[Form 4] Altisource Portfolio Solutions S.A. Insider Trading Activity

Rhea-AI Filing Summary

Akero Therapeutics, Inc. (AKRO) Form 4 filing: Chief Scientific Officer Timothy Rolph reported option exercise and related share sales on 07/07/2025 under a Rule 10b5-1 trading plan adopted 08/12/2024.

• Option exercise (Code M): Rolph exercised 12,500 options at an exercise price of $21.09, converting them into an equal number of common shares.
• Open-market sales: Immediately after exercise he sold the same 12,500 shares in three tranches: 10,634 sh at a weighted-average $50.932, 1,825 sh at $51.996, and 41 sh at $52.617.
• Net ownership: Shares directly held decreased from 179,624 to 167,124 (-7.0%). Derivative holdings stand at 19,933 vested, unexercised options (exercise price $21.09, expiring 12/12/2029).

The transaction yielded roughly $640k in gross proceeds while leaving Rolph with a substantial equity position. Because the exercise and sale amounts offset, cash was realized but the company’s share count is unchanged. The filing does not disclose motive beyond the pre-arranged trading plan and contains no operational or earnings information.

Positive

• None.

Negative

• Insider net sale of 12,500 shares (≈7% of personal stake) could be interpreted as a minor bearish signal, though mitigated by 10b5-1 plan.

Insights

Securities Analyst

TL;DR Neutral: CSO exercised options and sold equivalent shares; modest reduction in insider stake, limited signalling impact.

Rolph’s net sale of 12,500 shares represents about 7% of his direct holdings and far less than 1% of Akero’s public float, so market impact is expected to be negligible. Because the trades were executed under a pre-scheduled Rule 10b5-1 plan, the informational value regarding management’s outlook is diminished. Retention of 167k shares plus nearly 20k vested options indicates continued alignment with shareholders. Overall, this is a routine liquidity event rather than a strategic shift.

Corporate Governance Expert

TL;DR Routine Form 4; compliant with Rule 10b5-1, no red flags.

The filing demonstrates procedural adherence: timely reporting, explicit mention of the 10b5-1 plan, and weighted-average sale disclosures with undertaking to provide full breakdowns. No amendments or late filings are noted. Such governance transparency mitigates potential concerns typically associated with insider selling.

SEC Form 4

FORM 4

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
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Winkler Matthew T.

(Last) (First) (Middle)

C/O BENEFIT STREET PARTNERS, LLC

1 MADISON AVENUE

(Street)

NEW YORK NY 10010

(City) (State) (Zip)

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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	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	07/08/2025		J		62(1)	D	$0.0000	19,011	D
Common Stock	07/08/2025		J		19,011(2)	D	$0.0000	0	D

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 (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	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 (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (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: 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

Explanation of Responses:

1. On May 21, 2025, Mr. Matthew Winkler, a non-management director of Altisource Portfolio Solutions S.A. ("ASPS" or the "Company") and an employee of Benefit Street Partners, LLC, a registered investment adviser under Section 203 of the Investment Advisers Act of 1940, as amended ("BSP"), received a one-time award of 62 restricted shares of ASPS Common Stock. Pursuant to a Director Fees Assignment Agreement (the "Assignment Agreement"), on July 8, 2025 Mr. Winkler assigned the shares referenced herein to BSP for the ratable benefit of the investment funds and accounts managed by BSP and/or its advisory affiliates that own shares of the Company. As a result of the foregoing, Mr. Winkler no longer has any pecuniary interests in the securities reported herein.

2. On May 21, 2025, Mr. Winkler was granted 19,011 restricted share units ("RSUs") as compensation for his role as a non-management director of the Company for the 2025-2026 service year. Pursuant to the Assignment Agreement, on July 8, 2025 Mr. Winkler assigned the RSUs to BSP for the ratable benefit of the investment funds and accounts managed by BSP and/or its advisory affiliates that own shares of the Company. As a result of the foregoing, Mr. Winkler no longer has any pecuniary interests in the securities reported herein.

Remarks:

All share amounts set forth in this Form 4 reflect the Company's 1:8 stock combination effected as of May 28, 2025.

	/s/ Matthew T. Winkler	07/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Akero Therapeutics shares did CSO Timothy Rolph sell?

He sold a total of 12,500 common shares on 07/07/2025.

What was the exercise price of the options exercised by the CSO?

The options were exercised at $21.09 per share.

What prices were the Akero shares sold for?

Weighted-average sale prices were $50.932, $51.996, and $52.617 across three tranches.

How many Akero Therapeutics shares does the insider still own after the transaction?

Timothy Rolph now directly owns 167,124 common shares.

Are the remaining options held by the CSO vested?

Yes, the remaining 19,933 options are vested and exercisable through 12/12/2029.

Was the sale made under a Rule 10b5-1 trading plan?

Yes, the filing states the trades were executed under a 10b5-1 plan adopted on 08/12/2024.