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

Altisource Portfolio Solutions S. A. is 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 help solve the demands of the ever-changing markets it serves. 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.

Altisource generates revenue primarily through fee-based services across its business lines. Service revenue consists of amounts attributable to its fee-based services such as property preservation and inspection, foreclosure trustee services, residential real estate renovation, title insurance and settlement services, real estate valuation, loan fulfillment, and technology and software-as-a-service products. The company also earns revenue from reimbursable expenses and non-controlling interests, which are pass-through items for which it earns no margin. Reimbursable expenses consist of amounts incurred on behalf of customers in performing fee-based services that are passed directly to customers without markup. Non-controlling interests represent the earnings of Lenders One, a mortgage cooperative managed but not owned by Altisource.

The company operates through the following segments: Servicer and Real Estate, Origination, and Corporate and Others.

• The Servicer and Real Estate segment provides loan servicers and real estate investors with solutions and technologies that span the mortgage and real estate lifecycle. This segment includes Solutions, Marketplace, and Technology and SaaS Products. The Solutions business encompasses 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, 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 comprises Equator, a SaaS-based technology to manage real estate owned 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.

• The Origination segment provides originators with solutions and technologies that span the mortgage origination lifecycle. This segment includes Lenders One, Solutions, and Technology and SaaS Products. The Lenders One business consists of 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, settlement services, and insurance services. The Technology and SaaS Products business comprises Vendorly Monitor, a vendor management platform; Lenders One Loan Automation, a marketplace to order services and a tool to automate components of the loan manufacturing process; and TrelixAI, a technology to manage workflow and automate components of loan fulfillment and pre and post-close quality control.

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

Altisource operates in highly competitive markets for services provided to mortgage servicers, mortgage originators, government-sponsored enterprises, buyers and sellers of homes for investment, and financial services firms. 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. While it cannot determine its market share with certainty, Altisource believes it has a modest share of the market for mortgage servicers and a relatively small market share for other services. Key competitors include national companies, in-house providers, and numerous regional and local providers.

The company serves a diverse customer base that includes large financial institutions, government-sponsored enterprises, 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. Specific customers identified in the filing include Onity Group Inc., which accounted for 42% of total revenue in 2025, and Rithm Capital Corp., which purchased brokerage services and other services from Altisource. Revenue from Onity primarily consists of amounts earned from loan portfolios serviced and subserviced by Onity when Onity engages Altisource as the service provider, as well as revenue earned directly from Onity under the Onity Services Agreements.