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CUSTOMER CONCENTRATION
 6 Months Ended
Jun. 30, 2026
Risks and Uncertainties [Abstract]  
CUSTOMER CONCENTRATION CUSTOMER CONCENTRATION
Onity
Onity Group Inc. (together with its subsidiaries, “Onity”) is 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.
During the three and six months ended June 30, 2026, Onity was our largest customer, accounting for 29% and 33%, respectively, of our total revenue. Onity purchases certain mortgage services from us under the terms of services agreements and amendments thereto (collectively, the “Onity Services Agreements”) with terms extending through August 2030. Certain of the Onity Services Agreements contain a “most favored nation” provision and also grant the parties the right to renegotiate pricing, among other things.
Revenue from Onity primarily consists of revenue earned from the loan portfolios serviced and subserviced by Onity when Onity engages us as the service provider, and revenue earned directly from Onity, pursuant to the Onity Services Agreements. For the six months ended June 30, 2026 and 2025, we recognized revenue from Onity of $36.1 million and $37.8 million, respectively ($16.6 million and $18.5 million for the second quarter of 2026 and 2025, respectively). Revenue from Onity as a percentage of segment and consolidated revenue was as follows:
Three months ended June 30,
Six months ended June 30,
2026202520262025
Servicer and Real Estate37 %54 %46 %55 %
Origination— %— %— %— %
Corporate and Others— %— %— %— %
Consolidated revenue29 %43 %33 %44 %
We earn additional revenue related to the portfolios serviced and subserviced by Onity when a party other than Onity or the MSR owner selects Altisource as the service provider. For the six months ended June 30, 2026 and 2025, we recognized $3.9 million and $4.1 million, respectively ($2.1 million and $1.9 million for the second quarter of 2026 and 2025, respectively), of such revenue. These amounts are not included in deriving revenue from Onity and revenue from Onity as a percentage of revenue discussed above.
As of June 30, 2026, accounts receivable from Onity totaled $5.1 million, $2.6 million of which was billed and $2.5 million of which was unbilled. As of December 31, 2025, accounts receivable from Onity totaled $5.1 million, $2.6 million of which was billed and $2.5 million of which was unbilled.
Rithm
Rithm Capital Corp. (individually, together with one or more of its subsidiaries or one or more of its subsidiaries individually, “Rithm”) is an asset manager focused on the real estate and financial services industries.
Onity has disclosed that Rithm is one of its largest servicing clients. As of March 31, 2026, Onity reported that Rithm MSRs and rights to MSRs (the “Subject MSRs”) represented $29.7 billion of Onity’s servicing and subservicing portfolio. Onity disclosed that the Subject MSRs represent approximately 9% of loans serviced and subserviced by Onity (measured in unpaid principal balance (“UPB”)) and approximately 47% of all delinquent loans that Onity services (measured in UPB). In November 2025, Onity disclosed that it had received notification from Rithm that Rithm does not intend to renew its subservicing agreements with Onity effective January 31, 2026. Onity also disclosed that the servicing transfer to Rithm’s own servicing platform began in the first quarter of 2026 and that the transfer of $6.9 billion UPB of the Subject MSRs is subject to the receipt of necessary consents from trustees and others, the timing and success of which are uncertain.
Rithm previously purchased brokerage services for real estate owned (“REO”) exclusively from us, 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”). The Rithm Brokerage Agreement expired on August 31, 2025. With limited exceptions, however, Altisource has continued to manage REO and receive referrals from Subject MSRs serviced or subserviced by Onity (“Rithm REO”) despite the expiration of the Rithm Brokerage Agreement. Beginning in the first quarter of 2026, Altisource began transferring Rithm REO to Rithm in connection with Onity’s servicing transfers discussed above. As such servicing transfers occur, we do not anticipate receiving future referrals from the transferred MSR portfolios.
For the six months ended June 30, 2026 and 2025, we recognized revenue from Rithm of $1.1 million and $1.8 million, respectively ($0.5 million and $1.1 million for the second quarters of 2026 and 2025, respectively). For the six months ended June 30, 2026 and 2025, we recognized additional revenue of $4.2 million and $5.3 million, respectively ($1.6 million and $2.7 million for the second quarter of 2026 and 2025, respectively), relating to the Subject MSRs when a party other than Rithm selected us as the service provider.