v3.22.2.2

Subsequent Events | 9 Months Ended
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Sep. 30, 2022
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Dividends Declared On October 6, 2022, the Board of Directors approved a dividend in the amount of $0.15 per share of common stock payable on November 25, 2022 to stockholders of record as of October 31, 2022. On November 7, 2022, the Board of Directors approved a dividend in the amount of $0.15 per share of common stock payable on December 27, 2022 to stockholders of record as of November 30, 2022. Acquisition of Longbridge Financial, LLC As of September 30, 2022, the Company held a 49.6% ownership interest (the "Existing Equity Interest") in Longbridge. As discussed in Note 6, the fair value of the Existing Equity Interest was $38.9 million as of September 30, 2022, which is included on the Condensed Consolidated Balance Sheet in Investments in unconsolidated entities, at fair value. As previously disclosed, on February 18, 2022, the Company entered into an agreement with Home Point Capital Inc. ("Home Point") to purchase Home Point's 49.6% ownership interest (the "Additional Equity Interest") in Longbridge. On October 3, 2022 the Company paid Home Point $38.9 million in cash to complete the purchase of the Additional Equity Interest. In combination, the Existing Equity Interest and the Additional Equity Interest constitute a controlling interest in Longbridge, and as a result, the Company will consolidate Longbridge and report it as a separate segment. The initial accounting for this acquisition was incomplete as of the issuance date of these financial statements.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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