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Front Yard Residential Corp

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2020 10-Q, filed Nov 4, 2020. Its latest SEC filing is a SC 13G/A from Feb 12, 2021.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Owns and rents single-family homes to families seeking affordable housing in suburban communities.

How Did They Make Money?

revenue

Who Were Their Customers?

Families rent the company’s single-family homes in suburban communities.

Did Revenues Turn Into Profits?

No. It lost $105.4M in .

Operating income,
−46% of revenue
▼ −28% (Loss) vs (−$131.8M, −72%)
Net income,
−51% of revenue
▼ −19% (Loss) vs (−$130.8M, −71%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q3 FY2020, the three months to Sep 30, 2020
Revenue
▲ +12%
vs $50.8M in Q3 FY2019
Net income
▲ +74% (Loss)
vs −$36.4M in Q3 FY2019
  • Jan 11, 2021 Pretium and Ares completed the acquisition of Front Yard Front Yard became a wholly owned subsidiary, and shareholders received cash for their shares.
  • Nov 23, 2020 Merger agreement increased cash offer to shareholders The offer rose from $13.50 to $16.25 per share after Front Yard received an unsolicited proposal.

Shrank. Revenue fell 17% in 4 years, from $248.1M in to $207M in , about 4% a year.

Property management The company moved from relying on two outside property managers for leasing, repairs and other home operations to managing those functions through its own platform.

Mortgage loans The older report described buying mortgage loans and converting some underlying homes to rentals; the latest report says it no longer expects to buy mortgage loans and had sold its remaining loans.

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