SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

23.  SUBSEQUENT EVENTS

In July 2019, the Company redeemed all 7.0 million of its issued and outstanding shares of Series C Preferred Stock at a redemption price per share of $25.00 plus accumulated and unpaid dividends per share to, but not including, the redemption date.

In July 2019, the Company completed and closed its fourth securitization of residential mortgage loans for the 2019 calendar year, OBX 2019-EXP2 Trust, with a face value of $463.4 million. The securitization represented a financing transaction which provided non-recourse financing to the Company collateralized by residential mortgage loans purchased by the Company.

In July 2019, the Company issued an additional 1.7 million shares of its Series I Preferred Stock pursuant to the underwriters’ over-allotment option for additional gross proceeds of $42.5 million before deducting underwriting discounts and offering expenses.