Form 4: Altisource Portfolio Solutions: Director Awarded RSUs

Deer Park Road Management Company, LP reports the grant of 19,215 restricted share units to a Managing Director for services as a non-management director.

Summary

• Deer Park Road Management Company, LP, along with related entities and individuals, has filed a Form 4 detailing changes in beneficial ownership of Altisource Portfolio Solutions S.A. (ASPS).
• On May 21, 2026, Mary Hickok, a Managing Director at Deer Park Road Management Company, LP, was granted 19,215 restricted share units (RSUs) as compensation for her role as a non-management director of Altisource Portfolio Solutions S.A. for the 2026-2027 service year.
• Each RSU represents a contingent right to receive one share of common stock.
• The RSUs are scheduled to vest on the date of the Issuer's 2027 Annual General Meeting of Shareholders, contingent upon Ms. Hickok attending at least 75% of all Board and committee meetings.
• The filing clarifies that all income derived from Ms. Hickok's director service economically belongs to STS Master Fund, Ltd., and she has no personal right to compensation or pecuniary interest in the reported shares.
• The reported securities are held for the accounts of STS Master Fund, Ltd. and Deer Park 1850 Fund, LP, with Deer Park serving as the investment adviser for both.
• Beneficial ownership is disclaimed by various entities and individuals (Deer Park Road Management Company, LP, Deer Park Road Management GP, LLC, Deer Park Road Corporation, AgateCreek LLC, Michael Craig-Scheckman, and Scott Edward Burg) except to the extent of their pecuniary interest, to avoid admission of beneficial ownership under Section 16 of the Exchange Act.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it reports a standard equity grant for director services and does not contain financial performance or strategic updates that would significantly alter the investment thesis.

Positives

• Grant of restricted share units to a non-management director for services, indicating continued engagement and compensation for board duties.
• The RSUs are tied to future service and meeting attendance, aligning director incentives with company governance.
• Clear disclosure of beneficial ownership and disclaimer of pecuniary interest by related parties, promoting transparency.

Negatives

• The filing is a routine Form 4 and does not contain financial performance data, making it difficult to assess the company's overall health.
• The economic benefit of the RSUs accrues to STS Master Fund, Ltd., not directly to the individual director, which could be seen as a complex compensation structure.

Risks

• Vesting of RSUs is contingent on meeting attendance, which could be a risk if the director is unable to fulfill these requirements.
• The complex ownership structure and disclaimers of beneficial ownership could potentially obscure true control or influence, though this is standard for such filings.

Future Outlook

The future outlook is not directly addressed in this filing, which focuses on a specific grant of equity compensation. The vesting of the RSUs is tied to the Issuer's 2027 Annual General Meeting of Shareholders.

Management Comments

• 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 Securities Exchange Act of 1934, as amended (the "Exchange Act"), or for any other purpose.

Industry Context

StockSavvy.ai notes that this Form 4 filing is typical for companies with publicly traded securities, detailing equity grants to directors and officers. The structure of the grant, with RSUs vesting upon a future event and contingent on meeting attendance, is a common practice for aligning director compensation with company performance and governance.

Related Party Transactions

• The grant of 19,215 RSUs to Mary Hickok, a Managing Director at Deer Park Road Management Company, LP, for her role as a non-management director of Altisource Portfolio Solutions S.A. is a related party transaction as Deer Park Road Management Company, LP is an investment adviser to funds that hold significant beneficial ownership.

Stakeholder Impact

• Shareholders: The grant of RSUs represents a form of compensation that dilutes existing share ownership slightly, but it is standard practice for incentivizing directors.
• Employees: No direct impact on employees is indicated in this filing.
• Management: The filing details compensation for a non-management director, reflecting standard corporate governance practices.
• Creditors: No direct impact on creditors is indicated.

Next Steps

• Vesting of the 19,215 RSUs on the date of the Issuer's 2027 Annual General Meeting of Shareholders, provided Ms. Hickok meets the attendance requirements.
• Continued reporting of beneficial ownership changes by Deer Park Road Management Company, LP and related parties as required by Section 16 of the Exchange Act.

Key Dates

Keywords

Form 4, SEC Filing, Beneficial Ownership, Restricted Share Units, RSUs, Director Compensation, Altisource Portfolio Solutions, ASPS, Deer Park Road Management Company, Mary Hickok, Insider Trading, Securities Exchange Act