v3.22.2.2
Subsequent Events
9 Months Ended
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.