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CUSTOMER CONCENTRATION
 9 Months Ended
Sep. 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 nine months ended September 30, 2026, Onity was our largest customer, accounting for 24% and 30%, 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 nine months ended September 30, 2026 and 2025, we recognized revenue from Onity of $50.1 million and $55.5 million, respectively ($14.0 million and $17.7 million for the third quarter of 2026 and 2025, respectively). Revenue from Onity as a percentage of segment and consolidated revenue was as follows:
Three months ended September 30,
Nine months ended September 30,
2026202520262025
Servicer and Real Estate33 %53 %41 %54 %
Origination— %— %— %— %
Corporate and Others— %— %— %— %
Consolidated revenue24 %42 %30 %43 %
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 nine months ended September 30, 2026 and 2025, we recognized $5.5 million and $5.9 million, respectively ($1.7 million and $1.9 million for the third 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 September 30, 2026, accounts receivable from Onity totaled $4.4 million, $1.9 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 previously disclosed that Rithm was one of its largest servicing clients. However, Onity disclosed that Rithm did not renew its subservicing agreements with Onity effective January 31, 2026 and, as a result, Onity began transferring servicing to Rithm’s own servicing platform in the first quarter of 2026. Onity also disclosed that the transfer of $6.8 billion unpaid principal balance (“UPB”) of Rithm MSRs and rights to MSRs is subject to the receipt of necessary consents from trustees and others, the timing and success of which are uncertain. As of June 30, 2026, Onity reported that Rithm MSRs and rights to MSRs (the “Subject MSRs”) represented $8.0 billion of Onity’s servicing and subservicing portfolio, or approximately 2% of loans serviced and subserviced by Onity (measured in UPB) and approximately 17% of all delinquent loans that Onity services (measured in UPB). Onity disclosed that they do not expect consents to be received with respect to approximately $3.4 billion of the remaining Subject MSRs.
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. 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 nine months ended September 30, 2026 and 2025, we recognized revenue from Rithm of $1.4 million and $3.3 million, respectively ($0.3 million and $1.5 million for the third quarters of 2026 and 2025, respectively). For the nine months ended September 30, 2026 and 2025, we recognized additional revenue of $5.0 million and $7.5 million, respectively ($0.8 million and $2.2 million for the third quarter of 2026 and 2025, respectively), relating to the Subject MSRs when a party other than Rithm selected us as the service provider.
Other
For the nine months ended September 30, 2026, we recognized revenue from another residential mortgage loan servicer of $12.3 million ($7.0 million for the third quarter of 2026) (no comparative amounts for 2025). We earn additional revenue related to the loans serviced by this customer when a party other than the servicer selects Altisource as the service provider. For the nine months ended September 30, 2026, we recognized $4.8 million of such revenue ($2.9 million for the third quarter of 2026) (no comparative amounts for 2025). The revenue described herein is reflected in the Servicer and Real Estate segment.