ALTISOURCE PORTFOLIO SOLUTIONS S.A.

Previous wording

Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the risks discussed in the Risk Factors section of our Form 10-K for the year ended December 31, 2025, and in Part II, Item 1A of this Form 10-Q, such as:

Current wording

Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the risks discussed in the Risk Factors section of our Form 10-K for the year ended December 31, 2025, in Part II, Item 1A of our Form 10-Q for the quarter ended June 30, 2026 and in Part II, Item 1A of this Form 10-Q, such as:

Previous wording

Serious delinquency rates, foreclosure initiations and foreclosure sales are low relative to historical levels but increased during the five months ended May 31, 2026 relative to the same period in 2025. Additionally, foreclosure initiations and sales as a percentage of seriously delinquent loans for 2020 through 2025 are significantly lower than prior years. During 2020 and 2021, these percentages were significantly impacted by COVID-19 borrower relief measures, including foreclosure moratoriums and forbearance programs. These measures largely expired at the end of 2021. Beginning in 2022, we believe these percentages were impacted by servicer practices, home price appreciation, the interest rate environment, housing supply, the general state of the economy, and other factors. In 2021 and 2022, a low interest rate environment drove a high volume of refinance transactions and home prices appreciated significantly. Although interest rates began to increase in 2022, home prices remained high. With greater home equity from home price appreciation, we believe troubled borrowers have more options to avoid foreclosure. Foreclosure initiations and sales increased during the six months ended June 30, 2026 compared to the same period in 2025. However, both measures remain below pre-pandemic levels.

Current wording

Serious delinquency rates, foreclosure initiations and foreclosure sales are low relative to historical levels but increased during the eight months ended August 31, 2026 relative to the same period in 2025. Additionally, foreclosure initiations and sales as a percentage of seriously delinquent loans for 2020 through 2025 are significantly lower than prior years. During 2020 and 2021, these percentages were significantly impacted by COVID-19 borrower relief measures, including foreclosure moratoriums and forbearance programs. These measures largely expired at the end of 2021. Beginning in 2022, we believe these percentages were impacted by servicer practices, home price appreciation, the interest rate environment, housing supply, the general state of the economy, and other factors. In 2021 and 2022, a low interest rate environment drove a high volume of refinance transactions and home prices appreciated significantly. Although interest rates began to increase in 2022, home prices remained high. With greater home equity from home price appreciation, we believe troubled borrowers have more options to avoid foreclosure. Foreclosure initiations and sales increased during the eight months ended August 31, 2026 compared to the same period in 2025. However, both measures remain below pre-pandemic levels.

Previous wording

During 2025 and the six months ended June 30, 2026, to address the close to historically low delinquency rates, we worked to (1) reduce our cost structure, (2) maintain the infrastructure to deliver default related services for our customer base and support the anticipated increase in demand should delinquency rates, foreclosure initiations and/or foreclosure sales rise, and (3) launch new solutions and increase customer adoption of our existing solutions to accelerate the growth of our Origination segment.

Current wording

During 2025 and the nine months ended September 30, 2026, to address the close to historically low delinquency rates, we worked to (1) reduce our cost structure, (2) maintain the infrastructure to deliver default related services for our customer base and support the anticipated increase in demand should delinquency rates, foreclosure initiations and/or foreclosure sales rise, and (3) launch new solutions and increase customer adoption of our existing solutions to accelerate the growth of our Origination segment.

Previous wording

On May 16, 2023, our shareholders approved the renewal and amendment of the share repurchase program previously approved by our shareholders on May 15, 2018. Under the program, we are authorized to purchase up to 0.4 million shares of our common stock, based on a limit of 15% of the outstanding shares of common stock on the date of approval, at a minimum price of $8.00 per share and a maximum price of $200.00 per share, until May 16, 2028. As of June 30, 2026, approximately 0.4 million shares of common stock remain available for repurchase under the program. In connection with the elimination of fractional shares resulting from the Share Consolidation, the Company purchased 204 shares of common stock during the year ended December 31, 2025 (no comparative amount for the six months ended June 30, 2026). There were no other purchases of shares of common stock during the six months ended June 30, 2026 and 2025. Under the New Facility (as defined below) and the super senior credit facility (the “Super Senior Facility”), we are not permitted to repurchase shares except for limited circumstances.

Current wording

On May 16, 2023, our shareholders approved the renewal and amendment of the share repurchase program previously approved by our shareholders on May 15, 2018. Under the program, we are authorized to purchase up to 0.4 million shares of our common stock, based on a limit of 15% of the outstanding shares of common stock on the date of approval, at a minimum price of $8.00 per share and a maximum price of $200.00 per share, until May 16, 2028. As of September 30, 2026, approximately 0.4 million shares of common stock remain available for repurchase under the program. In connection with the elimination of fractional shares resulting from the Share Consolidation, the Company purchased 204 shares of common stock during the year ended December 31, 2025 (no comparative amount for the nine months ended September 30, 2026). There were no other purchases of shares of common stock during the nine months ended September 30, 2026 and 2025. Under the New Facility (as defined below) and the super senior credit facility (the “Super Senior Facility”), we are not permitted to repurchase shares except for limited circumstances.

Previous wording

During the six months ended June 30, 2026, Onity was our largest customer, accounting for 33% of our total revenue (29% of our revenue for the second quarter of 2026). Additionally, 4% of our revenue for the three and six months ended June 30, 2026, was earned on the loan portfolios serviced by Onity, when a party other than Onity or the mortgage servicing rights (“MSRs”) owner selected Altisource as the service provider.

Current wording

During the nine months ended September 30, 2026, Onity was our largest customer, accounting for 30% of our total revenue (24% of our revenue for the third quarter of 2026). Additionally, 4% of our revenue for the nine months ended September 30, 2026 (3% of our revenue for the third quarter of 2026) was earned on the loan portfolios serviced by Onity, when a party other than Onity or the mortgage servicing rights (“MSRs”) owner selected Altisource as the service provider.

Previous wording

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.

Current wording

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.

Previous wording

During the second quarter of 2026, we repurchased $2.0 million of debt under the New Facility at a discount of 23.7%, recognizing a net gain of $0.7 million on the early extinguishment of debt. This net gain is included in Other income (expense), net, in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. For further information, see Note 10 and Note 21 to the condensed consolidated financial statements.

Current wording

During the nine months ended September 30, 2026, we repurchased $2.9 million of debt under the New Facility at a discount of 23.7%, recognizing a net gain of $1.0 million on the early extinguishment of debt (second and third quarter 2026 repurchases of $2.0 million and $0.9 million, respectively, both at a discount of 23.7%). This net gain is included in Other income (expense), net, in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. For further information, see Note 10 to the condensed consolidated financial statements.

Previous wording

•Industrywide foreclosure initiations were 14% higher for the five months ended May 31, 2026 compared to the same period in 2025 (although still 11% lower than the same pre-COVID-19 period in 2019)

Current wording

•Industrywide foreclosure initiations were 20% higher for the eight months ended August 31, 2026 compared to the same period in 2025 (although still 6% lower than the same pre-COVID-19 period in 2019)

Previous wording

•Industrywide foreclosure sales were 19% higher for the five months ended May 31, 2026 compared to the same period in 2025 (although still 42% lower than the same pre-COVID-19 period in 2019)

Current wording

•Industrywide foreclosure sales were 17% higher for the eight months ended August 31, 2026 compared to the same period in 2025 (although still 40% lower than the same pre-COVID-19 period in 2019)

Previous wording

•Industrywide mortgage origination unit volume increased by 23% for the six months ended June 30, 2026 compared to the same period in 2025, comprised of a 6% increase in purchase origination and a 60% increase in refinancing origination

Current wording

•Industrywide mortgage origination unit volume increased by 14% for the nine months September 30, 2026 compared to the same period in 2025, comprised of a less than 1% decrease in purchase origination and a 56% increase in refinancing origination

Previous wording

•The weighted average interest rate on the Company’s long-term debt was 7.36% for the six months ended June 30, 2026 compared to 8.24% for the same period in 2025

Current wording

•The weighted average interest rate on the Company’s long-term debt was 7.41% for the nine months ended September 30, 2026 compared to 8.23% for the same period in 2025

Previous wording

•The Company recognized $3.5 million of expenses related to the Debt Exchange Transaction for the six months ended June 30, 2025 (no comparable amount for the six months ended June 30, 2026)

Current wording

•The Company recognized $3.6 million of expenses related to the Debt Exchange Transaction for the nine months ended September 30, 2025 (no comparable amount for the nine months ended September 30, 2026)

Previous wording

•The Company recognized a $0.7 million gain on early extinguishment of debt from a second quarter 2026 repurchase of $2.0 million of debt under the New Facility at a discount of 23.7% (no comparable amount for the second quarter 2025)

Current wording

•The Company recognized a $1.0 million gain on early extinguishment of debt for the nine months ended September 30, 2026 from second and third quarter 2026 repurchases of $2.0 million and $0.9 million, respectively, of debt under the New Facility, both at a discount of 23.7% (no comparable amount for the nine months ended September 30, 2025)

Previous wording

•The Company recognized an income tax (provision) benefit of $(1.4) million and $15.7 million for the six months ended June 30, 2026 and 2025, respectively. The income tax provision for the three and six months ended June 30, 2026 was driven by income tax expense on transfer pricing income from India and the United States, no tax benefit on the pretax loss from our Luxembourg operating company, and uncertain tax positions. The income tax benefit for the three and six months ended June 30, 2025 was driven primarily by the reversal of liabilities for uncertain tax positions, partially offset by income tax expense on transfer pricing income from India and the United States and no tax benefit on the pretax loss from our Luxembourg operating company.

Current wording

•The Company recognized an income tax (provision) benefit of $(1.8) million and $15.1 million for the nine months ended September 30, 2026 and 2025, respectively. The income tax provision for the three and nine months ended September 30, 2026 and the three months ended September 30, 2025 was driven by income tax expense on transfer pricing income from India and the United States, no tax benefit on the pretax loss from our Luxembourg operating company, and uncertain tax positions. The income tax benefit for the nine months ended September 30, 2025 was driven primarily by the reversal of liabilities for uncertain tax positions, partially offset by income tax expense on transfer pricing income from India and the United States and no tax benefit on the pretax loss from our Luxembourg operating company.

Previous wording

We recognized reimbursable expenses revenue of $4.3 million for the six months ended June 30, 2026, a 13% decrease compared to the six months ended June 30, 2025 ($1.9 million for the second quarter of 2026, a 22% decrease compared to the second quarter of 2025). The decrease in reimbursable expenses for the three and six months ended June 30, 2026 was primarily driven by fewer asset resolution and asset management activities in Marketplace within the Servicer and Real Estate segment, reflecting the transfer of certain Hubzu REO to Rithm.

Current wording

We recognized reimbursable expenses revenue of $6.4 million for the nine months ended September 30, 2026, a 10% decrease compared to the nine months ended September 30, 2025 ($2.1 million for the third quarter of 2026, a 5% decrease compared to the third quarter of 2025). The decrease in reimbursable expenses for the three and nine months ended September 30, 2026 was primarily driven by fewer asset resolution and asset management activities in Marketplace within the Servicer and Real Estate segment, reflecting the wind down of the Rithm Cooperative Brokerage Agreement.

Previous wording

Gross profit decreased to $25.9 million, representing 28% of service revenue, for the six months ended June 30, 2026 compared to $26.4 million, representing 32% of service revenue, for the six months ended June 30, 2025 (decreased to $12.8 million, representing 26% of service revenue, for the second quarter of 2026, compared to $13.0 million, representing 32% of service revenue, for the second quarter of 2025). Gross profit as a percentage of service revenue for the three and six months ended June 30, 2026 decreased compared to the three and six months ended June 30, 2025 primarily due to revenue mix in Lenders One within the Origination segment and higher costs associated with the newer Hubzu and Foreclosure Trustee business in the Servicer and Real Estate segment. Our margins can vary substantially depending upon the service revenue mix.

Current wording

Gross profit increased to $38.1 million, representing 26% of service revenue, for the nine months ended September 30, 2026 compared to $37.7 million, representing 31% of service revenue, for the nine months ended September 30, 2025 (increased to $12.1 million, representing 24% of service revenue, for the third quarter of 2026, compared to $11.3 million, representing 29% of service revenue, for the third quarter of 2025). Gross profit as a percentage of service revenue for the three and nine months ended September 30, 2026 decreased compared to the three and nine months ended September 30, 2025 from continued investment in new customer implementations and future growth and product mix within certain businesses. Our margins can vary substantially depending upon the service revenue mix.

Previous wording

SG&A expenses for the six months ended June 30, 2026 of $23.1 million increased by 16% compared to the six months ended June 30, 2025 ($11.7 million for the second quarter of 2026, a 19% increase compared to the second quarter of 2025). The increase in SG&A for the three and six months ended June 30, 2026 was primarily driven by higher compensation and benefits, other SG&A and professional services. Compensation and benefits increased from severance costs related to cost reductions in the Corporate and Other segment and to support revenue growth in certain of our businesses. Other SG&A increased from travel costs to support revenue growth. Other SG&A for the three months ended June 30, 2026 also increased from higher bad debt expense. Professional services increased primarily due to a lower net benefit driven by a second quarter 2025 settlement benefit received related to a legacy matter, partially offset by a second quarter 2026 favorable adjustment to a previously recorded litigation settlement loss.

Current wording

SG&A expenses for the nine months ended September 30, 2026 of $34.4 million increased by 12% compared to the nine months ended September 30, 2025 ($11.4 million for the third quarter of 2026, a 5% increase compared to the third quarter of 2025). The increase in SG&A for the three and nine months ended September 30, 2026 was primarily driven by higher compensation and benefits and other SG&A. Compensation and benefits increased due to severance costs related to cost reductions in the Corporate and Others segment and costs to support revenue growth in certain of our businesses. Other SG&A increased from higher travel costs to support revenue growth, non-income-based tax expense and bad debt expense. The increase for the nine months ended September 30, 2026 was also driven by higher professional services due to a lower net benefit driven by a second quarter 2025 settlement benefit received related to a legacy matter, partially offset by a second quarter 2026 favorable adjustment to a previously recorded litigation settlement loss.

Previous wording

Income from operations for the six months ended June 30, 2026 was $2.9 million, representing 3% of service revenue, compared to $6.5 million, representing 8% of service revenue, for the six months ended June 30, 2025 (decreased to $1.1 million, representing 2% of service revenue, for the second quarter of 2026, compared to $3.2 million representing 8% of service revenue for the second quarter of 2025). Income from operations as a percentage of service revenue declined for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 primarily from lower gross profit as a percentage of service revenue.

Current wording

Income from operations for the nine months ended September 30, 2026 was $3.6 million, representing 3% of service revenue, compared to $7.0 million, representing 6% of service revenue, for the nine months ended September 30, 2025 (increased to $0.8 million, representing 2% of service revenue, for the third quarter of 2026, compared to $0.5 million, representing 1% of service revenue for the third quarter of 2025). Income from operations as a percentage of service revenue declined for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily from lower gross profit as a percentage of service revenue. Income from operations as a percentage of service revenue increased for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 because revenue grew at a greater rate than SG&A, partially offset by lower gross profit as a percentage of service revenue.

Previous wording

Other income (expense), net was $(2.9) million for the six months ended June 30, 2026 compared to $(10.8) million for the six months ended June 30, 2025 ($(1.3) million and $(3.0) million for the second quarters of 2026 and 2025, respectively). The change for the three and six months ended June 30, 2026 was primarily driven by lower interest expense, no Debt Exchange Transaction expenses in 2026, and a gain on early extinguishment of debt in 2026 (no comparable amount in 2025). The lower interest expense was driven by the decrease in outstanding debt and a lower interest rate from the Debt Exchange Transaction. The $0.7 million gain on early extinguishment of debt was from a second quarter 2026 repurchase of $2.0 million of debt under the New Facility at a discount of 23.7%

Current wording

Other income (expense), net was $(4.3) million for the nine months ended September 30, 2026 compared to $(13.0) million for the nine months ended September 30, 2025 ($(1.8) million and $(2.2) million for the third quarters of 2026 and 2025, respectively). The change for the three and nine months ended September 30, 2026 was primarily driven by lower interest expense, no Debt Exchange Transaction expenses in 2026, and gains on early extinguishment of debt in 2026 (no comparable amount in 2025). The lower interest expense was driven by the decrease in outstanding debt and a lower interest rate from the Debt Exchange Transaction. The $1.0 million gain on early extinguishment of debt for the nine months ended September 30, 2026 was from second and third quarter 2026 repurchases of $2.0 million and $0.9 million, respectively, of debt under the New Facility, both at a discount of 23.7%.

Previous wording

We recognized an income tax (provision) benefit of $(1.4) million and $15.7 million for the six months ended June 30, 2026 and 2025, respectively ($(0.5) million and $16.5 million for the second quarters of 2026 and 2025, respectively). The income tax (provision) benefit for the three and six months ended June 30, 2026 was driven by income tax expense on transfer pricing income from India and the United States, no tax benefit on the pretax loss from our Luxembourg operating company, and uncertain tax positions. The income tax benefit for the three and six months ended June 30, 2025 was driven primarily by the reversal of liabilities for uncertain tax positions, partially offset by income tax expense on transfer pricing income from India and the United States and no tax benefit on the pretax loss from our Luxembourg operating company.

Current wording

We recognized an income tax (provision) benefit of $(1.8) million and $15.1 million for the nine months ended September 30, 2026 and 2025, respectively ($(0.4) million and $(0.7) million for the third quarters of 2026 and 2025, respectively). The income tax (provision) benefit for the three and nine months ended September 30, 2026 and the three months ended September 30, 2025 was driven by income tax expense on transfer pricing income from India and the United States, no tax benefit on the pretax loss from our Luxembourg operating company, and uncertain tax positions. The income tax benefit for the nine months ended September 30, 2025 was driven primarily by the reversal of liabilities for uncertain tax positions, partially offset by income tax expense on transfer pricing income from India and the United States and no tax benefit on the pretax loss from our Luxembourg operating company.

Previous wording

We recognized service revenue of $65.8 million for the six months ended June 30, 2026, a 1% increase compared to the six months ended June 30, 2025 ($34.4 million for the second quarter of 2026, an 8% increase compared to the second quarter of 2025). We also recognized reimbursable expenses revenue of $4.1 million for the six months ended June 30, 2026, an 11% decrease compared to the six months ended June 30, 2025 ($1.8 million for the second quarter of 2026, a 22% decrease compared to the second quarter of 2025). The increase in service revenue for the six months ended June 30, 2026 was driven by sales wins in the Hubzu business within Marketplace and Title business within Solutions, partially offset by lower service revenue in the Property Renovation business within Solutions. The increase in service revenue for the three months ended June 30, 2026 was driven by sales wins the Foreclosure Trustee and Title businesses within Solutions and the Hubzu business within Marketplace. The decrease in reimbursable expenses revenue for the three and six months ended June 30, 2026 was driven by fewer asset resolution and asset management activities in the Hubzu business within Marketplace, reflecting the transfer of certain Hubzu REO to Rithm.

Current wording

We recognized service revenue of $101.6 million for the nine months ended September 30, 2026, a 6% increase compared to the nine months ended September 30, 2025 ($35.8 million for the third quarter of 2026, a 15% increase compared to the third quarter of 2025). We also recognized reimbursable expenses revenue of $6.0 million for the nine months ended September 30, 2026, a 9% decrease compared to the nine months ended September 30, 2025 ($1.9 million for the third quarter of 2026, a 6% decrease compared to the third quarter of 2025). The increase in service revenue for the three and nine months ended September 30, 2026 was driven by sales wins in the Title and Foreclosure Trustee businesses within Solutions and the Hubzu business within Marketplace, partially offset by lower service revenue in the Valuation business within Solutions. The decrease in reimbursable expenses revenue for the three and nine months ended September 30, 2026 was driven by fewer asset resolution and asset management activities in the Hubzu business within Marketplace, reflecting the transfer of certain Hubzu REO to Rithm.

Previous wording

Cost of revenue for the six months ended June 30, 2026 of $44.8 million increased by 2% compared to the three and six months ended June 30, 2025 ($23.3 million for the second quarter of 2026, a 6% increase compared to the second quarter of 2025). The increase in cost of revenue for the three and six months ended June 30, 2026 was primarily driven by higher compensation and benefits to support revenue growth in certain businesses and higher outside fees and services. This was partially offset by lower reimbursable expenses driven by the transfer of certain Hubzu REO to Rithm. Outside fees and services increased primarily from service revenue growth in the Foreclosure Trustee and Title businesses within Solutions.

Current wording

Cost of revenue for the nine months ended September 30, 2026 of $70.9 million increased by 8% compared to the nine months ended September 30, 2025 ($26.1 million for the third quarter of 2026, a 19% increase compared to the third quarter of 2025). The increase in cost of revenue for the three and nine months ended September 30, 2026 was primarily driven by higher outside fees and services and technology and telecommunications costs, from service revenue growth in the Foreclosure Trustee and Title businesses within Solutions and the Hubzu business within Marketplace.

Previous wording

SG&A for the six months ended June 30, 2026 of $4.0 million increased by 20% compared to the six months ended June 30, 2025 ($1.5 million for the second quarter of 2026, a 47% increase compared to the second quarter of 2025). The increase in SG&A for the three and six months ended June 30, 2026 was primarily due to lower professional services net benefit and higher bad debt expense and travel costs to support revenue growth. Professional services net benefit decreased primarily due to a second quarter 2025 settlement benefit received related to a legacy matter, partially offset by a second quarter 2026 favorable adjustment to a previously recorded litigation settlement loss.

Current wording

SG&A for the nine months ended September 30, 2026 of $6.7 million increased by 17% compared to the nine months ended September 30, 2025 ($2.6 million for the third quarter of 2026, a 12% increase compared to the third quarter of 2025). The increase in SG&A for the three and nine months ended September 30, 2026 was primarily due to higher compensation and benefits to support revenue growth and higher marketing costs in Marketplace to support Hubzu’s growing inventory. The increase for the nine months ended September 30, 2026 was also due to higher bad debt expense and travel costs to support revenue growth.

Previous wording

Income from operations decreased to $20.9 million, representing 32% of service revenue, for the six months ended June 30, 2026 compared to $22.2 million, representing 34% of service revenue, for the six months ended June 30, 2025 (increased to $11.4 million, representing 33% of service revenue, for the second quarter of 2026, compared to $11.3 million, representing 35% of service revenue, for the second quarter of 2025). Operating income as a percentage of service revenue for the three and six months ended June 30, 2026 decreased as a result of lower gross profit margins.

Current wording

Income from operations decreased 4% to $30.0 million, representing 30% of service revenue, for the nine months ended September 30, 2026 compared to $31.2 million, representing 32% of service revenue, for the nine months ended September 30, 2025 (increased 2% to $9.1 million, representing 25% of service revenue, for the third quarter of 2026, compared to $8.9 million, representing 29% of service revenue, for the third quarter of 2025). Operating income as a percentage of service revenue for the three and nine months ended September 30, 2026 decreased as a result of lower gross profit margins.

Previous wording

We recognized service revenue of $28.1 million for the six months ended June 30, 2026, a 66% increase compared to the six months ended June 30, 2025 ($14.3 million for the second quarter of 2026, a 62% increase compared to the second quarter of 2025). We also recognized reimbursable expenses revenue of $0.2 million for the six months ended June 30, 2026, a 37% decrease compared to the six months ended June 30, 2025 ($0.1 million for the second quarter of 2026, a 31% decrease compared to the second quarter of 2025). The increase in service revenue for the three and six months ended June 30, 2026 was primarily driven by sales wins in Lenders One and a stronger origination market, partially offset by lower volumes for loan fulfillment services within Solutions. The decrease in reimbursable expenses for the three and six months ended June 30, 2026 was primarily driven by a decline in Title services within Solutions.

Current wording

We recognized service revenue of $42.1 million for the nine months ended September 30, 2026, a 66% increase compared to the nine months ended September 30, 2025 ($14.0 million for the third quarter of 2026, a 65% increase compared to the third quarter of 2025). We also recognized reimbursable expenses revenue of $0.4 million for the nine months ended September 30, 2026, a 23% decrease compared to the nine months ended September 30, 2025 ($0.1 million for the third quarter of 2026, a 24% increase compared to the third quarter of 2025). The increase in service revenue for the three and nine months ended September 30, 2026 was primarily driven by sales wins in Lenders One. The nine months ended September 30, 2026 increase was partially offset by lower volumes for loan fulfillment services within Solutions. Service revenue growth outpaced the overall origination market which decreased by 6% for the three months ended September 30, 2026 and increased by 14% for the nine months ended September 30, 2026 compared to the same periods in 2025.

Previous wording

Cost of revenue for the six months ended June 30, 2026 of $24.2 million increased by 80% compared to the six months ended June 30, 2025 ($12.9 million for the second quarter of 2026, a 90% increase compared to the second quarter of 2025). The increase in cost of revenue for the three and six months ended June 30, 2026 was primarily driven by higher outside fees and services from growth in the reseller products in Lenders One and higher compensation and benefits to support revenue growth.

Current wording

Cost of revenue for the nine months ended September 30, 2026 of $36.2 million increased by 77% compared to the nine months ended September 30, 2025 ($12.0 million for the third quarter of 2026, a 72% increase compared to the third quarter of 2025). The increase in cost of revenue for the three and nine months ended September 30, 2026 was primarily driven by higher outside fees and services from growth in the reseller products in Lenders One and higher compensation and benefits to support revenue growth.

Previous wording

Gross profit increased to $4.2 million, representing 15% of service revenue, for the six months ended June 30, 2026 compared to $3.9 million, representing 23% of service revenue, for the six months ended June 30, 2025 (decreased to $1.6 million, representing 11% of service revenue, for the second quarter of 2026, compared to $2.3 million, representing 26% of service revenue for the second quarter of 2025). Gross profit as a percentage of service revenue for the three and six months ended June 30, 2026 decreased compared to the three and six months ended June 30, 2025 from revenue mix in Lenders One.

Current wording

Gross profit increased 14% to $6.4 million, representing 15% of service revenue, for the nine months ended September 30, 2026 compared to $5.6 million, representing 22% of service revenue, for the nine months ended September 30, 2025 (increased 28% to $2.1 million, representing 15% of service revenue, for the third quarter of 2026, compared to $1.7 million, representing 20% of service revenue for the third quarter of 2025). Gross profit as a percentage of service revenue for the three and nine months ended September 30, 2026 decreased compared to the three and nine months ended September 30, 2025 from revenue mix changes and continued investment in new customer implementations and future growth.

Previous wording

SG&A for the six months ended June 30, 2026 of $3.8 million increased by 10% compared to the six months ended June 30, 2025 ($1.9 million for the second quarter of 2026, a 5% increase compared to the second quarter of 2025). The increase in SG&A for the three and six months ended June 30, 2026 was primarily due to higher amortization of intangible assets and compensation and benefits, partially offset by lower professional services costs. Amortization of intangible assets increased due to the addition of Lenders One intangible assets in the fourth quarter of 2025. Compensation and benefits increased primarily to support revenue growth in the Origination segment. Professional services decreased primarily due to lower legal-related costs.

Current wording

SG&A for the nine months ended September 30, 2026 of $5.7 million increased by 5% compared to the nine months ended September 30, 2025 ($2.0 million for the third quarter of 2026, a 2% decrease compared to the third quarter of 2025). The increase in SG&A for the nine months ended September 30, 2026 was primarily due to higher amortization of intangible assets and compensation and benefits, partially offset by lower professional services costs. Amortization of intangible assets increased due to the addition of Lenders One intangible assets in the fourth quarter of 2025. Compensation and benefits increased primarily to support revenue growth in the Origination segment. The decrease in SG&A for the three months ended September 30, 2026 was primarily due to lower professional services costs. Professional services decreased primarily due to lower legal-related costs for both the three and nine months ended September 30, 2026.

Previous wording

Income (loss) from operations was relatively flat at $0.5 million, representing 2% of service revenue for the six months ended June 30, 2026 compared to $0.5 million, representing 3% of service revenue, for the six months ended June 30, 2025 (decreased to $(0.2) million, representing (1%) of service revenue for the second quarter of 2026, compared to $0.6 million, representing 6% of service revenue for the second quarter of 2025). Income from operations as a percentage of service revenue for the three and six months ended June 30, 2026 decreased compared to the three and six months ended June 30, 2025 primarily due to the decline in gross profit margins, partially offset by lower SG&A expenses as a percentage of service revenue.

Current wording

Income from operations increased to $0.6 million, representing 2% of service revenue for the nine months ended September 30, 2026 compared to $0.1 million, representing less than 1% of service revenue, for the nine months ended September 30, 2025 (increased to $0.2 million, representing 1% of service revenue for the third quarter of 2026, compared to $(0.4) million, representing (4)% of service revenue for the third quarter of 2025). Income from operations as a percentage of service revenue for the three and nine months ended September 30, 2026 increased compared to the three and nine months ended September 30, 2025 primarily due to lower SG&A expenses as a percentage of service revenue, partially offset by the decline in gross profit margins.

Previous wording

Cost of revenue for the six months ended June 30, 2026 of $3.3 million increased by 4% compared to the six months ended June 30, 2025 ($1.7 million for the second quarter of 2026, a 6% increase compared to the second quarter of 2025). The increase in cost of revenue for the three and six months ended June 30, 2026 was primarily driven by investments in technology initiatives and higher compensation and benefits, partially offset by lower depreciation and amortization from the completion of the depreciation periods for certain premises and equipment.

Current wording

Cost of revenue for the nine months ended September 30, 2026 of $5.0 million increased by 5% compared to the nine months ended September 30, 2025 ($1.7 million for the third quarter of 2026, an 8% increase compared to the third quarter of 2025). The increase in cost of revenue for the three and nine months ended September 30, 2026 was primarily driven by investments in technology initiatives and higher compensation and benefits, partially offset by lower depreciation and amortization from the completion of the depreciation periods for certain premises and equipment.

Previous wording

SG&A for the six months ended June 30, 2026 of $15.3 million increased by 17% compared to the six months ended June 30, 2025 ($8.3 million for the second quarter of 2026, a 19% increase compared to the second quarter of 2025). The increase in SG&A for the three and six months ended June 30, 2026 was primarily driven by higher compensation and benefits from severance costs related to cost reductions. The increase in SG&A for the six months ended June 30, 2026 was also driven by higher professional services from higher accruals for estimated legal matters.

Current wording

SG&A for the nine months ended September 30, 2026 of $22.0 million increased by 13% compared to the nine months ended September 30, 2025 ($6.7 million for the third quarter of 2026, a 5% increase compared to the third quarter of 2025). The increase in SG&A for the three and nine months ended September 30, 2026 was primarily driven by higher compensation and benefits from severance costs related to cost reductions and higher professional services from higher accruals for legal matters. The increase for the three months ended September 30, 2026 was partially offset by lower occupancy related costs due to the termination of a lease in the third quarter of 2026.

Previous wording

Other income (expense), net was $(2.5) million for the six months ended June 30, 2026 compared to $(10.8) million for the six months ended June 30, 2025 ($(1.2) million and $(3.0) million for the second quarters of 2026 and 2025, respectively). The change for the three and six months ended June 30, 2026 was primarily driven by lower interest expense, no Debt Exchange Transaction expenses in 2026, and a gain on early extinguishment of debt in 2026 (no comparable amount in 2025). The lower interest expense was driven by the decrease in outstanding debt and a lower interest rate from the Debt Exchange Transaction. The $0.7 million gain on early extinguishment of debt was from a second quarter 2026 repurchase of $2.0 million of debt under the New Facility at a discount of 23.7%.

Current wording

Other income (expense), net was $(4.7) million for the nine months ended September 30, 2026 compared to $(13.0) million for the nine months ended September 30, 2025 ($(1.8) million and $(2.2) million for the third quarters of 2026 and 2025, respectively). The change for the three and nine months ended September 30, 2026 was primarily driven by lower interest expense, no Debt Exchange Transaction expenses in 2026, and a gain on early extinguishment of debt in 2026 (no comparable amount in 2025). The lower interest expense was driven by the decrease in outstanding debt and a lower interest rate from the Debt Exchange Transaction. The $1.0 million gain on early extinguishment of debt for the nine months ended September 30, 2026 was from second and third quarter 2026 repurchases of $2.0 million and $0.9 million, respectively, of debt under the New Facility, both at a discount of 23.7%.

Previous wording

Our primary source of liquidity has historically been cash flow from operations, cash proceeds from sales of businesses, cash proceeds from the sale of equity securities and cash on hand. However, primarily due to lower delinquency and foreclosure rates, and higher home equity, revenue has declined significantly compared to pre-pandemic levels (although revenue grew in 2025 compared to 2024 and for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, respectively).

Current wording

Our primary source of liquidity has historically been cash flow from operations, cash proceeds from sales of businesses, cash proceeds from the sale of equity securities and cash on hand. However, primarily due to lower delinquency and foreclosure rates, and higher home equity, revenue has declined significantly compared to pre-pandemic levels, which has adversely affected operating results and cash flow from operations (although revenue grew in 2025 compared to 2024 and for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025, respectively). Management has implemented initiatives intended to improve operating income and cash flow from operations, and if successful, these initiatives are expected to improve operating cash flow and strengthen liquidity.

Previous wording

The following table presents our cash flows for the six months ended June 30:

Current wording

The following table presents our cash flows for the nine months ended September 30:

Previous wording

Cash flows from operating activities generally consist of the cash effects of transactions and events that enter into the determination of net (loss) income. For the six months ended June 30, 2026, net cash used in operating activities was $(2.2) million compared to net cash used in operating activities of $(5.3) million for the six months ended June 30, 2025. The decrease in cash used in operating activities was driven by a $4.7 million improvement in net income (loss) before income tax, partially offset by a $1.6 million increase in net reductions to net income for gain on the early extinguishment of debt, amortization of debt premium, debt discount and debt issuance costs, and share based compensation. Operating cash flows can be negatively impacted because of the nature of some of our services and the mix of services provided. Certain services are performed immediately following or shortly after the referral, but the collection of the receivable does not occur until a specific event occurs (e.g., the foreclosure is complete, the REO asset is sold, etc.). Furthermore, lower margin services generate lower income and cash flows from operations. Consequently, our cash flows from operations may be negatively impacted when comparing one period to another.

Current wording

Cash flows from operating activities generally consist of the cash effects of transactions and events that enter into the determination of net (loss) income. For the nine months ended September 30, 2026, net cash provided by operating activities was $1.3 million compared to net cash used in operating activities of $(4.6) million for the nine months ended September 30, 2025. The increase in cash provided by operating activities was primarily driven by a $5.3 million improvement in net loss before income tax, as well as improvements in non-income tax working capital that were largely offset by non-cash debt related adjustments. Operating cash flows can be negatively impacted because of the nature of some of our services and the mix of services provided. Certain services are performed immediately following or shortly after the referral, but the collection of the receivable does not occur until a specific event occurs (e.g., the foreclosure is complete, the REO asset is sold, etc.). Furthermore, lower margin services generate lower income and cash flows from operations. Consequently, our cash flows from operations may be negatively impacted when comparing one period to another.

Previous wording

Net cash (used in) provided by financing activities was $(3.4) million and $5.5 million for the six months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026, we used $0.6 million to make scheduled repayments of the New Facility and Super Senior Facility ($0.3 million for the six months ended June 30, 2025), and $1.5 million to repurchase $2.0 million of our debt under the New Facility in June 2026 (no comparative amount for the six months ended June 30, 2025). During the six months ended June 30, 2025, in connection with the Debt Exchange Transaction, we received $11.3 million in proceeds from the Super Senior Credit Facility, net of original issuance discount and used $1.7 million for debt issuance costs (no comparative amounts for the six months ended June 30, 2026). During the six months ended June 30, 2026, we used $0.3 million related to the issuance of equity ($3.4 million for the six months ended June 30, 2025). During the six months ended

Current wording

Net cash (used in) provided by financing activities was $(4.4) million and $4.6 million for the nine months ended September 30, 2026 and 2025, respectively. During the nine months ended September 30, 2026, we used $0.9 million to make scheduled repayments of the New Facility and Super Senior Facility ($0.3 million for the nine months ended September 30, 2025), and $2.2 million to repurchase $2.9 million, of our debt under the New Facility (no comparative amount for the nine months ended September 30, 2025). During the nine months ended September 30, 2025, in connection with the Debt Exchange Transaction, we received $11.3 million in proceeds from the Super Senior Credit Facility, net of original issuance discount and used $1.7 million for debt issuance costs (no comparative amounts for the nine months ended September 30, 2026). During the nine months ended September 30, 2026, we used $0.3 million related to equity issuance costs ($3.8 million for the nine months ended September 30, 2025). During the nine months ended September 30, 2026, we made payments of $0.9 million to satisfy employee tax withholding obligations on the vesting of restricted share units (“RSUs”) and restricted shares ($0.3 million for the nine months ended September 30, 2025). These payments were made to tax authorities, at the employees’ direction, to satisfy the employees’ tax obligations rather than issuing a portion of vested restricted share units and restricted shares to employees. In addition, we distributed $0.1 million for both the three and nine months ended September 30, 2026 and 2025, respectively, to non-controlling interests.

Previous wording

(1) $155.3 million of the New Facility matures on April 30, 2030 and $1.4 million of the New Facility matures on January 15, 2029.

Current wording

(1) $154.1 million of the New Facility matures on April 30, 2030 and $1.4 million of the New Facility matures on January 15, 2029.

Previous wording

We anticipate funding future liquidity requirements with a combination of existing cash balances and cash anticipated to be generated by operating activities. For further information, see Note 10 and Note 21 to the condensed consolidated financial statements.

Current wording

We anticipate funding future liquidity requirements with a combination of existing cash balances, cash anticipated to be generated by operating activities and, to the extent exercised, proceeds from future exercises of Cash Exercise Stakeholder Warrants. For further information, see Note 10, Note 11 and Note 21 to the condensed consolidated financial statements.

Previous wording

We hold customers’ assets in escrow and other accounts at various financial institutions pending completion of certain real estate and construction review activities. These amounts are held in escrow and other accounts for limited periods of time and are not included in the accompanying condensed consolidated balance sheets. Amounts held in escrow and other accounts were $38.1 million and $50.5 million as of June 30, 2026 and December 31, 2025, respectively.

Current wording

We hold customers’ assets in escrow and other accounts at various financial institutions pending completion of certain real estate and construction review activities. These amounts are held in escrow and other accounts for limited periods of time and are not included in the accompanying condensed consolidated balance sheets. Amounts held in escrow and other accounts were $36.9 million and $50.5 million as of September 30, 2026 and December 31, 2025, respectively.

Previous wording

For the six months ended June 30, 2026, there were no significant changes to our contractual obligations from those identified in our Form 10-K for the fiscal year ended December 31, 2025 and this Form 10-Q, other than those that occur in the normal course of business. See Note 21 to the condensed consolidated financial statements.

Current wording

For the nine months ended September 30, 2026, there were no significant changes to our contractual obligations from those identified in our Form 10-K for the fiscal year ended December 31, 2025 and this Form 10-Q, other than those that occur in the normal course of business. See Note 21 to the condensed consolidated financial statements.