Financial Performance - Loan interest income for Q3 2023 was $1.1 million, down 35.3% from $1.7 million in Q3 2022[98] - Loan fee income for Q3 2023 was $0.1 million, a decrease from $0.2 million in Q3 2022[98] - Realized losses on loans held for sale were $2.2 million in Q3 2023, compared to no losses in Q3 2022[98] Expenses - Salaries and employee benefits decreased to $0.8 million in Q3 2023 from $1.6 million in Q3 2022, primarily due to workforce reduction[99] - Legal fees decreased to $0.6 million in Q3 2023 from $0.8 million in Q3 2022, reflecting lower litigation costs[100] - General and administrative expenses increased to $0.9 million in Q3 2023 from $0.8 million in Q3 2022[101] Cash and Loans - Cash and cash equivalents decreased to $7.9 million as of September 30, 2023, from $10.7 million at the end of 2022[105] - Loans held for sale at fair value were $5.4 million as of September 30, 2023, down from $11.6 million at the end of 2022[107] - Loans held for investment at fair value decreased to $28.1 million as of September 30, 2023, from $83.1 million at the end of 2022[108] Share Repurchase - The company repurchased 66,349 shares for $0.5 million in Q3 2023, compared to 286,873 shares for $2.9 million in Q3 2022[110] Internal Controls - The Company's disclosure controls and procedures were determined to be effective as of September 30, 2023[119] - There were no changes in internal control over financial reporting that materially affected the Company during the quarter ended September 30, 2023[120] - Management does not expect that the disclosure controls and procedures will prevent or detect all errors and fraud[121] - The Company is classified as a Smaller Reporting Company (SRC) and will not receive an attestation opinion of its internal controls over financial reporting until it no longer qualifies as an SRC[119]
Altisource Asset Management(AAMC) - 2023 Q3 - Quarterly Report