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Here are 1-3 brief analogies for Altisource Portfolio Solutions (ASPS):

• eBay for real estate auctions and distressed properties.
• Salesforce for the mortgage and real estate back-office.

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• Hubzu: An online real estate auction platform facilitating the buying and selling of properties.
• Equator: A SaaS-based technology platform for managing distressed real estate processes, including REO, short sales, and foreclosures.
• Property Preservation and Inspection Services: Provides services for maintaining, securing, and inspecting properties, especially those in default or foreclosure.
• Real Estate Auction and Brokerage Services: Offers comprehensive services for both online and traditional real estate auctions and brokerage.
• Asset Management Services: Manages a portfolio of real estate assets for financial institutions and investors.
• Mortgage Loan Fulfillment Services: Supports the entire mortgage loan lifecycle, from origination to closing, including certification and insurance.
• Title Insurance Agent and Settlement Services: Acts as an agent for title insurance and provides services to facilitate real estate transaction settlements.
• Real Estate Valuation Services: Delivers professional appraisals and valuation reports for residential and commercial properties.
• Construction Inspection and Risk Mitigation Services: Offers inspection services for residential and commercial construction projects to identify and mitigate risks.
• Foreclosure Trustee Services: Acts as a trustee to manage and execute the legal process of foreclosure.
• Vendorly: A SaaS platform designed for comprehensive vendor management and oversight within the real estate and mortgage industries.
• RentRange: Provides data and analytics for the rental housing market, including rental valuations and market insights.
• REALSynergy: A technology platform for managing complex real estate portfolios and associated operations.
• Lenders One Loan Automation: A platform focused on automating various aspects of the mortgage lending process for increased efficiency.
• TrelixTM Connect: A platform facilitating connectivity and data exchange across the mortgage ecosystem.
• Payment Management Technologies: Offers technological solutions to streamline payment processing within the real estate and mortgage industries.
• Commercial Loan Servicing Technology: Provides specialized technology for the servicing and management of commercial loans.

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Altisource Portfolio Solutions (ASPS) primarily sells its services and technology platforms to other companies and organizations within the real estate and mortgage industries. Its major customers fall into the following categories:

• Financial institutions
• Government-sponsored enterprises
• Banks
• Asset managers
• Servicers (e.g., mortgage servicers)
• Investors (e.g., institutional investors)
• Originators (e.g., mortgage originators)
• Correspondent lenders
• Mortgage bankers

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William B. Shepro Chairman and Chief Executive Officer

Mr. Shepro was appointed Chief Executive Officer of Altisource in July 2009 and Chairman of the Board of Directors in May 2019. Prior to his current role, he served as President and Chief Operating Officer of Ocwen Solutions, a business unit of Ocwen Financial Corporation. From 2003 to 2009, he was President of Global Servicing Solutions, LLC, a joint venture between Ocwen and Merrill Lynch. Mr. Shepro also served as CEO of Bankhaus Oswald. Kruber KG from 2005 to 2009 and as an attorney at Willinger, Shepro, Tower & Bucci PC. He joined Ocwen in 1997, holding various senior leadership positions.

Michelle D. Esterman Chief Financial Officer

Ms. Esterman serves as Chief Financial Officer of Altisource. Before joining Altisource, she served as Senior Manager, Audit & Enterprise Risk Services for Deloitte & Touche, LLP, where she held various positions from 1996 to 2012. She began her career with Georgia-Pacific Corporation in 1994. Ms. Esterman is a Licensed Certified Public Accountant.

Gregory J. Ritts Chief Legal and Compliance Officer

Mr. Ritts has served as Chief Legal and Compliance Officer of Altisource since February 2018 and as General Counsel since joining Altisource in October 2014. Prior to Altisource, he was Senior Vice President, Deputy General Counsel of Publicis Groupe, an advertising and communications group, beginning in June 2010. He also held roles as Global Vice President of Business Affairs and Corporate Development at Razorfish LLC and various senior legal positions with aQuantive, Inc. and Microsoft Corporation. Mr. Ritts began his career as an associate attorney with Nixon Peabody and Perkins Coie.

Israel Meir Chief Strategy and Technology Officer

Mr. Meir serves as Chief Strategy and Technology Officer of Altisource. He previously held the role of President, Technology Services at Altisource. Before joining Altisource in February 2014, Mr. Meir was a principal at The Boston Consulting Group from 2008 to 2014. He began his career as a software engineer at Polaroid's Imaging Science Lab in Cambridge, MA, and was the Founder and General Manager of LeadingTone Software, Inc.

Rick Seehausen President of Lenders One

Mr. Seehausen was appointed President of Lenders One on February 13, 2026. He brings over three decades of experience in mortgage banking, capital markets, and corporate leadership. Most recently, he served as President, Chief Operating Officer, and Vice Chairman of Cherry Creek Mortgage. Prior to that, Mr. Seehausen was a co-founder, President, Chief Executive Officer, and Vice Chairman of LenderLive, which was later acquired by Computershare Loan Services in 2019. LenderLive was a portfolio company of Aquiline Capital Partners, a private equity firm.

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Altisource Portfolio Solutions (ASPS) faces several key risks, primarily stemming from its deep integration into the real estate and mortgage industries.

The most significant risk is the **sensitivity to real estate and mortgage market fluctuations**. The company's revenue streams are directly tied to the volume and health of the real estate and mortgage industries, including services for loan fulfillment, valuation, property preservation, and distressed asset management. A downturn in mortgage originations due to factors like rising interest rates or a general economic slowdown, or sustained periods of low foreclosure activity, could significantly reduce the demand for many of its services, impacting its financial performance.

Another key risk is the **complex and evolving regulatory and compliance landscape**. Operating within the highly regulated real estate and mortgage sectors, Altisource is subject to extensive federal, state, and international laws and regulations. Changes in these laws, increased regulatory scrutiny, or actual or perceived non-compliance could lead to significant operational costs, fines, litigation, or restrictions on its business activities.

Finally, **competition and technological obsolescence** pose a substantial risk. As a provider of integrated services and marketplace solutions, many of which are delivered via SaaS platforms, Altisource faces competition from existing providers and new entrants. Failure to continuously invest in its technology, adapt to evolving industry standards, and innovate its offerings could result in a loss of market share and hinder its ability to attract and retain clients in a dynamic environment.

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Altisource Portfolio Solutions S.A. (ASPS) anticipates future revenue growth over the next two to three years driven by several strategic initiatives and favorable market conditions.

Here are 3-5 expected drivers of future revenue growth:

1. Expansion and Scaling of Key Strategic Service Offerings: Altisource is focused on accelerating growth within specific strategic engines. These include the Renovation business, Granite Construction Risk Management, Lenders One, Hubzu Marketplace, and Foreclosure Trustee services. The Renovation business, launched in 2024, began contributing to service revenue growth in the first quarter of 2025. The Lenders One business, in particular, is expected to see strong year-over-year service revenue and adjusted EBITDA growth as recently won business scales and pipeline opportunities convert into wins.
2. New Client Acquisition and Conversion of Sales Pipeline: The company is actively working to grow referrals from its existing customer base and attract new clients. Altisource has reported significant sales wins, with a weighted average sales pipeline indicating potential annualized revenue. These new customer wins and the conversion of pipeline opportunities are expected to be key drivers for revenue growth in 2026.
3. Price Increases for Certain Services: As part of its forward guidance and revenue growth assumptions for 2026, Altisource has indicated that price increases for certain services will contribute to its projected revenue growth.
4. Favorable Industry Trends in Real Estate and Mortgage Markets: Altisource expects to benefit from anticipated industry-wide trends, including increased foreclosure activity and growth in mortgage origination volumes. Industrywide foreclosure initiations were higher in 2025 than 2024, and the Mortgage Bankers Association (MBA) projects year-over-year growth in total mortgage origination unit volume for 2026. These market conditions are expected to provide tailwinds for Altisource's services.

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Share Repurchases

• As of December 31, 2025, Altisource had an authorized share repurchase program to purchase up to 0.4 million shares of its common stock, with a maximum price of $200.00 per share, which is approved until May 16, 2028.
• No shares were repurchased in 2023 or 2024 due to restrictions related to new credit facilities.

Share Issuance

• In February 2025, Altisource completed a debt-for-equity exchange where $232.8 million of senior secured term loans were swapped for a $160.0 million new first lien loan and the issuance of 7.3 million common shares to lenders (adjusted for a 1-for-8 reverse stock split).
• Shareholders approved an increase in the number of authorized common shares from 100 million to 250 million on February 18, 2025.
• A 1-for-8 reverse stock split became effective on May 28, 2025, reducing the total number of outstanding shares from approximately 88.9 million to about 11.1 million. Additionally, 70.5 million Stakeholder Warrants were distributed, exercisable for approximately 14.3 million shares (post-reverse split) at an implied exercise price of $9.5998 per share.

Inbound Investments

• Altisource completed a significant debt exchange in February 2025, which involved lenders exchanging $232.8 million of senior secured term loans for a $160.0 million new first lien loan and equity, substantially restructuring its balance sheet.
• A new $12.5 million super senior credit facility was entered into in conjunction with the debt exchange in February 2025.

Capital Expenditures

• The company's capital expenditures have significantly declined over time.
• Additions to premises and equipment were approximately $0.069 million in 2025 and $0.003 million in 2024.