Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On April 14, 2022, with an accredited institutional investor the Company refinanced its 2018-D and -G joint ventures into 2022-A and retained $47.7 million of varying classes of agency rated securities and equity. The Company acquired 23.28% of the securities and trust certificates from the trust. 2022-A acquired 811 RPLs and NPLs with UPB of $215.5 million and an aggregate property value of $518.8 million. The AAA through A rated securities represent 71.9% of the UPB of the underlying mortgage loans and carry a weighted average coupon of 3.47%. This is the first fully rated securitization structure to include a substantial amount of NPLs. Approximately 33.9% of loan UPB in 2022-A was 60 days or more delinquent. Based on the structure of the transaction the Company will not consolidate 2022-A under U.S. GAAP. The Company's percentage ownership of 2022-A is approximately the same as its combined prior investment in 2018-D and -G.

On April 19, 2022, the Company completed a repurchase of $0.1 million aggregate principal of its convertible senior notes for a total purchase price of $0.1 million.

On May 5, 2022, the Company’s Board of Directors declared a cash dividend of $0.26 per share to be paid on May 31, 2022 to stockholders of record as of May 16, 2022.

Since March 31, 2022, the Company has acquired two residential RPLs in two transactions from two different sellers with aggregate UPB of $0.2 million, and one NPL in one transaction from a single seller with UPB of $0.2 million. The purchase price of the RPLs was 93.1% of UPB and 44.3% of the estimated market value of the underlying collateral of $0.4 million. The purchase price of the NPL was 94.0% of UPB and 46.2% of the estimated market value of the underlying collateral of $0.3 million.

The Company has agreed to acquire, subject to due diligence, 26 residential RPLs in seven transactions, and 27 NPLs in one transaction, with aggregate UPB of $6.7 million and $3.9 million, respectively. The purchase price of the residential RPLs is 97.2% of UPB and 42.6% of the estimated market value of the underlying collateral of $15.3 million. The purchase price of the NPLs is 102.0% of UPB and 46.3% of the estimated market value of the underlying collateral of $8.6 million.