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CUSTOMER CONCENTRATION
 3 Months Ended
Mar. 31, 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 months ended March 31, 2026, Onity was our largest customer, accounting for 37% 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 three months ended March 31, 2026 and 2025, we recognized revenue from Onity of $19.5 million and $19.4 million, respectively. Revenue from Onity as a percentage of segment and consolidated revenue was as follows:
Three months ended March 31,
20262025
Servicer and Real Estate53 %55 %
Origination— %— %
Corporate and Others— %— %
Consolidated revenue37 %45 %
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 three months ended March 31, 2026 and 2025, we recognized $1.8 million and $2.2 million, 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 March 31, 2026, accounts receivable from Onity totaled $6.0 million, $3.5 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 December 31, 2025, Onity reported that approximately 10% of loans serviced and subserviced by Onity (measured in unpaid principal balance (“UPB”)) and approximately 50% of all delinquent loans that Onity services were related to Rithm MSRs or rights to MSRs (the “Subject MSRs”). 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.
Rithm purchases 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. At Rithm’s discretion, Altisource has continued to manage REO and receive referrals from portfolios subject to the Rithm Brokerage Agreement (“Rithm REO”) despite the expiration of the Rithm Brokerage Agreement. Beginning in March 2026, Altisource began transferring Rithm REO to Rithm. We expect most of the transfers of Rithm REO to Rithm will be complete in the second quarter of 2026.
For the three months ended March 31, 2026 and 2025, we recognized revenue from Rithm of $0.6 million and $0.6 million, respectively. For the three months ended March 31, 2026 and 2025, we recognized additional revenue of $2.5 million and $2.5 million, respectively, relating to the Subject MSRs when a party other than Rithm selected us as the service provider.