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Filing Details

Accession Number:: 0000905148-25-000848
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2025-03-05 16:08:32
Reporting Period:: 2023-02-09

Filing Date:: 2025-03-05
Accepted Time:: 2025-03-05 16:08:32
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1462418	Altisource Portfolio Solutions S.a.	ASPS	Services-Miscellaneous Business Services (7380)	000000000

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1655028	Deer Park Road Management Company, Lp	1195 Bangtail Way Steamboat Springs CO 80487	No	No	No	No
1702367	Deer Park Road Management Gp, Llc	1195 Bangtail Way Steamboat Springs CO 80487	No	No	No	No
1702490	Deer Park Road Corp	1195 Bangtail Way Steamboat Springs CO 80487	No	No	No	No
1702931	Michael Craig-Scheckman	1195 Bangtail Way Steamboat Springs CO 80487	No	No	No	No
1721438	Edward Scott Burg	1195 Bangtail Way Steamboat Springs CO 80487	No	No	No	No
1721440	Agatecreek Llc	1195 Bangtail Way Steamboat Springs CO 80487	No	No	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2025-02-19	7,253,577	$0.00	11,530,840	No	4	J	Indirect	See Footnotes
Common Stock	Acquisiton	2025-02-19	3,273,728	$0.00	3,273,728	No	4	J	Indirect	See Footnotes
Common Stock	Acquisiton	2025-02-19	201,015	$0.01	11,731,855	No	4	X	Indirect	See Footnotes
Common Stock	Disposition	2025-02-19	2,629	$0.76	11,729,226	No	4	S	Indirect	See Footnotes
Common Stock	Acquisiton	2025-02-19	90,723	$0.01	3,364,451	No	4	X	Indirect	See Footnotes
Common Stock	Disposition	2025-02-19	1,186	$0.76	3,363,265	No	4	S	Indirect	See Footnotes

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	J	Indirect	See Footnotes
No	4	J	Indirect	See Footnotes
No	4	X	Indirect	See Footnotes
No	4	S	Indirect	See Footnotes
No	4	X	Indirect	See Footnotes
No	4	S	Indirect	See Footnotes

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Warrants (Right to Buy)	Acquisiton	2023-02-09	201,015	$0.00	201,015	$0.01
Common Stock	Warrants (Right to Buy)	Acquisiton	2023-02-09	90,723	$0.00	90,723	$0.01
Common Stock	Warrants (Right to Buy)	Disposition	2025-02-19	201,015	$0.00	201,015	$0.01
Common Stock	Warrants (Right to Buy)	Disposition	2025-02-19	90,723	$0.00	90,723	$0.01

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
201,015	2024-02-14	2027-05-22	No	4	J	Indirect
90,723	2024-02-14	2027-05-22	No	4	J	Indirect
0	2024-02-14	2027-05-22	No	4	X	Indirect
0	2024-02-14	2027-05-22	No	4	X	Indirect

Reported Derivative Holdings

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Sec. Name	Sec. Type	Price	Expiration Date	Amount	Remaning Holdings	Nature of Ownership
Common Stock	Warrants (Right to Buy)	$1.95	2029-04-02	7,277,201	4,478,278	Indirect
Common Stock	Warrants (Right to Buy)	$1.95	2029-04-02	147,424	90,723	Indirect
Common Stock	Warrants (Right to Buy)	$1.95	2032-04-30	7,277,201	4,478,278	Indirect
Common Stock	Warrants (Right to Buy)	$1.95	2032-04-30	147,424	90,723	Indirect

Expiration Date	Amount	Remaning Holdings	Nature of Ownership
2029-04-02	7,277,201	4,478,278	Indirect
2029-04-02	147,424	90,723	Indirect
2032-04-30	7,277,201	4,478,278	Indirect
2032-04-30	147,424	90,723	Indirect

Footnotes

On February 19, 2025, the Issuer, Altisource S.a r.l. (the "Borrower"), STS Master Fund, Ltd., Deer Park 1850 Fund, LP, and other lenders that were party to an existing credit agreement (the "Credit Agreement") entered into an exchange agreement (the "Exchange Agreement"). Pursuant to the Exchange Agreement, STS Master Fund, Ltd. acquired 7,253,577 shares of the Issuer's common stock ("Shares") in exchange for $29,030,752.70 principal outstanding on its existing loan to the Borrower, and Deer Park 1850 Fund, LP acquired 3,273,728 Shares in exchange for $13,102,332.43 principal outstanding on its existing loan to the Borrower. Each transaction involved an acquisition of Shares in connection with debt previously contracted. Accordingly, such transactions are exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act").
These securities are held for the account of STS Master Fund, Ltd. Deer Park Road Management Company, LP ("Deer Park") serves as investment adviser to STS Master Fund, Ltd.
These securities are held for the account of Deer Park 1850 Fund, LP. Deer Park serves as investment adviser to Deer Park 1850 Fund, LP.
Deer Park Road Management GP, LLC ("DPRM") is the general partner of Deer Park. Each of Deer Park Road Corporation ("DPRC") and AgateCreek LLC ("AgateCreek") is a member of DPRM. Michael Craig-Scheckman is the Chief Executive Officer of each of Deer Park and DPRC and the majority owner of DPRC. Scott Edward Burg is the Chief Investment Officer of Deer Park and the sole member of AgateCreek. Each Reporting Person disclaims beneficial ownership of the Shares except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the Shares for purposes of Section 16 of the Exchange Act or for any other purpose.
On February 19, 2025, STS Master Fund, Ltd. exercised Penny Warrants (as defined in footnote 7 below) to purchase 201,015 Shares, for $0.01 per Share. STS Master Fund, Ltd. paid the exercise price on a cashless basis, resulting in the Issuer's withholding of 2,629 Shares from STS Master Fund, Ltd.
On February 19, 2025, Deer Park 1850 Fund, LP exercised Penny Warrants to purchase 90,723 Shares, for $0.01 per Share. Deer Park 1850 Fund, LP paid the exercise price on a cashless basis, resulting in the Issuer's withholding of 1,186 Shares from Deer Park 1850 Fund, LP.
On February 9, 2023, the Issuer, the Borrower, STS Master Fund, Ltd., Deer Park 1850 Fund, LP, and other lenders entered into Amendment No. 2 (the "Second Amendment") to the Credit Agreement. In connection with the Second Amendment, the lenders, including STS Master Fund, Ltd. and Deer Park 1850 Fund, LP, acquired the right to receive their pro rata share of penny warrants from the Issuer that, in the aggregate, could become exercisable on February 14, 2024, for at least 10.0% of the Shares outstanding at the time of the Second Amendment, with a possible increase to 15.99% or 19.99%, subject to the amount of par paydowns made by the Borrower pursuant to the Second Amendment prior to February 14, 2024 (the "Penny Warrants"). By February 14, 2024, the Borrower had made an aggregate $30 million in par paydowns, resulting in the lenders having Penny Warrants representing the right to 10.0% of the Shares outstanding at the time of the Second Amendment.
On February 4, 2025, the Issuer announced a proposed issuance of warrants (the "Warrant Distribution") to holders of the Issuer's Shares, restricted share units ("RSUs"), and outstanding Penny Warrants (collectively, "Stakeholders") as of February 14, 2025 (the "Distribution Record Date"). Pursuant to the Warrant Distribution, each Stakeholder is expected to receive (i) one warrant to purchase 1.625 Shares exercisable on a cash basis (the "Cash Warrants") and (ii) one warrant to purchase 1.625 Shares exercisable on a cashless basis (the "Net Settle Warrants") for each Share, RSU, and Share that could be acquired upon exercise of Penny Warrants held as of the Distribution Record Date. Each Cash Warrant and Net Settle Warrant entitles the holder thereof to purchase from the Issuer 1.625 Shares at an initial exercise price of $1.95 per Cash Warrant and Net Settle Warrant, with any fractional Shares rounded down to the nearest whole number.
The Warrant Distribution was contingent upon approval by the Issuer's shareholders of certain proposals set forth in the Issuer's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on January 3, 2025, which approval was obtained on February 18, 2025. The Warrant Distribution is expected to occur by April 15, 2025. The acquisition of Cash Warrants and Net Settle Warrants by the Reporting Persons pursuant to the Warrant Distribution is exempt from Section 16 pursuant to Rule 16a-9 under the Exchange Act.
The initial exercise date of the Cash Warrants and Net Settle Warrants will be the later of (i) 90 days from the date the Cash Warrants and Net Settle Warrants are issued and (ii) the first date on which the VWAP (as defined in the Warrant Agent Agreement, the form of which was filed as Exhibit 4.2 to the Issuer's registration statement on Form S-1 filed with the SEC on January 31, 2025) of the Shares equals or exceeds the Implied Per Share Exercise Price (defined below) for a period of fifteen consecutive trading days. The Implied Per Share Exercise Price means the exercise price ($1.95 per Cash Warrant and Net Settle Warrant) divided by the exercise rate of the Cash Warrants and Net Settle Warrants (initially $1.625).