Sec Form 4 Filing - Deer Park Road Management Company, LP @ ALTISOURCE PORTFOLIO SOLUTIONS S.A. - 2023-02-09

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Deer Park Road Management Company, LP 2. Issuer Name and Ticker or Trading Symbol ALTISOURCE PORTFOLIO SOLUTIONS S.A. [ ASPS] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) X __ Other (specify below) See Remarks (Last) (First) (Middle) 1195 BANGTAIL WAY 3. Date of Earliest Transaction (MM/DD/YY) 02/09/2023 (Street) STEAMBOAT SPRINGS, CO80487 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

< td style="text-align: center;"> I Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 02/19/2025 J( 1 ) 7,253,577 ( 1 ) A 11,530,840 I See Footnotes ( 2 ) ( 4 ) Common Stock 02/19/2025 J( 1 ) 3,273,728 ( 1 ) A 3,273,728 I See Footnotes ( 3 ) ( 4 ) Common Stock 02/19/2025 X 201,015 A $ 0.01 11,731,855 I See Footnotes ( 2 ) ( 4 ) Common Stock 02/19/2025 S( 5 ) 2,629 D $ 0.7645 11,729,226 I See Footnotes ( 2 ) ( 4 ) Common Stock 02/19/2025 X 90,723 A $ 0.01 3,364,451 I See Footnotes ( 3 ) ( 4 ) Common Stock 02/19/2025 S( 6 ) 1,186 D $ 0.7645 3,363,265 See Footnotes ( 3 ) ( 4 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Warrants (Right to Buy) $ 0.01 02/09/2023 J( 7 ) 201,015 ( 7 ) 02/14/2024 05/22/2027 Common Stock 201,015 ( 7 ) ( 7 ) 201,015 I See Footnotes ( 2 ) ( 4 ) Warrants (Right to Buy) $ 0.01 02/09/2023 J( 7 ) 90,723 ( 7 ) 02/14/2024 05/22/2027 Common Stock 90,723 ( 7 ) ( 7 ) 90,723 I See Footnotes ( 3 ) ( 4 ) Warrants (Right to Buy) $ 0.01 02/19/2025 X 201,015 02/14/2024 05/22/2027 Common Stock 201,015 ( 7 ) 0 I See Footnotes ( 2 ) ( 4 ) Warrants (Right to Buy) $ 0.01 02/19/2025 X 90,723 02/14/2024 05/22/2027 Common Stock 90,723 ( 7 ) 0 I See Footnotes ( 3 ) ( 4 ) Warrants (Right to Buy) ( 8 ) ( 9 ) $ 1.95 ( 10 ) 04/02/2029 Common Stock 7,277,201 4,478,278 I See Footnotes ( 2 ) ( 4 ) Warrants (Right to Buy) ( 8 ) ( 9 ) $ 1.95 ( 10 ) 04/02/2029 Common Stock 147,424 90,723 I See Footnotes ( 3 ) ( 4 ) Warrants (Right to Buy) ( 8 ) ( 9 ) $ 1.95 ( 10 ) 04/30/2032 Common Stock 7,277,201 4,478,278 I See Footnotes ( 2 ) ( 4 ) Warrants (Right to Buy) ( 8 ) ( 9 ) $ 1.95 ( 10 ) 04/30/2032 Common Stock 147,424 90,723 I See Footnotes ( 3 ) ( 4 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Deer Park Road Management Company, LP 1195 BANGTAIL WAY STEAMBOAT SPRINGS, CO80487 X See Remarks Deer Park Road Management GP, LLC 1195 BANGTAIL WAY STEAMBOAT SPRINGS, CO80487 X See Remarks Deer Park Road Corp 1195 BANGTAIL WAY STEAMBOAT SPRINGS, CO80487 X See Remarks AgateCreek LLC 1195 BANGTAIL WAY STEAMBOAT SPRINGS, CO80487 X See Remarks Craig-Scheckman Michael 1195 BANGTAIL WAY STEAMBOAT SPRINGS, CO80487 X See Remarks Burg Scott Edward 1195 BANGTAIL WAY STEAMBOAT SPRINGS, CO80487 X See Remarks Signatures Deer Park Road Management Company, LP, By: /s/ Bradley W. Craig, Chief Operating Officer 03/05/2025 Signature of Reporting Person Date Deer Park Road Management GP, LLC, By: /s/ Deer Park Road Corporation, its managing member, By: /s/ Bradley W. Craig, attorney-in-fact for Michael Craig-Scheckman, Chief Executive Officer of Deer Park Corporation 03/05/2025 Signature of Reporting Person Date Deer Park Road Corporation, By: /s/ Bradley W. Craig, attorney-in-fact for Michael Craig-Scheckman, Chief Executive Officer of Deer Park Corporation 03/05/2025 Signature of Reporting Person Date AgateCreek LLC, By: /s/ Bradley W. Craig, attorney-in-fact for Scott Edward Burg, Sole Member of AgateCreek LLC 03/05/2025 Signature of Reporting Person Date Michael Craig-Scheckman, By: /s/ Bradley W. Craig, attorney-in-fact for Michael Craig-Scheckman 03/05/2025 Signature of Reporting Person Date Scott Edward Burg, By: /s/ Bradley W. Craig, attorney-in-fact for Scott Edward Burg 03/05/2025 Signature of Reporting Person Date

Explanation of Responses:

( 1 )On February 19, 2025, the Issuer, Altisource S.a r.l. (the "Borrower"), STS Master Fund, Ltd., Deer Park 1850 Fund, LP, and other lenders that were party to an existing credit agreement (the "Credit Agreement") entered into an exchange agreement (the "Exchange Agreement"). Pursuant to the Exchange Agreement, STS Master Fund, Ltd. acquired 7,253,577 shares of the Issuer's common stock ("Shares") in exchange for $29,030,752.70 principal outstanding on its existing loan to the Borrower, and Deer Park 1850 Fund, LP acquired 3,273,728 Shares in exchange for $13,102,332.43 principal outstanding on its existing loan to the Borrower. Each transaction involved an acquisition of Shares in connection with debt previously contracted. Accordingly, such transactions are exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). ( 2 )These securities are held for the account of STS Master Fund, Ltd. Deer Park Road Management Company, LP ("Deer Park") serves as investment adviser to STS Master Fund, Ltd. ( 3 )These securities are held for the account of Deer Park 1850 Fund, LP. Deer Park serves as investment adviser to Deer Park 1850 Fund, LP. ( 4 )Deer Park Road Management GP, LLC ("DPRM") is the general partner of Deer Park. Each of Deer Park Road Corporation ("DPRC") and AgateCreek LLC ("AgateCreek") is a member of DPRM. Michael Craig-Scheckman is the Chief Executive Officer of each of Deer Park and DPRC and the majority owner of DPRC. Scott Edward Burg is the Chief Investment Officer of Deer Park and the sole member of AgateCreek. 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 Exchange Act or for any other purpose. ( 5 )On February 19, 2025, STS Master Fund, Ltd. exercised Penny Warrants (as defined in footnote 7 below) to purchase 201,015 Shares, for $0.01 per Share. STS Master Fund, Ltd. paid the exercise price on a cashless basis, resulting in the Issuer's withholding of 2,629 Shares from STS Master Fund, Ltd. ( 6 )On February 19, 2025, Deer Park 1850 Fund, LP exercised Penny Warrants to purchase 90,723 Shares, for $0.01 per Share. Deer Park 1850 Fund, LP paid the exercise price on a cashless basis, resulting in the Issuer's withholding of 1,186 Shares from Deer Park 1850 Fund, LP. ( 7 )On February 9, 2023, the Issuer, the Borrower, STS Master Fund, Ltd., Deer Park 1850 Fund, LP, and other lenders entered into Amendment No. 2 (the "Second Amendment") to the Credit Agreement. In connection with the Second Amendment, the lenders, including STS Master Fund, Ltd. and Deer Park 1850 Fund, LP, acquired the right to receive their pro rata share of penny warrants from the Issuer that, in the aggregate, could become exercisable on February 14, 2024, for at least 10.0% of the Shares outstanding at the time of the Second Amendment, with a possible increase to 15.99% or 19.99%, subject to the amount of par paydowns made by the Borrower pursuant to the Second Amendment prior to February 14, 2024 (the "Penny Warrants"). By February 14, 2024, the Borrower had made an aggregate $30 million in par paydowns, resulting in the lenders having Penny Warrants representing the right to 10.0% of the Shares outstanding at the time of the Second Amendment. ( 8 )On February 4, 2025, the Issuer announced a proposed issuance of warrants (the "Warrant Distribution") to holders of the Issuer's Shares, restricted share units ("RSUs"), and outstanding Penny Warrants (collectively, "Stakeholders") as of February 14, 2025 (the "Distribution Record Date"). Pursuant to the Warrant Distribution, each Stakeholder is expected to receive (i) one warrant to purchase 1.625 Shares exercisable on a cash basis (the "Cash Warrants") and (ii) one warrant to purchase 1.625 Shares exercisable on a cashless basis (the "Net Settle Warrants") for each Share, RSU, and Share that could be acquired upon exercise of Penny Warrants held as of the Distribution Record Date. Each Cash Warrant and Net Settle Warrant entitles the holder thereof to purchase from the Issuer 1.625 Shares at an initial exercise price of $1.95 per Cash Warrant and Net Settle Warrant, with any fractional Shares rounded down to the nearest whole number. ( 9 )The Warrant Distribution was contingent upon approval by the Issuer's shareholders of certain proposals set forth in the Issuer's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on January 3, 2025, which approval was obtained on February 18, 2025. The Warrant Distribution is expected to occur by April 15, 2025. The acquisition of Cash Warrants and Net Settle Warrants by the Reporting Persons pursuant to the Warrant Distribution is exempt from Section 16 pursuant to Rule 16a-9 under the Exchange Act. ( 10 )The initial exercise date of the Cash Warrants and Net Settle Warrants will be the later of (i) 90 days from the date the Cash Warrants and Net Settle Warrants are issued and (ii) the first date on which the VWAP (as defined in the Warrant Agent Agreement, the form of which was filed as Exhibit 4.2 to the Issuer's registration statement on Form S-1 filed with the SEC on January 31, 2025) of the Shares equals or exceeds the Implied Per Share Exercise Price (defined below) for a period of fifteen consecutive trading days. The Implied Per Share Exercise Price means the exercise price ($1.95 per Cash Warrant and Net Settle Warrant) divided by the exercise rate of the Cash Warrants and Net Settle Warrants (initially $1.625).

Remarks: Ms. Hickok, Managing Director at Deer Park, serves on the Issuer's board of directors (the "Board") as a representative of Deer Park. By virtue of their representation on the Board, for purposes of Section 16 of the Exchange Act, the Reporting Persons are deemed to be directors by deputization of Ms. Hickok.

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* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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