Altisource Portfolio Solutions S.A. (NASDAQ: ASPS)

Altisource Portfolio Solutions S.A. operates as an integrated service provider and marketplace for the real estate and mortgage industries. The company combines operational excellence with a suite of innovative services and technologies to address the demands of ever-changing markets. Altisource is publicly traded on the NASDAQ Global Select Market under the symbol ASPS and is organized under the laws of the Grand Duchy of Luxembourg.

The company generates revenue through a variety of fee-based services, reimbursable expenses, and non-controlling interests. Its primary products and services include property preservation and inspection services, foreclosure trustee services, residential real estate renovation services, residential and commercial construction inspection and risk mitigation services, title insurance (as an agent) and settlement services, real estate valuation services, and an online real estate auction platform called Hubzu. Additionally, Altisource offers loan fulfillment services, real estate valuation services, title insurance (as an agent) and settlement services, and insurance services. The company's customer base includes large financial institutions, government-sponsored enterprises (GSEs), banks, asset managers, servicers, real estate and mortgage investors, property management firms, real estate brokerages, insurance companies, mortgage bankers, originators, correspondent and private money lenders.

• Servicer and Real Estate segment: This segment provides loan servicers and real estate investors with solutions and technologies that span the mortgage and real estate lifecycle. Within this segment, Altisource offers Solutions, which include property preservation and inspection services, foreclosure trustee services, residential real estate renovation services, residential and commercial construction inspection and risk mitigation services, title insurance (as an agent) and settlement services, and real estate valuation services. The Marketplace business includes the Hubzu online real estate auction platform, real estate brokerage and asset management services. The Technology and SaaS Products business includes Equator (a SaaS-based technology to manage real estate owned (REO) and investor homes, short sales, foreclosure, bankruptcy and eviction processes), Vendorly Invoice (a vendor invoicing and payment system), RentRange (a single and multi-family rental data, analytics and rent-based valuation solution) and REALSynergy (a commercial loan servicing platform). This segment caters to loan servicers and real estate investors.

• Origination segment: This segment provides originators with solutions and technologies that span the mortgage origination lifecycle. Within this segment, Altisource offers Lenders One, which includes management services provided to the Best Partners Mortgage Cooperative, Inc., doing business as Lenders One, and certain loan manufacturing and capital markets solutions provided to the members of the Lenders One cooperative. The Solutions business includes loan fulfillment services, real estate valuation services, title insurance (as an agent) and settlement services, and insurance services. The Technology and SaaS Products business includes Vendorly Monitor (a vendor management platform), Lenders One Loan Automation (LOLA) (a marketplace to order services and a tool to automate components of the loan manufacturing process) and TrelixAI (technology to manage the workflow and automate components of the loan fulfillment and pre and post-close quality control). This segment caters to mortgage originators.

• Corporate and Others: This segment includes interest expense and costs related to corporate functions including executive, infrastructure and certain technology groups, finance, law, compliance, human resources, vendor management, facilities, risk management and eliminations between reportable segments.

Altisource operates in a highly competitive industry, competing with national companies, in-house providers, and a large number of regional and local providers. The company competes based on product and service awareness and offerings, product performance and service delivery, quality and control environment, technology integration and support, national coverage, price, financial strength, reputation, and customer service. Altisource believes it has a modest share of the market for mortgage servicers and a relatively small market share for other services.

The company's key customers include Onity Group Inc., a residential mortgage loan servicer of mortgage servicing rights (MSRs) it owns, including those MSRs in which others have an economic interest, and a subservicer of loans owned by others. Onity was Altisource's largest customer, accounting for 42% of its total revenue in 2025. Another notable customer is Rithm Capital Corp., an asset manager focused on the real estate and financial services industries. Rithm purchased brokerage services for REO exclusively from Altisource, irrespective of the subservicer, subject to certain limitations, for certain MSRs set forth in and pursuant to the terms of a Cooperative Brokerage Agreement, as amended, and related letter agreement (collectively, the Rithm Brokerage Agreement) through August 2025. The Rithm Brokerage Agreement expired on August 31, 2025. At Rithm's discretion, Altisource has continued to manage REO and receive referrals with limited exceptions from portfolios subject to the Rithm Brokerage Agreement despite the expiration of the Rithm Brokerage Agreement. In addition, Rithm also purchases property inspection, preservation and other services from Altisource. The company's services are provided to customers predominantly located in the United States.