised	(8,205)	(58,302)
Outstanding at September 30, 2025	35,222,298	35,172,201

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, 2025	Sep. 30, 2024	Dec. 31, 2024
Number of options
Outstanding at the beginning of the period (in shares)	85,008
Granted (in shares)	0	0
Forfeited (in shares)	(42,815)
Outstanding at the end of the period (in shares)	42,193		85,008
Exercisable at the end of the period (in shares)	36,894
Weighted average exercise price
Outstanding at the beginning of the period (in usd per share)	$ 174.02
Granted (in usd per share)	0
Forfeited (in usd per share)	155.65
Outstanding at the end of the period (in usd per share)	191.34		$ 174.02
Exercisable at the end of the period (in usd per share)	$ 193.20
Weighted average contractual term (in years)
Weighted average contractual term	2 years 8 months 19 days		3 years 1 month 9 days
Exercisable at the end of the period	2 years 7 months 28 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

CUSTOMER CONCENTRATION - Schedule of Revenue from Onity (Details) - Onity Financial Corporation - Revenue - Customer Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Concentration Risk [Line Items]
Consolidated revenue (in percent)	42.00%	43.00%	43.00%	44.00%
Operating Segments \| Servicer and Real Estate
Concentration Risk [Line Items]
Consolidated revenue (in percent)	53.00%	54.00%	54.00%	55.00%
Operating Segments \| Origination
Concentration Risk [Line Items]
Consolidated revenue (in percent)	0.00%	0.00%	0.00%	0.00%
Corporate and Others
Concentration Risk [Line Items]
Consolidated revenue (in percent)	0.00%	0.00%	0.00%	0.00%

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
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-Section 50
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-Publisher FASB
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+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2025

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, 2025 and December 31, 2024. The following fair values are estimated using market information and what the Company believes to be appropriate valuation methodologies under GAAP:


	September 30, 2025								December 31, 2024
(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	$	28,598	$	28,598	$	—	$	—	$	29,811	$	29,811	$	—	$	—
Restricted cash	3,880		3,880		—		—		2,889		2,889		—		—



Liabilities:
Senior secured term loan	182,841		—		130,731		—		232,800		—		128,040		—
Super senior term loan	12,438		—		—		12,438		—		—		—		—
Revolving loan agreement	1,000		—		—		1,000		1,000		—		—		1,000

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 senior secured term loan is based on quoted mark 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 Super Senior Facility and Revolving Loan Agreement were measured using Level 3 inputs based on the present value of the future payments. As quoted market prices are not available and there is no trading, we believe that the contractual interest rates represent the market rate at the measurement date and therefore the fair value equals the book value.

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 42% and 43% of its revenue from Onity for the three and nine months ended September 30, 2025, 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.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:


(in thousands)	September 30, 2025		December 31, 2024

Accounts payable	$	12,756	$	17,887
Accrued expenses - general	10,408		9,591
Accrued salaries and benefits	6,799		5,022
Income taxes payable	2,067		1,012

Total	$	32,030	$	33,512

Schedule of Other Current Liabilities

Other current liabilities consist of the following:


(in thousands)	September 30, 2025		December 31, 2024

Operating lease liabilities	$	1,131	$	1,495
Revolving loan agreement	1,000		992
Other	769		751

Total	$	2,900	$	3,238

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION

Common stock

On February 18, 2025, the Company’s shareholders approved an increase in the number of authorized shares from 100 million to 250 million, a decrease in the par value of the common stock from $1.00 to $0.01 and an increase in the number of shares of common stock reserved for issuance under the Equity Plan from approximately 1.5 million to approximately 2.0 million.

On February 19, 2025, the Company issued 7.3 million Debt Exchange Shares to lenders in connection with the Debt Exchange Transaction. See Note 10, Long-Term Debt. Pursuant to the terms of the Exchange Agreement, dated February 19, 2025, by and among the Borrower and Altisource Portfolio Solutions S.A., on the one hand, and the Lenders, on the other hand, with limited exceptions, the Lenders were not, among other things, permitted to sell, offer to sell, grant any option to purchase or otherwise dispose of any Debt Exchange Shares, without the prior written consent of Altisource Portfolio Solutions S.A., until September 17, 2025.

Share Repurchase Program

On May 16, 2023, our shareholders approved the renewal and amendment of the share repurchase program previously approved by our shareholders on May 15, 2018. Under the program, we are authorized to purchase up to 0.4 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 $8.00 per share and a maximum price of $200.00 per share, until May 16, 2028. As of September 30, 2025, approximately 0.4 million shares of common stock remain available for repurchase under the program. In connection with the Share Consolidation, the Company purchased 204 shares of common stock during the nine months ended September 30, 2025. There were no other purchases of shares of common stock during the nine months ended September 30, 2025 and 2024. Under the New Facility and the Super Senior Facility, we are not permitted to repurchase shares except under limited circumstances.

Share-Based Compensation

We issue share-based awards in the form of stock options, restricted shares and restricted share units (“RSUs”) for certain employees, officers and directors. We recognized share-based compensation expense of $3.1 million and $3.9 million for the nine months ended September 30, 2025 and 2024, respectively ($1.3 million and $0.9 million for the third quarter of 2025 and 2024, respectively). As of September 30, 2025, estimated unrecognized compensation costs related to share-based awards amounted to $4.4 million, which we expect to recognize over a weighted average remaining requisite service period of approximately 1.42 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 five thousand service-based options were outstanding as of September 30, 2025.

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 three thousand market-based options were outstanding as of September 30, 2025.

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 34 thousand performance-based options outstanding as of September 30, 2025.

There were no stock option grants during the nine months ended September 30, 2025 and 2024.

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)	2025		2024

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	97		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, 2024	85,008	$	174.02	3.11	$	—
Granted	—	—

Forfeited	(42,815)	155.65

Outstanding as of September 30, 2025	42,193	191.34		2.72	—

Exercisable as of September 30, 2025	36,894	193.20		2.66	—

Other Share-Based Awards

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

Service-Based Awards. These awards generally vest over one-to-four-year periods. A total of 973 thousand service-based awards were outstanding as of September 30, 2025.

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 RSUs 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 29 thousand performance-based awards were outstanding as of September 30, 2025.

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 29 thousand performance-based and market-based awards were outstanding as of September 30, 2025.

The Company granted 1.0 million RSUs (at a weighted average grant date fair value of $7.62 per share) during the nine months ended September 30, 2025. These grants included approximately 0.6 million of RSUs granted to senior management in connection with the Debt Exchange Transaction, 12 thousand performance-based awards and 12 thousand awards that include both a performance condition and a market condition. The Company granted 205 thousand RSUs (at a weighted average grant date fair value of $19.65 per share) during the nine months ended September 30, 2024. These grants included 11 thousand performance-based awards and 11 thousand awards that include both a performance condition and a market condition.

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


			Number of restricted shares and restricted share units

Outstanding as of December 31, 2024			249,562
Granted			964,138
Issued			(111,697)
Forfeited/canceled			(71,055)

Outstanding as of September 30, 2025			1,030,948

LONG-TERM DEBT - Schedule of Principal Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2025	$ 306
2026	1,225
2027	1,225
2028	1,225
2029	14,474
2030	153,433
Total debt	$ 171,888	$ 232,800

WARRANTS (Tables)

9 Months Ended

Sep. 30, 2025

Other Liabilities Disclosure [Abstract]

Schedule of Warrant Activity and Outstanding Stakeholder Warrants and Stakeholder Warrant Shares and Stakeholder Warrants

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


			Penny Warrant Shares
Outstanding as of December 31, 2023			201,588
Exercised			(12,105)
Outstanding as of December 31, 2024			189,483
Exercised			(189,483)
Outstanding as of September 30, 2025			—

The following table summarizes outstanding Stakeholder Warrants and Stakeholder Warrant Shares issuable upon the exercise of outstanding Stakeholder Warrants following the distribution:


Cash Exercise Stakeholder Warrants	Cash Exercise Stakeholder Warrant Shares	Net Settle Stakeholder Warrants	Net Settle Stakeholder Warrant Shares	Total Stakeholder Warrants	Total Stakeholder Warrant Shares
35,230,503	7,156,372	35,230,503	7,156,372	70,461,006	14,312,744

The following table summarizes the activity related to Stakeholder Warrants:


	Cash Exercise Stakeholder Warrants	Net Settle Stakeholder Warrants

Outstanding at December 31, 2024	—	—
Granted	35,230,503	35,230,503
Exercised	(8,205)	(58,302)
Outstanding at September 30, 2025	35,222,298	35,172,201

Schedule of Fair Value of the Stakeholder Warrants

The following table summarizes the fair value of the Stakeholder Warrants and the assumptions used to determine the fair value:


	Cash Exercise Stakeholder Warrants		Net Settle Stakeholder Warrants

Risk-free interest rate (%)	4.29	%	4.42	%
Expected stock price volatility (%)	57.50	%	57.50	%
Expected dividend yield	0.00	%	0.00	%
Expected option life (in years)	4.12		7.19
Fair value per Stakeholder Warrant	$0.47		$0.68

CUSTOMER CONCENTRATION

9 Months Ended

Sep. 30, 2025

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, 2025, Onity was our largest customer, accounting for 42% and 43%, 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, 2025 and 2024, we recognized revenue from Onity of $55.5 million and $52.6 million, respectively ($17.7 million and $17.6 million for the third quarter of 2025 and 2024, 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,
	2025		2024		2025		2024

Servicer and Real Estate	53	%	54	%	54	%	55	%
Origination	—	%	—	%	—	%	—	%
Corporate and Others	—	%	—	%	—	%	—	%
Consolidated revenue	42	%	43	%	43	%	44	%

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, 2025 and 2024, we recognized $5.9 million and $7.5 million, respectively ($1.9 million and $2.3 million for the third quarter of 2025 and 2024, 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, 2025, accounts receivable from Onity totaled $5.1 million, $2.7 million of which was billed and $2.4 million of which was unbilled. As of December 31, 2024, accounts receivable from Onity totaled $4.4 million, $3.1 million of which was billed and $1.3 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, 2025, Onity reported that approximately 11% of loans serviced and subserviced by Onity (measured in unpaid principal balance (“UPB”)) and approximately 59% of all delinquent loans that Onity services were related to Rithm MSRs or rights to MSRs (the “Subject MSRs”).

Rithm purchased 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 ‘Rithm Brokerage Agreement”) through August 2025. The Rithm Brokerage Agreement expired on August 31, 2025. At Rithm’s discretion, Altisource has continued to manage REO and receive referrals with limited exceptions from portfolios previously subject to the Rithm Brokerage Agreement despite the expiration of the Rithm Brokerage Agreement. In addition, Rithm also purchases property inspection, preservation and other services from us pursuant to other agreements.

For the nine months ended September 30, 2025 and 2024, we recognized revenue from Rithm of $3.3 million and $1.8 million, respectively ($1.5 million and $0.5 million for the third quarter of 2025 and 2024, respectively), under the Rithm Brokerage Agreement and other agreements. For the nine months ended September 30, 2025 and 2024, we recognized additional revenue of $7.5 million and $8.6 million, respectively ($2.2 million and $2.5 million for the third quarter of 2025 and 2024, respectively), relating to the Subject MSRs when a party other than Rithm selected us as the service provider.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
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-Paragraph 1
-Subparagraph (d)
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/275/tableOfContent

+ Details

WARRANTS - Schedule of Outstanding Stakeholder Warrants and Stakeholder Warrant Shares (Details) - shares	Sep. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Stakeholder warrant shares (in shares)	0		189,483	201,588
Cash Exercise Stakeholder Warrants
Class of Warrant or Right [Line Items]
Outstanding stakeholder warrants (in shares)	35,230,503	35,230,503
Stakeholder warrant shares (in shares)	35,222,298	7,156,372	0
Net Settle Stakeholder Warrants
Class of Warrant or Right [Line Items]
Outstanding stakeholder warrants (in shares)	35,230,503	35,230,503
Stakeholder warrant shares (in shares)	35,172,201	7,156,372	0
Total Stakeholder Warrants
Class of Warrant or Right [Line Items]
Outstanding stakeholder warrants (in shares)		70,461,006
Stakeholder warrant shares (in shares)		14,312,744

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, 2025	Sep. 30, 2024
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	$ 97	$ 83

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Tables)

9 Months Ended

Sep. 30, 2025

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)	2025		2024		2025		2024

Compensation and benefits	$	5,206	$	4,413	$	15,111	$	14,765
Professional services	1,581		2,547		4,009		7,160
Amortization of intangible assets	1,270		1,270		3,810		3,810
Occupancy related costs	875		801		2,541		2,776
Marketing costs	593		489		1,719		1,536
Depreciation and amortization	8		99		132		315
Other	1,293		1,346		3,380		4,089

Total	$	10,826	$	10,965	$	30,702	$	34,451

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Narrative (Details) - Line of Credit - USD ($) $ in Thousands	Jun. 03, 2024	Sep. 30, 2025	Feb. 19, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 110,000
Credit Facility \| Revolving Loan Agreement
Debt Instrument [Line Items]
Revolving loan agreement, outstanding debt		$ 1,000		$ 992
Altisource Asset Management Corporation ("AAMC") \| Credit Facility \| Revolving Loan Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,000
Line of credit facility, accordion feature, increase limit	$ 3,000
Debt instrument, extended term	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%

ACCOUNTS RECEIVABLE, NET - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Accounts receivable, net
Accounts receivable, gross	$ 19,826		$ 18,174			$ 14,800
Less: Allowance for credit losses	(2,407)	$ (2,575)	(3,124)	$ (3,486)	$ (3,421)	(3,123)
Total	17,419		15,050			11,700
Billed
Accounts receivable, net
Accounts receivable, gross	12,164		12,169			11,200
Unbilled
Accounts receivable, net
Accounts receivable, gross	$ 7,662		$ 6,005			$ 3,600

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 2,565	$ 3,620
Maintenance agreements, current portion	1,421	962
Income taxes receivable	396	1,043
Restricted cash	1,022	23
Surety bond collateral	2,000	0
Other current assets	945	592
Total	$ 8,349	$ 6,240

REVENUE - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
REVENUE - Narrative (Details) $ in Thousands	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) category	Sep. 30, 2024 USD ($)
Related Party Transaction [Line Items]
Categories of revenue \| category			3
Unfulfilled orders	$ 3,700		$ 3,700
Revenue	41,908	$ 40,531	128,635	$ 119,121
Service revenue
Related Party Transaction [Line Items]
Revenue	39,666	38,150	121,348	111,904
Aldridge Pite \| Service revenue \| Related Party
Related Party Transaction [Line Items]
Revenue	$ 100	$ 100	$ 100	$ 100

- 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

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Condensed Consolidated Statements of Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Accumulated Deficit	Treasury stock, at cost	Non-controlling interests
Beginning balance (in shares) at Dec. 31, 2023		3,745
Beginning balance at Dec. 31, 2023	$ (125,055)	$ 37	$ 207,204	$ (180,162)	$ (152,749)	$ 615
Increase (Decrease) in Equity
Net income (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
Ending balance (in shares) at Mar. 31, 2024		3,745
Ending balance at Mar. 31, 2024	(132,698)	$ 37	209,019	(218,517)	(123,874)	637
Beginning balance (in shares) at Dec. 31, 2023		3,745
Beginning balance at Dec. 31, 2023	(125,055)	$ 37	207,204	(180,162)	(152,749)	615
Increase (Decrease) in Equity
Net income (loss)	(26,731)
Ending balance (in shares) at Sep. 30, 2024		3,745
Ending balance at Sep. 30, 2024	(148,686)	$ 37	210,702	(247,545)	(112,580)	700
Beginning balance (in shares) at Mar. 31, 2024		3,745
Beginning balance at Mar. 31, 2024	(132,698)	$ 37	209,019	(218,517)	(123,874)	637
Increase (Decrease) in Equity
Net income (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
Ending balance (in shares) at Jun. 30, 2024		3,745
Ending balance at Jun. 30, 2024	(140,200)	$ 37	209,863	(234,351)	(116,389)	640
Increase (Decrease) in Equity
Net income (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
Ending balance (in shares) at Sep. 30, 2024		3,745
Ending balance at Sep. 30, 2024	(148,686)	$ 37	210,702	(247,545)	(112,580)	700
Beginning balance (in shares) at Dec. 31, 2024		3,745
Beginning balance at Dec. 31, 2024	(156,711)	$ 37	211,523	(259,977)	(108,959)	665
Increase (Decrease) in Equity
Net income (loss)	(5,271)			(5,344)		73
Distributions to non-controlling interest holders	(2)					(2)
Share-based compensation expense	1,094		1,094
Issuance of common stock, net of issuance costs (in shares)		7,271
Issuance of common stock, net of issuance costs	42,179	$ 73	42,106
Exercise of warrants, net of costs	0			(57,525)	57,525
Issuance of restricted share units and restricted shares	0			(25,456)	25,456
Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances	(318)			(14,780)	14,462
Ending balance (in shares) at Mar. 31, 2025		11,016
Ending balance at Mar. 31, 2025	(119,029)	$ 110	254,723	(363,082)	(11,516)	736
Beginning balance (in shares) at Dec. 31, 2024		3,745
Beginning balance at Dec. 31, 2024	(156,711)	$ 37	211,523	(259,977)	(108,959)	665
Increase (Decrease) in Equity
Net income (loss)	9,062
Ending balance (in shares) at Sep. 30, 2025		11,019
Ending balance at Sep. 30, 2025	(103,472)	$ 110	256,117	(355,876)	(4,562)	739
Beginning balance (in shares) at Mar. 31, 2025		11,016
Beginning balance at Mar. 31, 2025	(119,029)	$ 110	254,723	(363,082)	(11,516)	736
Increase (Decrease) in Equity
Net income (loss)	16,658			16,582		76
Distributions to non-controlling interest holders	(53)					(53)
Share-based compensation expense	664		664
Issuance of common stock, net of issuance costs	(159)		(159)
Issuance of restricted share units and restricted shares	0			(5,910)	5,910
Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances	(10)			(198)	188
Purchase of fractional shares	(1)				(1)
Ending balance (in shares) at Jun. 30, 2025		11,016
Ending balance at Jun. 30, 2025	(101,930)	$ 110	255,228	(352,608)	(5,419)	759
Increase (Decrease) in Equity
Net income (loss)	(2,325)			(2,396)		71
Distributions to non-controlling interest holders	(91)					(91)
Share-based compensation expense	1,308		1,308
Issuance of common stock, net of issuance costs	(434)		(434)
Exercise of warrants, net of costs (in shares)		3
Exercise of warrants, net of costs	15		15
Issuance of restricted share units and restricted shares	0			(608)	608
Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances	(15)			(264)	249
Ending balance (in shares) at Sep. 30, 2025		11,019
Ending balance at Sep. 30, 2025	$ (103,472)	$ 110	$ 256,117	$ (355,876)	$ (4,562)	$ 739

REVENUE (Tables)

9 Months Ended

Sep. 30, 2025

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)	2025		2024		2025		2024

Service revenue	$	39,666	$	38,150	$	121,348	$	111,904
Reimbursable expenses	2,171		2,321		7,067		7,081
Non-controlling interests	71		60		220		136

Total	$	41,908	$	40,531	$	128,635	$	119,121

Schedule of Disaggregation of Revenue

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


	Three months ended September 30, 2025						Three months ended September 30, 2024
(in thousands)	Servicer and Real Estate		Origination		Total revenue		Servicer and Real Estate		Origination		Total revenue

Revenue recognized when services are performed or assets are sold	$	28,877	$	8,398	$	37,275	$	27,467	$	7,654	$	35,121
Revenue related to technology platforms and professional services	2,298		164		2,462		2,922		167		3,089
Reimbursable expenses revenue	2,067		104		2,171		2,160		161		2,321
Total revenue	$	33,242	$	8,666	$	41,908	$	32,549	$	7,982	$	40,531

	Nine months ended September 30, 2025						Nine months ended September 30, 2024
(in thousands)	Servicer and Real Estate		Origination		Total revenue		Servicer and Real Estate		Origination		Total revenue

Revenue recognized when services are performed or assets are sold	$	89,006	$	25,035	$	114,041	$	80,358	$	23,064	$	103,422
Revenue related to technology platforms and professional services	6,986		541		7,527		8,137		481		8,618
Reimbursable expenses revenue	6,605		462		7,067		6,680		401		7,081
Total revenue	$	102,597	$	26,038	$	128,635	$	95,175	$	23,946	$	119,121

Disaggregation of service revenue by the timing of revenue recognition was as follows:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2025		2024		2025		2024

Over-time revenue recognition	$	8,773	$	8,026	$	29,016	$	20,794
Point-in-time revenue recognition	30,893		30,124		92,332		91,110

Total service revenue	$	39,666	$	38,150	$	121,348	$	111,904

Schedule of Deferred Revenue

The deferred revenue opening and closing balances were as follows:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2025		2024		2025		2024

Deferred revenue, beginning balance	$	3,457	$	3,647	$	3,979	$	3,204
Revenue recognized that was included in the deferred revenue balance at the beginning of the period	(663)		(705)		(3,582)		(3,167)
Increase due to billing, excluding amounts recognized as revenue during the period	759		827		3,156		3,732
Deferred revenue, ending balance	$	3,553	$	3,769	$	3,553	$	3,769

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net income (loss)	$ 9,062	$ (26,731)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	443	794
Amortization of right-of-use assets under operating leases	914	1,190
Amortization of intangible assets	3,810	3,810
Paid-in-kind accrual	0	6,505
Share-based compensation expense	3,066	3,916
Bad debt expense	125	776
Amortization of debt premium	(2,893)	0
Amortization of debt discount	815	2,791
Amortization of debt issuance costs	501	1,797
Deferred income taxes	91	76
Loss on disposal of fixed assets	0	14
Changes in operating assets and liabilities:
Accounts receivable	(2,494)	(3,335)
Prepaid expenses and other current assets	(1,110)	3,092
Other assets	2,044	179
Accounts payable and accrued expenses	(1,482)	2,412
Current and non-current operating lease liabilities	(952)	(1,233)
Other current and non-current liabilities	(16,500)	323
Net cash used in operating activities	(4,560)	(3,624)
Cash flows from investing activities:
Additions to premises and equipment	(49)	0
Other investing activities	(250)	0
Net cash used in investing activities	(299)	0
Cash flows from financing activities:
Proceeds from revolving loan agreement	0	250
Proceeds from the Super Senior Facility	11,250	0
Proceeds from exercise of cash settle stakeholder warrants	15	0
Debt issuance costs	(1,741)	0
Repayments of long-term debt	(613)	0
Equity issuance costs	(3,784)	0
Purchase of fractional shares	(1)	0
Exercise of Warrants, net of costs	0	(90)
Distributions to non-controlling interests	(146)	(51)
Payments of tax withholding on issuance of restricted share units and restricted shares	(343)	(675)
Net cash provided by (used in) financing activities	4,637	(566)
Net decrease in cash, cash equivalents and restricted cash	(222)	(4,190)
Cash, cash equivalents and restricted cash at the beginning of the period	32,700	35,416
Cash, cash equivalents and restricted cash at the end of the period	32,478	31,226
Supplemental cash flow information:
Interest paid	11,315	18,092
Income taxes (refunded) paid, net	(710)	1,393
Acquisition of right-of-use assets with operating lease liabilities	121	442
Reduction of right-of-use assets from operating lease modifications or reassessments	(162)	(87)
Non-cash investing and financing activities:
Equity issued in exchange for debt reduction	45,370	0
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]
Cash and cash equivalents	28,598	28,339
Restricted cash	3,880	2,887
Total cash, cash equivalents and restricted cash reported in the statements of cash flows	$ 32,478	$ 31,226

WARRANTS - Schedule of Stakeholder Warrants (Details) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024	Mar. 31, 2025
Class Of Warrant Or Right [Roll Forward]
Beginning balance, outstanding (in shares)	189,483	201,588
Exercised (in shares)	(189,483)	(12,105)
Ending balance, outstanding (in shares)	0	189,483
Cash Exercise Stakeholder Warrants
Class Of Warrant Or Right [Roll Forward]
Beginning balance, outstanding (in shares)	0
Granted (in shares)	35,230,503		35,230,503
Exercised (in shares)	(8,205)
Ending balance, outstanding (in shares)	35,222,298	0
Net Settle Stakeholder Warrants
Class Of Warrant Or Right [Roll Forward]
Beginning balance, outstanding (in shares)	0
Granted (in shares)	35,230,503		35,230,503
Exercised (in shares)	(58,302)
Ending balance, outstanding (in shares)	35,172,201	0

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Selling, General and Administrative Expense [Abstract]
Compensation and benefits	$ 5,206	$ 4,413	$ 15,111	$ 14,765
Professional services	1,581	2,547	4,009	7,160
Amortization of intangible assets	1,270	1,270	3,810	3,810
Occupancy related costs	875	801	2,541	2,776
Marketing costs	593	489	1,719	1,536
Depreciation and amortization	8	99	132	315
Other	1,293	1,346	3,380	4,089
Total	$ 10,826	$ 10,965	$ 30,702	$ 34,451

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
-Paragraph 18
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS

9 Months Ended

Sep. 30, 2025

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.

National Fair Housing Alliance v. Altisource Solutions, Inc., et al.

On or about February 1, 2018, the National Fair Housing Alliance (“NFHA”) and eighteen regional housing groups filed a civil complaint, subsequently amended, against Altisource Solutions, Inc., a wholly owned subsidiary of the Company, Deutsche Bank National Trust, as Trustee, Deutsche Bank Trust Company Americas, as Trustee, and Ocwen Loan Servicing, LLC, n/k/a Onity Group, Inc. in the United States District Court for the Northern District of Illinois. The complaint alleges violations of the federal Fair Housing Act in connection with the maintenance and marketing of certain real estate owned properties. Plaintiffs seek monetary damages, including attorneys’ fees. Trial is currently scheduled to begin in February 2026, although the schedule could change.

The Company believes it has meritorious defenses and intends to defend itself vigorously in this matter. While it is too early to predict the outcome of the proceedings or whether an adverse result would have a material impact on our operations or financial position, an adverse outcome could result in a material damages award. At this time, the Company cannot reasonably estimate the potential loss or range of loss, if any, associated with this matter.

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, 2025, Onity was our largest customer, accounting for 42% and 43% of our total revenue, respectively. Additionally, 5% of our revenue for the nine months ended September 30, 2025 (4% of our revenue for the third quarter of 2025) 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 federal and state regulatory examinations, consent orders, inquiries, subpoenas, civil investigative demands, requests for information and other actions and is subject to pending and threatened legal proceedings, some of which include claims against 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, 2025, Onity reported that approximately 11% of loans serviced and subserviced by Onity (measured in UPB) and approximately 59% 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. 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 $0.2 million and $0.5 million for the nine months ended September 30, 2025 and 2024, respectively (less than $0.1 million and $0.2 million for the third quarter of 2025 and 2024, 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 as of September 30:



	2025		2024

Weighted average remaining lease term (in years)	1.41		2.07
Weighted average discount rate	8.17	%	7.77	%

Our lease activity during the periods was as follows:



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2025		2024		2025		2024

Operating lease costs:
Selling, general and administrative expense	$	400	$	407	$	1,194	$	1,350


Cash used in operating activities for amounts included in the measurement of lease liabilities	$	418	$	430	$	1,237	$	1,396
Short-term (twelve months or less) lease costs	23		12		71		33

Maturities of our lease liabilities as of September 30, 2025 are as follows:


(in thousands)	Operating lease obligations

2025	$	392
2026	805
2027	109
2028	104
2029	52


Total lease payments	1,462
Less: interest	(129)

Present value of lease liabilities	$	1,333

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 $52.5 million and $27.1 million as of September 30, 2025 and December 31, 2024, respectively.

WARRANTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 03, 2025	Sep. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Feb. 14, 2023
Warrant Liability [Line Items]
Price of warrant or right (in usd per share)	$ 1.95	$ 0.01
Class of warrant or right, outstanding (in shares)		0		189,483	201,588
Cash Exercise Stakeholder Warrants
Warrant Liability [Line Items]
Warrant shares (in shares)		35,230,503	35,230,503
Class of warrant or right, outstanding (in shares)		35,222,298	7,156,372	0
Reclassification of warrant liability to equity	$ 40.5
Common stock
Warrant Liability [Line Items]
Warrant shares (in shares)	14,300,000
Price of warrant or right (in usd per share)	$ 9.5998
Class of warrant or right, outstanding (in shares)	70,500,000
Amount of shares purchased per warrant (in shares)	0.20313
Credit Facility \| Paydown Agreement
Warrant Liability [Line Items]
Warrant shares (in shares)					201,588
Secured Debt \| Line of Credit \| Common stock
Warrant Liability [Line Items]
Warrant shares (in shares)						402,981

SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Financial Information and Total Assets of Segments

Financial Information

Financial information for our segments is as follows:


	Three months ended September 30, 2025
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	33,242	$	8,666	$	—	$	41,908
Cost of revenue	21,977		6,984		1,600		30,561
Gross profit (loss)	11,265		1,682		(1,600)		11,347
Selling, general and administrative expenses	2,344		2,040		6,442		10,826
Income (loss) from operations	8,921		(358)		(8,042)		521

Other income (expense), net:
Interest income (expense)	(30)		—		(2,338)		(2,368)
Debt amendment costs	—		—		(194)		(194)
Other, net1	83		—		293		376
Total other income (expense), net	53		—		(2,239)		(2,186)

Income (loss) before income taxes and non-controlling interests	$	8,974	$	(358)	$	(10,281)	$	(1,665)

____________________________________________________

1.Corporate and Others other income primarily include other non-operating gains and losses.


	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

Other income (expense), net:
Interest income (expense)	(12)		—		(9,948)		(9,960)
Other, net1	74		—		288		362
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)

____________________________________________________

1.Corporate and Others other income primarily include other non-operating gains and losses.


	Nine months ended September 30, 2025
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	102,597	$	26,038	$	—	$	128,635
Cost of revenue	65,724		20,453		4,759		90,936
Gross profit (loss)	36,873		5,585		(4,759)		37,699
Selling, general and administrative expenses	5,707		5,463		19,532		30,702
Income (loss) from operations	31,166		122		(24,291)		6,997

Other income (expense), net:
Interest income (expense)	(97)		—		(9,824)		(9,921)
Debt amendment costs	—		—		(3,646)		(3,646)
Other, net1	105		—		458		563
Total other income (expense), net	8		—		(13,012)		(13,004)

Income (loss) before income taxes and non-controlling interests	$	31,174	$	122	$	(37,303)	$	(6,007)

____________________________________________________

1.Corporate and Others other income primarily include other non-operating gains and losses.


	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

Other income (expense), net:
Interest income (expense)	(13)		—		(29,264)		(29,277)
Other, net1	74		—		2,069		2,143
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)

_________________________________________________

1.Corporate and Others other income primarily include other non-operating gains and losses.

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, 2025	$	58,652	$	46,280	$	34,978	$	139,910
December 31, 2024	58,000		47,251		38,355		143,606

PREPAID EXPENSES AND OTHER CURRENT ASSETS

9 Months Ended

Sep. 30, 2025

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, 2025		December 31, 2024

Prepaid expenses	$	2,565	$	3,620
Maintenance agreements, current portion	1,421		962
Income taxes receivable	396		1,043
Restricted cash	1,022		23
Surety bond collateral	2,000		—
Other current assets	945		592

Total	$	8,349	$	6,240

INCOME TAXES - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Unrecognized Tax Benefits [Roll Forward]
Amount of unrecognized tax benefit as of the beginning of the period	$ 2,108	$ 10,183	$ 10,240	$ 9,208
Decreases as a result of tax positions taken in a prior period		(193)	(8,012)
Increases as a result of tax positions taken in a prior period	431	260		767
Decreases as a result of tax positions taken in the current period	(135)
Increases as a result of tax positions taken in the current period		54	176	329
Amount of unrecognized tax benefit as of the end of the period	$ 2,404	$ 10,304	$ 2,404	$ 10,304

EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

Basic (loss) earnings per share is computed by dividing net (loss) income available to common shareholders by the weighted average number of common shares outstanding for the period. For the three and nine months ended September 30, 2025, diluted earnings per share reflects the assumed conversion of all dilutive securities using the treasury stock method. For three and nine months ended September 30, 2025, diluted net (loss) earnings per share excludes all dilutive securities because their impact would be anti-dilutive, as described below. Basic and diluted (loss) earnings per share has been retroactively adjusted for all prior periods presented to reflect the effects of the Share Consolidation.

Basic and diluted (loss) earnings per share are calculated as follows:



	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2025		2024		2025		2024

Net (loss) income attributable to Altisource	$	(2,396)	$	(9,362)	$	8,842	$	(26,867)

Weighted average common shares outstanding, basic	10,988		3,584		9,755		3,559

Weighted average common shares outstanding, diluted	10,988		3,584		10,890		3,559

(Loss) earnings per share:
Basic	$	(0.22)	$	(2.61)	$	0.91	$	(7.55)
Diluted	$	(0.22)	$	(2.61)	$	0.81	$	(7.55)

For the nine months ended September 30, 2025 and 2024, 0.1 million and 0.3 million, respectively (3.0 million and 0.2 million for the third quarter of 2025 and 2024, respectively), stock options, warrants, restricted shares and RSUs were excluded from the computation of (loss) earnings per share, as a result of the following:

•For the nine months ended September 30, 2024, 0.1 million (2.9 million and 0.1 million for the third quarter of 2025 and 2024, respectively) (no comparative amount for the nine months ended September 30, 2025), stock options, warrants, restricted shares and RSUs were anti-dilutive and have been excluded from the computation of diluted (loss) earnings per share because the Company incurred a net loss

•For the nine months ended September 30, 2025 and 2024, less than 0.1 million and 0.1 million, respectively (less than 0.1 million for the third quarter of 2025 and 2024), stock options were anti-dilutive and have been excluded from the computation of diluted (loss) earnings per share because their exercise price was greater than the average market price of our common stock

•For the nine months ended September 30, 2025 and 2024, 0.1 million and 0.1 million, respectively (0.1 million and 0.1 million for the third quarter of 2025 and 2024, respectively), stock options, restricted shares and RSUs, 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) earnings per share because the achievement levels have not yet been met

REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 41,908	$ 40,531	$ 128,635	$ 119,121
Revenue recognized when services are performed or assets are sold
Disaggregation of Revenue [Line Items]
Total revenue	37,275	35,121	114,041	103,422
Revenue related to technology platforms and professional services
Disaggregation of Revenue [Line Items]
Total revenue	2,462	3,089	7,527	8,618
Reimbursable expenses revenue
Disaggregation of Revenue [Line Items]
Total revenue	2,171	2,321	7,067	7,081
Operating Segments \| Servicer and Real Estate
Disaggregation of Revenue [Line Items]
Total revenue	33,242	32,549	102,597	95,175
Operating Segments \| Servicer and Real Estate \| Revenue recognized when services are performed or assets are sold
Disaggregation of Revenue [Line Items]
Total revenue	28,877	27,467	89,006	80,358
Operating Segments \| Servicer and Real Estate \| Revenue related to technology platforms and professional services
Disaggregation of Revenue [Line Items]
Total revenue	2,298	2,922	6,986	8,137
Operating Segments \| Servicer and Real Estate \| Reimbursable expenses revenue
Disaggregation of Revenue [Line Items]
Total revenue	2,067	2,160	6,605	6,680
Operating Segments \| Origination
Disaggregation of Revenue [Line Items]
Total revenue	8,666	7,982	26,038	23,946
Operating Segments \| Origination \| Revenue recognized when services are performed or assets are sold
Disaggregation of Revenue [Line Items]
Total revenue	8,398	7,654	25,035	23,064
Operating Segments \| Origination \| Revenue related to technology platforms and professional services
Disaggregation of Revenue [Line Items]
Total revenue	164	167	541	481
Operating Segments \| Origination \| Reimbursable expenses revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 104	$ 161	$ 462	$ 401

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Sep. 30, 2025
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, 2025, Lenders One had total assets of $1.0 million and total liabilities of $0.4 million. As of December 31, 2024, Lenders One had total assets of $0.5 million and total liabilities of $0.4 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, 2024, as filed with the SEC on March 31, 2025. Share Consolidation On May 28, 2025, Altisource Portfolio Solutions S.A. effected a consolidation of its shares of common stock (the “common stock”) (also known as a reverse stock split) at a ratio of 1-for-8 (the “Share Consolidation”). As a result of the Share Consolidation, every 8 shares of common stock outstanding immediately prior to effectiveness of the Share Consolidation were combined and converted into one share of common stock, reducing the total number of issued and outstanding shares from 88,129,766 to 11,016,220. No fractional shares were issued in connection with the Share Consolidation. Instead, shareholders received cash in lieu of fractional shares, based on the closing price of Altisource’s common stock on May 27, 2025. The Share Consolidation did not change the authorized number of shares of Altisource’s common stock. All share and per share amounts and exercise prices of stock options, and warrants in the accompanying condensed consolidated financial statements and notes to the condensed consolidated financial statements have been retroactively adjusted to reflect the Share Consolidation for all periods presented. 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. Recently Adopted Accounting Pronouncements 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. The Company adopted this standard effective January 1, 2025 and has applied it prospectively. Adoption of this new standard did not have a material impact on the Company’s condensed consolidated financial statements. Future Adoption of New Accounting Pronouncement In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This standard amends the Codification to enhance the disclosure requirements in the notes to the financial statements, of specified information about certain costs and expenses in interim and year-end reporting periods. This standard will be effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Early adoption of this standard is permitted. The Company is currently evaluating the impact this guidance may have on its condensed consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This standard provides a practical expedient to assume that conditions as of the balance sheet date remains unchanged over the life of the asset estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. This standard will be effective for annual periods beginning after December 15, 2025, and for interim periods within those annual reporting periods. Early adoption of this standard is permitted. The Company is currently evaluating the impact this guidance may have on its condensed consolidated financial statements. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. This standard adds a new derivative scope exception for certain non-exchange-traded contracts whose underlying is based on operations or activities specific to one party, and clarifies that share-based payments received from a customer in a revenue contract should be accounted for under ASC 606 until the entity’s right to receive or retain them is unconditional. This standard will be effective for annual periods beginning after December 15, 2026, and for interim periods within those annual reporting periods. Early adoption of this standard is permitted. The Company is currently evaluating the impact this guidance may have on its condensed consolidated financial statements.

OTHER NON-CURRENT LIABILITIES

9 Months Ended

Sep. 30, 2025

Other Liabilities Disclosure [Abstract]

OTHER NON-CURRENT LIABILITIES

Other non-current liabilities consist of the following:


(in thousands)	September 30, 2025		December 31, 2024

Income tax liabilities	$	3,021	$	19,068
Operating lease liabilities	202		831
Deferred revenue	51		—
Other non-current liabilities	64		117

Total	$	3,338	$	20,016

See Note 19 for a discussion of the reduction in income tax liabilities.

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Grant Date Fair Value of Stock Options

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)	2025		2024

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	97		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, 2024	85,008	$	174.02	3.11	$	—
Granted	—	—

Forfeited	(42,815)	155.65

Outstanding as of September 30, 2025	42,193	191.34		2.72	—

Exercisable as of September 30, 2025	36,894	193.20		2.66	—

Schedule of Restricted Shares and RSUs

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


			Number of restricted shares and restricted share units

Outstanding as of December 31, 2024			249,562
Granted			964,138
Issued			(111,697)
Forfeited/canceled			(71,055)

Outstanding as of September 30, 2025			1,030,948

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Segment

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, 2025 and December 31, 2024	$	30,681	$	25,279	$	—	$	55,960

Schedule of 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, 2025		December 31, 2024		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024

Definite lived intangible assets:
Customer related intangible assets	9	$	213,912	$	213,912	$	(205,440)	$	(203,221)	$	8,472	$	10,691
Operating agreement	20	35,000		35,000		(27,417)		(26,104)		7,583		8,896
Trademarks and trade names	16	9,709		9,709		(8,106)		(7,828)		1,603		1,881



Total		$	258,621	$	258,621	$	(240,963)	$	(237,153)	$	17,658	$	21,468

- 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

ACCOUNTS RECEIVABLE, NET - Schedule of Changes in the Allowance for Expected Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Allowance for expected credit losses:
Balance at Beginning of Period	$ 2,575	$ 3,421	$ 3,124	$ 3,123
(Additions) / Subtractions, Charged to Expenses	163	226	125	776
Deductions Note	(331)	(161)	(842)	(413)
Balance at End of Period	$ 2,407	$ 3,486	$ 2,407	$ 3,486

REVENUE - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Significant Changes In Deferred Revenue [Roll Forward]
Deferred revenue, beginning balance	$ 3,457	$ 3,647	$ 3,979	$ 3,204
Revenue recognized that was included in the deferred revenue balance at the beginning of the period	(663)	(705)	(3,582)	(3,167)
Increase due to billing, excluding amounts recognized as revenue during the period	759	827	3,156	3,732
Deferred revenue, ending balance	$ 3,553	$ 3,769	$ 3,553	$ 3,769

ACCOUNTS RECEIVABLE, NET (Tables)

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Schedule of Accounts Receivable, Net and Changes in the Allowance for Expected Credit Losses

Accounts receivable, net consists of the following:


(in thousands)	September 30, 2025		December 31, 2024

Billed	$	12,164	$	12,169
Unbilled	7,662		6,005
	19,826		18,174
Less: Allowance for credit losses	(2,407)		(3,124)

Total	$	17,419	$	15,050

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


			(Additions) / Subtractions
(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, 2025	$	2,575	$	163	$	(331)	$	2,407
Three months ended September 30, 2024	3,421		226		(161)		3,486

Nine months ended September 30, 2025	$	3,124	$	125	$	(842)	$	2,407
Nine months ended September 30, 2024	3,123		776		(413)		3,486

______________________________________

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

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision

The income tax (provision) benefit consists of the following:


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024

Current:
Foreign - U.S. federal	$	(138)	$	51	$	(660)	$	(53)
Foreign - U.S. state	(25)		196		(97)		164
Foreign - non-U.S.	(476)		(998)		15,917		(2,272)

	$	(639)	$	(751)	$	15,160	$	(2,161)
Deferred:
Domestic	$	(21)	$	(58)	$	(91)	$	(76)
Foreign - U.S. state	—		—		—		—
Foreign - non-U.S.	—		—		—		—

	$	(21)	$	(58)	$	(91)	$	(76)

Income tax (provision) benefit	$	(660)	$	(809)	$	15,069	$	(2,237)

Schedule of Unrecognized Tax Benefits

The following table summarizes changes in unrecognized tax benefits:


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024

Amount of unrecognized tax benefit as of the beginning of the period	$	2,108	$	10,183	$	10,240	$	9,208
Decreases as a result of tax positions taken in a prior period	—		(193)		(8,012)		—
Increases as a result of tax positions taken in a prior period	431		260		—		767
Decreases as a result of tax positions taken in the current period	(135)		—		—		—
Increases as a result of tax positions taken in the current period	—		54		176		329

Amount of unrecognized tax benefit as of the end of the period	$	2,404	$	10,304	$	2,404	$	10,304

Schedule of Income Tax Statutory Rate

The following table reconciles the Luxembourg statutory tax rate to our effective tax rate:


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024

Statutory tax rate	24.94	%	24.94	%	24.94	%	24.94	%
Change in valuation allowance	(67.29)		(23.68)		(49.07)		(26.46)
State tax expense	(1.52)		0.82		(1.06)		0.38
Uncertain tax positions	(13.63)		(7.25)		275.29		(5.39)

Tax rate differences on foreign earnings	2.89		(1.13)		2.27		(0.47)
Tax exempt income	—		—		—		0.21


Other	14.94		(3.23)		(1.50)		(2.34)

Effective tax rate	(39.67)	%	(9.53)	%	250.87	%	(9.13)	%

EARNINGS (LOSS) PER SHARE - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Anti-dilutive securities
Options, restricted shares and restricted share units excluded from the computation of diluted EPS (less than) (in shares)	3.0	0.2	0.1	0.3
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 (less than) (in shares)	2.9	0.1	0.0	0.1
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 (less than) (in shares)	0.1	0.1	0.1	0.1
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 (less than) (in shares)	0.1	0.1	0.1	0.1

LONG-TERM DEBT

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

LONG-TERM DEBT

Long-term debt consists of the following:


(in thousands)	September 30, 2025		December 31, 2024

Senior secured term loans	$	159,450	$	232,800
Super senior term loan	12,438		—
Total principal debt	171,888		232,800
Plus: Unamortized premium	23,391		—
Less: Unamortized discount	(1,807)		(1,372)
Less: Unamortized debt issuance and amendment costs	(979)		(884)


Long-term debt, net	192,493		230,544
Less: Current maturities of long-term debt	(1,225)		(230,544)
Total long-term debt	$	191,268	$	—

Principal payments are due as follows:


(in thousands)	Total

2025	$	306
2026	1,225
2027	1,225
2028	1,225
2029	14,474
2030	153,433
Total debt	$	171,888

Senior Secured Term Loans

In April 2018, Altisource Portfolio Solutions S.A. and its wholly-owned subsidiary, Altisource S.à r.l. (the “Borrower”), 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 (the “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”).

On February 19, 2025, Altisource Portfolio Solutions S.A. and the Borrower entered into agreements with 100% of the lenders under the SSTL (the “Lenders”). Under these agreements, the Lenders exchanged the SSTL with an outstanding balance of $232.8 million for a $160.0 million new first lien loan facility (the “New Facility”) and 7.3 million shares of common stock (the “Debt Exchange Shares”) (collectively, the “Debt Exchange Transaction”). The New Facility is comprised of a $110.0 million interest-bearing loan (the “New Debt”) and a $50.0 million non-interest-bearing exit fee (the “Exit Fee”). Altisource Portfolio Solutions S.A. and its subsidiaries, subject to applicable exclusions in the New Facility credit agreement, are guarantors on the New Facility (collectively, the “Guarantors”).

We evaluated the Debt Exchange Transaction in accordance with ASC 470-60 Troubled Debt Restructuring. The evaluation for troubled debt restructuring includes assessing both qualitative and quantitative factors to determine whether the creditor granted a concession and whether the Company is experiencing financial difficulties. Our quantitative analysis consisted of comparing the effective borrowing rate on the New Facility to the effective borrowing rate on the SSTL immediately before the Debt Exchange Transaction. For purposes of ASC 470-60 Troubled Debt Restructuring, the Company concluded that (1) the lenders granted the Company a concession by reducing the effective borrowing rate on the debt and (2) the Company was experiencing

financial difficulties. As a result, the Debt Exchange Transaction was accounted for as a troubled debt restructuring. The carrying value of the New Facility was determined as follows:


(in thousands)	Total

SSTL immediately before the Debt Exchange Transaction	$	232,800
Unamortized debt issuance costs and discount immediately before the Debt Exchange Transaction	(1,296)
Less: fair value of equity issued to the SSTL lenders	(45,370)
Less: fees paid to third parties on behalf of the SSTL lenders	(1,145)
Carrying value of the New Facility	$	184,989
Comprised of:
Par value of the New Facility	$	160,000
Premium	26,285
Unamortized debt issuance costs and discount	(1,296)
Carrying value of the New Facility	$	184,989

In connection with the Debt Exchange Transaction, the Company also paid $3.6 million to advisors and others and recorded these payments as other expense in the consolidated statements of operations and comprehensive (loss) income.

The maturity date for $158.1 million of the New Facility is April 30, 2030 and the maturity date for $1.4 million of the New Facility is January 15, 2029.

The New Facility requires mandatory prepayments of the term loans, subject to customary exceptions, as follows: (i) 100% of the proceeds of any other debt not permitted by the Exchange Credit Agreement, (ii) 95% of the net proceeds from the exercise of the Cash Exercise Stakeholder Warrants, (iii) 100% of the proceeds of Asset Sales, subject to customary reinvestment rights for net proceeds of less than $3 million and certain exceptions, where applicable, (iv) 100% of insurance or condemnation proceeds in excess of $10,000,000 in the aggregate for all losses in any fiscal year, subject to customary reinvestment rights, where applicable, and (v) beginning with the fiscal year ending December 31, 2025, the lesser of (a) 75% of the aggregate Excess Cash Flow for the most recently ended fiscal year of the Borrower for which financial statements have been delivered and (b) such amount which, immediately after giving effect to such repayment, would result in the Borrower and its subsidiaries having no less than $30 million of cash, shall be applied first to the prepayment of the Super Senior Facility (defined below) and, second, to the prepayment of the New Facility. All mandatory and voluntary prepayments under the New Facility are allocated between the New Debt and the Exit Fee on a pro rata basis.

All amounts outstanding under the New Facility 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 New Facility credit agreement; other capitalized terms, unless defined herein, are defined in the New Facility credit agreement) or as otherwise provided in the New Facility credit agreement upon the occurrence of any event of default.

The New Debt bears interest at rates based upon, at our option, the Secured Overnight Financing Rate (“SOFR”) or the Base Rate, as defined in the New Facility credit agreement. SOFR-based term loans bear interest at a rate per annum equal to SOFR plus 6.50% (with a 3.50% SOFR floor) payable in cash. Base Rate-based term loans bear interest at a rate per annum equal to the Base Rate plus 5.50% payable in cash. The interest rate on the SSTL from January 1, 2025 through February 19, 2025 was SOFR plus 5.00% payable in cash. The interest rate on the SSTL in 2024 was SOFR plus 5.00% payable in cash plus 3.75% payable in kind. The interest rate as of September 30, 2025 was 10.90%.

The payment of all amounts owing by the Borrower under the New Facility credit agreement is guaranteed by the Guarantors and is secured by a lien on substantially all of the assets of the Borrower, Altisource and the other Guarantors, subject to certain exceptions. The liens securing the New Facility are junior to the liens securing the Super Senior Facility (defined below) pursuant to, and as set forth in, an intercreditor agreement.

The New Facility contains representations, warranties, covenants, term and conditions customary for transactions of this type. This include covenants limiting Altisource, the Borrower and its subsidiaries, subject to certain exceptions and baskets, to (i) incur indebtedness, (ii) incur liens on its assets, (iii) agree to additional negative pledges, (iv) make Restricted Junior Payments, (v) pay dividends or distribute assets, (vi) make investments, (vii) enter into any transaction of merger or consolidation, liquidate, wind-up or dissolve, or convey any part of its business, assets or property, or acquire the business, property or assets of another person, (viii) dispose of the equity interests of any Significant Subsidiaries, (ix) enter into sale and leaseback

transactions, (x) enter into certain transactions with shareholders and affiliates, (xi) engage in a line of business substantially different than existing business and businesses reasonably related, complimentary or ancillary thereto, (xii) modify the terms of certain indebtedness, (xiii) modify the terms of its organizational documents, (xiv) change its fiscal year, and (xv) enter into any transactions undertaken in connection with a Liability Management Transaction.

The New Facility contains certain events of default including (i) failure to pay (x) principal when due or (y) interest or any other amount owing on any other obligation under the Credit Agreement within 5 days of becoming due, (ii) material incorrectness of representations and warranties when made, (iii) breach of certain other covenants, subject to cure periods described therein, (iv) failure to pay principal or interest on any other debt that equals or exceeds $10 million when due, (v) default on any other debt that equals or exceeds $10 million that causes, or gives the holder or holders of such debt the ability to cause, an acceleration of such debt, (vi) bankruptcy and insolvency events with respect to Altisource, Borrower or any Material Subsidiary, (vii) entry by a court of one or more judgments against Altisource, Borrower or any Material Subsidiary in an amount in excess of $15 million that remain undischarged, unvacated, unbonded or unstayed for a certain number of days after the entry thereof, (viii) the occurrence of certain ERISA events, (ix) occurrence of a Change in Control, (x) the failure of certain Loan Documents to be in full force and effect or Altisource or any Guarantor challenges the validity of any such Loan Document, (xi) the termination of certain material contracts and (xii) failure to comply in any material respects with the terms of the Shareholder Warrants or the Warrant Agreement. If any event of default occurs and is not cured within applicable grace periods set forth in the Exchange Credit Agreement or waived, all loans and other obligations could become due and immediately payable.

Deer Park Road Management Company, LP (together with its affiliates and managed funds, “Deer Park”), a related party, owns approximately 13% and 16% of Altisource’s common stock as of September 30, 2025 and December 31, 2024, respectively, and $19.9 million and $42.1 million of Altisource debt as of September 30, 2025 and December 31, 2024, respectively. An employee of Deer Park is a member of Altisource’s Board of Directors. During the nine months ended September 30, 2025 and 2024, Deer Park received interest of $1.5 million and $1.1 million, respectively ($0.4 million and $0.4 million for the third quarter of 2025 and 2024, respectively). On April 3, 2025, Deer Park received Stakeholder Warrants to purchase 1.9 million shares of Altisource common stock for $9.5998 per share.

During the first quarter of 2025, UBS Asset Management (Americas) LLC (together with its affiliates and managed funds, “UBS”) and Benefit Street Partners L.L.C. (together with its affiliates and managed funds, “Benefit Street”) became related parties of Altisource. As of September 30, 2025, UBS owns approximately 22% of Altisource’s common stock and $63.9 million of Altisource debt. During the three and nine months ended September 30, 2025, UBS received interest of $1.3 million and $4.2 million, respectively. On April 3, 2025, UBS received Stakeholder Warrants to purchase 0.2 million shares of Altisource common stock for $9.5998 per share.

As of September 30, 2025, Benefit Street owns approximately 16% of Altisource’s common stock and $30.9 million of Altisource debt. During the three and nine months ended September 30, 2025, Benefit Street received interest of $0.6 million and $1.6 million, respectively. On April 3, 2025, Benefit Street received Stakeholder Warrants to purchase 2.2 million shares of Altisource common stock for $9.5998 per share.

For additional information on the Stakeholder Warrants, see Note 11.

As of September 30, 2025, debt issuance and amendment costs were $1.0 million, net of $9.0 million of accumulated amortization. As of December 31, 2024, debt issuance and amendment costs were $0.9 million, net of $8.5 million of accumulated amortization.

Super Senior Credit Facility

On February 19, 2025, Altisource Portfolio Solutions S.A. and the Borrower also entered into a $12.5 million super senior credit facility (the “Super Senior Facility”) to fund transaction costs related to the Transactions (defined above) and for general corporate purposes. The maturity date of the Super Senior Facility is February 19, 2029. The original issue discount on the Super Senior Facility is 10.0%.

Beginning with the fiscal year ending December 31, 2025, the lesser of (a) 75% of the aggregate Excess Cash Flow (as defined in the credit agreement) for the most recently ended fiscal year of the Company for which financial statements have been delivered and (b) such amount which, immediately after giving effect to such repayment, would result in the Company having no less than $30 million of total cash on its balance sheet, shall be applied first to the prepayment of the Super Senior Facility and, second, to the prepayment of the New Facility.

The payment of all amounts owing by the Borrower under the Super Senior Credit Agreement is guaranteed by the Guarantors and is secured by a lien on substantially all of the assets of Altisource and the Guarantors, subject to certain exceptions. The

liens securing the Super Senior Facility are senior to the liens securing the New Facility pursuant to, and as set forth in, the Super Senior Intercreditor Agreement.

The Super Senior Credit Agreement contains representations, warranties, covenants, terms and conditions customary for transactions of this type. These include covenants limiting Altisource Portfolio Solutions S.A., the Borrower and their subsidiaries, subject to certain exceptions and baskets, to (i) incur indebtedness, (ii) incur liens on its assets, (iii) agree to additional negative pledges, (iv) make Restricted Junior Payments, (v) pay dividends or distribute assets, (vi) make investments, (vii) enter into any transaction of merger or consolidation, liquidate, wind-up or dissolve, or convey any part of its business, assets or property, or acquire the business, property or assets of another person, (viii) dispose of the equity interests of any Significant Subsidiaries, (ix) enter into sale and leaseback transactions, (x) enter into certain transactions with shareholders and affiliates, (xi) engage in a line of business substantially different than existing business and businesses reasonably related, complimentary or ancillary thereto, (xii) modify the terms of certain indebtedness, (xiii) modify the terms of its organizational documents, (xiv) change its fiscal year, and (xv) enter into any transactions undertaken in connection with a Liability Management Transaction. The Super Senior Credit Agreement also requires that the Borrower maintain minimum daily liquidity of not less than the lesser of (a) $12.5 million and (b) the aggregate principal amount of Term Loans under the Super Senior Facility outstanding on such date.

The Super Senior Credit Agreement requires mandatory prepayments of the term loans, subject to customary exceptions, as follows: (i) 100% of the proceeds of any other debt not permitted by the Super Senior Credit Agreement, (ii) 95% of the proceeds from the exercise of the Cash Exercise Stakeholder Warrants, (iii) 100% of the proceeds of Asset Sales, subject to customary reinvestment rights for net proceeds of less than $3 million and certain exceptions, where applicable, (iv) 100% of insurance or condemnation proceeds in excess of $10,000,000 in the aggregate for all losses in any fiscal year, subject to customary reinvestment rights, where applicable, and (v) beginning with the fiscal year ending December 31, 2025, the lesser of (a) 75% of the aggregate Excess Cash Flow for the most recently ended fiscal year of the Borrower for which financial statements have been delivered and (b) such amount which, immediately after giving effect to such repayment, would result in the Borrower and its subsidiaries having no less than $30 million of cash.

All amounts outstanding under the Super Senior Credit Agreement 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 Super Senior Credit Agreement; other capitalized terms, unless defined herein, are defined in the Super Senior Credit Agreement) or as otherwise provided in the Super Senior Credit Agreement upon the occurrence of any event of default.

The Super Senior Credit Facility bears interest at rates based upon, at our option, the SOFR or the Base Rate, as defined in the Super Senior Credit Agreement. SOFR-based term loans bear interest at a rate per annum equal to SOFR plus 6.50% (with a 3.50% SOFR floor) payable in cash. Base Rate-based term loans bear interest at a rate per annum equal to the Base Rate plus 5.50% payable in cash. The interest rate as of September 30, 2025 was 10.90%.

The Super Senior Credit Agreement contains certain events of default, including (i) failure to pay (x) principal when due or (y) interest or any other amount owing on any other obligation under the Credit Agreement within 5 days of becoming due, (ii) material incorrectness of representations and warranties when made, (iii) breach of certain other covenants, subject to cure periods described therein, (iv) failure to pay principal or interest on any other debt that equals or exceeds $10 million when due, (v) default on any other debt that equals or exceeds $10 million that causes, or gives the holder or holders of such debt the ability to cause, an acceleration of such debt, (vi) bankruptcy and insolvency events with respect to Altisource, Borrower or any Material Subsidiary, (vii) entry by a court of one or more judgments against Altisource, Borrower or any Material Subsidiary in an amount in excess of $15 million that remain undischarged, unvacated, unbonded or unstayed for a certain number of days.

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.

On February 19, 2025, Altisource entered into an agreement to terminate the $15.0 million Revolver with STS. As of December 31, 2024, the Company did not have any borrowings outstanding under the Revolver.

- 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.

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+ Details

PREMISES AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT, NET

Premises and equipment, net consists of the following:


(in thousands)	September 30, 2025		December 31, 2024

Computer hardware and software	$	46,090	$	46,074
Leasehold improvements	709		709
Furniture and fixtures	72		72
Office equipment and other	17		17
	46,888		46,872
Less: Accumulated depreciation and amortization	(46,581)		(46,171)

Total	$	307	$	701

Depreciation and amortization expense amounted to $0.4 million and $0.8 million for the nine months ended September 30, 2025 and 2024, respectively ($0.1 million and $0.2 million for the third quarter of 2025 and 2024, 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) income.

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


(in thousands)	September 30, 2025		December 31, 2024

Luxembourg	$	259	$	554
India	23		124
United States	22		23
Uruguay	3		—

Total	$	307	$	701

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consists of the following:


(in thousands)	September 30, 2025		December 31, 2024

Senior secured term loans	$	159,450	$	232,800
Super senior term loan	12,438		—
Total principal debt	171,888		232,800
Plus: Unamortized premium	23,391		—
Less: Unamortized discount	(1,807)		(1,372)
Less: Unamortized debt issuance and amendment costs	(979)		(884)


Long-term debt, net	192,493		230,544
Less: Current maturities of long-term debt	(1,225)		(230,544)
Total long-term debt	$	191,268	$	—

Schedule of Principal Payments

Principal payments are due as follows:


(in thousands)	Total

2025	$	306
2026	1,225
2027	1,225
2028	1,225
2029	14,474
2030	153,433
Total debt	$	171,888

Schedule of Carrying Value of New Facility

The carrying value of the New Facility was determined as follows:


(in thousands)	Total

SSTL immediately before the Debt Exchange Transaction	$	232,800
Unamortized debt issuance costs and discount immediately before the Debt Exchange Transaction	(1,296)
Less: fair value of equity issued to the SSTL lenders	(45,370)
Less: fees paid to third parties on behalf of the SSTL lenders	(1,145)
Carrying value of the New Facility	$	184,989
Comprised of:
Par value of the New Facility	$	160,000
Premium	26,285
Unamortized debt issuance costs and discount	(1,296)
Carrying value of the New Facility	$	184,989

- 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.

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+ Details

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Onity Financial Corporation \| Revenue \| Customer Concentration Risk
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Consolidated revenue (in percent)	42.00%	43.00%	43.00%	44.00%

- Definition

+ References + Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025		December 31, 2024

Prepaid expenses	$	2,565	$	3,620
Maintenance agreements, current portion	1,421		962
Income taxes receivable	396		1,043
Restricted cash	1,022		23
Surety bond collateral	2,000		—
Other current assets	945		592

Total	$	8,349	$	6,240

COST OF REVENUE

9 Months Ended

Sep. 30, 2025

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)	2025		2024		2025		2024

Outside fees and services	$	17,261	$	15,534	$	51,757	$	44,301
Compensation and benefits	8,112		7,457		22,971		21,913
Technology and telecommunications	2,945		3,026		8,830		8,256
Reimbursable expenses	2,171		2,321		7,067		7,081
Depreciation and amortization	72		123		311		479

Total	$	30,561	$	28,461	$	90,936	$	82,030

Transactions with Related Parties

The Company recognized cost of revenue of $0.8 million and $0.7 million for the nine months ended September 30, 2025 and 2024, respectively ($0.3 million and $0.3 million for the third quarter of 2025 and 2024, respectively), relating to services received from Aldridge Pite. As of September 30, 2025, the Company had no amounts payable to Aldridge Pite.

GOODWILL AND INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 1,270	$ 1,270	$ 3,810	$ 3,810
Amortization expense, 2025	5,100		5,100
Amortization expense, 2026	4,900		4,900
Amortization expense, 2027	4,700		4,700
Amortization expense, 2028	4,400		4,400
Amortization expense, 2029	$ 2,100		$ 2,100

- Definition

+ References

+ Details

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	9 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION (Policies)	Sep. 30, 2025
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.
Consolidation	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.
Recently Adopted Accounting Pronouncements and Future Adoption of New Accounting Pronouncement	Recently Adopted Accounting Pronouncements 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. The Company adopted this standard effective January 1, 2025 and has applied it prospectively. Adoption of this new standard did not have a material impact on the Company’s condensed consolidated financial statements. Future Adoption of New Accounting Pronouncement In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This standard amends the Codification to enhance the disclosure requirements in the notes to the financial statements, of specified information about certain costs and expenses in interim and year-end reporting periods. This standard will be effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Early adoption of this standard is permitted. The Company is currently evaluating the impact this guidance may have on its condensed consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This standard provides a practical expedient to assume that conditions as of the balance sheet date remains unchanged over the life of the asset estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. This standard will be effective for annual periods beginning after December 15, 2025, and for interim periods within those annual reporting periods. Early adoption of this standard is permitted. The Company is currently evaluating the impact this guidance may have on its condensed consolidated financial statements. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. This standard adds a new derivative scope exception for certain non-exchange-traded contracts whose underlying is based on operations or activities specific to one party, and clarifies that share-based payments received from a customer in a revenue contract should be accounted for under ASC 606 until the entity’s right to receive or retain them is unconditional. This standard will be effective for annual periods beginning after December 15, 2026, and for interim periods within those annual reporting periods. Early adoption of this standard is permitted. The Company is currently evaluating the impact this guidance may have on its condensed consolidated financial statements.

CUSTOMER CONCENTRATION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Jun. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Concentration Risk
Revenue	$ 41,908	$ 40,531		$ 128,635	$ 119,121
Onity Financial Corporation \| Customer Concentration Risk
Concentration Risk
Accounts receivable	5,100			5,100		$ 4,400
Onity Financial Corporation \| Customer Concentration Risk \| Billed
Concentration Risk
Accounts receivable	2,700			2,700		3,100
Onity Financial Corporation \| Customer Concentration Risk \| Unbilled
Concentration Risk
Accounts receivable	$ 2,400			$ 2,400		$ 1,300
Onity Financial Corporation \| Revenue \| Customer Concentration Risk
Concentration Risk
Concentration risk (in percent)	42.00%	43.00%		43.00%	44.00%
Revenue	$ 17,700	$ 17,600		$ 55,500	$ 52,600
Highly Correlated - Onity \| Revenue \| Customer Concentration Risk
Concentration Risk
Revenue	1,900	2,300		5,900	7,500
Rithm \| Revenue \| Customer Concentration Risk
Concentration Risk
Revenue	1,500	500		3,300	1,800
Rithm \| Revenue \| Customer Concentration Risk \| Onity Financial Corporation
Concentration Risk
Concentration risk (in percent)			11.00%
Percentage of delinquent loans Onity services (in percent)			0.59
Highly Correlated - Rithm \| Revenue \| Customer Concentration Risk
Concentration Risk
Revenue	$ 2,200	$ 2,500		$ 7,500	$ 8,600

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Operating lease liabilities	$ 1,131	$ 1,495
Other	769	751
Total	2,900	3,238
Credit Facility \| Revolving Loan Agreement \| Line of Credit
Debt Instrument [Line Items]
Revolving loan agreement	$ 1,000	$ 992

- 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

EARNINGS (LOSS) PER SHARE (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted (Loss) Earnings Per Share

Basic and diluted (loss) earnings per share are calculated as follows:



	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2025		2024		2025		2024

Net (loss) income attributable to Altisource	$	(2,396)	$	(9,362)	$	8,842	$	(26,867)

Weighted average common shares outstanding, basic	10,988		3,584		9,755		3,559

Weighted average common shares outstanding, diluted	10,988		3,584		10,890		3,559

(Loss) earnings per share:
Basic	$	(0.22)	$	(2.61)	$	0.91	$	(7.55)
Diluted	$	(0.22)	$	(2.61)	$	0.81	$	(7.55)

OTHER INCOME (EXPENSE), NET (Tables)

9 Months Ended

Sep. 30, 2025

Other Income and Expenses [Abstract]

Schedule of Other Income (Expense), Net

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



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2025		2024		2025		2024

Interest income (expense)	$	243	$	319	$	634	$	748
Other, net	133		43		(71)		1,395

Total	$	376	$	362	$	563	$	2,143

PREMISES AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 100	$ 200	$ 443	$ 794

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET

9 Months Ended

Sep. 30, 2025

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, 2025		December 31, 2024

Right-of-use assets under operating leases	$	6,136	$	6,177
Less: Accumulated amortization	(4,848)		(3,934)

Total	$	1,288	$	2,243

Amortization of operating leases was $0.9 million and $1.2 million for the nine months ended September 30, 2025 and 2024, respectively ($0.4 million and $0.4 million for the third quarter of 2025 and 2024, 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) income.

PREMISES AND EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Premises and Equipment, Net

Premises and equipment, net consists of the following:


(in thousands)	September 30, 2025		December 31, 2024

Computer hardware and software	$	46,090	$	46,074
Leasehold improvements	709		709
Furniture and fixtures	72		72
Office equipment and other	17		17
	46,888		46,872
Less: Accumulated depreciation and amortization	(46,581)		(46,171)

Total	$	307	$	701

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


(in thousands)	September 30, 2025		December 31, 2024

Luxembourg	$	259	$	554
India	23		124
United States	22		23
Uruguay	3		—

Total	$	307	$	701

OTHER INCOME (EXPENSE), NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Other Income and Expenses [Abstract]
Interest income (expense)	$ 243	$ 319	$ 634	$ 748
Other, net	133	43	(71)	1,395
Total	$ 376	$ 362	$ 563	$ 2,143

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Oct. 17, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
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, $0.01 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		10,991,850
Entity Central Index Key	0001462418
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Cash Exercise Stakeholder Warrants
Document Information [Line Items]
Title of 12(b) Security	Cash Exercise Stakeholder Warrants
Trading Symbol	ASPSZ
Security Exchange Name	NASDAQ
Net Settle Stakeholder Warrants
Document Information [Line Items]
Title of 12(b) Security	Net Settle Stakeholder Warrants
Trading Symbol	ASPSW
Security Exchange Name	NASDAQ

OTHER INCOME (EXPENSE), NET

9 Months Ended

Sep. 30, 2025

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)	2025		2024		2025		2024

Interest income (expense)	$	243	$	319	$	634	$	748
Other, net	133		43		(71)		1,395

Total	$	376	$	362	$	563	$	2,143

WARRANTS - Schedule of Warrant Activity (Details) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Class Of Warrant Or Right [Roll Forward]
Beginning balance, outstanding (in shares)	189,483	201,588
Exercised (in shares)	(189,483)	(12,105)
Ending balance, outstanding (in shares)	0	189,483

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
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

REVENUE

9 Months Ended

Sep. 30, 2025

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. Lenders One’s earnings are included in revenue and reduced from net (loss) income to arrive at net (loss) income attributable to Altisource (see Note 1). Our services are provided to customers located in the United States. The components of revenue were as follows:



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2025		2024		2025		2024

Service revenue	$	39,666	$	38,150	$	121,348	$	111,904
Reimbursable expenses	2,171		2,321		7,067		7,081
Non-controlling interests	71		60		220		136

Total	$	41,908	$	40,531	$	128,635	$	119,121

Disaggregation of Revenue

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


	Three months ended September 30, 2025						Three months ended September 30, 2024
(in thousands)	Servicer and Real Estate		Origination		Total revenue		Servicer and Real Estate		Origination		Total revenue

Revenue recognized when services are performed or assets are sold	$	28,877	$	8,398	$	37,275	$	27,467	$	7,654	$	35,121
Revenue related to technology platforms and professional services	2,298		164		2,462		2,922		167		3,089
Reimbursable expenses revenue	2,067		104		2,171		2,160		161		2,321
Total revenue	$	33,242	$	8,666	$	41,908	$	32,549	$	7,982	$	40,531

	Nine months ended September 30, 2025						Nine months ended September 30, 2024
(in thousands)	Servicer and Real Estate		Origination		Total revenue		Servicer and Real Estate		Origination		Total revenue

Revenue recognized when services are performed or assets are sold	$	89,006	$	25,035	$	114,041	$	80,358	$	23,064	$	103,422
Revenue related to technology platforms and professional services	6,986		541		7,527		8,137		481		8,618
Reimbursable expenses revenue	6,605		462		7,067		6,680		401		7,081
Total revenue	$	102,597	$	26,038	$	128,635	$	95,175	$	23,946	$	119,121

Disaggregation of service revenue by the timing of revenue recognition was as follows:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2025		2024		2025		2024

Over-time revenue recognition	$	8,773	$	8,026	$	29,016	$	20,794
Point-in-time revenue recognition	30,893		30,124		92,332		91,110

Total service revenue	$	39,666	$	38,150	$	121,348	$	111,904

The timing of revenue recognition, billings, and cash collections results in billed and unbilled accounts receivable (presented as accounts receivable on our condensed consolidated balance sheets), and customer advances (presented as deferred revenue on our condensed consolidated balance sheets), where applicable.

The over-time revenue recognition model consists primarily of the following services for which revenue is recognized over the period during which services are provided:

•For foreclosure trustee services, revenue is recognized as work progresses, in accordance with agreed upon milestones with full recognition upon completion and/or recording the related foreclosure deed

•For software-as-a-service (“SaaS”) based technology to manage REO, we recognize revenue over the estimated average number of months the REO properties are on the platform before they are sold

•For vendor management transactions, revenue is recognized over the period during which services are provided

•For fund disbursement services, we recognize revenue over the period during which we perform the processing services with full recognition upon completion of the disbursements

•For residential real estate renovation services, we recognize revenue over time as work is completed, measured by the percentage of work performed relative to the total project. Field inspections by qualified professionals form a fundamental part of the Company’s assessment, measure and documentation of work completed on real estate renovations. As of September 30, 2025, the value of unfulfilled renovation orders amounted to $3.7 million, with the majority of this backlog expected to be completed and recognized as revenue within the fourth quarter of 2025 and the remainder anticipated to be completed in the first quarter of 2026

•We recognize membership fees from Lender One members ratably over the term of membership

•For vendor management oversight SaaS, we recognize revenue over the period during which we perform the services.

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 service revenue of $0.1 million and less than $0.1 million for the nine months ended September 30, 2025 and 2024, respectively (less than $0.1 million and less than $0.1 million for the third quarter of 2025 and 2024, respectively), 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. The deferred revenue opening and closing balances were as follows:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2025		2024		2025		2024

Deferred revenue, beginning balance	$	3,457	$	3,647	$	3,979	$	3,204
Revenue recognized that was included in the deferred revenue balance at the beginning of the period	(663)		(705)		(3,582)		(3,167)
Increase due to billing, excluding amounts recognized as revenue during the period	759		827		3,156		3,732
Deferred revenue, ending balance	$	3,553	$	3,769	$	3,553	$	3,769

- 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 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-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 (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: 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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET - Schedule of Right-of-Use Assets Under Operating Leases, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Leases [Abstract]
Right-of-use assets under operating leases	$ 6,136	$ 6,177
Less: Accumulated amortization	(4,848)	(3,934)
Total	$ 1,288	$ 2,243

REVENUE - Schedule of Disaggregation of Service Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total service revenue	$ 41,908	$ 40,531	$ 128,635	$ 119,121
Point-in-time revenue recognition
Disaggregation of Revenue [Line Items]
Total service revenue	37,275	35,121	114,041	103,422
Service revenue
Disaggregation of Revenue [Line Items]
Total service revenue	39,666	38,150	121,348	111,904
Service revenue \| Over-time revenue recognition
Disaggregation of Revenue [Line Items]
Total service revenue	8,773	8,026	29,016	20,794
Service revenue \| Point-in-time revenue recognition
Disaggregation of Revenue [Line Items]
Total service revenue	$ 30,893	$ 30,124	$ 92,332	$ 91,110

- 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.

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Revenue	$ 41,908	$ 40,531	$ 128,635	$ 119,121
Cost of revenue	30,561	28,461	90,936	82,030
Gross profit	11,347	12,070	37,699	37,091
Selling, general and administrative expenses	10,826	10,965	30,702	34,451
Income from operations	521	1,105	6,997	2,640
Other income (expense), net:
Interest expense	(2,368)	(9,960)	(9,921)	(29,277)
Debt exchange transaction expenses	(194)	0	(3,646)	0
Other income (expense), net	376	362	563	2,143
Total other income (expense), net	(2,186)	(9,598)	(13,004)	(27,134)
Income (loss) before income taxes and non-controlling interests	(1,665)	(8,493)	(6,007)	(24,494)
Income tax (provision) benefit	(660)	(809)	15,069	(2,237)
Net (loss) income	(2,325)	(9,302)	9,062	(26,731)
Net income attributable to non-controlling interests	(71)	(60)	(220)	(136)
Net (loss) income attributable to Altisource	(2,396)	(9,362)	8,842	(26,867)
Net (loss) income attributable to Altisource	$ (2,396)	$ (9,362)	$ 8,842	$ (26,867)
(Loss) earnings per share:
Basic (in usd per share)	$ (0.22)	$ (2.61)	$ 0.91	$ (7.55)
Diluted (in usd per share)	$ (0.22)	$ (2.61)	$ 0.81	$ (7.55)
Weighted average shares outstanding:
Basic (in shares)	10,988	3,584	9,755	3,559
Diluted (in shares)	10,988	3,584	10,890	3,559
Comprehensive (loss) income:
Net (loss) income	$ (2,325)	$ (9,302)	$ 9,062	$ (26,731)
Comprehensive income attributable to non-controlling interests	(71)	(60)	(220)	(136)
Comprehensive (loss) income attributable to Altisource	$ (2,396)	$ (9,362)	$ 8,842	$ (26,867)

LONG-TERM DEBT - Senior Secured Term Loans and New Facility (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	2 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Feb. 19, 2025	Apr. 30, 2018	Feb. 19, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Apr. 03, 2025
Debt Instrument [Line Items]
Senior secured term loans				$ 171,888		$ 171,888		$ 232,800
Debt exchange transaction expenses	$ 3,600			194	$ 0	3,646	$ 0
Long-term debt				$ 192,493		$ 192,493		230,544
Price of warrant or right (in usd per share)				$ 0.01		$ 0.01			$ 1.95
Debt issuance and amendment costs				$ 1,000		$ 1,000		900
Accumulated amortization of debt issuance and amendment costs				$ (9,000)		$ (9,000)		$ (8,500)
Altisource S.A.R.L. \| Deer Park Road Management Company, LP
Debt Instrument [Line Items]
Noncontrolling ownership (in percent)				13.00%		13.00%		16.00%
Altisource S.A.R.L. \| UBS Stakeholder Warrants
Debt Instrument [Line Items]
Noncontrolling ownership (in percent)				22.00%		22.00%
Altisource S.A.R.L. \| Benefit Street Partners L.L.C.
Debt Instrument [Line Items]
Noncontrolling ownership (in percent)				16.00%		16.00%
Line of Credit
Debt Instrument [Line Items]
Debt conversion, converted instrument, shares issued (in shares)	7,300,000
Maximum borrowing capacity	$ 110,000		$ 110,000
Upfront fee	50,000
April 2018 Credit Agreement \| Term B Loans
Debt Instrument [Line Items]
Debt instrument, face amount		$ 412,000
April 2018 Credit Agreement \| Term B Loans \| Deer Park Road Management Company, LP \| Altisource S.A.R.L.
Debt Instrument [Line Items]
Long-term debt				$ 19,900		$ 19,900		$ 42,100
Interest received				400	$ 400	1,500	$ 1,100
Warrant shares (in shares)									1,900,000
Price of warrant or right (in usd per share)									$ 9.5998
April 2018 Credit Agreement \| Term B Loans \| UBS Stakeholder Warrants \| Altisource S.A.R.L.
Debt Instrument [Line Items]
Long-term debt				63,900		63,900
Interest received				1,300		4,200
Warrant shares (in shares)									200,000
Price of warrant or right (in usd per share)									$ 9.5998
April 2018 Credit Agreement \| Term B Loans \| Benefit Street Partners L.L.C. \| Altisource S.A.R.L.
Debt Instrument [Line Items]
Long-term debt				30,900		30,900
Interest received				$ 600		$ 1,600
Warrant shares (in shares)									2,200,000
Price of warrant or right (in usd per share)									$ 9.5998
April 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		10,000
Amount of debt which results in acceleration of debt if failed to pay considered as event of default		10,000
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		$ 15,000
April 2018 Credit Agreement \| Line of Credit \| Credit Facility
Debt Instrument [Line Items]
Payment due date default period		5 days
Senior Secured Term Loans
Debt Instrument [Line Items]
Senior secured term loans	232,800		232,800
Senior Secured Term Loans \| Line of Credit
Debt Instrument [Line Items]
Senior secured term loans	232,800		232,800
New First Lien Loan \| Credit Facility
Debt Instrument [Line Items]
Senior secured term loans	160,000		160,000
New First Lien Loan \| Insurance Or Condemnation Proceeds
Debt Instrument [Line Items]
Debt instrument, required prepayment on insurance or condemnation proceeds in excess of	$ 10,000
New First Lien Loan \| Fiscal Year 2025 Scenarios
Debt Instrument [Line Items]
Debt instrument, prepayment (in percent)	75.00%
Debt instrument, required prepayment resulting in cash on hand of no less than	$ 30,000
New First Lien Loan \| Maturity Date Two
Debt Instrument [Line Items]
Senior secured term loans	158,100		158,100
New First Lien Loan \| Maturity Date One
Debt Instrument [Line Items]
Senior secured term loans	1,400		1,400
New First Lien Loan \| Line of Credit
Debt Instrument [Line Items]
Senior secured term loans	$ 160,000		$ 160,000
New First Lien Loan \| Line of Credit \| Secured Debt \| Base Rate
Debt Instrument [Line Items]
Interest rate margin (in percent)	5.50%
New First Lien Loan \| Line of Credit \| Secured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (in percent)						10.90%
New First Lien Loan \| Line of Credit \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| Variable Rate Component One, Paid In Cash
Debt Instrument [Line Items]
Interest rate margin (in percent)			5.00%					5.00%
New First Lien Loan \| Line of Credit \| Secured Debt \| Payment in Kind (PIK) Note
Debt Instrument [Line Items]
Interest rate margin (in percent)								3.75%
New First Lien Loan \| Line of Credit \| Proceeds Of Debt Not Permitted By Agreement
Debt Instrument [Line Items]
Debt instrument, prepayment (in percent)	100.00%
New First Lien Loan \| Line of Credit \| Proceeds From Exercise Of Warrants
Debt Instrument [Line Items]
Debt instrument, prepayment (in percent)	95.00%
New First Lien Loan \| Line of Credit \| Proceeds Of Asset Sales
Debt Instrument [Line Items]
Debt instrument, prepayment (in percent)	100.00%
Debt instrument, required prepayment subject to customary reinvestment rights	$ 3,000
New First Lien Loan \| Line of Credit \| Insurance Or Condemnation Proceeds
Debt Instrument [Line Items]
Debt instrument, prepayment (in percent)	100.00%
New First Lien Loan \| Senior Notes \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate margin (in percent)	6.50%					10.90%
New First Lien Loan \| Senior Notes \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate, Floor
Debt Instrument [Line Items]
Interest rate margin (in percent)	3.50%

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Income tax provision
Income tax (provision) benefit	$ (660)		$ (809)	$ 15,069	$ (2,237)
Net refund received		$ 1,300
Unrecognized tax benefits reserve reversal, accrued interest		9,000
Unrecognized tax benefits that would impact effective tax rate	3,500			3,500		$ 19,200
Accrued interest and penalties related to unrecognized tax benefits	$ 1,100		$ 9,100	$ 1,100	$ 9,100
Ministry of Finance, India
Income tax provision
Unrecognized tax benefits reserve reversal		$ 9,600

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

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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-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Subparagraph (ee)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Subparagraph (a)
-SubTopic 20
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COST OF REVENUE - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
COST OF REVENUE - Narrative (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Related Party Transaction [Line Items]
Cost of revenue	$ 2,171,000	$ 2,321,000	$ 7,067,000	$ 7,081,000
Accounts payable	32,030,000		32,030,000		$ 33,512,000
Aldridge Pite \| Related Party
Related Party Transaction [Line Items]
Cost of revenue	300,000	$ 300,000	800,000	$ 700,000
Accounts payable	$ 0		$ 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.

+ References

+ Details

LONG-TERM DEBT - Schedule of Carrying Value of New Facility (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Feb. 19, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Senior secured term loans	$ 171,888		$ 232,800
Premium	$ 23,391		$ 0
Senior Secured Term Loans
Debt Instrument [Line Items]
Senior secured term loans		$ 232,800
Unamortized debt issuance costs and discount immediately before the Debt Exchange Transaction		(1,296)
Less: fair value of equity issued to the SSTL lenders		(45,370)
Less: fees paid to third parties on behalf of the SSTL lenders		(1,145)
Carrying value of the New Facility		184,989
New First Lien Loan \| Credit Facility
Debt Instrument [Line Items]
Senior secured term loans		160,000
Carrying value of the New Facility		184,989
Premium		26,285
Unamortized debt issuance costs and discount		$ (1,296)

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Millions			3 Months Ended		9 Months Ended
	May 28, 2025 shares	May 16, 2023 $ / shares shares	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) component $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	May 27, 2025 shares	Feb. 19, 2025 shares	Feb. 18, 2025 $ / shares shares	Feb. 17, 2025 $ / shares shares	Dec. 31, 2024 $ / shares shares
Equity And Share-Based Compensation
Common stock, shares authorized (in shares)			250,000,000		250,000,000				250,000,000	100,000,000	250,000,000
Common stock, par value (in usd per share) \| $ / shares			$ 0.01		$ 0.01				$ 0.01	$ 1.00	$ 0.01
Common stock reserved for issuance (in shares)									2,000,000	1,500,000
Reverse stock split ratio	0.125
Common stock, shares issued (in shares)	11,016,220		11,019,000		11,019,000		88,129,766	7,300,000			3,745,000
Number of shares of common stock purchased (in shares)					0	0
Share-based compensation expense \| $			$ 1.3	$ 0.9	$ 3.1	$ 3.9
Estimated unrecognized compensation costs \| $			$ 4.4		$ 4.4
Weighted average remaining requisite service period for stock options over which unrecognized compensation costs would be recognized					1 year 5 months 1 day
Outstanding (in shares)			42,193		42,193						85,008
Granted (in shares)					0	0
Stock Options, Service-Based
Equity And Share-Based Compensation
Outstanding (in shares)			5,000		5,000
Stock Options, Market-Based
Equity And Share-Based Compensation
Outstanding (in shares)			3,000		3,000
Number of components of an award \| component					2
Allowable performance period before expiration date					3 years
Stock Options, Market-Based, Ordinary Performance
Equity And Share-Based Compensation
Percentage of awards (in percent)			67.00%		67.00%
Vesting threshold			2		2
Stock Options, Market-Based, Extraordinary Performance
Equity And Share-Based Compensation
Percentage of awards (in percent)			33.00%		33.00%
Vesting threshold			3		3
Stock Options, Performance-Based
Equity And Share-Based Compensation
Outstanding (in shares)			34,000		34,000
Stock Options, Performance-Based \| Share-based Payment Arrangement, Tranche One
Equity And Share-Based Compensation
Vesting (in percent)					25.00%
Stock Options, Performance-Based \| Share-based Payment Arrangement, Tranche Two
Equity And Share-Based Compensation
Vesting (in percent)					25.00%
Stock Options, Performance-Based \| Share-based Payment Arrangement, Tranche Three
Equity And Share-Based Compensation
Vesting (in percent)					25.00%
Stock Options, Performance-Based \| Share-based Payment Arrangement, Tranche Four
Equity And Share-Based Compensation
Vesting (in percent)					25.00%
Restricted Stock and Restricted Stock Units, Service-Based
Equity And Share-Based Compensation
Restricted shares and restricted share units outstanding (in shares)			973,000		973,000
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based
Equity And Share-Based Compensation
Restricted shares and restricted share units outstanding (in shares)			29,000		29,000
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based \| Share-based Payment Arrangement, Tranche One
Equity And Share-Based Compensation
Vesting (in percent)					33.00%
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based \| Share-based Payment Arrangement, Tranche Two
Equity And Share-Based Compensation
Vesting (in percent)					33.00%
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based \| Share-based Payment Arrangement, Tranche Three
Equity And Share-Based Compensation
Vesting (in percent)					33.00%
Restricted Stock and Restricted Stock Units (RSUs), Performance-Based and Market-Based
Equity And Share-Based Compensation
Restricted shares and restricted share units outstanding (in shares)			29,000		29,000
Restricted Stock Units (RSUs)
Equity And Share-Based Compensation
Restricted share units granted (in shares)					1,000,000.0	205,000
Restricted share units granted, weighted average grant date fair value (in usd per share) \| $ / shares					$ 7.62	$ 19.65
Restricted Stock Units (RSUs), Senior Management-Based
Equity And Share-Based Compensation
Restricted share units granted (in shares)					600,000
Restricted Stock Units (RSUs), Performance-Based
Equity And Share-Based Compensation
Restricted share units granted (in shares)					12,000	11,000
Restricted Stock Units (RSUs), Performance-Based and Market-Based
Equity And Share-Based Compensation
Restricted share units granted (in shares)					12,000	11,000
Minimum \| Stock Options, Service-Based
Equity And Share-Based Compensation
Vesting period					3 years
Expiration term					10 years
Minimum \| Stock Options, Market-Based
Equity And Share-Based Compensation
Vesting period					3 years
Expiration term					10 years
Minimum \| Stock Options, Market-Based, Ordinary Performance
Equity And Share-Based Compensation
Compounded annual gain of stock price over exercise price required for the award to vest (in percent)					20.00%
Minimum \| Stock Options, Market-Based, Extraordinary Performance
Equity And Share-Based Compensation
Compounded annual gain of stock price over exercise price required for the award to vest (in percent)					25.00%
Minimum \| Stock Options, Performance-Based
Equity And Share-Based Compensation
Allowable performance period before expiration date					10 years
Attainment above threshold performance levels, vesting (in percent)					50.00%
Minimum \| Restricted Stock and Restricted Stock Units, Service-Based
Equity And Share-Based Compensation
Vesting period					1 year
Maximum \| Stock Options, Service-Based
Equity And Share-Based Compensation
Vesting period					4 years
Maximum \| Stock Options, Market-Based
Equity And Share-Based Compensation
Vesting period					4 years
Maximum \| Stock Options, Performance-Based
Equity And Share-Based Compensation
Attainment above threshold performance levels, vesting (in percent)					200.00%
Maximum \| Restricted Stock and Restricted Stock Units, Service-Based
Equity And Share-Based Compensation
Vesting period					4 years
Maximum \| Restricted Stock and Restricted Stock Units (RSUs), Performance-Based
Equity And Share-Based Compensation
Attainment above threshold performance levels, vesting (in percent)					150.00%
Maximum \| Restricted Stock and Restricted Stock Units (RSUs), Performance-Based and Market-Based
Equity And Share-Based Compensation
Attainment above threshold performance levels, vesting (in percent)					300.00%
Share Repurchase Program, Current
Equity And Share-Based Compensation
Number of shares of common stock authorized to be purchased (in shares)		400,000
Outstanding shares authorized to be repurchased (in percent)		15.00%
Minimum purchase price authorized (in usd per share) \| $ / shares		$ 8.00
Maximum purchase price authorized (in usd per share) \| $ / shares		$ 200.00
Remaining number of shares available for repurchase under the plan (in shares)			400,000		400,000
Share Repurchase Programs
Equity And Share-Based Compensation
Number of shares of common stock purchased (in shares)					204

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9 Months Ended

Sep. 30, 2025

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, 2025		December 31, 2024

Accounts payable	$	12,756	$	17,887
Accrued expenses - general	10,408		9,591
Accrued salaries and benefits	6,799		5,022
Income taxes payable	2,067		1,012

Total	$	32,030	$	33,512

Other current liabilities consist of the following:


(in thousands)	September 30, 2025		December 31, 2024

Operating lease liabilities	$	1,131	$	1,495
Revolving loan agreement	1,000		992
Other	769		751

Total	$	2,900	$	3,238

Revolving Loan Agreement

On June 3, 2024, in connection with the Company’s Property Renovation Services business, Altisource Solutions, Inc., an indirect subsidiary of Altisource Portfolio Solutions S.A, entered into a revolving loan agreement with a then 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 was June 3, 2025 and can 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. During the second quarter of 2025, the Revolving Loan Agreement maturity date was extended to June 3, 2026.

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 pays 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, 2025 and December 31, 2024, there was $1.0 million of outstanding debt under the Revolving Loan Agreement which is included in other current liabilities in the accompanying consolidated balance sheet.

SEGMENT REPORTING - Narrative (Details)	9 Months Ended
SEGMENT REPORTING - Narrative (Details)	Sep. 30, 2025 segment
Segment Reporting [Abstract]
Number of reporting segments	2

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025								December 31, 2024
(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	$	28,598	$	28,598	$	—	$	—	$	29,811	$	29,811	$	—	$	—
Restricted cash	3,880		3,880		—		—		2,889		2,889		—		—



Liabilities:
Senior secured term loan	182,841		—		130,731		—		232,800		—		128,040		—
Super senior term loan	12,438		—		—		12,438		—		—		—		—
Revolving loan agreement	1,000		—		—		1,000		1,000		—		—		1,000

INCOME TAXES - Schedule of Income Tax Provision (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Current:
Total current income tax (expense) provision	$ (639)	$ (751)	$ 15,160	$ (2,161)
Deferred:
Domestic	(21)	(58)	(91)	(76)
Total deferred income tax (expense) provision	(21)	(58)	(91)	(76)
Income tax (provision) benefit	(660)	(809)	15,069	(2,237)
Foreign - U.S. federal
Current:
Foreign	(138)	51	(660)	(53)
Foreign - U.S. state
Current:
Foreign	(25)	196	(97)	164
Deferred:
Foreign	0	0	0	0
Foreign - non-U.S.
Current:
Foreign	(476)	(998)	15,917	(2,272)
Deferred:
Foreign	$ 0	$ 0	$ 0	$ 0

SEGMENT REPORTING

9 Months Ended

Sep. 30, 2025

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.

Income (loss) before income taxes and non-controlling interests is the measure of segment profit and loss that is determined in accordance with the measurement principles used in measuring the corresponding amounts in the consolidated financial statements and used by the chief operating decision maker to evaluate segment results.

Financial Information

Financial information for our segments is as follows:


	Three months ended September 30, 2025
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	33,242	$	8,666	$	—	$	41,908
Cost of revenue	21,977		6,984		1,600		30,561
Gross profit (loss)	11,265		1,682		(1,600)		11,347
Selling, general and administrative expenses	2,344		2,040		6,442		10,826
Income (loss) from operations	8,921		(358)		(8,042)		521

Other income (expense), net:
Interest income (expense)	(30)		—		(2,338)		(2,368)
Debt amendment costs	—		—		(194)		(194)
Other, net1	83		—		293		376
Total other income (expense), net	53		—		(2,239)		(2,186)

Income (loss) before income taxes and non-controlling interests	$	8,974	$	(358)	$	(10,281)	$	(1,665)

____________________________________________________

1.Corporate and Others other income primarily include other non-operating gains and losses.


	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

Other income (expense), net:
Interest income (expense)	(12)		—		(9,948)		(9,960)
Other, net1	74		—		288		362
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)

____________________________________________________

1.Corporate and Others other income primarily include other non-operating gains and losses.


	Nine months ended September 30, 2025
(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Consolidated Altisource

Revenue	$	102,597	$	26,038	$	—	$	128,635
Cost of revenue	65,724		20,453		4,759		90,936
Gross profit (loss)	36,873		5,585		(4,759)		37,699
Selling, general and administrative expenses	5,707		5,463		19,532		30,702
Income (loss) from operations	31,166		122		(24,291)		6,997

Other income (expense), net:
Interest income (expense)	(97)		—		(9,824)		(9,921)
Debt amendment costs	—		—		(3,646)		(3,646)
Other, net1	105		—		458		563
Total other income (expense), net	8		—		(13,012)		(13,004)

Income (loss) before income taxes and non-controlling interests	$	31,174	$	122	$	(37,303)	$	(6,007)

____________________________________________________

1.Corporate and Others other income primarily include other non-operating gains and losses.


	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

Other income (expense), net:
Interest income (expense)	(13)		—		(29,264)		(29,277)
Other, net1	74		—		2,069		2,143
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)

_________________________________________________

1.Corporate and Others other income primarily include other non-operating gains and losses.

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, 2025	$	58,652	$	46,280	$	34,978	$	139,910
December 31, 2024	58,000		47,251		38,355		143,606

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

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

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Right-of-Use Assets Under Operating Leases, Net

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


(in thousands)	September 30, 2025		December 31, 2024

Right-of-use assets under operating leases	$	6,136	$	6,177
Less: Accumulated amortization	(4,848)		(3,934)

Total	$	1,288	$	2,243

WARRANTS - Schedule of Fair Value of the Stakeholder Warrants (Details)	Mar. 31, 2025
Cash Exercise Stakeholder Warrants \| Risk-free interest rate (%)
Warrant Liability [Line Items]
Warrants and rights outstanding, measurement input	0.0429
Cash Exercise Stakeholder Warrants \| Expected stock price volatility (%)
Warrant Liability [Line Items]
Warrants and rights outstanding, measurement input	0.5750
Cash Exercise Stakeholder Warrants \| Expected dividend yield
Warrant Liability [Line Items]
Warrants and rights outstanding, measurement input	0.0000
Cash Exercise Stakeholder Warrants \| Expected option life (in years)
Warrant Liability [Line Items]
Warrants and rights outstanding, measurement input	4.12
Cash Exercise Stakeholder Warrants \| Fair value per Stakeholder Warrant
Warrant Liability [Line Items]
Warrants and rights outstanding, measurement input	0.47
Net Settle Stakeholder Warrants \| Risk-free interest rate (%)
Warrant Liability [Line Items]
Warrants and rights outstanding, measurement input	0.0442
Net Settle Stakeholder Warrants \| Expected stock price volatility (%)
Warrant Liability [Line Items]
Warrants and rights outstanding, measurement input	0.5750
Net Settle Stakeholder Warrants \| Expected dividend yield
Warrant Liability [Line Items]
Warrants and rights outstanding, measurement input	0.0000
Net Settle Stakeholder Warrants \| Expected option life (in years)
Warrant Liability [Line Items]
Warrants and rights outstanding, measurement input	7.19
Net Settle Stakeholder Warrants \| Fair value per Stakeholder Warrant
Warrant Liability [Line Items]
Warrants and rights outstanding, measurement input	0.68

CUSTOMER CONCENTRATION (Tables)

9 Months Ended

Sep. 30, 2025

Risks and Uncertainties [Abstract]

Schedule of Revenue from Onity

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


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024

Servicer and Real Estate	53	%	54	%	54	%	55	%
Origination	—	%	—	%	—	%	—	%
Corporate and Others	—	%	—	%	—	%	—	%
Consolidated revenue	42	%	43	%	43	%	44	%

OTHER ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Restricted cash	$ 2,858	$ 2,866
Surety bond collateral	0	2,000
Security deposits	337	332
Other	1,576	1,306
Total	$ 4,771	$ 6,504

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Schedule of Lease Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Lessee, Lease, Description [Line Items]
Cash used in operating activities for amounts included in the measurement of lease liabilities	$ 418	$ 430	$ 1,237	$ 1,396
Short-term (twelve months or less) lease costs	23	12	71	33
Selling, general and administrative expense
Lessee, Lease, Description [Line Items]
Operating lease costs:	$ 400	$ 407	$ 1,194	$ 1,350

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Schedule of Lease Term and Assumption (Details)	Sep. 30, 2025	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term (in years)	1 year 4 months 28 days	2 years 25 days
Weighted average discount rate	8.17%	7.77%

EARNINGS (LOSS) PER SHARE - Schedule of Basic and Diluted (Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share [Abstract]
Net (loss) income attributable to Altisource	$ (2,396)	$ (9,362)	$ 8,842	$ (26,867)
Net (loss) income attributable to Altisource	$ (2,396)	$ (9,362)	$ 8,842	$ (26,867)
Weighted average common shares outstanding, basic (in shares)	10,988	3,584	9,755	3,559
Weighted average common shares outstanding, diluted (in shares)	10,988	3,584	10,890	3,559
(Loss) earnings per share:
Basic (in usd per share)	$ (0.22)	$ (2.61)	$ 0.91	$ (7.55)
Diluted (in usd per share)	$ (0.22)	$ (2.61)	$ 0.81	$ (7.55)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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+ Details

- Definition

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

+ References

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+ Details

- Definition

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

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Goodwill by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Intangible Assets, Net
Total	$ 55,960	$ 55,960
Operating Segments \| Servicer and Real Estate
Intangible Assets, Net
Total	30,681	30,681
Operating Segments \| Origination
Intangible Assets, Net
Total	25,279	25,279
Corporate and Others
Intangible Assets, Net
Total	$ 0	$ 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.

+ 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.

+ References

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+ Details

INCOME TAXES - Schedule of Income Tax Statutory Rate (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Reconciliation of Income Tax Provision to the Luxembourg income tax rate
Statutory tax rate	24.94%	24.94%	24.94%	24.94%
Change in valuation allowance	(67.29%)	(23.68%)	(49.07%)	(26.46%)
State tax expense	(1.52%)	0.82%	(1.06%)	0.38%
Uncertain tax positions	(13.63%)	(7.25%)	275.29%	(5.39%)
Tax rate differences on foreign earnings	2.89%	(1.13%)	2.27%	(0.47%)
Tax exempt income	0.00%	0.00%	0.00%	0.21%
Other	14.94%	(3.23%)	(1.50%)	(2.34%)
Effective tax rate	(39.67%)	(9.53%)	250.87%	(9.13%)

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Term and Assumption

Information about our lease terms and our discount rate assumption were as follows as of September 30:



	2025		2024

Weighted average remaining lease term (in years)	1.41		2.07
Weighted average discount rate	8.17	%	7.77	%

Schedule of Lease Activity

Our lease activity during the periods was as follows:



	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2025		2024		2025		2024

Operating lease costs:
Selling, general and administrative expense	$	400	$	407	$	1,194	$	1,350


Cash used in operating activities for amounts included in the measurement of lease liabilities	$	418	$	430	$	1,237	$	1,396
Short-term (twelve months or less) lease costs	23		12		71		33

Schedule of Maturities of Lease Liabilities

Maturities of our lease liabilities as of September 30, 2025 are as follows:


(in thousands)	Operating lease obligations

2025	$	392
2026	805
2027	109
2028	104
2029	52


Total lease payments	1,462
Less: interest	(129)

Present value of lease liabilities	$	1,333

OTHER NON-CURRENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2025

Other Liabilities Disclosure [Abstract]

Schedule of Other Non-Current Liabilities

Other non-current liabilities consist of the following:


(in thousands)	September 30, 2025		December 31, 2024

Income tax liabilities	$	3,021	$	19,068
Operating lease liabilities	202		831
Deferred revenue	51		—
Other non-current liabilities	64		117

Total	$	3,338	$	20,016

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

9 Months Ended

Sep. 30, 2025

Selling, General and Administrative Expense [Abstract]

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Selling, general and administrative expenses includes 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)	2025		2024		2025		2024

Compensation and benefits	$	5,206	$	4,413	$	15,111	$	14,765
Professional services	1,581		2,547		4,009		7,160
Amortization of intangible assets	1,270		1,270		3,810		3,810
Occupancy related costs	875		801		2,541		2,776
Marketing costs	593		489		1,719		1,536
Depreciation and amortization	8		99		132		315
Other	1,293		1,346		3,380		4,089

Total	$	10,826	$	10,965	$	30,702	$	34,451

RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Amortization of operating leases	$ 400	$ 400	$ 914	$ 1,190

REVENUE - Schedule of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Revenue	$ 41,908	$ 40,531	$ 128,635	$ 119,121
Service revenue
Disaggregation of Revenue [Line Items]
Revenue	39,666	38,150	121,348	111,904
Reimbursable expenses
Disaggregation of Revenue [Line Items]
Revenue	2,171	2,321	7,067	7,081
Non-controlling interests
Disaggregation of Revenue [Line Items]
Revenue	$ 71	$ 60	$ 220	$ 136

- 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.

ACCOUNTS RECEIVABLE, NET

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consists of the following:


(in thousands)	September 30, 2025		December 31, 2024

Billed	$	12,164	$	12,169
Unbilled	7,662		6,005
	19,826		18,174
Less: Allowance for credit losses	(2,407)		(3,124)

Total	$	17,419	$	15,050

Billed accounts receivable includes receivables from certain real estate asset management services, REO and foreclosure sales, and title and closing services, for which we generally recognize revenue when the service is provided but collect upon closing of the sale. Unbilled accounts receivable also includes receivables from foreclosure trustee services and 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. As of January 1, 2025, gross accounts receivable totaled $18.2 million, $12.2 million of which was billed and $6.0 million of which was unbilled, less allowance for credit losses of $3.1 million, resulting in net accounts receivable of $15.1 million. As of January 1, 2024, gross accounts receivable totaled $14.8 million, $11.2 million of which was billed and $3.6 million of which was unbilled, less allowance for credit losses of $3.1 million, resulting in net accounts receivable of $11.7 million.

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) / Subtractions
(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, 2025	$	2,575	$	163	$	(331)	$	2,407
Three months ended September 30, 2024	3,421		226		(161)		3,486

Nine months ended September 30, 2025	$	3,124	$	125	$	(842)	$	2,407
Nine months ended September 30, 2024	3,123		776		(413)		3,486

______________________________________

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

INCOME TAXES

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

We recognized an income tax benefit (provision) of $15.1 million and $(2.2) million for the nine months ended September 30, 2025 and 2024, respectively ($0.7 million and $(0.8) million for the third quarter of 2025 and 2024, respectively). The income tax benefit for the nine months ended September 30, 2025 was driven primarily by the reversal of liabilities for uncertain tax positions. The income tax (provision) benefit for the three and nine months ended September 30, 2025 was also driven by income tax expense on transfer pricing income from India and the United States and no tax benefit on the pretax loss from our Luxembourg operating company.

The income tax (provision) benefit consists of the following:


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024

Current:
Foreign - U.S. federal	$	(138)	$	51	$	(660)	$	(53)
Foreign - U.S. state	(25)		196		(97)		164
Foreign - non-U.S.	(476)		(998)		15,917		(2,272)

	$	(639)	$	(751)	$	15,160	$	(2,161)
Deferred:
Domestic	$	(21)	$	(58)	$	(91)	$	(76)
Foreign - U.S. state	—		—		—		—
Foreign - non-U.S.	—		—		—		—

	$	(21)	$	(58)	$	(91)	$	(76)

Income tax (provision) benefit	$	(660)	$	(809)	$	15,069	$	(2,237)

Uncertain Tax Positions

The Company follows ASC Topic 740 Income Taxes, which clarifies the accounting and disclosure for uncertainty in tax positions. We analyzed our tax filing positions in the domestic and foreign tax jurisdictions where we are required to file income tax returns as well as for all open tax years subject to audit in these jurisdictions. The Company has open tax years in the United States (2017 through 2023), India (2011 through 2024) and Luxembourg (2017 through 2023).

During the second quarter of 2025, Management concluded that certain of its India tax positions for several years were more likely than not to be sustained based on second quarter developments (including, among other reasons, a net refund received of $1.3 million). As a result, the Company recognized a $9.6 million reversal of its reserve for uncertain tax positions related to India and a $9.0 million reversal of related accrued interest.

The effective tax rate differs from the Luxembourg statutory tax rate due to tax rate differences on foreign earnings, increases in uncertain tax positions, state taxes, a decrease in unrecognized tax benefits, tax exempt income primarily from the sale of Pointillist and a valuation allowance against deferred tax assets the Company believes it is more likely than not will not be realized.

The following table summarizes changes in unrecognized tax benefits:


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024

Amount of unrecognized tax benefit as of the beginning of the period	$	2,108	$	10,183	$	10,240	$	9,208
Decreases as a result of tax positions taken in a prior period	—		(193)		(8,012)		—
Increases as a result of tax positions taken in a prior period	431		260		—		767
Decreases as a result of tax positions taken in the current period	(135)		—		—		—
Increases as a result of tax positions taken in the current period	—		54		176		329

Amount of unrecognized tax benefit as of the end of the period	$	2,404	$	10,304	$	2,404	$	10,304

The following table reconciles the Luxembourg statutory tax rate to our effective tax rate:


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024

Statutory tax rate	24.94	%	24.94	%	24.94	%	24.94	%
Change in valuation allowance	(67.29)		(23.68)		(49.07)		(26.46)
State tax expense	(1.52)		0.82		(1.06)		0.38
Uncertain tax positions	(13.63)		(7.25)		275.29		(5.39)

Tax rate differences on foreign earnings	2.89		(1.13)		2.27		(0.47)
Tax exempt income	—		—		—		0.21


Other	14.94		(3.23)		(1.50)		(2.34)

Effective tax rate	(39.67)	%	(9.53)	%	250.87	%	(9.13)	%

The total amount of unrecognized tax benefits including interest and penalties that, if recognized, would affect the effective tax rate is $3.5 million and $19.2 million as of September 30, 2025 and December 31, 2024, respectively. The Company recognizes interest, if any, related to unrecognized tax benefits as a component of income tax expense. As of September 30, 2025 and 2024, the Company had recorded accrued interest and penalties related to unrecognized tax benefits of $1.1 million and $9.1 million, respectively.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accounts payable	$ 12,756	$ 17,887
Accrued expenses - general	10,408	9,591
Accrued salaries and benefits	6,799	5,022
Income taxes payable	2,067	1,012
Total	$ 32,030	$ 33,512

LONG-TERM DEBT - Super Senior Credit Facility (Details) $ in Thousands		1 Months Ended	9 Months Ended
	Feb. 19, 2025 USD ($)	Apr. 30, 2018 USD ($)	Sep. 30, 2025
Senior Notes
Debt Instrument [Line Items]
Percentage of consolidated excess cash flow requiring mandatory prepayments (in percent)	0.75
Super senior term loan
Debt Instrument [Line Items]
Minimum required cash on hand after prepayment	$ 30,000
Super senior term loan \| Proceeds Of Debt Not Permitted By Agreement
Debt Instrument [Line Items]
Debt instrument, prepayment (in percent)	100.00%
Super senior term loan \| Proceeds From Exercise Of Warrants
Debt Instrument [Line Items]
Debt instrument, prepayment (in percent)	95.00%
Super senior term loan \| Proceeds Of Asset Sales
Debt Instrument [Line Items]
Debt instrument, prepayment (in percent)	100.00%
Debt instrument, required prepayment subject to customary reinvestment rights	$ 3,000
Super senior term loan \| Insurance Or Condemnation Proceeds
Debt Instrument [Line Items]
Debt instrument, prepayment (in percent)	100.00%
Super senior term loan \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 12,500
Discount rate (in percent)	0.100
Super senior term loan \| Senior Notes \| Maximum
Debt Instrument [Line Items]
Amount of principal or interest if failed to pay considered as event of default		$ 10,000
Amount of debt which results in acceleration of debt if failed to pay considered as event of default		10,000
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		$ 15,000
Super senior term loan \| Senior Notes \| Credit Facility
Debt Instrument [Line Items]
Payment due date default period		5 days
New First Lien Loan \| Insurance Or Condemnation Proceeds
Debt Instrument [Line Items]
Debt instrument, required prepayment on insurance or condemnation proceeds in excess of	$ 10,000
New First Lien Loan \| Fiscal Year 2025 Scenarios
Debt Instrument [Line Items]
Debt instrument, prepayment (in percent)	75.00%
Debt instrument, required prepayment resulting in cash on hand of no less than	$ 30,000
New First Lien Loan \| Senior Notes \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate margin (in percent)	6.50%		10.90%
New First Lien Loan \| Senior Notes \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate, Floor
Debt Instrument [Line Items]
Interest rate margin (in percent)	3.50%
New First Lien Loan \| Line of Credit \| Proceeds Of Debt Not Permitted By Agreement
Debt Instrument [Line Items]
Debt instrument, prepayment (in percent)	100.00%
New First Lien Loan \| Line of Credit \| Proceeds From Exercise Of Warrants
Debt Instrument [Line Items]
Debt instrument, prepayment (in percent)	95.00%
New First Lien Loan \| Line of Credit \| Proceeds Of Asset Sales
Debt Instrument [Line Items]
Debt instrument, prepayment (in percent)	100.00%
Debt instrument, required prepayment subject to customary reinvestment rights	$ 3,000
New First Lien Loan \| Line of Credit \| Insurance Or Condemnation Proceeds
Debt Instrument [Line Items]
Debt instrument, prepayment (in percent)	100.00%
New First Lien Loan \| Line of Credit \| Base Rate \| Secured Debt
Debt Instrument [Line Items]
Interest rate margin (in percent)	5.50%

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Schedule of Fair Value Measurements, Recurring and Nonrecurring (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024
Assets:
Cash and cash equivalents	$ 28,598	$ 29,811	$ 28,339
Restricted cash	3,880		$ 2,887
Liabilities:
Super senior term loan	171,888	232,800
Super senior term loan
Liabilities:
Super senior term loan		0
Reported Value Measurement
Assets:
Restricted cash	3,880	2,889
Liabilities:
Senior secured term loan	182,841	232,800
Revolving loan agreement	1,000	1,000
Reported Value Measurement \| Super senior term loan
Liabilities:
Super senior term loan	12,438	0
Level 1 \| Fair Value, Measurements, Recurring
Assets:
Cash and cash equivalents	28,598	29,811
Restricted cash	3,880	2,889
Liabilities:
Senior secured term loan	0	0
Revolving loan agreement	0	0
Level 1 \| Fair Value, Measurements, Recurring \| Super senior term loan
Liabilities:
Senior secured term loan	0	0
Level 2 \| Fair Value, Measurements, Recurring
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Liabilities:
Senior secured term loan	130,731	128,040
Revolving loan agreement	0	0
Level 2 \| Fair Value, Measurements, Recurring \| Super senior term loan
Liabilities:
Senior secured term loan	0	0
Level 3 \| Fair Value, Measurements, Recurring
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Liabilities:
Senior secured term loan	0	0
Revolving loan agreement	1,000	1,000
Level 3 \| Fair Value, Measurements, Recurring \| Super senior term loan
Liabilities:
Senior secured term loan	$ 12,438	$ 0