Financial Performance - Loan interest income for the three and nine months ended September 30, 2022, was $1.7 million and $2.3 million, respectively, with no loan interest income recorded in 2021 [122]. - Loan fee income for the same periods was $0.2 million, with no income in 2021 [123]. - Salaries and employee benefits increased to $1.6 million and $4.0 million in 2022 from $0.9 million and $4.1 million in 2021, reflecting the addition of loan operations staff [124]. - Legal fees decreased to $0.8 million and $3.5 million in 2022 from $2.2 million and $5.7 million in 2021, primarily due to reduced litigation costs [125]. - General and administrative expenses were $0.8 million and $2.3 million in 2022, slightly up from $0.6 million and $1.9 million in 2021 [126]. Cash Flow and Investments - As of September 30, 2022, cash and cash equivalents were $10.2 million, down from $78.3 million at the end of 2021, mainly due to loan purchases [134]. - Net cash used in operating activities from continuing operations for the nine months ended September 30, 2022, was $(20,450) thousand, compared to $(16,943) thousand for the same period in 2021 [142]. - Net cash used in investing activities from continuing operations for the nine months ended September 30, 2022, was $(92,297) thousand, while it was $58,396 thousand in 2021 [142]. - Net cash provided by financing activities from continuing operations for the nine months ended September 30, 2022, was $47,626 thousand, compared to $(4,861) thousand in 2021 [142]. - Total cash flows relating to continuing operations for the nine months ended September 30, 2022, amounted to $(65,121) thousand, a decrease from $36,592 thousand in 2021 [142]. - Loans held for sale at fair value amounted to $7.2 million as of September 30, 2022 [137]. - Loans held for investment at fair value were $90.5 million, primarily related to business purpose bridge loans [138]. - A capital commitment of $50 million has been made to grow the Alternative Lending Group (ALG) operations [112]. Shareholder Actions - The company has repurchased $271.6 million in shares under its buyback program, with $28.4 million remaining available for repurchases [141]. Off-Balance Sheet Arrangements - There were no off-balance sheet arrangements as of September 30, 2022, or December 31, 2021 [146]. Market and Risk Factors - Market risk includes risks from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices, and other market changes affecting market-sensitive instruments [148]. Accounting and Reporting - Critical accounting judgments are discussed in the Annual Report on Form 10-K for the year ended December 31, 2021 [147].
Altisource Asset Management(AAMC) - 2022 Q3 - Quarterly Report