Altisource Asset Management(AAMC) - 2023 Q2 - Quarterly Report

Financial Performance - Loan interest income for the three and six months ended June 30, 2023, was $1.6 million and$3.6 million, respectively, compared to $0.5 million for the same periods in 2022, representing a significant increase [94]. - Loan fee income increased to$0.3 million and $0.4 million for the three and six months ended June 30, 2023, respectively, compared to only$9,000 for the same periods in 2022 [94]. - The total cash flows for the six months ended June 30, 2023, were $1.755 million, compared to a negative cash flow of$47.009 million for the same period in 2022 [107]. Expenses - Salaries and employee benefits rose to $1.9 million and$3.8 million during the three and six months ended June 30, 2023, compared to $1.6 million and$2.5 million in the same periods of 2022, reflecting the addition of loan operations and ALG staff [95]. - General and administrative expenses were $1.0 million and$1.9 million for the three and six months ended June 30, 2023, compared to $0.8 million and$1.6 million for the same periods in 2022 [97]. Assets and Liabilities - As of June 30, 2023, cash and cash equivalents were $10.5 million, a slight decrease from$10.7 million as of December 31, 2022, primarily due to principal payments on loans [100]. - Loans held for sale at fair value amounted to $21.8 million as of June 30, 2023, primarily related to loans originated by the Alternative Lending Group (ALG) [103]. - Loans held for investment at fair value were$51.8 million as of June 30, 2023, primarily consisting of business purpose bridge loans [104]. - The company had repurchase agreements totaling $43.0 million as of June 30, 2023 [105]. Strategic Initiatives - The company intends to continue pursuing strategic business initiatives despite ongoing litigation, which may impact liquidity if the outcome is unfavorable [102].