Attached files
| file | filename |
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| 8-K - 8-K - Altisource Asset Management Corp | aamcform8k4q2014earn.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE | |
FOR FURTHER INFORMATION CONTACT: Robin N. Lowe Chief Financial Officer T: 1-345-815-9919 E: Robin.Lowe@AltisourceAMC.com | |
Altisource Asset Management Corporation Reports Fourth Quarter and Full Year 2014 Results
FREDERIKSTED, U.S. Virgin Islands, March 2, 2015 (GLOBE NEWSWIRE) - Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE MKT: AAMC) announced today financial and operating results for the fourth quarter and full year of 2014. Net income attributable to stockholders for the fourth quarter of 2014 totaled $21.9 million, or $7.92 per diluted share, compared to a net loss attributable to stockholders of $0.4 million, or $0.17 per diluted share, for the fourth quarter of 2013.
Net income attributable to stockholders for the year ended December 31, 2014 totaled $59.7 million, or $21.07 per diluted share, compared to a net loss attributable to stockholders of $5.3 million, or $2.26 per diluted share, for the year ended December 31, 2013.
Chief Executive Officer George Ellison stated, “I am excited about the prospects of AAMC and look forward to accelerating the growth of Residential and developing additional clients for AAMC.”
Fourth quarter 2014 highlights:
• | Accrued incentive management fees from Residential of $23.8 million as a result of the $0.55 per share dividend declared by Residential to its shareholders including $4.3 million of accrued incentive fees based on a potential post-year end special dividend by Residential intended to distribute 100% of its 2014 REIT taxable income. |
• | Managed the completion of Residential’s second non-performing loan securitization transaction in November 2014. |
• | Facilitated Residential’s realization of net proceeds from asset dispositions of $98.6 million representing an unlevered gain of 29%. |
• | Managed Residential's acquisition of 287 NPLs and real estate owned properties having an aggregate market value of $46.7 million. |
Full year 2014 highlights:
• | Earned incentive management fees of $67.9 million. |
• | Managed Residential’s resolution of an aggregate of 4,923 mortgage loans, including 3,682 REO conversions, in 2014 versus 510 mortgage loans in 2013, representing an increase of 865%. |
• | Facilitated Residential’s realization of net proceeds from asset dispositions of $233.9 million representing an unlevered gain of 31%. |
• | Managed an increase in Residential’s maximum aggregate borrowing capacity to $1.6 billion, including securitizations, versus $750.0 million at the end of 2013. |
Recent developments:
• | Continued to build AAMC’s management team with the appointment of George Ellison as Chief Executive Officer and Ashish Pandey as Executive Chairman. |
• | Added two new mortgage loan servicers for Residential. Residential transferred $485 million of unpaid principal balance to Fay Servicing on February 28, 2015 and is in the process of transferring an additional $585 million of unpaid principal balance to BSI Financial Services in April 2015. |
• | Increased the number of properties in Residential’s rental portfolio to 653 as of February 28, 2015; renting properties at a rate of 82 per month in 2015 versus 40 per month in the second half of 2014 |
Webcast and conference call
The Company expects to host a webcast and conference call on Monday, March 9, 2015, at 11:30 a.m. Eastern Time to discuss its financial results for the fourth quarter and full year of 2014. The conference call will be webcast live over the internet from the Company’s website at www.altisourceamc.com and can be accessed by clicking on the “Shareholders” link.
About AAMC
AAMC is an asset management company that provides portfolio management and corporate governance services to investment vehicles. Additional information is available at www.altisourceamc.com.
Forward-looking statements
This press release contains forward-looking statements that involve a number of risks and uncertainties. Those forward-looking statements include all statements that are not historical fact, including statements about management’s beliefs and expectations. Forward-looking statements are based on management’s beliefs as well as assumptions made by and information currently available to management. Because such statements are based on expectations as to future economic performance and are not statements of historical fact, actual results may differ materially from those projected. AAMC undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to: AAMC’s ability to implement its business plan; AAMC’s ability to leverage strategic relationships on an efficient and cost-effective basis; its ability to compete; general economic and market conditions; governmental regulations, taxes and policies; availability of adequate and timely sources of liquidity and financing; and other risks and uncertainties detailed in the “Forward-Looking Statements,” “Risk Factors” and other sections of AAMC’s Annual Reports on Form 10-K, its quarterly reports on Form 10-Q and its other filings with the Securities and Exchange Commission.
Altisource Asset Management Corporation
Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)
Three months ended December 31, 2014 | Three months ended December 31, 2013 | Year ended December 31, 2014 | Year ended December 31, 2013 | ||||||||||||
Revenues: | |||||||||||||||
Rental revenues | $ | 845 | $ | 30 | $ | 1,564 | $ | 36 | |||||||
Net unrealized gain on mortgage loans | 91,924 | 35,129 | 350,822 | 61,092 | |||||||||||
Net realized gain on mortgage loans | 21,899 | 6,467 | 55,766 | 10,482 | |||||||||||
Net realized gain on re-performing mortgage loans | 2,469 | — | 2,771 | — | |||||||||||
Net realized gain on real estate | 4,938 | — | 9,482 | — | |||||||||||
Interest income | 136 | 319 | 2,893 | 687 | |||||||||||
Total revenues | 122,211 | 41,945 | 423,298 | 72,297 | |||||||||||
Expenses: | |||||||||||||||
Residential property operating expenses | 12,468 | 492 | 26,018 | 767 | |||||||||||
Real estate depreciation and amortization | 603 | 21 | 1,067 | 25 | |||||||||||
Real estate selling costs and impairment | 13,013 | (26 | ) | 21,788 | 184 | ||||||||||
Mortgage loan servicing costs | 18,593 | 6,630 | 68,181 | 10,418 | |||||||||||
Interest expense | 11,295 | 3,405 | 35,647 | 4,568 | |||||||||||
General and administrative | 4,313 | 7,467 | 19,891 | 18,265 | |||||||||||
Related party general and administrative | 888 | 2,715 | 5,485 | 3,767 | |||||||||||
Total expenses | 61,173 | 20,704 | 178,077 | 37,994 | |||||||||||
Other income (expense) | 3,035 | 6 | 5,407 | — | |||||||||||
Income before income taxes | 64,073 | 21,247 | 250,628 | 34,303 | |||||||||||
Income tax expense | 668 | — | 2,096 | — | |||||||||||
Net income | 63,405 | 21,247 | 248,532 | 34,303 | |||||||||||
Net income attributable to noncontrolling interest in consolidated affiliate | (41,482 | ) | (21,644 | ) | (188,853 | ) | (39,596 | ) | |||||||
Net income attributable to common stockholders | $ | 21,923 | $ | (397 | ) | $ | 59,679 | $ | (5,293 | ) | |||||
Earnings per share of common stock – basic: | |||||||||||||||
Earnings per basic share | $ | 9.99 | $ | (0.17 | ) | $ | 26.31 | $ | (2.26 | ) | |||||
Weighted average common stock outstanding – basic | 2,189,318 | 2,346,993 | 2,261,968 | 2,346,993 | |||||||||||
Earnings per share of common stock – diluted: | |||||||||||||||
Earnings per diluted share | $ | 7.92 | $ | (0.17 | ) | $ | 21.07 | $ | (2.26 | ) | |||||
Weighted average common stock outstanding – diluted | 2,768,300 | 2,346,993 | 2,832,188 | 2,346,993 | |||||||||||
Altisource Asset Management Corporation
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited)
December 31, 2014 | December 31, 2013 | ||||||
Assets: | |||||||
Real estate held for use: | |||||||
Land (from consolidated VIE) | $ | 14,424 | $ | 478 | |||
Rental residential properties (net of accumulated depreciation of $1,062 and $24, respectively - from consolidated VIE) | 60,908 | 3,092 | |||||
Real estate owned (from consolidated VIE) | 457,045 | 32,332 | |||||
Total real estate held for use, net | 532,377 | 35,902 | |||||
Real estate assets held for sale (from consolidated VIE) | 92,230 | 1,186 | |||||
Mortgage loans at fair value (from consolidated VIE) | 1,959,044 | 1,207,163 | |||||
Mortgage loans held for sale (from consolidated VIE) | 12,535 | — | |||||
Cash and cash equivalents (including from consolidated VIE $66,166 and $115,988, respectively) | 116,782 | 140,000 | |||||
Restricted cash (from consolidated VIE) | 13,282 | 5,878 | |||||
Accounts receivable (including from consolidated VIE $10,313 and $1,428, respectively) | 11,068 | 1,428 | |||||
Related party receivables (from consolidated VIE) | 17,491 | 9,260 | |||||
Deferred leasing and financing costs, net (from consolidated VIE) | 4,251 | 2,293 | |||||
Prepaid expenses and other assets (including from consolidated VIE $373 and $1,542, respectively) | 1,638 | 1,994 | |||||
Total assets | $ | 2,760,698 | $ | 1,405,104 | |||
Liabilities: | |||||||
Repurchase agreements (from consolidated VIE) | $ | 1,015,000 | $ | 602,382 | |||
Other secured borrowings (from consolidated VIE) | 324,082 | — | |||||
Accounts payable and accrued liabilities (including from consolidated VIE $11,678 and $4,952, respectively) | 16,726 | 6,872 | |||||
Related party payables (including from consolidated VIE $4,879 and $1,409, respectively) | 6,169 | 2,883 | |||||
Total liabilities | 1,361,977 | 612,137 | |||||
Commitments and contingencies | |||||||
Redeemable preferred stock: | |||||||
Preferred stock, $0.01 par value, 250,000 shares issued and outstanding as of December 31, 2014 and none issued or outstanding as of December 31, 2013; redemption value $250,000 | 248,927 | — | |||||
Equity: | |||||||
Common stock, $.01 par value, 5,000,000 authorized shares; 2,452,101 and 2,188,136 shares issued and outstanding, respectively as of December 31, 2014 and 2,354,774 shares issued and outstanding as of December 31, 2013 | 25 | 24 | |||||
Additional paid-in capital | 14,152 | 12,855 | |||||
Retained earnings (accumulated deficit) | 54,174 | (5,339 | ) | ||||
Treasury stock, at cost, 263,965 shares as of December 31, 2014 and none as of December 31, 2013 | (245,468 | ) | — | ||||
Total stockholders' equity (deficit) | (177,117 | ) | 7,540 | ||||
Noncontrolling interest in consolidated affiliate | 1,326,911 | 785,427 | |||||
Total equity | 1,149,794 | 792,967 | |||||
Total liabilities and equity | $ | 2,760,698 | $ | 1,405,104 | |||
The following tables set forth consolidating financial information which should be considered in addition to, and not as a substitute for, our consolidated financial statements presented in accordance with U.S. GAAP:
Altisource Asset Management Corporation
Consolidating Statement of Operations
Three months ended December 31, 2014
(In thousands, unaudited)
Residential (GAAP) | NewSource Stand-alone (Non-GAAP) | AAMC Stand-alone (Non-GAAP) | Consolidating Entries | AAMC Consolidated (GAAP) | |||||||||||
Revenues: | |||||||||||||||
Rental revenues | $ | 845 | $ | — | $ | — | $ | — | $ | 845 | |||||
Net unrealized gain on mortgage loans | 91,924 | — | — | — | 91,924 | ||||||||||
Net realized gain on mortgage loans | 21,899 | — | — | — | 21,899 | ||||||||||
Net realized gain on re-performing mortgage loans | 2,469 | — | — | — | 2,469 | ||||||||||
Net realized gain on real estate | 4,938 | — | — | — | 4,938 | ||||||||||
Interest income | 136 | 156 | — | (156 | ) | 136 | |||||||||
Incentive management fee | — | — | 23,820 | (23,820 | ) | — | |||||||||
Expense reimbursements | — | — | 1,431 | (1,431 | ) | — | |||||||||
Total revenues | 122,211 | 156 | 25,251 | (25,407 | ) | 122,211 | |||||||||
Expenses: | |||||||||||||||
Residential property operating expenses | 12,468 | — | — | — | 12,468 | ||||||||||
Real estate depreciation and amortization | 603 | — | — | — | 603 | ||||||||||
Real estate selling costs and impairment | 13,013 | — | — | — | 13,013 | ||||||||||
Mortgage loan servicing costs | 18,593 | — | — | — | 18,593 | ||||||||||
Interest expense | 11,460 | — | — | (165 | ) | 11,295 | |||||||||
General and administrative | 1,382 | 3,787 | (856 | ) | — | 4,313 | |||||||||
Related party general and administrative | 25,401 | 210 | 528 | (25,251 | ) | 888 | |||||||||
Total expenses | 82,920 | 3,997 | (328 | ) | (25,416 | ) | 61,173 | ||||||||
Other income | 2,160 | 3,030 | 5 | (2,160 | ) | 3,035 | |||||||||
Income before income taxes | 41,451 | (811 | ) | 25,584 | (2,151 | ) | 64,073 | ||||||||
Income tax expense | (31 | ) | — | 699 | — | 668 | |||||||||
Net income | 41,482 | (811 | ) | 24,885 | (2,151 | ) | 63,405 | ||||||||
Net income attributable to noncontrolling interest in consolidated affiliate | — | — | — | (41,482 | ) | (41,482 | ) | ||||||||
Net income attributable to common stockholders | $ | 41,482 | $ | (811 | ) | $ | 24,885 | $ | (43,633 | ) | $ | 21,923 | |||
Altisource Asset Management Corporation
Consolidating Statement of Operations
Year ended December 31, 2014
(In thousands, unaudited)
Residential (GAAP) | NewSource Stand-alone (Non-GAAP) | AAMC Stand-alone (Non-GAAP) | Consolidating Entries | AAMC Consolidated (GAAP) | |||||||||||
Revenues: | |||||||||||||||
Rental revenues | $ | 1,564 | $ | — | $ | — | $ | — | $ | 1,564 | |||||
Net unrealized gain on mortgage loans | 350,822 | — | — | — | 350,822 | ||||||||||
Net realized gain on mortgage loans | 55,766 | — | — | — | 55,766 | ||||||||||
Net realized gain on re-performing mortgage loans | 2,771 | — | — | — | 2,771 | ||||||||||
Net realized gain on real estate | 9,482 | — | — | — | 9,482 | ||||||||||
Interest income | 2,893 | 156 | — | (156 | ) | 2,893 | |||||||||
Incentive management fee | — | — | 67,949 | (67,949 | ) | — | |||||||||
Expense reimbursements | — | — | 7,011 | (7,011 | ) | — | |||||||||
Total revenues | 423,298 | 156 | 74,960 | (75,116 | ) | 423,298 | |||||||||
Expenses: | |||||||||||||||
Residential property operating expenses | 26,018 | — | — | — | 26,018 | ||||||||||
Real estate depreciation and amortization | 1,067 | — | — | — | 1,067 | ||||||||||
Real estate selling costs and impairment | 21,788 | — | — | — | 21,788 | ||||||||||
Mortgage loan servicing costs | 68,181 | — | — | — | 68,181 | ||||||||||
Interest expense | 35,812 | — | — | (165 | ) | 35,647 | |||||||||
General and administrative | 7,047 | 4,168 | 8,676 | — | 19,891 | ||||||||||
Related party general and administrative | 77,030 | 941 | 2,474 | (74,960 | ) | 5,485 | |||||||||
Total expenses | 236,943 | 5,109 | 11,150 | (75,125 | ) | 178,077 | |||||||||
Other income | 2,543 | 5,015 | 9 | (2,160 | ) | 5,407 | |||||||||
Income before income taxes | 188,898 | 62 | 63,819 | (2,151 | ) | 250,628 | |||||||||
Income tax expense | 45 | — | 2,051 | — | 2,096 | ||||||||||
Net income | 188,853 | 62 | 61,768 | (2,151 | ) | 248,532 | |||||||||
Net income attributable to noncontrolling interest in consolidated affiliate | — | — | — | (188,853 | ) | (188,853 | ) | ||||||||
Net income attributable to common stockholders | $ | 188,853 | $ | 62 | $ | 61,768 | $ | (191,004 | ) | $ | 59,679 | ||||
Altisource Asset Management Corporation
Consolidating Statement of Operations
Three months ended December 31, 2013
(In thousands, unaudited)
Residential (GAAP) | NewSource Stand-alone (Non-GAAP) | AAMC Stand-alone (Non-GAAP) | Consolidating Entries | AAMC Consolidated (GAAP) | |||||||||||
Revenues: | |||||||||||||||
Rental revenues | $ | 30 | $ | — | $ | — | $ | — | $ | 30 | |||||
Net unrealized gain on mortgage loans | 35,129 | — | — | — | 35,129 | ||||||||||
Net realized gain on mortgage loans | 6,467 | — | — | — | 6,467 | ||||||||||
Interest income | 319 | — | — | — | 319 | ||||||||||
Incentive management fee | — | — | 4,829 | (4,829 | ) | — | |||||||||
Expense reimbursements | — | — | 2,040 | (2,040 | ) | — | |||||||||
Total revenues | 41,945 | — | 6,869 | (6,869 | ) | 41,945 | |||||||||
Expenses: | |||||||||||||||
Residential property operating expenses | 492 | — | — | — | 492 | ||||||||||
Real estate depreciation and amortization | 21 | — | — | — | 21 | ||||||||||
Real estate selling costs and impairment | (26 | ) | — | — | — | (26 | ) | ||||||||
Mortgage loan servicing costs | 6,630 | — | — | — | 6,630 | ||||||||||
Interest expense | 3,405 | — | — | — | 3,405 | ||||||||||
General and administrative | 1,728 | 77 | 5,662 | — | 7,467 | ||||||||||
Related party general and administrative | 8,057 | — | 1,527 | (6,869 | ) | 2,715 | |||||||||
Total expenses | 20,307 | 77 | 7,189 | (6,869 | ) | 20,704 | |||||||||
Other income | 6 | — | — | — | 6 | ||||||||||
Net income (loss) | 21,644 | (77 | ) | (320 | ) | — | 21,247 | ||||||||
Net income attributable to noncontrolling interest in consolidated affiliate | — | — | — | (21,644 | ) | (21,644 | ) | ||||||||
Net income (loss) attributable to common stockholders | $ | 21,644 | $ | (77 | ) | $ | (320 | ) | $ | (21,644 | ) | $ | (397 | ) | |
Altisource Asset Management Corporation
Consolidating Statement of Operations
Year ended December 31, 2013
(In thousands, unaudited)
Residential (GAAP) | NewSource Stand-alone (Non-GAAP) | AAMC Stand-alone (Non-GAAP) | Consolidating Entries | AAMC Consolidated (GAAP) | |||||||||||
Revenues: | |||||||||||||||
Rental revenues | $ | 36 | $ | — | $ | — | $ | — | $ | 36 | |||||
Net unrealized gain on mortgage loans | 61,092 | — | — | — | 61,092 | ||||||||||
Net realized gain on mortgage loans | 10,482 | — | — | — | 10,482 | ||||||||||
Interest income | 687 | — | — | — | 687 | ||||||||||
Incentive management fee | — | — | 4,880 | (4,880 | ) | — | |||||||||
Expense reimbursements | — | — | 5,411 | (5,411 | ) | — | |||||||||
Total revenues | 72,297 | — | 10,291 | (10,291 | ) | 72,297 | |||||||||
Expenses: | |||||||||||||||
Residential property operating expenses | 767 | — | — | — | 767 | ||||||||||
Real estate depreciation and amortization | 25 | — | — | — | 25 | ||||||||||
Real estate selling costs and impairment | 184 | — | — | — | 184 | ||||||||||
Mortgage loan servicing costs | 10,418 | — | — | — | 10,418 | ||||||||||
Interest expense | 4,568 | — | — | — | 4,568 | ||||||||||
General and administrative | 4,208 | 77 | 13,980 | — | 18,265 | ||||||||||
Related party general and administrative | 12,531 | — | 1,527 | (10,291 | ) | 3,767 | |||||||||
Total expenses | 32,701 | 77 | 15,507 | (10,291 | ) | 37,994 | |||||||||
Other expense | — | — | — | — | — | ||||||||||
Net income (loss) | 39,596 | (77 | ) | (5,216 | ) | — | 34,303 | ||||||||
Net income attributable to noncontrolling interest in consolidated affiliate | — | — | — | (39,596 | ) | (39,596 | ) | ||||||||
Net income (loss) attributable to common stockholders | $ | 39,596 | $ | (77 | ) | $ | (5,216 | ) | $ | (39,596 | ) | $ | (5,293 | ) | |
Altisource Asset Management Corporation
Consolidating Balance Sheet
December 31, 2014
(In thousands, unaudited)
Residential (GAAP) | NewSource stand-alone (Non-GAAP) | AAMC Stand-alone (Non-GAAP) | Consolidating Entries | AAMC Consolidated (GAAP) | |||||||||||
Assets: | |||||||||||||||
Real estate held for use: | |||||||||||||||
Land | $ | 14,424 | $ | — | $ | — | $ | — | $ | 14,424 | |||||
Rental residential properties, net | 60,908 | — | — | — | 60,908 | ||||||||||
Real estate owned | 457,045 | — | — | — | 457,045 | ||||||||||
Total real estate held for use, net | 532,377 | — | — | — | 532,377 | ||||||||||
Real estate assets held for sale | 92,230 | — | — | — | 92,230 | ||||||||||
Mortgage loans | 1,959,044 | — | — | — | 1,959,044 | ||||||||||
Mortgage loans held for sale | 12,535 | — | — | — | 12,535 | ||||||||||
Cash and cash equivalents | 66,166 | 6,026 | 44,590 | — | 116,782 | ||||||||||
Restricted cash | 13,282 | — | — | — | 13,282 | ||||||||||
Accounts receivable | 10,313 | 919 | 1 | (165 | ) | 11,068 | |||||||||
Related party receivables | 17,491 | 14,991 | 28,512 | (43,503 | ) | 17,491 | |||||||||
Investment in affiliate | 18,000 | — | 2,000 | (20,000 | ) | — | |||||||||
Deferred leasing and financing costs, net | 4,251 | — | — | — | 4,251 | ||||||||||
Prepaid expenses and other assets | 373 | 3 | 1,262 | — | 1,638 | ||||||||||
Total assets | $ | 2,726,062 | $ | 21,939 | $ | 76,365 | $ | (63,668 | ) | $ | 2,760,698 | ||||
Liabilities: | |||||||||||||||
Repurchase agreements | $ | 1,015,000 | $ | — | $ | — | $ | — | $ | 1,015,000 | |||||
Other secured borrowings | 339,082 | — | — | (15,000 | ) | 324,082 | |||||||||
Accounts payable and accrued liabilities | 11,678 | 3,173 | 2,040 | (165 | ) | 16,726 | |||||||||
Related party payables | 33,391 | 941 | 349 | (28,512 | ) | 6,169 | |||||||||
Total liabilities | 1,399,151 | 4,114 | 2,389 | (43,677 | ) | 1,361,977 | |||||||||
Commitments and contingencies | — | — | — | — | — | ||||||||||
Preferred stock | — | — | 248,927 | — | 248,927 | ||||||||||
Equity: | |||||||||||||||
Common stock | 572 | — | 25 | (572 | ) | 25 | |||||||||
Additional paid-in capital | 1,227,091 | 20,000 | 14,152 | (1,247,091 | ) | 14,152 | |||||||||
Retained earnings (accumulated deficit) | 99,248 | (2,175 | ) | 56,340 | (99,239 | ) | 54,174 | ||||||||
Treasury stock | — | — | (245,468 | ) | — | (245,468 | ) | ||||||||
Total stockholders' equity (deficit) | 1,326,911 | 17,825 | (174,951 | ) | (1,346,902 | ) | (177,117 | ) | |||||||
Noncontrolling interest in consolidated affiliate | — | — | — | 1,326,911 | 1,326,911 | ||||||||||
Total equity (deficit) | 1,326,911 | 17,825 | (174,951 | ) | (19,991 | ) | 1,149,794 | ||||||||
Total liabilities and equity | $ | 2,726,062 | $ | 21,939 | $ | 76,365 | $ | (63,668 | ) | $ | 2,760,698 | ||||
Altisource Asset Management Corporation
Consolidating Balance Sheet
December 31, 2013
(In thousands, unaudited)
Residential (GAAP) | NewSource stand-alone (Non-GAAP) | AAMC Stand-alone (Non-GAAP) | Consolidating Entries | AAMC Consolidated (GAAP) | |||||||||||
Assets: | |||||||||||||||
Real estate held for use: | |||||||||||||||
Land | $ | 478 | $ | — | $ | — | $ | — | $ | 478 | |||||
Rental residential properties, net | 3,092 | — | — | — | 3,092 | ||||||||||
Real estate owned | 32,332 | — | — | — | 32,332 | ||||||||||
Total real estate held for use, net | 35,902 | — | — | — | 35,902 | ||||||||||
Real estate assets held for sale | 1,186 | — | — | — | 1,186 | ||||||||||
Mortgage loans | 1,207,163 | — | — | — | 1,207,163 | ||||||||||
Cash and cash equivalents | 115,988 | 19,923 | 4,089 | — | 140,000 | ||||||||||
Restricted cash | 5,878 | — | — | — | 5,878 | ||||||||||
Accounts receivable | 1,428 | — | — | — | 1,428 | ||||||||||
Related party receivables | 9,260 | — | 4,486 | (4,486 | ) | 9,260 | |||||||||
Investment in affiliate | 18,000 | — | 2,000 | (20,000 | ) | — | |||||||||
Deferred leasing and financing costs, net | 2,293 | — | — | — | 2,293 | ||||||||||
Prepaid expenses and other assets | 1,542 | — | 452 | — | 1,994 | ||||||||||
Total assets | $ | 1,398,640 | $ | 19,923 | $ | 11,027 | $ | (24,486 | ) | $ | 1,405,104 | ||||
Liabilities: | |||||||||||||||
Repurchase agreement | $ | 602,382 | $ | — | $ | — | $ | — | $ | 602,382 | |||||
Accounts payable and accrued liabilities | 4,952 | — | 1,920 | — | 6,872 | ||||||||||
Related party payables | 5,879 | — | 1,490 | (4,486 | ) | 2,883 | |||||||||
Total liabilities | 613,213 | — | 3,410 | (4,486 | ) | 612,137 | |||||||||
Commitments and contingencies | — | — | — | — | — | ||||||||||
Equity: | |||||||||||||||
Common stock | 423 | — | 24 | (423 | ) | 24 | |||||||||
Additional paid-in capital | 758,584 | 20,000 | 12,855 | (778,584 | ) | 12,855 | |||||||||
Retained earnings (accumulated deficit) | 26,420 | (77 | ) | (5,262 | ) | (26,420 | ) | (5,339 | ) | ||||||
Total stockholders' equity | 785,427 | 19,923 | 7,617 | (805,427 | ) | 7,540 | |||||||||
Noncontrolling interest in consolidated affiliate | — | — | — | 785,427 | 785,427 | ||||||||||
Total equity | 785,427 | 19,923 | 7,617 | (20,000 | ) | 792,967 | |||||||||
Total liabilities and equity | $ | 1,398,640 | $ | 19,923 | $ | 11,027 | $ | (24,486 | ) | $ | 1,405,104 | ||||