Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On January 7, 2022, the Board of Directors approved a dividend in the amount of $0.15 per share of common stock payable on February 25, 2022 to stockholders of record as of January 31, 2022.

On January 20, 2022, the Company commenced an ATM program for its preferred stock by entering into equity distribution agreements with third party sales agents under which it is authorized to offer and sell up to $100.0 million of Series A Preferred Stock and/or Series B Preferred Stock (the "Preferred ATM Program") from time to time. From commencement of such ATM program the Company has issued 20,421 shares of Series B Preferred Stock, which provided $0.5 million of net proceeds after $11 thousand of commissions and offering costs.

On February 7, 2022, the Board of Directors approved a dividend in the amount of $0.15 per share of common stock payable on March 25, 2022 to stockholders of record as of February 28, 2022.

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 in Longbridge, for an estimated purchase price of approximately $75 million. The consummation of this transaction is subject to regulatory approvals and customary closing conditions and is expected to close in the second quarter of 2022. Upon closing of the transaction, the Company will own substantially all of the equity interests in Longbridge, which will result in the consolidation of Longbridge's financial results in the Company's financial statements following the closing. Longbridge's audited financial statements for the year ended December 31, 2021 are attached to this Annual Report on Form 10-K as Exhibit 99.1.