Core Insights - Lenders One Cooperative is celebrating its 25th anniversary at the annual summit in Cancun, Mexico, highlighting its commitment to supporting independent mortgage bankers, banks, and credit unions [1][5] - Since March 2024, Lenders One has added 39 new members and enhanced its service offerings to help members increase profitability and improve decision-making [2][5] - The cooperative's members collectively originated approximately $372 billion in mortgages during 2023, making it the largest retail mortgage entity in the U.S. [6] Membership and Growth - The addition of 39 new members reflects the value proposition of Lenders One amid a challenging mortgage origination environment [2] - The cooperative continues to focus on maximizing revenue, reducing costs, and sharing best practices among its members [6] Service Offerings - Lenders One provides a variety of direct solutions, including credit, flood, fraud, insurance, verifications, fulfillment services, quality control, title and escrow, valuations, and vendor management [3] - Recent enhancements to direct solutions include: - ScoreNavigator® for detailed credit health analysis [4] - L1 Verification of Assets powered by FinLocker® for asset and payroll verification [4] - L1 Flood for flood zone determinations, now powered by ServiceLink® [4] - L1 Insurance for competitive homeowner insurance quotes [4] - Blend and Blue Sage for digital origination and lending platforms [4] Capital Markets and National Programs - Lenders One has expanded its Capital Markets and National Programs offerings, adding 8 new Preferred Providers to support various facets of the mortgage business [4] - The cooperative's suite of services aims to enhance competitiveness and profitability for its members [3][4]

Core Viewpoint - Altisource Portfolio Solutions S.A. has successfully completed a significant financial restructuring through the Term Loan Exchange Transactions and the establishment of a Super Senior Facility, aimed at strengthening its balance sheet and positioning the company for sustainable long-term growth and value creation [2][3][4] Financial Transactions - The Term Loan Exchange Transactions involved the exchange of $232.8 million in senior secured term loans for a new first lien loan of $160 million and approximately 58.2 million common shares [3][4] - The New Facility consists of a $110 million interest-bearing loan and a $50 million non-interest-bearing exit fee, with a maturity date of April 30, 2030 [5][6] - The Super Senior Facility, amounting to $12.5 million, was executed to fund transaction costs and for general corporate purposes, maturing on February 19, 2029 [4][6] Interest Rates and Repayment Terms - The interest rate on the New Debt is set at SOFR plus 6.50% per annum, with a 3.50% SOFR floor, while the Exit Fee carries a 0% interest rate [5][6] - Mandatory and voluntary prepayments under the New Facility will be allocated on a pro rata basis between the New Debt and the Exit Fee [5] - Beginning with the fiscal year ending December 31, 2025, a portion of the company's excess cash flow will be used to prepay the Super Senior Facility and the New Facility [6] Stakeholder Warrants - Shareholders approved the issuance of Stakeholder Warrants, allowing holders to purchase approximately 114.5 million shares of common stock at $1.20 per share [4][7] - Stakeholder Warrants will provide the ability to purchase approximately 3.25 shares for each share held, with different expiration dates for the two halves of the warrants [7] Future Reporting - Detailed descriptions of the Term Loan Exchange Transactions and the Super Senior Facility will be provided in a Current Report on Form 8-K to be filed by Altisource [8]

Core Points - Altisource Portfolio Solutions S.A. has successfully closed its Term Loan Exchange Transactions and entered into a $12.5 million Super Senior Facility, which is expected to strengthen its balance sheet and support long-term growth [1][2][3] Group 1: Term Loan Exchange Transactions - The Term Loan Exchange Transactions involved the exchange of $232.8 million in senior secured term loans for a new first lien loan of $160 million and approximately 58.2 million common shares [3] - The new facility consists of a $110 million interest-bearing loan and a $50 million non-interest-bearing exit fee [3][5] - A portion of the principal amount of the exchanged loans, approximately $1.4 million, matures on January 15, 2029 [4] Group 2: Super Senior Facility - The Super Senior Facility, executed on February 19, 2025, is intended to fund transaction costs related to the Term Loan Exchange and for general corporate purposes [4] - The maturity date of the Super Senior Facility is February 19, 2029, with an original issue discount of 10.0% [6] - The interest rate on the Super Senior Facility is SOFR plus 6.50% with a 3.50% SOFR floor [6] Group 3: Stakeholder Warrants - Shareholders approved the issuance of transferable warrants allowing stakeholders to purchase approximately 114.5 million shares of common stock at $1.20 per share [4][7] - Stakeholder Warrants will allow stakeholders to purchase approximately 3.25 shares for each share held, with half expiring on April 2, 2029, and the other half on April 30, 2032 [7] Group 4: Financial Terms and Conditions - The interest rate on the new debt is SOFR plus 6.50% per annum with a 3.50% SOFR floor, and the exit fee has an interest rate of 0% [5][6] - Mandatory and voluntary prepayments under the new facility will be allocated on a pro rata basis between the new debt and the exit fee [5] - Beginning with the fiscal year ending December 31, 2025, a portion of excess cash flow will be used for prepayment of the Super Senior Facility and the New Facility [5][6]

Core Viewpoint - Altisource Portfolio Solutions S.A. announced a proposed issuance of transferable Warrants to its stakeholders, contingent upon shareholder approval and completion of related transactions [1][2]. Summary by Relevant Sections Warrant Distribution - The Warrant Distribution will occur within 60 days after the Distribution Record Date of February 14, 2025, with a potential Distribution Date by April 15, 2025 [2]. - The distribution is subject to shareholder approval of proposals outlined in the Proxy Statement filed with the SEC [1][2]. Terms of the Warrants - Stakeholders will receive two types of Warrants: Cash Exercise Stakeholder Warrants and Net Settle Stakeholder Warrants, each entitling the holder to purchase 1.625 shares of Common Stock at an initial exercise price of $1.95 per Warrant [3][6]. - The Company will not issue fractional shares; any fractional entitlement will be rounded down to the nearest whole number [3]. Listing and Agreement - The Company intends to apply for listing the Warrants on the Nasdaq Global Select Market, although approval is not guaranteed [4]. - The issuance of the Warrants will be governed by a Warrant Agent Agreement with Equiniti Trust Company, LLC [5]. Additional Information - Altisource is an integrated service provider for the real estate and mortgage industries, offering innovative services and technologies [8]. - Shareholders are encouraged to review the Proxy Statement and related documents for important information regarding the proposed transactions [9].

Core Viewpoint - Altisource Portfolio Solutions S.A. has entered into a binding transaction support agreement with lenders to restructure its existing debt, aiming to significantly improve its financial position and support long-term growth [1][2]. Debt Restructuring Details - The agreement will reduce the company's current outstanding debt obligations from $231 million to $172.5 million, a reduction of $58 million or 25% [2]. - The new debt structure includes an up to $110 million interest-bearing first lien loan, a $50 million non-interest-bearing exit fee, and a $12.5 million super senior credit facility [2]. - The maturity date of the new facility will be extended by five years to April 30, 2030 [2]. Financial Impact - The restructuring is expected to decrease the company's annual cash and paid-in-kind (PIK) interest by approximately $18 million, with cash interest reduced by about $9 million and PIK interest also reduced by approximately $9 million [2]. - The interest rate on the new debt and super senior facility is set at SOFR + 6.50%, compared to the existing term loans' rate of SOFR + 8.75% [2]. Equity and Warrants - Lenders under the new facility will receive approximately 57.9 million common shares of Altisource, representing 63.5% of the pro forma outstanding shares post-transaction [2]. - Existing shareholders and certain stakeholders will be granted warrants to purchase approximately 115 million common shares at an exercise price of $1.20 per share, potentially mitigating dilution from shares issued to lenders [2]. Management Commentary - The CEO expressed satisfaction with the transaction support agreement, highlighting that it would strengthen Altisource's balance sheet and position the company for sustainable long-term growth [2]. Additional Information - The transactions are subject to certain terms and conditions, including the negotiation and execution of definitive agreements and necessary approvals from the company's Board of Directors and shareholders [3]. - Further details are available in a presentation posted on the company's Investor Relations website [4].

Core Viewpoint - Altisource Portfolio Solutions S.A. has entered into a binding transaction support agreement with lenders to restructure its existing term loans, aiming to significantly improve its financial position and facilitate long-term growth [1][2]. Debt Restructuring - The agreement will reduce the company's current outstanding debt obligations from $231 million to $172.5 million, a decrease of $58 million or 25% [2]. - The new debt structure includes an up to $110 million term loan, a $50 million non-interest-bearing exit fee, and a $12.5 million super senior credit facility [1][2]. - The maturity date of the new facility will be extended by five years to April 30, 2030 [2]. Interest Expense Reduction - The annual cash and paid-in-kind (PIK) interest on outstanding debt will be reduced by approximately $18 million, with cash interest decreasing by about $9 million and PIK interest also decreasing by approximately $9 million [2]. - The interest rate on the new debt and super senior facility is set at SOFR + 6.50%, compared to SOFR + 8.75% on existing term loans [2]. Equity and Warrants - Lenders under the new facility will receive approximately 57.9 million common shares of Altisource, representing 63.5% of the pro forma outstanding shares post-transaction [2]. - Existing shareholders and certain stakeholders will be granted warrants to purchase approximately 115 million common shares at an exercise price of $1.20 per share, potentially mitigating dilution from shares issued to lenders [2]. Financial Performance - The company has improved its net cash used in operating activities by over $55 million since 2021, indicating a positive trend in financial performance [2]. - The restructuring is aimed at stabilizing the company and positioning it for sustainable long-term growth and value creation [2]. Additional Information - The transactions are subject to certain terms and conditions, including the negotiation and execution of definitive agreements and necessary approvals from the company's Board of Directors and shareholders [3]. - A presentation with further details has been made available on the company's Investor Relations website [4].

Financial Data and Key Metrics Changes - For Q3 2024, the company generated $38.2 million in service revenue, an increase of $4 million or 11.8% year-over-year, marking the strongest quarterly service revenue performance in 12 quarters [4] - Adjusted EBITDA for the quarter was $3.6 million, reflecting a $2.8 million improvement compared to Q3 2023, but an $800,000 decline from the previous quarter [4][5] - Year-to-date service revenue is $7.5 million higher than last year, with adjusted EBITDA up by $13.8 million, resulting in adjusted EBITDA margins improving to 11.3% compared to negative 1.1% for the same period in 2023 [6][13] Business Line Data and Key Metrics Changes - The servicer and real estate segment saw service revenue grow by 4.7% sequentially and 13% year-over-year, but adjusted EBITDA remained flat compared to last year and decreased by 10.6% from the previous quarter due to higher SG&A expenses [8] - The origination segment improved adjusted EBITDA by $1.4 million year-over-year, driven by cost savings and efficiency initiatives, with service revenue growth of $500,000 [11][12] - The renovation business, launched in late April 2024, has already generated $1.5 million in revenue in Q3, indicating rapid growth potential [19][20] Market Data and Key Metrics Changes - The average serious delinquency rate through August 2024 is 1.2%, which is 15% lower than the same period in 2019 and 2023, negatively impacting foreclosure starts and sales [11] - Foreclosure starts and sales are significantly lower than pre-pandemic levels, with current figures being 34% and 54% lower than 2019, and 7% and 14% lower than 2023 [11] Company Strategy and Development Direction - The company is focusing on diversifying revenue streams and customer base through the ramp-up of the renovation business and ongoing sales wins [13] - Management anticipates strong service revenue and adjusted EBITDA growth over 2023, despite challenges in the foreclosure market [7] Management's Comments on Operating Environment and Future Outlook - Management noted that the market is not performing as expected, with lower foreclosure starts and sales impacting business [16] - There are early signs of potential market normalization, but the company is preparing to benefit from any future upturn while diversifying revenue [32] Other Important Information - The company ended the quarter with cash and cash equivalents of $28.3 million [5] - The renovation business is expected to be a strong contributor to service revenue and EBITDA in the coming months and years [9] Q&A Session Summary Question: Understanding the pre-foreclosure work and renovations business - Management acknowledged that the market is underperforming, impacting foreclosure starts and sales, but they are successfully adding new clients in earlier-stage processes [16][17] Question: Insights on the renovations business - The renovations business has ramped up significantly, generating $1.5 million in Q3, and management expects continued growth as they onboard new customers [19][21] Question: Discussion on higher SG&A and legacy indemnity claims - Management explained that higher SG&A costs were due to professional services and bad debt, with a total impact of approximately $3 million compared to expectations [22][23] Question: Outlook for the origination business - Management noted a temporary pickup in origination volumes but indicated that the market remains challenging with high mortgage rates [24][25] Question: Revenue projections for the renovation business in 2025 - Management is optimistic about the renovation business's contribution but finds it difficult to model exact revenues due to variability in referrals [26][27] Question: Capacity and risk management in the renovation business - Management expressed confidence in their capacity to handle increased referrals and outlined risk management strategies for cost overruns [28][29] Question: Views on the foreclosure market and delinquencies - Management indicated that while the market has not turned yet, they believe it will eventually normalize, and they are positioning the company to benefit from that change [31][32]

Altisource Portfolio Solutions (ASPS) came out with a quarterly loss of $0.23 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.44 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this real estate services firm would post a loss of $0.22 per share when it actually produced a loss of $0.21, delivering a surprise of 4.55%.Over the last four quarters, the company has surpassed consensus EPS estimates two times.Altisource ...

Core Viewpoint - Altisource Portfolio Solutions S.A. reported strong financial results for Q3 2024, achieving significant growth in service revenue despite a challenging market environment characterized by declining delinquency and foreclosure rates [2][3]. Company Financial Performance - Service revenue for Q3 2024 reached $38.2 million, marking an increase of $4.0 million or 11.8% compared to Q3 2023 [3][4]. - Adjusted EBITDA for the quarter was $3.6 million, a substantial improvement of $2.8 million from the same quarter last year, driven by higher service revenue and lower corporate costs [3][4]. - The adjusted EBITDA margin improved to 9.5% in Q3 2024, significantly higher than the 2.6% margin in Q3 2023 [3]. - Gross profit margin for Q3 2024 was 31.6%, up from 21.1% in the same quarter of the previous year [3][4]. - The company ended the quarter with $28.3 million in cash and cash equivalents, alongside $202.3 million in net debt [3][4]. Business Segments and Industry Trends - The Servicer and Real Estate segments reported improved adjusted EBITDA of $10.8 million, representing 28.3% of service revenue, compared to $9.5 million or 28.0% in Q3 2023 [3]. - The company generated sales wins estimated to represent potential annualized revenue of $1.7 million for the Servicer and Real Estate segment and $4.9 million for the Origination segment [3]. - The weighted average sales pipeline was estimated between $32 million and $40 million based on forecasted probabilities of closing [3]. - Industry-wide foreclosure initiations decreased by 7% and foreclosure sales declined by 14% for the eight months ending August 31, 2024, compared to the same period in 2023 [3]. - The seriously delinquent mortgage rate fell to 1.2% in August 2024, down from 1.3% in December 2023 [3].

Exhibit 99.1 | --- | --- | |---------------------------|-----------------------------| | | | | | | | | FOR FURTHER INFORMATION | | FOR IMMEDIATE RELEASE | CONTACT: | | | Michelle D. Esterman | | | Chief Financial Officer | | | T: (770) 612-7007 | ALTISOURCE ANNOUNCES THIRD QUARTER 2024 FINANCIAL RESULTS Luxembourg, October 24, 2024 - Altisource Portfolio Solutions S.A. ("Altisource" or the "Company") (NASDAQ: ASPS), a leading provider and marketplace for the real estate and mortgage industries, today report ...