Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 05, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36063 | |
Entity Registrant Name | Altisource Asset Management Corporation | |
Entity Incorporation, State or Country Code | VI | |
Entity Tax Identification Number | 66-0783125 | |
Entity Address, Address Line One | 5100 Tamarind Reef | |
Entity Address, City or Town | Christiansted | |
Entity Address, Country | VI | |
Entity Address, Postal Zip Code | 00820 | |
City Area Code | 704 | |
Local Phone Number | 275-9113 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | AAMC | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,055,561 | |
Entity Central Index Key | 0001555074 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 84,544 | $ 41,623 |
Receivable from Front Yard | 0 | 3,414 |
Prepaid expenses and other assets | 2,883 | 3,328 |
Current assets held for sale | 0 | 894 |
Total current assets | 87,427 | 96,614 |
Non-current assets: | ||
Right-of-use lease assets | 860 | 656 |
Other non-current assets | 476 | 503 |
Non-current assets held for sale | 0 | 1,979 |
Total non-current assets | 1,336 | 3,138 |
Total assets | 88,763 | 99,752 |
Current liabilities: | ||
Accrued salaries and employee benefits | 467 | 2,539 |
Accounts payable and accrued liabilities | 2,879 | 9,152 |
Short-term lease liabilities | 133 | 75 |
Current liabilities held for sale | 0 | 1,338 |
Total current liabilities | 3,479 | 13,104 |
Non-current liabilities: | ||
Long-term lease liabilities | 757 | 600 |
Other non-current liabilities | 2,697 | 1,027 |
Non-current liabilities held for sale | 0 | 1,599 |
Total non-current liabilities | 3,454 | 3,226 |
Total liabilities | 6,933 | 16,330 |
Commitments and contingencies (Note 6) | 0 | 0 |
Redeemable preferred stock: | ||
Preferred stock, $0.01 par value, 250,000 and 250,000 shares issued as September 30, 2021 and December 31, 2020, respectively. 150,000 shares outstanding and $150,000 redemption value as of September 30, 2021 and 250,000 shares outstanding and $250,000 redemption value as of December 31, 2020. | 150,000 | 250,000 |
Stockholders' deficit: | ||
Common stock, $0.01 par value, 5,000,000 authorized shares; 3,416,541 and 2,055,561 shares issued and outstanding, respectively, as of September 30, 2021 and 2,966,207 and 1,650,212 shares issued and outstanding, respectively, as of December 31, 2020 | 34 | 30 |
Additional paid-in capital | 143,490 | 46,574 |
Retained earnings | 65,841 | 63,426 |
Accumulated other comprehensive loss | 54 | (65) |
Treasury stock, at cost, 1,360,980 shares as of September 30, 2021 and 1,315,995 shares as of December 31, 2020 | (277,589) | (276,543) |
Total stockholders' deficit | (68,170) | (166,578) |
Total liabilities and equity | 88,763 | 99,752 |
Common Stock | ||
Current assets: | ||
Equity securities, at fair value | $ 0 | $ 47,355 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares issued (in shares) | 250,000 | 250,000 |
Preferred stock, shares outstanding (in shares) | 150,000 | 250,000 |
Preferred stock, redemption value | $ 150,000 | $ 250,000,000 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, shares issued (in shares) | 3,416,541 | 2,966,207 |
Common stock, shares outstanding (in shares) | 2,055,561 | 1,650,212 |
Treasury stock, shares (in shares) | 1,360,980 | 1,315,995 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Expenses: | ||||
Salaries and employee benefits | $ 878 | $ 1,668 | $ 4,078 | $ 8,081 |
Legal and professional fees | 3,725 | 1,455 | 8,265 | 4,681 |
General and administrative | 585 | 559 | 1,949 | 1,709 |
Total expenses | 5,188 | 3,682 | 14,292 | 14,471 |
Other income (loss): | ||||
Change in fair value of Front Yard common stock | 0 | 65 | 146 | (5,848) |
Dividend income on Front Yard common stock | 0 | 0 | 0 | 244 |
Dividend income | 20 | 0 | 3,061 | 0 |
Gain on sale of equity securities | 8,347 | 0 | ||
Interest expense | 0 | 0 | (60) | 0 |
Other income | 8 | 5 | 147 | 29 |
Total other income (loss) | (1,295) | 70 | 11,641 | (5,575) |
Net income (loss) from continuing operations before income taxes | (6,483) | (3,612) | (2,651) | (20,046) |
Income tax (benefit) expense | (786) | (523) | 1,175 | (1,091) |
Net income (loss) from continuing operations | (5,697) | (3,089) | (3,826) | (18,955) |
Discontinued operations: | ||||
Income from operations related to Front Yard, net of tax | 0 | 14,843 | 0 | 19,117 |
Gain on disposal of operations related to Front Yard | 0 | 0 | 7,485 | 0 |
Income tax expense related to disposal | 0 | 0 | 1,272 | 0 |
Net gain on discontinued operations | 0 | 14,843 | 6,213 | 19,117 |
Net income (loss) | (5,697) | 11,754 | 2,387 | 162 |
Amortization of preferred stock issuance costs | 0 | 0 | 0 | (42) |
Net income (loss) attributable to common stockholders | (5,697) | 11,754 | 2,387 | 120 |
Continuing operations earnings per share | ||||
Net income (loss) from continuing operations | (5,697) | (3,089) | (3,826) | (18,955) |
Reversal of amortization of preferred stock issuance costs | 0 | 0 | 0 | 42 |
Gain on preferred stock transaction | 16,101 | 0 | 87,984 | 0 |
Numerator for earnings per share from continuing operations | 10,404 | (3,089) | 84,158 | (18,913) |
Discontinued operations earnings per share | ||||
Net income from discontinued operations | $ 0 | $ 14,843 | $ 6,213 | $ 19,117 |
Earnings (loss) per share of common stock – basic: | ||||
Continuing operations – basic (usd per share) | $ 5.06 | $ (1.89) | $ 42.41 | $ (11.69) |
Discontinued operations – basic (usd per share) | 0 | 9.09 | 3.13 | 11.76 |
Earnings (loss) per basic common share (usd per share) | $ 5.06 | $ 7.20 | $ 45.54 | $ 0.07 |
Weighted average common stock outstanding – basic (in shares) | 2,055,561 | 1,632,117 | 1,984,294 | 1,625,727 |
Earnings (loss) per share of common stock – diluted: | ||||
Continuing operations – diluted (usd per share) | $ 4.76 | $ (1.89) | $ 39.06 | $ (11.69) |
Discontinued operations – diluted (usd per share) | 0 | 9.09 | 2.88 | 11.76 |
Earnings (loss) per diluted common share (usd per share) | $ 4.76 | $ 7.20 | $ 41.94 | $ 0.07 |
Weighted average common stock outstanding – diluted (in shares) | 2,187,585 | 1,632,117 | 2,154,597 | 1,625,727 |
Equity securities | ||||
Other income (loss): | ||||
Change in fair value of equity securities | $ (3,310) | $ 0 | $ 0 | $ 0 |
Gain on sale of equity securities | $ 1,987 | $ 0 | $ 8,347 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (5,697) | $ 11,754 | $ 2,387 | $ 162 |
Other comprehensive loss: | ||||
Currency translation adjustments, net | 0 | 42 | (6) | (51) |
Total other comprehensive loss: | 0 | 42 | (6) | (51) |
Comprehensive income (loss) | $ (5,697) | $ 11,796 | $ 2,381 | $ 111 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
Beginning balance (in shares) at Dec. 31, 2019 | 2,897,177 | |||||
Beginning balance at Dec. 31, 2019 | $ (207,928) | $ 29 | $ 44,646 | $ 23,662 | $ (33) | $ (276,232) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares) | 39,562 | |||||
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes | 4 | 4 | ||||
Shares withheld for taxes upon vesting of restricted stock | (196) | (196) | ||||
Amortization of preferred stock issuance costs | (42) | (42) | ||||
Share-based compensation | 477 | 477 | ||||
Currency translation adjustments, net | (89) | (89) | ||||
Net income (loss) | (3,757) | (3,757) | ||||
Ending balance (in shares) at Mar. 31, 2020 | 2,936,739 | |||||
Ending balance at Mar. 31, 2020 | (211,531) | $ 29 | 45,127 | 19,863 | (122) | (276,428) |
Beginning balance (in shares) at Dec. 31, 2019 | 2,897,177 | |||||
Beginning balance at Dec. 31, 2019 | (207,928) | $ 29 | 44,646 | 23,662 | (33) | (276,232) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Amortization of preferred stock issuance costs | (42) | |||||
Currency translation adjustments, net | (51) | |||||
Net income (loss) | 162 | |||||
Ending balance (in shares) at Sep. 30, 2020 | 2,942,597 | |||||
Ending balance at Sep. 30, 2020 | (206,836) | $ 29 | 45,865 | 23,782 | (84) | (276,428) |
Beginning balance (in shares) at Mar. 31, 2020 | 2,936,739 | |||||
Beginning balance at Mar. 31, 2020 | (211,531) | $ 29 | 45,127 | 19,863 | (122) | (276,428) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares) | 5,858 | |||||
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes | 10 | 10 | ||||
Share-based compensation | 393 | 393 | ||||
Currency translation adjustments, net | (4) | (4) | ||||
Net income (loss) | (7,835) | (7,835) | ||||
Ending balance (in shares) at Jun. 30, 2020 | 2,942,597 | |||||
Ending balance at Jun. 30, 2020 | (218,967) | $ 29 | 45,530 | 12,028 | (126) | (276,428) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Amortization of preferred stock issuance costs | 0 | |||||
Share-based compensation | 335 | 335 | ||||
Currency translation adjustments, net | 42 | 42 | ||||
Net income (loss) | 11,754 | 11,754 | ||||
Ending balance (in shares) at Sep. 30, 2020 | 2,942,597 | |||||
Ending balance at Sep. 30, 2020 | $ (206,836) | $ 29 | 45,865 | 23,782 | (84) | (276,428) |
Beginning balance (in shares) at Dec. 31, 2020 | 1,650,212 | 2,966,207 | ||||
Beginning balance at Dec. 31, 2020 | $ (166,578) | $ 30 | 46,574 | 63,426 | (65) | (276,543) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares) | 153,429 | |||||
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes | (800) | $ 2 | (2) | (800) | ||
Share-based compensation | 2,227 | 2,446 | (219) | |||
Currency translation adjustments, net | (2) | (2) | ||||
Acquisition and disposition of subsidiaries | 153 | 28 | 125 | |||
Preferred stock conversion (in shares) | 288,283 | |||||
Preferred stock conversion | 78,937 | $ 2 | 78,935 | |||
Net income (loss) | 5,856 | 5,856 | ||||
Ending balance (in shares) at Mar. 31, 2021 | 3,407,919 | |||||
Ending balance at Mar. 31, 2021 | $ (80,207) | $ 34 | 127,953 | 69,310 | 58 | (277,562) |
Beginning balance (in shares) at Dec. 31, 2020 | 1,650,212 | 2,966,207 | ||||
Beginning balance at Dec. 31, 2020 | $ (166,578) | $ 30 | 46,574 | 63,426 | (65) | (276,543) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Amortization of preferred stock issuance costs | 0 | |||||
Currency translation adjustments, net | (6) | |||||
Net income (loss) | $ 2,387 | |||||
Ending balance (in shares) at Sep. 30, 2021 | 2,055,561 | 3,416,541 | ||||
Ending balance at Sep. 30, 2021 | $ (68,170) | $ 34 | 143,490 | 65,841 | 54 | (277,589) |
Beginning balance (in shares) at Mar. 31, 2021 | 3,407,919 | |||||
Beginning balance at Mar. 31, 2021 | (80,207) | $ 34 | 127,953 | 69,310 | 58 | (277,562) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes (in shares) | 8,622 | |||||
Shares withheld for taxes upon vesting of restricted stock | (27) | (27) | ||||
Share-based compensation | (581) | (581) | ||||
Currency translation adjustments, net | (4) | (4) | ||||
Net income (loss) | 2,228 | 2,228 | ||||
Ending balance (in shares) at Jun. 30, 2021 | 3,416,541 | |||||
Ending balance at Jun. 30, 2021 | (78,591) | $ 34 | 127,372 | 71,538 | 54 | (277,589) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common shares issued under share-based compensation plans, net of shares withheld for employee taxes | 17 | 17 | ||||
Amortization of preferred stock issuance costs | 0 | |||||
Currency translation adjustments, net | 0 | |||||
Preferred stock conversion | 16,101 | 16,101 | ||||
Net income (loss) | $ (5,697) | (5,697) | ||||
Ending balance (in shares) at Sep. 30, 2021 | 2,055,561 | 3,416,541 | ||||
Ending balance at Sep. 30, 2021 | $ (68,170) | $ 34 | $ 143,490 | $ 65,841 | $ 54 | $ (277,589) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities: | ||
Net income (loss) | $ 2,387 | $ 162 |
Net income from discontinued operations | 6,213 | 19,117 |
Income (loss) from continuing operations | (3,826) | (18,955) |
Adjustments to reconcile net income (loss) from continuing operations to net cash from (used in) operating activities: | ||
Depreciation | 237 | 265 |
Change in fair value of Front Yard common stock | (146) | 5,848 |
Share-based compensation | 1,883 | 1,205 |
Amortization of operating lease right-of-use assets | 105 | 57 |
Dividend income | (3,061) | 0 |
Change in fair value of equity securities | 0 | 0 |
Gain on securities | (8,347) | 0 |
Changes in operating assets and liabilities, net of effects from discontinued operations and acquisition of subsidiary: | ||
Receivable from Front Yard | 3,414 | (29,953) |
Prepaid expenses and other assets | (990) | (754) |
Other non-current assets | 1,614 | (59) |
Accrued salaries and employee benefits | (2,061) | 229 |
Accounts payable and accrued liabilities | (7,650) | (1,341) |
Contract liability to Front Yard | 0 | 33,733 |
Other non-current liabilities and operating lease liabilities | 1,885 | (51) |
Net cash (used in) continuing operations | (16,943) | (9,776) |
Net cash from discontinued operations | 5,439 | 19,055 |
Net cash (used in) operating activities | (11,504) | 9,279 |
Investing activities: | ||
Purchase of equity securities | (96,950) | 0 |
Dividends received | 3,061 | 0 |
Proceeds from sale of equity securities | 152,796 | 0 |
Investment in property and equipment | (511) | (23) |
Net cash from (used in) continuing operations | 58,396 | (23) |
Net cash from discontinued operations | 511 | 3,638 |
Net cash from investing activities | 58,907 | 3,615 |
Financing activities: | ||
Proceeds from borrowed funds | 28,549 | 0 |
Repayment of borrowed funds | (28,549) | 0 |
Settlement of preferred stock | (3,740) | 0 |
Proceeds and payment of tax withholding on stock options exercised, net | 5 | 14 |
Shares withheld for taxes upon vesting of restricted stock | (1,046) | (196) |
Net payment to subsidiaries included in disposal group | (80) | (130) |
Net cash from (used in) continuing operations | (4,861) | (312) |
Net cash from (used in) discontinued operations | 80 | 130 |
Net cash (used in) financing activities | (4,781) | (182) |
Net change in cash and cash equivalents | 42,622 | 12,712 |
Effect of exchange rate changes on cash and cash equivalents | 115 | (38) |
Consolidated cash and cash equivalents, beginning of period | 41,807 | 19,965 |
Consolidated cash and cash equivalents, end of the period | 84,544 | 32,639 |
Supplemental disclosure of cash flow information (continuing and discontinued operations): | ||
Cash paid for interest | 60 | 0 |
Income taxes paid | 812 | 346 |
Right-of-use lease assets recognized - operating leases | 308 | 0 |
Cash and cash equivalents | 84,544 | 9,816 |
Consolidated cash and cash equivalents | 84,544 | 32,639 |
Held for Sale | ||
Cash and cash equivalents included in assets of discontinued operations | $ 0 | $ 22,823 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Altisource Asset Management Corporation (“we,” “our,” “us,” or the “Company”) was incorporated in the U.S. Virgin Islands (“USVI”) on March 15, 2012 (our “inception”) and commenced operations on December 21, 2012. Our primary client has been Front Yard Residential Corporation (“Front Yard”), a public real estate investment trust (“REIT”) focused on acquiring and managing quality, affordable single-family rental (“SFR”) properties throughout the United States. All of our revenue for periods in fiscal year 2020 was generated through our asset management agreements with Front Yard. Asset Management Agreements and Termination Agreement with Front Yard On May 7, 2019, we entered into the Amended and Restated Asset Management Agreement (the “Amended AMA”) with Front Yard and Front Yard Residential L.P. (“FYR LP”), under which we were provided to be the exclusive asset manager for Front Yard for an initial term of five years. The Amended AMA had the option to renew automatically each year thereafter for an additional one-year term, subject in each case to certain termination provisions. The Amended AMA provided for a fee structure in which we were entitled to a Base Management Fee and a potential Incentive Fee. On August 13, 2020, AAMC, Front Yard and FYR LP entered into a Termination and Transition Agreement (the “Termination Agreement”), under which, on December 31, 2020 (the “Termination Date”): • Front Yard agreed to acquire on January 1, 2021, the equity interests of AAMC's India subsidiary. Additionally, Front Yard acquired the equity interests of AAMC's Cayman Islands subsidiary, the right to solicit and hire designated AAMC employees that had oversight of the management of Front Yard's business and other assets of AAMC that were used in connection with the operation of Front Yard's business (the “Disposal Group”) for an aggregate purchase price of $8.2 million. • In satisfaction of the amounts payable in Front Yard stock, we received 1,298,701 shares of Front Yard common stock. We recorded a nominal gain on the shares received. • AAMC assigned its office lease in Charlotte, North Carolina. Certain assets related to the lease, primarily office and employee-related equipment were written off, none of which were individually material, and were recorded through other income (loss). • Two business days prior to the Termination Date, Mr. Ellison resigned as Co-Chief Executive Officer of AAMC. We have concluded that the Disposal Group met the held-for-sale criteria and have therefore classified the Disposal Group as held for sale on our condensed consolidated balance sheets. The termination of the Amended AMA and the sale of the Disposal Group also represents a significant strategic shift that will have a major effect on our operations and financial results. Therefore, we have classified the results of operations related to Front Yard as discontinued operations in our condensed consolidated statements of operations. On January 1, 2021, we completed the sale of our India subsidiary and recognized a one-time gain before tax of $7.5 million on the disposal. Following the sale of the Disposal Group on January 1, 2021, no further activity has been recognized as discontinued operations in our condensed consolidated financial results. For further information, please see Note 2 . Basis of presentation and use of estimates The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All wholly owned subsidiaries are included, and all intercompany accounts and transactions have been eliminated. In management's opinion, the unaudited interim condensed consolidated financial statements contain all adjustments that are of a normal recurring nature and are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. The interim results are not necessarily indicative of results for a full year. We have omitted certain notes and other information from the interim condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q as permitted by SEC rules and regulations. These condensed consolidated financial statements should be read in conjunction with our annual consolidated financial statements included within our Annual Report on Form 10-K for the year ended December 31, 2020. Use of estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Redeemable Preferred stock Issuance of Series A Convertible Preferred Stock in 2014 Private Placement During the first quarter of 2014, we issued 250,000 shares of convertible preferred stock for $250.0 million (“Series A Shares”) to institutional investors. Under the Certificate of Designations of the Series A Shares (the “Certificate”), we have the option to redeem all of the Series A Shares on March 15, 2020 and on each successive five-year anniversary of March 15, 2020 thereafter. In connection with these same redemption dates, each holder of our Series A Shares has the right to give notice requesting us to redeem all of the Series A Shares held by such holder out of legally available funds. In accordance with the terms of the Certificate, if we have legally available funds to redeem all, but not less than all, of the Series A Shares requested to be redeemed on a redemption date, we will deliver to those holders who have requested redemption in accordance with the Certificate a notice of redemption. If we do not have legally available funds to redeem all, but not less than all, of the Series A Shares requested to be redeemed on a redemption date, we will not provide a notice of redemption. The redemption right will be exercisable in connection with each redemption date every five years until the mandatory redemption date in 2044. If we are required to redeem all of the holder's Series A Shares, we are required to do so for cash at a price equal to $1,000 per share (the issuance price) out of funds legally available therefor. Due to the redemption provisions of the Series A Preferred Stock, we classify these shares as mezzanine equity, outside of permanent stockholders' equity. Between January 31, 2020 and February 3, 2020, we received purported notices from holders of our Series A Shares requesting us to redeem an aggregate of $250.0 million liquidation preference of our Series A Shares on March 15, 2020. We did not have legally available funds to redeem all of the Series A Shares on March 15, 2020. As a result, we do not believe, under the terms of the Certificate, that we were (or are) obligated to redeem any of the Series A Shares under the Certificate, and, consistent with the exclusive forum provisions of our Third Amended and Restated Bylaws, on January 27, 2020, we filed a claim for declaratory relief in the Superior Court of the Virgin Islands, Division of St. Croix, against Luxor Capital Group, LP and certain of its funds and managed accounts (collectively, “Luxor”) to confirm our interpretation of the Certificate. Luxor has removed the action to the U.S District Court for the Virgin Islands, and, on March 24, 2020, AAMC moved to remand the action back to the Superior Court of the Virgin Islands, Division of St. Croix. That motion is fully briefed and pending. On May 15, 2020, Luxor moved to dismiss AAMC's declaratory judgment complaint. That motion has been fully briefed and submitted to the Court as of July 29, 2020. On February 3, 2020, Luxor filed a complaint in the Supreme Court of the State of New York, County of New York, against AAMC for breach of contract, specific performance, unjust enrichment, and related damages and expenses. The complaint alleges that AAMC’s position that it will not redeem any of Luxor’s Series A Shares on the March 15, 2020 redemption date is a material breach of AAMC’s redemption obligations under the Certificate. Luxor seeks an order requiring AAMC to redeem its Series A Shares, recovery of no less than $144,212,000 in damages, which is equal to the amount Luxor would receive if AAMC redeemed all of Luxor’s Series A Shares at the redemption price of $1,000 per share set forth in the Certificate, as well as payment of its costs and expenses in the lawsuit. In the alternative, Luxor seeks a return of its initial purchase price of $150,000,000 for the Series A Shares, as well as payment of its costs and expenses in the lawsuit. On May 25, 2020, Luxor’s complaint was amended to add Putnam Equity Spectrum Fund and Putnam Capital Spectrum Fund (collectively, “Putnam”), which also invested in the Series A Shares, as plaintiff. Putnam held 81,800 Series A Shares. Collectively, Luxor and Putnam seek a recovery of no less than $226,012,000 in damages, which is equal to the amount Luxor and Putnam would receive if AAMC redeemed all of Luxor’s and Putnam’s Series A Shares at the redemption price of $1,000 per share set forth in the Certificate, as well as payment of their costs and expenses in the lawsuit. In the alternative, Luxor and Putnam seek a return of the initial purchase price of $231,800,000 for the Series A Shares, as well as payment of their costs and expenses in the lawsuit. On June 12, 2020, AAMC moved to dismiss the Amended Complaint in favor of AAMC’s first-filed declaratory judgment action in the U.S. Virgin Islands. On August 4, 2020, the court denied AAMC’s motion to dismiss. On February 17, 2021, the Company entered into a settlement agreement dated as of February 17, 2021 (the “Putnam Agreement”) with Putnam. Pursuant to the Putnam Agreement, AAMC and Putnam agreed to exchange all of Putnam’s 81,800 Series A Shares for 288,283 shares of AAMC’s common stock. AAMC agreed to pay to Putnam $1,636,000 within three On August 27, 2021, the Company entered into a settlement agreement (the “Wellington Agreement”) with certain funds managed by Wellington Management Company LLP (collectively, “Wellington”). Under the Wellington Agreement, the Company agreed to pay Wellington $2,093,000 in exchange for 18,200 Series A Shares held by Wellington , and in return Wellington agreed to release AAMC from all claims related to the Series A Shares . As a result of this settlement, we recognized a one-time gain directly to Additional paid in capital of $16.1 million gain. AAMC intends to continue to pursue its strategic business initiatives despite this litigation. If Luxor were to prevail in its lawsuit, we may need to cease or curtail our business initiatives and our liquidity could be materially and adversely affected. The holders of Series A Preferred Stock are not entitled to receive dividends with respect to the Series A Preferred Stock. The shares of Series A Preferred Stock are convertible into shares of our common stock at a conversion price of $1,250 per share (or an exchange ratio of 0.8 shares of common stock for each share of Series A Preferred Stock), subject to certain anti-dilution adjustments. Upon certain change of control transactions or upon the liquidation, dissolution or winding up of the Company, holders of the Series A Preferred Stock will be entitled to receive an amount in cash per Series A Preferred Stock equal to the greater of: (i) $1,000 plus the aggregate amount of cash dividends paid on the number of shares of common stock into which such shares of Series A Preferred Stock was convertible on each ex-dividend date for such dividends; and (ii) the number of shares of common stock into which the Series A Preferred Stock is then convertible multiplied by the then current market price of the common stock. The Certificate confers no voting rights to holders, except with respect to matters that materially and adversely affect the voting powers, rights or preferences of the Series A Preferred Stock or as otherwise required by applicable law. With respect to the distribution of assets upon the liquidation, dissolution or winding up of the Company, the Series A Preferred Stock ranks senior to our common stock and on parity with all other classes of preferred stock that may be issued by us in the future. The Series A Preferred Stock is recorded net of issuance costs, which were amortized on a straight-line basis through the first potential redemption date in March 2020. 2016 Employee Preferred Stock Plan On May 26, 2016, the 2016 Employee Preferred Stock Plan (the “Employee Preferred Stock Plan”) was approved by our stockholders. Pursuant to the Employee Preferred Stock Plan, the Company may grant one or more series of non-voting preferred stock, par value $0.01 per share, in the Company to induce certain employees to become employed and remain employees of the Company in the USVI, and any of its future USVI subsidiaries, to encourage ownership of shares in the Company by such USVI employees and to provide additional incentives for such employees to promote the success of the Company’s business. Pursuant to our stockholder approval of the Employee Preferred Stock Plan, on December 29, 2016, the Company authorized 14 additional series of preferred stock of the Company, consisting of Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock, Series G Preferred Stock, Series H Preferred Stock, Series I Preferred Stock, Series J Preferred Stock, Series K Preferred Stock, Series L Preferred Stock, Series M Preferred Stock, Series N Preferred Stock and Series O Preferred Stock, and each series shall consist of up to an aggregate of 1,000 shares. We have issued shares of preferred stock under the Employee Preferred Stock Plan to certain of our USVI employees. These shares of preferred stock are mandatorily redeemable by us in the event of such employee's termination of service with the Company for any reason. At September 30, 2021 and December 31, 2020, we had 1,200 and 1,100 shares outstanding, respectively, and we included the redemption value of these shares of $12,000 and $11,000, respectively, within accounts payable and accrued liabilities in our condensed consolidated balance sheets. In January 2021, our Board of Directors declared and paid an aggregate of $1.6 million (in relation to the 2020 fiscal year) of dividends on these shares of preferred stock. Such dividends are included in salaries and employee benefits in our condensed consolidated statements of operations. Recently issued accounting standards Adoption of recent accounting standards In January 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, which amends the guidance on measuring credit losses on financial assets held at amortized cost. ASU 2016-13, as amended, is intended to address the issue that the previous “incurred loss” methodology was restrictive for an entity's ability to record credit losses based on not yet meeting the “probable” threshold. The new language requires these assets to be valued at amortized cost presented at the net amount expected to be collected with a valuation provision. This ASU is effective for fiscal years beginning after December 15, 2019. The amendments in ASU 2016-13 should be applied on a modified retrospective transition basis. We adopted this standard on January 1, 2020, and our adoption of the standard did not have a material impact on our consolidated financial statements. Recently issued accounting standards not yet adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021. We are currently evaluating the impact of this standard. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. We will adopt this standard when LIBOR is discontinued. We are evaluating the impact the new standard will have on our consolidated financial statements and related disclosures, but do not anticipate a material impact. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On August 13, 2020, AAMC and Front Yard entered into Termination and Transition Agreement, pursuant to which they agreed to effectively internalize the asset management function of Front Yard. Pursuant to the agreement, Front Yard has acquired the equity interests of AAMC's India subsidiary, the equity interests of AAMC's Cayman Islands subsidiary, the right to solicit and hire designated AAMC employees that oversaw the management of Front Yard's business and other assets of AAMC that are used in connection with the operation of Front Yard's business. On December 31, 2020, in connection with the Termination Agreement, the company completed the assignment of our lease in Charlotte, North Carolina to Front Yard. Additionally, on December 31, 2020, we completed the sale of our Cayman Islands subsidiary. On January 1, 2021, in connection with the Termination Agreement, the company completed the sale of our India subsidiary. The carrying value of major classes of assets and liabilities related to our discontinued operations that constitute the Disposal Group at September 30, 2021 and December 31, 2020 were as follows ($ in thousands): September 30, 2021 December 31, 2020 (unaudited) Current assets held for sale: Cash and cash equivalents $ — $ 184 Prepaid expenses and other assets — 710 Total current assets held for sale — 894 Non-current assets held for sale: Right-of-use lease assets — 1,612 Other non-current assets — 367 Total non-current assets held for sale — 1,979 Total assets held for sale $ — $ 2,873 Current liabilities held for sale: Accrued salaries and employee benefits $ — $ 910 Accounts payable and accrued liabilities — 300 Short-term lease liabilities — 128 Total current liabilities held for sale — 1,338 Non-current liabilities held for sale: Non-current lease liabilities — 1,599 Total non-current liabilities held for sale — 1,599 Total liabilities held for sale $ — $ 2,937 Discontinued operations includes (i) the management fee revenues generated under our asset management agreements with Front Yard, (ii) expense reimbursements from Front Yard and the underlying expenses, (iii) the results of operations of our India and Cayman Islands subsidiaries, (iv) the employment costs associated with certain individuals wholly dedicated to Front Yard and (v) the costs associated with our lease in Charlotte, North Carolina, that was assumed by Front Yard on December 31, 2020. The operating results of these items are presented in our consolidated statements of operations as discontinued operations for all periods presented and revenues and expenses directly related to discontinued operations were eliminated from our ongoing operations. The following table details the components comprising net income from our discontinued operations ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Revenues from discontinued operations: Management fees from Front Yard $ — $ 3,584 $ — $ 10,752 Termination fee from Front Yard — 12,267 12,267 Expense reimbursements from Front Yard — 626 — 1,707 Total revenues from discontinued operations — 16,477 — 24,726 Expenses from discontinued operations: Salaries and employee benefits — 910 — 3,867 Legal and professional fees — 67 — 180 General and administrative — 334 — 1,171 Total expenses from discontinued operations — 1,311 — 5,218 Other income (loss) from discontinued operations: Gain on disposal — — 7,485 — Other income (loss) — (6) — 24 Total other income (loss) from discontinued operations — (6) 7,485 24 Net income from discontinued operations before income taxes — 15,160 7,485 19,532 Income tax expense — 317 1,272 415 Net income from discontinued operations $ — $ 14,843 $ 6,213 $ 19,117 The following table details cash flow information related to our discontinued operations for the periods indicated ($ in thousands): Nine months ended September 30, 2021 2020 Total operating cash flows from discontinued operations $ 5,439 $ 19,055 Total investing cash flows from discontinued operations 511 3,638 Total financing cash flows from discontinued operations 80 130 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The following table sets forth the carrying amount and the fair value of our financial assets by level within the fair value hierarchy as of the dates indicated ($ in thousands): Level 1 Level 2 Level 3 Carrying Amount Quoted Prices in Active Markets Observable Inputs Other Than Level 1 Prices Unobservable Inputs December 31, 2020 Recurring basis (assets): Front Yard common stock 47,355 47,355 — — As of September 30, 2021, the Company had sold its investments in securities and there no securities outstanding. We did not transfer any assets from one level to another level during the year ended December 31, 2020. The fair value of our holdings in Front Yard common stock is based on unadjusted quoted prices from active markets. At December 31, 2020, we held 2,923,166 shares of Front Yard's common stock representing approximately 4.9% of Front Yard's then-outstanding common stock. We previously acquired 1,624,465 shares of Front Yard's common stock in open market transactions, and on December 31, 2020, we received 1,298,701 shares of Front Yard's common stock in connection with the transactions contemplated in the Termination Agreement with Front Yard. On January 11, 2021, Front Yard completed its previously announced merger, and all 2,923,166 shares were sold. Investment gains/losses in the third quarter and nine months ended of 2021 and 2020 are summarized as follows ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Equity securities: Change in unrealized gains (losses) during the period on securities held at the end of the end of the period $ (3,310) $ — $ — $ — Investment gains on securities sold during the period 1,987 — 8,347 — (1,323) — 8,347 — Front Yard common stock: Change in unrealized losses during the period on securities held at the end of the period — 65 — (5,848) Investment gains on securities sold during the period — — 146 — — 65 146 (5,848) Total change in fair value of equity securities and Front Yard common stock $ (1,323) $ 65 $ 8,493 $ (5,848) Investment gains and losses include unrealized gains and losses from changes in fair values during the period on positions that we still own, as well as gains and losses on positions sold during the period. As reflected in the condensed consolidated statements of cash flows, we received proceeds from sales of Front Yard common stock of $47.5 million in the nine months ended September 30, 2021 and zero in the nine months ended September 30, 2020. In the preceding table, investment gains/losses on equity securities sold during the period reflect the difference between the sales proceeds and the fair value of the equity securities sold at the beginning of the applicable quarterly period. A summary of the year-to-date activity of Front Yard common stock and equity securities is presented in the table below ($ in thousands): Front Yard Common Stock Equity Securities Shares Cost Shares Cost December 31, 2020 2,923 $ 41,635 — $ — Purchased — — 8,123 96,950 Sold (2,923) (41,635) (8,123) (96,950) September 30, 2021 — $ — — $ — A summary of the cost basis, fair value and the corresponding amounts of gross unrealized gains and losses recognized as of the dates indicated are presented in the table below ($ in thousands): Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2020 Front Yard common stock $ 41,635 $ 5,720 $ — $ 47,355 |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings In 2021, the Company began borrowing under a standard margin arrangement with our banking institution. The margin account is secured by the securities held in our brokerage account with this institution. As of September 30, 2021, the Company liquidated its security holdings and the margin arrangement has been repaid. We paid interest on all of our borrowings each month when a balance was owed. As of September 30, 2021, the average annualized interest rate on borrowings under our borrowing agreements was 1.10%, with the rate based on 1 month LIBOR plus 1.00%. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases We lease office space under operating leases in Christiansted, U.S. Virgin Islands, and Bengaluru, India. As of September 30, 2021 and December 31, 2020, our weighted average remaining lease term, including applicable extensions, was 5.3 years and 7.5 years, respectively, and we applied a discount rate of 7.0% and 7.0%, respectively, to our office leases. We determine the discount rate for each lease to be either the discount rate stated in the lease agreement or our estimated rate that we would be charged to finance real estate assets. During the three and nine months ended September 30, 2021, we recognized rent expense of $50,000 and $150,000, respectively, related to long-term operating leases. We have had no short-term rent expense in 2021 reporting periods. During the three and nine months ended September 30, 2020, we recognized rent expense of $200,000 and $500,000, respectively, related to long term operating leases and $27,000 and $81,000, respectively, related to short-term operating leases. We include rent expense as a component of general and administrative expenses. The following table presents our future lease obligations under our operating leases as of September 30, 2021 ($ in thousands): Operating Lease Liabilities 2021 (1) $ 47 2022 194 2023 205 2024 209 2025 206 Thereafter 207 Total lease payments 1,068 Less: interest 177 Lease liabilities $ 891 _____________ (1) Excludes the nine months ended September 30, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation, claims and assessments Information regarding reportable legal proceedings is contained in the “Commitments and Contingencies” note in the financial statements provided in our Annual Report on Form 10-K for the year ended December 31, 2020. We establish reserves for specific legal proceedings when we determine that the likelihood of an outcome is probable and the amount of loss can be reasonably estimated. We do not currently have any reserves for our legal proceedings. The following updates and restates the description of the previously reported matters: Litigation regarding Luxor Capital Group, LP and certain of its managed funds and accounts ("Luxor") AAMC (plaintiff) v. Luxor (defendant) On January 27, 2020, AAMC filed a complaint for declaratory judgment relief in the Superior Court of the Virgin Islands, Division of St. Croix, against Luxor Capital Group, LP and certain of its funds and managed accounts (collectively, “Luxor”) regarding AAMC’s redemption obligations under the Certificate of Designations (the “Certificate”) of AAMC’s Series A Convertible Preferred Stock (the “Series A Shares”). Under the Certificate, holders of the Series A Shares are permitted on March 15, 2020 and on each successive five-year anniversary of March 15, 2020 to request AAMC, upon not less than 15 nor more than 30 business days’ prior notice, to redeem all but not less than all of their Series A Shares out of legally available funds. AAMC seeks a declaration that AAMC is not required to redeem any of Luxor’s Series A Shares on a redemption date if AAMC does not have legally available funds to redeem all of Luxor’s Series A Shares on such redemption date. Luxor has removed the action to the U.S District Court for the Virgin Islands, and, on March 24, 2020, AAMC moved to remand the action back to the Superior Court of the Virgin Islands, Division of St. Croix. That motion is fully briefed and pending decision. On May 15, 2020, Luxor moved to dismiss AAMC's declaratory judgment complaint. That motion has been fully briefed and submitted to the Court as of July 29, 2020. Luxor (plaintiff) v. AAMC (defendant) On February 3, 2020, Luxor filed a complaint in the Supreme Court of the State of New York, County of New York, against AAMC for breach of contract, specific performance, unjust enrichment, and related damages and expenses. The complaint alleges that AAMC’s position that it would not redeem any of Luxor’s Series A Shares on the March 15, 2020 redemption date is a material breach of AAMC’s redemption obligations under the Certificate. Luxor seeks an order requiring AAMC to redeem its Series A Shares, recovery of no less than $144,212,000 in damages, which is equal to the amount Luxor would receive if AAMC redeemed all of Luxor’s Series A Shares at the redemption price of $1,000 per share set forth in the Certificate, as well as payment of its costs and expenses in the lawsuit. In the alternative, Luxor seeks a return of its initial purchase price of $150,000,000 for the Series A Shares, as well as payment of its costs and expenses in the lawsuit. On May 25, 2020, Luxor's complaint was amended to add Putnam Equity Spectrum Fund and Putnam Capital Spectrum Fund (collectively, “Putnam”), which also invested in the Series A Shares, as plaintiffs. Putnam held 81,800 Series A Shares. On February 17, 2021, AAMC entered into the Putnam Agreement, as a result Putnam is no longer a party to the Luxor litigation.- See Note 1 for more information on the Putnam Agreement. Luxor Books and Records Demand On April 26, 2021, Luxor, which holds 144,212 Series A Shares, sent a letter to the Company demanding, under the common law of the USVI, the right to inspect certain books and records of the Company (the “Demand”). According to Luxor, the purpose of the Demand is to investigate whether the Company’s Board of Directors may have considered or engaged in transactions with or at the direction of a significant shareholder of the Company or whether the Company’s Board of Directors and/or Company management may have mismanaged the Company or engaged in wrongdoing, may not have properly discharged their fiduciary duties, or may have conflicts of interest. Luxor further alleges that it seeks an inspection of the Company books and records to determine whether the current directors should continue to serve on the Company’s board or whether a derivative suit should be filed. On May 10, 2021, the Company sent a letter responding to the Demand and declining to provide the Company’s books and records for inspection (the “Response”). The Response states that Luxor does not have a credible basis for the Demand, which is required under the USVI common law; that, as preferred shareholders with no voting rights, Luxor’s purpose for the Demand is not reasonably related to Luxor’s interests as shareholders of the Company because Luxor cannot vote in connection with Board elections or business transactions of the Company; and that Luxor’s Demand serves only to personally benefit Luxor in its private suit against the Company. Executive Arbitrations Former Chief Executive Officer, Indroneel Chatterjee On May 3, 2021, Mr. Chatterjee, commenced an arbitration against the Company and each of its directors. The arbitration complaint alleges that the Company’s April 16, 2021 for cause termination of Mr. Chatterjee was in breach of Mr. Chatterjee’s Amended and Restated Employment Agreement and made extra contractual claims against the Company for not affording Mr. Chatterjee a “fair procedure” and placed him in a “false light” by disclosing Mr. Chatterjee’s termination in its public announcement of the for cause termination. In addition, the arbitration complaint also asserts a tort claim against each of the Company’s directors relating to that termination and against the Company for its April 16, 2021 public announcement of the for cause termination. Mr. Chatterjee’s arbitration complaint seeks unspecified damages for his contract claims including for loss of income, stock and bonus, and punitive damages on his tort claims. On June 10, 2021, the Company and its directors responded to the arbitration complaint and advanced counterclaims against Mr. Chatterjee. On October 20, 2021, the arbitrator granted the Company’s motion to dismiss with respect to Mr. Chatterjee’s “fair procedure” and “false light” claims, but denied the motion to dismiss the tort claim against each of the directors. The arbitrator has set a trial date for October 24-28, 2022. The Company and the directors intend to vigorously defend the claims. Former General Counsel, Graham Singer On June 25, 2021, Mr. Singer commenced an arbitration against the Company and its subsidiary AAMC US, Inc. The Company had previously demanded that Mr. Singer return his signing bonus in accordance with the terms of his employment agreement. The arbitration complaint alleges that the Company discriminated against Mr. Singer regarding his compensation and the terms of his employment, allegedly in violation of U.S. Virgin Islands’ Civil Rights Act and Discrimination in Employment Act, and further alleges that the Company retaliated against Mr. Singer as a result of his complaints against Mr. Chatterjee in violation of Virgin Islands’ Whistleblowers Protection Act and Discrimination in Employment Act. The arbitration complaint also alleges that the Company failed to pay wages due to Mr. Singer, pursuant to his employment agreement, allegedly in violation of the North Carolina Wage and Hour Act. In connection with these allegations, Mr. Singer’s arbitration complaint also includes breach of contract, unjust enrichment, promissory estoppel, and breach of the covenant of good faith and fair dealing claims. Mr. Singer seeks declaratory judgment and compensatory damages based on his alleged lost wages, bonuses and equity interests, as well as liquidated damages and punitive damages in connection with emotional, reputational, and other alleged harms. The Company intends to vigorously defend the claims. Erbey Holding Corporation et al. v. Blackrock Management Inc., et al. On April 12, 2018, a partial stockholder derivative action was filed in the Superior Court of the Virgin Islands, Division of St. Croix under the caption Erbey Holding Corporation, et al. v. Blackrock Financial Management Inc., et al. The action was filed by Erbey Holding Corporation (“Erbey Holding”), John R. Erbey Family Limited Partnership (“JREFLP”), by its general partner Jupiter Capital, Inc., Salt Pond Holdings, LLC (“Salt Pond”), Munus, L.P. (“Munus”), Carisma Trust (“Carisma”), by its trustee, Venia, LLC, and Tribue Limited Partnership (collectively, the “Plaintiffs”) each on its own behalf and Salt Pond and Carisma derivatively on behalf of AAMC. The action was filed against Blackrock Financial Management, Inc., Blackrock Investment Management, LLC, Blackrock Investments, LLC, Blackrock Capital Management, Inc., Blackrock, Inc. (collectively, “Blackrock”), Pacific Investment Management Company LLC, PIMCO Investments LLC (collectively, “PIMCO”) and John and Jane Does 1-10 (collectively with Blackrock and PIMCO, the “Defendants”). The action alleges a conspiracy by Blackrock and PIMCO to harm Ocwen Financial Corporation (“Ocwen”) and AAMC and certain of their subsidiaries, affiliates and related companies and to extract enormous profits at the expense of Ocwen and AAMC by attempting to damage their operations, business relationships and reputations. The complaint alleges that Defendants’ conspiratorial activities, which included short-selling activities, were designed to destroy Ocwen and AAMC, and that the Plaintiffs (including AAMC) suffered significant injury, including but not limited to lost value of their stock and/or stock holdings. The action seeks, among other things, an award of monetary damages to AAMC, including treble damages under Section 605, Title IV of the Virgin Islands Code related to the Criminally Influenced and Corrupt Organizations Act, punitive damages and an award of attorney’s and other fees and expenses. Defendants have moved to dismiss the first amended verified complaint. Plaintiffs and AAMC have moved for leave to file a second amended verified complaint to include AAMC as a direct plaintiff, rather than as a derivative party. On March 27, 2019, the Court held oral argument on Defendants' motions to dismiss the first amended verified complaint and Plaintiffs' motion for leave to file the second amended verified complaint. The Court held additional oral argument on the pending motions on October 25, 2021. The Court has not yet decided the pending motions. At this time, we are not able to predict the ultimate outcome of this matter, nor can we estimate the range of possible damages to be awarded to AAMC, if any. We have determined that there is no contingent liability related to this matter for AAMC. COVID-19 Pandemic |
Share-Based Payments
Share-Based Payments | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Payments | Share-Based Payments On September 20, 2021, we granted 3,000 shares of restricted stock to management with a weighted average grant date fair value per share of $24.83. The restricted stock units will vest in three equal annual installments on September 20, 2022, 2023 and 2024 subject to forfeiture or acceleration. On June 28, 2021, we granted 5,000 shares of restricted stock to management with a weighted average grant date fair value per share of $19.64. The restricted stock units will vest in three equal annual installments on June 28, 2022, 2023 and 2024 subject to forfeiture or acceleration. On February 24, 2021, we granted 82,671 shares of restricted stock to members of management with a weighted average grant date fair value per share of $26.25. The restricted stock units immediately vested. On October 15, 2020, we granted 10,000 shares of restricted stock to management with a weighted average grant date fair value per share of $19.29. The restricted stock units were to vest in three equal annual installments, on October 15, 2021, 2022, and 2023. These shares were forfeited in April 2021 upon their resignations. On January 30, 2020, in order to induce our former Chief Executive Officer to join the Company, we granted 60,000 shares of restricted stock and 60,000 stock options to our former Chief Executive Officer. The restricted stock and stock options had a weighted average grant date fair value of $13.11 and $10.61, respectively. The restricted stock units will vest in three equal annual installments on January 30, 2021, 2022, and 2023. On April 16, 2021, the former Chief Executive Officer was terminated for cause, and as a result, 40,000 unvested restricted stock units and 60,000 unvested options were forfeited at that date. Our Directors each receive annual grants of restricted stock equal to $60,000 based on the market value of our common stock at the time of the annual stockholders meeting. These shares of restricted stock vest and are issued after a one-year service period, subject to each Director attending at least 75% of the Board and committee meetings. During 2020, we granted 8,622 shares of stock pursuant to our Equity Incentive Plans with a weighted average grant date fair value per share of $20.87. We recorded $0.02 million and $1.9 million of compensation expense related to our share-based compensation for the three and nine months ended September 30, 2021, which includes adjustments for forfeited restricted stock. We recorded $0.3 million and $1.2 million of compensation expense related to our share-based compensation for the three and nine months ended September 30, 2020, respectively. As of September 30, 2021 and December 31, 2020, we had an aggregate $0.2 million and $1.0 million, respectively, of total unrecognized share-based compensation cost to be recognized over a weighted average remaining estimated term of 1.8 years and 0.9 years, respectively. On September 11, 2020, the Board of Directors adopted, subject to stockholder approval, the Altisource Asset Management Corporation 2020 Equity Incentive Plan (the “2020 Equity Incentive Plan”). The 2020 Equity Incentive Plan supersedes our prior equity incentive plans and makes available 185,000 shares of our common stock for the granting of awards under compensatory arrangements and incentives permitted by the 2020 Equity Incentive Plan. On October 12, 2020, the 2020 Equity Incentive Plan was approved by our stockholders. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes We are domiciled in the USVI and are obligated to pay taxes to the USVI on our income. We applied for tax benefits from the USVI Economic Development Commission (“EDC”) and received our certificate of benefits (the “Certificate”), effective as of February 1, 2013. Pursuant to the Certificate, as long as we comply with its provisions, we will receive a 90% tax credit on our USVI-sourced income taxes until 2043. By letter dated December 21, 2020, the EDC approved a temporary waiver (the “Waiver”) of the Company’s minimum employment requirements to five full-time USVI employees for the period from January 1, 2021 to December 31, 2021. At September 30, 2021, the Company had two less USVI employees than what is required under the provisions of the Waiver. The Company is also continuing to seek to hire USVI employees to meet the requirements of the Waiver. The Company's Chief Financial Officer has relocated to the USVI and General Counsel has agreed to relocate to the USVI. They will be eligible USVI employees after one year of residency. As of September 30, 2021 and December 31, 2020, we accrued no interest or penalties associated with any unrecognized tax benefits, nor did we recognize any interest expense or penalties during the nine months ended September 30, 2021 and 2020. The following table sets forth the components of our deferred tax assets: September 30, 2021 December 31, 2020 Deferred tax assets: Stock compensation $ 107 $ 64 Accrued expenses 55 171 Net operating losses (1) 199 285 Lease liabilities 89 491 Other 3 44 Gross deferred tax assets 453 1,055 Deferred tax liability: Right-of-use lease assets 86 459 Front Yard common stock / investments 1,580 1,547 Depreciation — 2 Other 6 5 Gross deferred tax liabilities 1,672 2,013 Net deferred tax asset (liability) before valuation allowance (1,219) (958) Valuation allowance (212) (69) Deferred tax asset (liability), net $ (1,431) $ (1,027) (1) Net operating loss (“NOL”) carry-forwards for tax years prior to 2018 expire in 2037. Beginning with 2018, NOLs are carried forward indefinitely. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the components of basic and diluted earnings (loss) per share (in thousands, except share and per share amounts): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Numerator Continuing operations: Net income (loss) from continuing operations $ (5,697) $ (3,089) $ (3,826) $ (18,955) Amortization of preferred stock issuance costs — — — (42) Gain on preferred stock transactions 16,101 — 87,984 $ — Numerator for basic and diluted EPS from continuing operations – net income (loss) from continuing operations attributable to common stockholders $ 10,404 $ (3,089) $ 84,158 $ (18,997) Discontinued operations: Numerator for basic and diluted EPS from discontinued operations - net gain from discontinued operations $ — $ 14,843 $ 6,213 $ 19,117 Total: Net income (loss) $ (5,697) $ 11,754 $ 2,387 $ 162 Amortization of preferred stock issuance costs — — — (42) Gain on preferred stock transactions 16,101 — $ 87,984 $ — Numerator for basic and diluted EPS – net income (loss) attributable to common stockholders $ 10,404 $ 11,754 $ 90,371 $ 120 Denominator Weighted average common stock outstanding – basic 2,055,561 1,632,117 1,984,294 1,625,727 Weighted average common stock outstanding – diluted 2,187,585 1,632,117 2,154,597 1,625,727 Earnings (loss) per share - basic Continuing operations – basic $ 5.06 $ (1.89) $ 42.41 $ (11.69) Discontinued operations – basic — 9.09 3.13 11.76 Earnings (loss) per basic common share $ 5.06 $ 7.20 $ 45.54 $ 0.07 Earnings (loss) per share - diluted Continuing operations – diluted $ 4.76 $ (1.89) $ 39.06 $ (11.69) Discontinued operations – diluted — 9.09 2.88 11.76 Earnings (loss) per diluted common share 4.76 $ 7.20 $ 41.94 $ 0.07 We excluded the items presented below from the calculation of diluted earnings per share as they were antidilutive to loss per share from continuing operations for the periods indicated ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Numerator Reversal of amortization of preferred stock issuance costs — $ — $ — $ 42 Denominator Stock options — 5,403 — 8,167 Restricted stock — 76,160 — 58,565 Preferred stock, if converted — 200,000 — 200,000 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our primary business was to provide asset management and certain corporate governance services to institutional investors. Because all of our revenue was derived from the services we provided to Front Yard, we operated as a single segment focused on providing asset management and corporate governance services. Prior to 2020, we reported all activity of the Company in a single segment and activity from continuing operations. In connection with the termination of the Amended AMA and subsequent sale of the Disposal Group to Front Yard, we have reclassified the Disposal Group activity as a discontinued operation effective as of the end of the third quarter of 2020. The results of operations, cash flows, and assets and liabilities of our discontinued operations and continued operations, for all periods presented in the accompanying financial statements, have been reclassified to conform to the current year presentation. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsManagement has evaluated the impact of all subsequent events through the issuance of these interim condensed consolidated financial statements and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All wholly owned subsidiaries are included, and all intercompany accounts and transactions have been eliminated. |
Consolidation | In management's opinion, the unaudited interim condensed consolidated financial statements contain all adjustments that are of a normal recurring nature and are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. The interim results are not necessarily indicative of results for a full year. We have omitted certain notes and other information from the interim condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q as permitted by SEC rules and regulations. These condensed consolidated financial statements should be read in conjunction with our annual consolidated financial statements included within our Annual Report on Form 10-K for the year ended December 31, 2020. |
Use of estimates | Use of estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Recently issued accounting standards | Recently issued accounting standards Adoption of recent accounting standards In January 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, which amends the guidance on measuring credit losses on financial assets held at amortized cost. ASU 2016-13, as amended, is intended to address the issue that the previous “incurred loss” methodology was restrictive for an entity's ability to record credit losses based on not yet meeting the “probable” threshold. The new language requires these assets to be valued at amortized cost presented at the net amount expected to be collected with a valuation provision. This ASU is effective for fiscal years beginning after December 15, 2019. The amendments in ASU 2016-13 should be applied on a modified retrospective transition basis. We adopted this standard on January 1, 2020, and our adoption of the standard did not have a material impact on our consolidated financial statements. Recently issued accounting standards not yet adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021. We are currently evaluating the impact of this standard. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. We will adopt this standard when LIBOR is discontinued. We are evaluating the impact the new standard will have on our consolidated financial statements and related disclosures, but do not anticipate a material impact. |
Fair value measurement | The fair value of our holdings in Front Yard common stock is based on unadjusted quoted prices from active markets. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The carrying value of major classes of assets and liabilities related to our discontinued operations that constitute the Disposal Group at September 30, 2021 and December 31, 2020 were as follows ($ in thousands): September 30, 2021 December 31, 2020 (unaudited) Current assets held for sale: Cash and cash equivalents $ — $ 184 Prepaid expenses and other assets — 710 Total current assets held for sale — 894 Non-current assets held for sale: Right-of-use lease assets — 1,612 Other non-current assets — 367 Total non-current assets held for sale — 1,979 Total assets held for sale $ — $ 2,873 Current liabilities held for sale: Accrued salaries and employee benefits $ — $ 910 Accounts payable and accrued liabilities — 300 Short-term lease liabilities — 128 Total current liabilities held for sale — 1,338 Non-current liabilities held for sale: Non-current lease liabilities — 1,599 Total non-current liabilities held for sale — 1,599 Total liabilities held for sale $ — $ 2,937 The following table details the components comprising net income from our discontinued operations ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Revenues from discontinued operations: Management fees from Front Yard $ — $ 3,584 $ — $ 10,752 Termination fee from Front Yard — 12,267 12,267 Expense reimbursements from Front Yard — 626 — 1,707 Total revenues from discontinued operations — 16,477 — 24,726 Expenses from discontinued operations: Salaries and employee benefits — 910 — 3,867 Legal and professional fees — 67 — 180 General and administrative — 334 — 1,171 Total expenses from discontinued operations — 1,311 — 5,218 Other income (loss) from discontinued operations: Gain on disposal — — 7,485 — Other income (loss) — (6) — 24 Total other income (loss) from discontinued operations — (6) 7,485 24 Net income from discontinued operations before income taxes — 15,160 7,485 19,532 Income tax expense — 317 1,272 415 Net income from discontinued operations $ — $ 14,843 $ 6,213 $ 19,117 The following table details cash flow information related to our discontinued operations for the periods indicated ($ in thousands): Nine months ended September 30, 2021 2020 Total operating cash flows from discontinued operations $ 5,439 $ 19,055 Total investing cash flows from discontinued operations 511 3,638 Total financing cash flows from discontinued operations 80 130 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring | The following table sets forth the carrying amount and the fair value of our financial assets by level within the fair value hierarchy as of the dates indicated ($ in thousands): Level 1 Level 2 Level 3 Carrying Amount Quoted Prices in Active Markets Observable Inputs Other Than Level 1 Prices Unobservable Inputs December 31, 2020 Recurring basis (assets): Front Yard common stock 47,355 47,355 — — |
Investment Gain/Losses | Investment gains/losses in the third quarter and nine months ended of 2021 and 2020 are summarized as follows ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Equity securities: Change in unrealized gains (losses) during the period on securities held at the end of the end of the period $ (3,310) $ — $ — $ — Investment gains on securities sold during the period 1,987 — 8,347 — (1,323) — 8,347 — Front Yard common stock: Change in unrealized losses during the period on securities held at the end of the period — 65 — (5,848) Investment gains on securities sold during the period — — 146 — — 65 146 (5,848) Total change in fair value of equity securities and Front Yard common stock $ (1,323) $ 65 $ 8,493 $ (5,848) |
Common Stock and Equity Securities Activity | A summary of the year-to-date activity of Front Yard common stock and equity securities is presented in the table below ($ in thousands): Front Yard Common Stock Equity Securities Shares Cost Shares Cost December 31, 2020 2,923 $ 41,635 — $ — Purchased — — 8,123 96,950 Sold (2,923) (41,635) (8,123) (96,950) September 30, 2021 — $ — — $ — |
Summary of Cost Basis, Fair Value, and Unrealized Gains (Losses) | A summary of the cost basis, fair value and the corresponding amounts of gross unrealized gains and losses recognized as of the dates indicated are presented in the table below ($ in thousands): Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2020 Front Yard common stock $ 41,635 $ 5,720 $ — $ 47,355 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of Maturity Analysis of Operating Leases | The following table presents our future lease obligations under our operating leases as of September 30, 2021 ($ in thousands): Operating Lease Liabilities 2021 (1) $ 47 2022 194 2023 205 2024 209 2025 206 Thereafter 207 Total lease payments 1,068 Less: interest 177 Lease liabilities $ 891 _____________ (1) Excludes the nine months ended September 30, 2021. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | The following table sets forth the components of our deferred tax assets: September 30, 2021 December 31, 2020 Deferred tax assets: Stock compensation $ 107 $ 64 Accrued expenses 55 171 Net operating losses (1) 199 285 Lease liabilities 89 491 Other 3 44 Gross deferred tax assets 453 1,055 Deferred tax liability: Right-of-use lease assets 86 459 Front Yard common stock / investments 1,580 1,547 Depreciation — 2 Other 6 5 Gross deferred tax liabilities 1,672 2,013 Net deferred tax asset (liability) before valuation allowance (1,219) (958) Valuation allowance (212) (69) Deferred tax asset (liability), net $ (1,431) $ (1,027) (1) Net operating loss (“NOL”) carry-forwards for tax years prior to 2018 expire in 2037. Beginning with 2018, NOLs are carried forward indefinitely. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Components of Diluted Earnings (Loss) Per Share | The following table sets forth the components of basic and diluted earnings (loss) per share (in thousands, except share and per share amounts): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Numerator Continuing operations: Net income (loss) from continuing operations $ (5,697) $ (3,089) $ (3,826) $ (18,955) Amortization of preferred stock issuance costs — — — (42) Gain on preferred stock transactions 16,101 — 87,984 $ — Numerator for basic and diluted EPS from continuing operations – net income (loss) from continuing operations attributable to common stockholders $ 10,404 $ (3,089) $ 84,158 $ (18,997) Discontinued operations: Numerator for basic and diluted EPS from discontinued operations - net gain from discontinued operations $ — $ 14,843 $ 6,213 $ 19,117 Total: Net income (loss) $ (5,697) $ 11,754 $ 2,387 $ 162 Amortization of preferred stock issuance costs — — — (42) Gain on preferred stock transactions 16,101 — $ 87,984 $ — Numerator for basic and diluted EPS – net income (loss) attributable to common stockholders $ 10,404 $ 11,754 $ 90,371 $ 120 Denominator Weighted average common stock outstanding – basic 2,055,561 1,632,117 1,984,294 1,625,727 Weighted average common stock outstanding – diluted 2,187,585 1,632,117 2,154,597 1,625,727 Earnings (loss) per share - basic Continuing operations – basic $ 5.06 $ (1.89) $ 42.41 $ (11.69) Discontinued operations – basic — 9.09 3.13 11.76 Earnings (loss) per basic common share $ 5.06 $ 7.20 $ 45.54 $ 0.07 Earnings (loss) per share - diluted Continuing operations – diluted $ 4.76 $ (1.89) $ 39.06 $ (11.69) Discontinued operations – diluted — 9.09 2.88 11.76 Earnings (loss) per diluted common share 4.76 $ 7.20 $ 41.94 $ 0.07 |
Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share | We excluded the items presented below from the calculation of diluted earnings per share as they were antidilutive to loss per share from continuing operations for the periods indicated ($ in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Numerator Reversal of amortization of preferred stock issuance costs — $ — $ — $ 42 Denominator Stock options — 5,403 — 8,167 Restricted stock — 76,160 — 58,565 Preferred stock, if converted — 200,000 — 200,000 |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Details) | Aug. 27, 2021USD ($)shares | Feb. 17, 2021USD ($)shares | Jan. 01, 2021USD ($) | Feb. 03, 2020USD ($)$ / sharesshares | May 07, 2019 | Sep. 30, 2021USD ($)$ / sharesshares | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Mar. 31, 2014USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 29, 2016series_of_preferred_stockshares | May 26, 2016$ / shares |
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Preferred stock, shares issued (in shares) | shares | 250,000 | 250,000 | 250,000 | 250,000 | ||||||||||
Issuance of convertible preferred stock | $ 250,000,000 | |||||||||||||
Redemption period | 5 years | |||||||||||||
Redemption price per share (usd per share) | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||||
Loss contingency, number of business days to pay | 3 days | |||||||||||||
Recognized gain in retained earnings | $ 16,101,000 | $ 78,937,000 | ||||||||||||
Preferred stock, conversion price per share (usd per share) | $ / shares | $ 1,250 | $ 1,250 | ||||||||||||
Convertible preferred stock, conversion ratio | 0.8 | |||||||||||||
Preferred stock, par value (usd per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Number of additional series of preferred stock authorized | series_of_preferred_stock | 14 | |||||||||||||
New series preferred stock, maximum number of shares, each series authorized (in shares) | shares | 1,000 | |||||||||||||
Accounts payable and accrued liabilities | $ 2,879,000 | $ 2,879,000 | $ 9,152,000 | |||||||||||
Dividends declared and paid on preferred stock | 1,600,000 | |||||||||||||
Additional Paid-in Capital | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Recognized gain in retained earnings | $ 71,900,000 | 16,101,000 | $ 78,935,000 | |||||||||||
Preferred stock, if converted | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Accounts payable and accrued liabilities | $ 12,000 | $ 12,000 | $ 11,000 | |||||||||||
Luxor v. AAMC | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Redemption price per share (usd per share) | $ / shares | $ 1,000 | |||||||||||||
Luxor v. AAMC | Luxor and Putnam | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Damages sought | $ 231,800,000 | |||||||||||||
Luxor v. AAMC | Luxor | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Damages sought | 150,000,000 | |||||||||||||
Luxor v. AAMC | Minimum | Luxor and Putnam | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Damages sought | 226,012,000 | |||||||||||||
Luxor v. AAMC | Minimum | Luxor | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Damages sought | 144,212,000 | |||||||||||||
Settlement Agreement with Wellington | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Settlement agreement, amount awarded to other party | $ 2,093,000 | |||||||||||||
Gain related to settlement agreement | $ 16,100,000 | |||||||||||||
Series A preferred stock | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Preferred stock, liquidation preference | $ 250,000,000 | |||||||||||||
Series A preferred stock | Luxor v. AAMC | Putnam | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Preferred stock held (in shares) | shares | 81,800 | |||||||||||||
Series A preferred stock | Settlement Agreement with Wellington | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Settlement agreement, shares awarded from other party (in shares) | shares | (18,200) | |||||||||||||
Redeemable preferred stock | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Preferred stock, shares issued (in shares) | shares | 1,200 | 1,200 | 1,100 | |||||||||||
Discontinued Operations | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Gain on disposal | $ 7,500,000 | $ 0 | $ 0 | $ 7,485,000 | $ 0 | |||||||||
Common Stock | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Preferred stock held (in shares) | shares | 0 | 0 | 2,923,000 | |||||||||||
Front Yard | Common Stock | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Number of Front Yard shares acquired (in shares) | shares | 1,298,701 | |||||||||||||
Preferred stock held (in shares) | shares | 2,923,166 | |||||||||||||
Putnam | Luxor v. AAMC | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Loss contingency, damages awarded | 1,636,000 | |||||||||||||
Loss contingency, damages awarded, due on one-year anniversary of the effective date of the agreement | $ 1,227,000 | |||||||||||||
Putnam | Series A preferred stock | Luxor v. AAMC | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Shares exchanged (in shares) | shares | 81,800 | |||||||||||||
Putnam | Common Stock | Luxor v. AAMC | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Shares issued related to exchange of stock (in shares) | shares | 288,283 | |||||||||||||
Amended AMA | Front Yard | Affiliated entity | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Contract term | 5 years | |||||||||||||
Automatic renewal term | 1 year | |||||||||||||
Termination agreement | Front Yard | Affiliated entity | River Business Solutions Private Limited | ||||||||||||||
Organization and Basis of Presentation [Line Items] | ||||||||||||||
Aggregate purchase price | $ 8,200,000 |
Discontinued Operations - Balan
Discontinued Operations - Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Current assets held for sale: | |||
Total current assets held for sale | $ 0 | $ 894 | |
Non-current assets held for sale: | |||
Total non-current assets held for sale | 0 | 1,979 | |
Current liabilities held for sale: | |||
Total current liabilities held for sale | 0 | 1,338 | |
Non-current liabilities held for sale: | |||
Total non-current liabilities held for sale | 0 | 1,599 | |
Held for Sale | |||
Current assets held for sale: | |||
Cash and cash equivalents | 0 | 184 | $ 22,823 |
Prepaid expenses and other assets | 0 | 710 | |
Total current assets held for sale | 0 | 894 | |
Non-current assets held for sale: | |||
Right-of-use lease assets | 0 | 1,612 | |
Other non-current assets | 0 | 367 | |
Total non-current assets held for sale | 0 | 1,979 | |
Total assets held for sale | 0 | 2,873 | |
Current liabilities held for sale: | |||
Accrued salaries and employee benefits | 0 | 910 | |
Accounts payable and accrued liabilities | 0 | 300 | |
Short-term lease liabilities | 0 | 128 | |
Total current liabilities held for sale | 0 | 1,338 | |
Non-current liabilities held for sale: | |||
Non-current lease liabilities | 0 | 1,599 | |
Total non-current liabilities held for sale | 0 | 1,599 | |
Total liabilities held for sale | $ 0 | $ 2,937 |
Discontinued Operations - Incom
Discontinued Operations - Income Statement (Details) - USD ($) $ in Thousands | Jan. 01, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Other income (loss) from discontinued operations: | |||||
Net income from discontinued operations | $ 0 | $ 14,843 | $ 0 | $ 19,117 | |
Discontinued Operations | |||||
Revenues from discontinued operations: | |||||
Total revenues from discontinued operations | 0 | 16,477 | 0 | 24,726 | |
Expenses from discontinued operations: | |||||
Salaries and employee benefits | 0 | 910 | 0 | 3,867 | |
Legal and professional fees | 0 | 67 | 0 | 180 | |
General and administrative | 0 | 334 | 0 | 1,171 | |
Total expenses from discontinued operations | 0 | 1,311 | 0 | 5,218 | |
Other income (loss) from discontinued operations: | |||||
Gain on disposal | $ 7,500 | 0 | 0 | 7,485 | 0 |
Other income (loss) | 0 | (6) | 0 | 24 | |
Total other income (loss) from discontinued operations | 0 | (6) | 7,485 | 24 | |
Net income from discontinued operations before income taxes | 0 | 15,160 | 7,485 | 19,532 | |
Income tax expense | 0 | 317 | 1,272 | 415 | |
Net income from discontinued operations | 0 | 14,843 | 6,213 | 19,117 | |
Discontinued Operations | Management fees from Front Yard | |||||
Revenues from discontinued operations: | |||||
Total revenues from discontinued operations | 0 | 3,584 | 0 | 10,752 | |
Discontinued Operations | Termination fee from Front Yard | |||||
Revenues from discontinued operations: | |||||
Total revenues from discontinued operations | 0 | 12,267 | 12,267 | ||
Discontinued Operations | Expense reimbursements from Front Yard | |||||
Revenues from discontinued operations: | |||||
Total revenues from discontinued operations | $ 0 | $ 626 | $ 0 | $ 1,707 |
Discontinued Operations - Cash
Discontinued Operations - Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Total operating cash flows from discontinued operations | $ 5,439 | $ 19,055 |
Total investing cash flows from discontinued operations | 511 | 3,638 |
Total financing cash flows from discontinued operations | $ 80 | $ 130 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Fair Value Measurements, Recurring (Details) - Common Stock - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | $ 0 | $ 47,355 |
Fair value measurements, recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 47,355 | |
Fair value measurements, recurring | Level 1, Quoted Prices In Active Markets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 47,355 | |
Fair value measurements, recurring | Level 2, Observable Inputs Other Than Level 1 Prices | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | 0 | |
Fair value measurements, recurring | Level 3, Unobservable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, at fair value | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Narrative (Details) - USD ($) | Jan. 11, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Investment Holdings [Line Items] | ||||
Proceeds from sale of equity securities | $ 152,796,000 | $ 0 | ||
Common Stock | ||||
Investment Holdings [Line Items] | ||||
Shares held of Front Yard (in shares) | 0 | 2,923,000 | ||
Investment owned, number of shares sold (in shares) | 2,923,000 | |||
Proceeds from sale of equity securities | $ 47,500,000 | $ 0 | ||
Common Stock | Front Yard | ||||
Investment Holdings [Line Items] | ||||
Shares held of Front Yard (in shares) | 2,923,166 | |||
Investment owned, ownership percentage | 4.90% | |||
Number of shares acquired in open market transactions (in shares) | 1,624,465 | |||
Number of Front Yard shares acquired (in shares) | 1,298,701 | |||
Investment owned, number of shares sold (in shares) | 2,923,166 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Investment Gain/Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Gain (Loss) on Securities [Line Items] | ||||
Investment gains on securities sold during the period | $ 8,347 | $ 0 | ||
Total change in fair value | $ (1,323) | $ 65 | 8,493 | (5,848) |
Equity securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Change in unrealized gains (losses) during the period on securities held at the end of the end of the period | (3,310) | 0 | 0 | 0 |
Investment gains on securities sold during the period | 1,987 | 0 | 8,347 | 0 |
Total change in fair value | (1,323) | 0 | 8,347 | 0 |
Common Stock | ||||
Gain (Loss) on Securities [Line Items] | ||||
Change in unrealized gains (losses) during the period on securities held at the end of the end of the period | 0 | 65 | 0 | (5,848) |
Investment gains on securities sold during the period | 0 | 0 | 146 | 0 |
Total change in fair value | $ 0 | $ 65 | $ 146 | $ (5,848) |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Common Stock and Equity Securities Activity (Details) - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cost | ||
Purchased | $ 96,950 | $ 0 |
Common Stock | ||
Shares | ||
Beginning balance (in shares) | 2,923 | |
Purchased (in shares) | 0 | |
Sold (in shares) | (2,923) | |
Ending balance (in shares) | 0 | |
Cost | ||
Beginning balance | $ 41,635 | |
Purchased | 0 | |
Sold | (41,635) | |
Ending balance | $ 0 | |
Equity securities | ||
Shares | ||
Beginning balance (in shares) | 0 | |
Purchased (in shares) | 8,123 | |
Sold (in shares) | (8,123) | |
Ending balance (in shares) | 0 | |
Cost | ||
Beginning balance | $ 0 | |
Purchased | 96,950 | |
Sold | (96,950) | |
Ending balance | $ 0 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Summary of Cost Basis, Fair Value, and Unrealized Gains (Losses) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Equity securities | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | $ 0 | $ 0 |
Common Stock | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Cost | 0 | 41,635 |
Gross Unrealized Gains | 5,720 | |
Gross Unrealized Losses | 0 | |
Fair Value | $ 0 | $ 47,355 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Annualized interest rate | 1.10% |
Basis spread on variable interest rate | 1.00% |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Leases [Abstract] | |||||
Weighted average remaining lease term | 5 years 3 months 18 days | 5 years 3 months 18 days | 7 years 6 months | ||
Discount rate | 7.00% | 7.00% | 7.00% | ||
Rent expense- long term lease | $ 50,000 | $ 200,000 | $ 150,000 | $ 500,000 | |
Rent expense- short term lease | $ 0 | $ 27,000 | $ 0 | $ 81,000 |
Leases - Maturity Analysis of O
Leases - Maturity Analysis of Operating Leases (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Operating Lease Liabilities | |
2021 | $ 47 |
2022 | 194 |
2023 | 205 |
2024 | 209 |
2025 | 206 |
Thereafter | 207 |
Total lease payments | 1,068 |
Less: interest | 177 |
Lease liabilities | $ 891 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 03, 2020 | Jan. 27, 2020 | Sep. 30, 2021 | Apr. 26, 2021 | Mar. 31, 2014 |
Loss Contingencies [Line Items] | |||||
Redemption price per share (usd per share) | $ 1,000 | $ 1,000 | |||
AAMC v. Luxor | |||||
Loss Contingencies [Line Items] | |||||
Threshold period to request company to redeem shares (years) | 5 years | ||||
AAMC v. Luxor | Minimum | |||||
Loss Contingencies [Line Items] | |||||
Threshold number of business days to give prior notice to redeem shares (days) | 15 days | ||||
AAMC v. Luxor | Maximum | |||||
Loss Contingencies [Line Items] | |||||
Threshold number of business days to give prior notice to redeem shares (days) | 30 days | ||||
Luxor v. AAMC | |||||
Loss Contingencies [Line Items] | |||||
Redemption price per share (usd per share) | $ 1,000 | ||||
Luxor v. AAMC | Luxor | |||||
Loss Contingencies [Line Items] | |||||
Damages sought | $ 150,000 | ||||
Luxor v. AAMC | Putnam | Series A preferred stock | |||||
Loss Contingencies [Line Items] | |||||
Preferred stock held (in shares) | 81,800 | ||||
Luxor v. AAMC | Minimum | Luxor | |||||
Loss Contingencies [Line Items] | |||||
Damages sought | $ 144,212 | ||||
Luxor Books and Records Demand | Luxor | Series A preferred stock | |||||
Loss Contingencies [Line Items] | |||||
Preferred stock held (in shares) | 144,212 |
Share-Based Payments (Details)
Share-Based Payments (Details) | Sep. 20, 2021installment$ / sharesshares | Jun. 28, 2021installment$ / sharesshares | Apr. 16, 2021shares | Feb. 24, 2021$ / sharesshares | Oct. 15, 2020installment$ / sharesshares | Jan. 30, 2020installment$ / sharesshares | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | Sep. 11, 2020shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Unvested options forfeited (in shares) | 60,000 | |||||||||||
Share-based compensation | $ | $ 20,000 | $ 300,000 | $ 1,900,000 | $ 1,200,000 | ||||||||
Unrecognized share-based compensation | $ | $ 200,000 | $ 200,000 | $ 1,000,000 | |||||||||
Weighted average remaining amortization period of unamortized share based compensation | 1 year 9 months 18 days | 10 months 24 days | ||||||||||
2020 Equity Incentive Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares authorized (in shares) | 185,000 | |||||||||||
Co-chief executive officer | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Options granted (in shares) | 60,000 | |||||||||||
Weighted average grant date fair value of options granted (usd per share) | $ / shares | $ 10.61 | |||||||||||
Restricted stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Unvested restricted stock units forfeited (in shares) | 40,000 | |||||||||||
Restricted stock | Management | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares of restricted stock granted (in shares) | 3,000 | 5,000 | 82,671 | 10,000 | ||||||||
Weighted average grant date fair value of market based restricted stock granted (usd per share) | $ / shares | $ 24.83 | $ 19.64 | $ 26.25 | $ 19.29 | ||||||||
Number of annual installments | installment | 3 | 3 | 3 | |||||||||
Restricted stock | Co-chief executive officer | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares of restricted stock granted (in shares) | 60,000 | |||||||||||
Weighted average grant date fair value of market based restricted stock granted (usd per share) | $ / shares | $ 13.11 | |||||||||||
Number of annual installments | installment | 3 | |||||||||||
Restricted stock | Director | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Shares of restricted stock granted (in shares) | 8,622 | |||||||||||
Weighted average grant date fair value of market based restricted stock granted (usd per share) | $ / shares | $ 20.87 | |||||||||||
Value of restricted stock granted to directors annually | $ | $ 60,000 | |||||||||||
Required service period for restricted stock | 1 year | |||||||||||
Director attendance requirement | 75.00% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 9 Months Ended | |
Sep. 30, 2021USD ($)employee | Dec. 31, 2020USD ($) | |
Income Tax Disclosure [Abstract] | ||
Income tax exemption, percentage | 90.00% | |
Number of employees below the requirement | employee | 2 | |
Interest or penalties accrued | $ | $ 0 | $ 0 |
Income Taxes - Schedule of defe
Income Taxes - Schedule of deferred taxes (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Stock compensation | $ 107 | $ 64 |
Accrued expenses | 55 | 171 |
Net operating losses | 199 | 285 |
Lease liabilities | 89 | 491 |
Other | 3 | 44 |
Gross deferred tax assets | 453 | 1,055 |
Deferred tax liability: | ||
Right-of-use lease assets | 86 | 459 |
Front Yard common stock / investments | 1,580 | 1,547 |
Depreciation | 0 | 2 |
Other | 6 | 5 |
Gross deferred tax liabilities | 1,672 | 2,013 |
Net deferred tax asset (liability) before valuation allowance | (1,219) | (958) |
Valuation allowance | (212) | (69) |
Deferred tax asset (liability), net | $ (1,431) | $ (1,027) |
Earnings Per Share - Components
Earnings Per Share - Components of Diluted Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator | ||||||||
Net income (loss) from continuing operations | $ (5,697) | $ (3,089) | $ (3,826) | $ (18,955) | ||||
Amortization of preferred stock issuance costs | 0 | 0 | $ (42) | 0 | (42) | |||
Gain on preferred stock transaction | 16,101 | 0 | 87,984 | 0 | ||||
Numerator for basic and diluted EPS from continuing operations – net income (loss) from continuing operations attributable to common stockholders | 10,404 | (3,089) | 84,158 | (18,997) | ||||
Numerator for basic and diluted EPS from discontinued operations - net gain from discontinued operations | 0 | 14,843 | 6,213 | 19,117 | ||||
Net income (loss) | (5,697) | $ 2,228 | $ 5,856 | 11,754 | $ (7,835) | $ (3,757) | 2,387 | 162 |
Numerator for diluted EPS – net income (loss) attributable to common stockholders | $ 10,404 | $ 11,754 | $ 90,371 | $ 120 | ||||
Denominator | ||||||||
Weighted average common stock outstanding – basic (in shares) | 2,055,561 | 1,632,117 | 1,984,294 | 1,625,727 | ||||
Weighted average common stock outstanding – diluted (in shares) | 2,187,585 | 1,632,117 | 2,154,597 | 1,625,727 | ||||
Earnings (loss) per share - basic | ||||||||
Continuing operations – basic (usd per share) | $ 5.06 | $ (1.89) | $ 42.41 | $ (11.69) | ||||
Discontinued operations – basic (usd per share) | 0 | 9.09 | 3.13 | 11.76 | ||||
Earnings (loss) per basic common share (usd per share) | 5.06 | 7.20 | 45.54 | 0.07 | ||||
Earnings (loss) per share of common stock – diluted: | ||||||||
Continuing operations – diluted (usd per share) | 4.76 | (1.89) | 39.06 | (11.69) | ||||
Discontinued operations – diluted (usd per share) | 0 | 9.09 | 2.88 | 11.76 | ||||
Earnings (loss) per diluted common share (usd per share) | $ 4.76 | $ 7.20 | $ 41.94 | $ 0.07 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Securities (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator | ||||
Reversal of amortization of preferred stock issuance costs | $ 0 | $ 0 | $ 0 | $ 42 |
Stock options | ||||
Denominator | ||||
Antidilutive shares excluded from computation of earnings per share (in shares) | 0 | 5,403 | 0 | 8,167 |
Restricted stock | ||||
Denominator | ||||
Antidilutive shares excluded from computation of earnings per share (in shares) | 0 | 76,160 | 0 | 58,565 |
Preferred stock, if converted | ||||
Denominator | ||||
Antidilutive shares excluded from computation of earnings per share (in shares) | 0 | 200,000 | 0 | 200,000 |
Segment Information (Details)
Segment Information (Details) | 9 Months Ended |
Sep. 30, 2021segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |