Financial Data and Key Metrics Changes - Service revenue for 2025 increased by 7% to $161.3 million, with strong contributions from both business segments [5] - Adjusted EBITDA improved by $900,000 or 5% to $18.3 million, driven by higher revenue [5] - GAAP loss before income taxes improved to $14.1 million from $32.9 million in 2024, primarily due to lower interest expenses [6] Business Segment Data and Key Metrics Changes - The servicer and real estate segment service revenue increased by 5% to $126 million, with adjusted EBITDA rising by 6% to $44.6 million [10][11] - The origination segment service revenue grew 16% to $35.2 million, with adjusted EBITDA increasing 19% to $2.9 million [12][13] - Corporate segment adjusted EBITDA loss was $29.3 million, reflecting increased costs [14] Market Data and Key Metrics Changes - 90+ day mortgage delinquency rates increased to 1.45% in December 2025, with 560,000 late-stage delinquent mortgages [14] - Foreclosure starts grew by 25% and foreclosure sales increased by 17% compared to 2024 [14] - Total mortgage origination unit volume increased by 19% in 2025, driven by a 92% increase in refinance volume [15] Company Strategy and Development Direction - The company aims to achieve a run rate of $45 million in adjusted EBITDA by Q4 2028 through its Project 45 strategic initiatives [17][18] - Focus on diversifying revenue base and ramping newly won business while maintaining cost discipline [18] Management's Comments on Operating Environment and Future Outlook - The company is operating in a challenging environment with low delinquency rates and origination volume, but recent indicators show improvement [14] - For 2026, the company forecasts service revenue of $165 million-$185 million and adjusted EBITDA of $15 million-$20 million, reflecting anticipated growth despite potential losses from Rithm and Onity [16][17] Other Important Information - Hubzu's foreclosure auction and REO inventory grew by 137% to 13,500 assets as of mid-February [4][12] - The cooperative brokerage agreement with Rithm expired, and the company expects a reduction in service revenue from this change [9] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded with positive remarks about the company's performance and growth prospects [19][20]

Financial Data and Key Metrics Changes - Service revenue for 2025 increased by 7% to $161.3 million, with adjusted EBITDA improving by $900,000 or 5% to $18.3 million [5][6] - GAAP loss before income taxes improved to $14.1 million from $32.9 million in 2024, primarily due to lower interest expenses [6] - Fourth quarter 2025 service revenue was $39.9 million, up 4% year-over-year [7] Business Segment Data and Key Metrics Changes - The servicer and real estate segment service revenue for 2025 was $126 million, a 5% increase from the previous year, with adjusted EBITDA rising by 6% to $44.6 million [10][11] - The origination segment service revenue grew 16% to $35.2 million, with adjusted EBITDA increasing 19% to $2.9 million [12][13] - Corporate segment adjusted EBITDA loss was $29.3 million, reflecting increased costs primarily related to non-recurring benefits and higher foreign currency expenses [14] Market Data and Key Metrics Changes - 90-plus day mortgage delinquency rates increased to 1.45% in December 2025, with foreclosure starts growing by 25% and foreclosure sales by 17% compared to 2024 [14][15] - Total mortgage origination unit volume increased by 19% in 2025, driven by a 92% increase in refinance volume [15] Company Strategy and Development Direction - The company aims to achieve a run rate of $45 million in adjusted EBITDA by the fourth quarter of 2028 through its Project 45 strategic initiatives [17][18] - The focus is on diversifying revenue, ramping newly won business, and maintaining cost discipline to mitigate anticipated revenue losses from Rithm and Onity [18] Management's Comments on Operating Environment and Future Outlook - The management noted a challenging operating environment with low delinquency rates and origination volume, but recent indicators show improvement [14] - For 2026, the company forecasts service revenue growth of $165 million to $185 million and adjusted EBITDA of $15 million to $20 million, reflecting anticipated growth in the origination market [16][17] Other Important Information - The cooperative brokerage agreement with Rithm expired on August 31, 2025, and the company expects a reduction in service revenue from this change [9] - The company is optimistic about its sales wins, which are expected to offset anticipated revenue losses from Rithm and Onity [10] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded with positive remarks about the company's performance and growth prospects [19][20]

Financial Data and Key Metrics Changes - Service revenue for 2025 increased by 7% to $161.3 million, with adjusted EBITDA improving by $900,000 or 5% to $18.3 million [5][6] - GAAP loss before income taxes improved to $14.1 million from $32.9 million in 2024, primarily due to lower interest expenses [6] - Fourth quarter 2025 service revenue was $39.9 million, up 4% year-over-year [7] Business Segment Data and Key Metrics Changes - The servicer and real estate segment service revenue for 2025 was $126 million, a 5% increase from the previous year, with adjusted EBITDA rising by 6% to $44.6 million [10][11] - The origination segment service revenue grew 16% to $35.2 million, with adjusted EBITDA increasing 19% to $2.9 million [12][13] - Corporate adjusted EBITDA loss was $29.3 million, reflecting increased costs primarily due to non-recurring benefits and higher foreign currency expenses [14] Market Data and Key Metrics Changes - 90-plus day mortgage delinquency rates increased to 1.45% in December 2025, with foreclosure starts growing by 25% and foreclosure sales by 17% compared to 2024 [14][15] - Total mortgage origination unit volume increased by 19% in 2025, driven by a 92% increase in refinance volume [15] Company Strategy and Development Direction - The company aims to achieve a run rate of $45 million in adjusted EBITDA by the fourth quarter of 2028 through its Project 45 strategic initiatives [18][19] - The focus is on diversifying revenue, ramping newly won business, and maintaining cost discipline to mitigate anticipated revenue losses from Rithm and Onity [19] Management's Comments on Operating Environment and Future Outlook - The management noted a challenging operating environment with low delinquency rates and origination volume, but recent indicators show improvement [14] - For 2026, the company forecasts service revenue growth of $165 million to $185 million and adjusted EBITDA of $15 million to $20 million, reflecting anticipated growth in the origination segment [17] Other Important Information - The cooperative brokerage agreement with Rithm expired on August 31, 2025, and the company expects a reduction in service revenue from this change [9] - The company ended 2025 with $26.6 million in unrestricted cash [6] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded with positive remarks about the company's performance and growth prospects [20][21]

Financial Performance - Altisource's service revenue grew by 11% to $40.9 million compared to Q1 2024[10] - Adjusted EBITDA increased by 14% to $5.3 million compared to Q1 2024[10] - Business Segments Adjusted EBITDA was $12.5 million with a 30.5% margin, a $1.6 million improvement and a 100-basis point margin increase[17] - Corporate Adjusted EBITDA loss increased by $0.9 million, or 15%, to $7.2 million[17] Debt and Interest Expense - Long-term debt reduced by over $60 million, from $232.8 million to $172.5 million[19] - Annual cash and payment-in-kind interest expense reduced by approximately $18 million to $13 million on a pro forma basis[19] - Annual GAAP interest expense reduced by $23 million to approximately $9.5 million on a pro forma basis[19] Segment Performance - Servicer and Real Estate segment service revenue increased 13% to $32.9 million[22] - Servicer and Real Estate segment Adjusted EBITDA increased 15% to $12.0 million, with margins improving to 36.5%[22] - Origination segment service revenue increased 3% to $8.0 million[28] - Origination segment Adjusted EBITDA was flat at $0.5 million[28] Market Environment - Market-wide foreclosure starts increased 25% in Q1 2025 compared to Q1 2024, while foreclosure sales were 2% lower[22]