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Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

21. Subsequent Events

Reverse Stock Split

On February 22, 2023, the Company announced that the Board approved a one-for-four reverse stock split of the Company's common stock. The reverse stock split is expected to take effect on March 9, 2023, upon which date every four issued and outstanding shares of the Company’s common stock will be converted into one share of the Company’s common stock, with a proportionate reduction in the Company’s authorized shares of common stock, outstanding equity awards and number of shares remaining available for issuance under the 2017 Plan. The par value of each share of common stock will remain unchanged.

The following table presents the Company's pro forma (loss) earnings per common share on a post-reverse split basis for the years ended December 31, 2022, 2021 and 2020, respectively (amounts in thousands, except per share data):

						Pro Forma (Unaudited)
						For the Years Ended December 31,
						2022						2021						2020
Net (loss) income attributable to Company’s common stockholders						$	(340,577)					$	144,176					$	(329,696)
Basic (loss) earnings per common share						$	(3.61)					$	1.52					$	(3.55)
Diluted (loss) earnings per common share						$	(3.61)					$	1.51					$	(3.55)
Weighted average shares outstanding-basic						94,322						94,808						92,751
Weighted average shares outstanding-diluted						94,322						95,242						92,751

Extension of Share Repurchase Program

On February 20, 2023, the Board authorized an extension of our share repurchase program through March 31, 2024.

Repurchase of Residential Loan Securitization CDOs

In February 2023, the Company repurchased $60.3 million par value of its residential loan securitization CDOs for approximately $58.7 million.

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- References

No definition available.

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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 https://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 https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662

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