Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Events

On May 3, 2024, the Company’s Board of Directors declared a cash dividend of $0.06 per share to be paid on May 30, 2024 to stockholders of record as of May 15, 2024.

On April 30, 2024, the Company repaid its 2024 Convertible Notes at maturity, for an aggregate amount of $103.5 million, and 15 days of accrued interest.

During April 2024, the Company called the Senior notes and the Class B bond on its 2021-B. The Company sold its underlying loans with a total UPB of $92.2 million and moved the majority of the remaining loans to its repurchase line of credit. The estimated $10.1 million loss realized on the loans was accrued at March 31, 2024. The Company received net cash proceeds on the redemption in the amount of $6.5 million and are under contract, subject to due diligence, to sell the majority of the remaining loans in 2021-B and from its repurchase lines of credit in May 2024. The loans have a total UPB of $180.6 million and the Company expects to generate $47.1 million in cash after repayment of any associated debt. The estimated $21.8 million expected loss on these loans sales was accrued at March 31, 2024.

Also, during April 2024, the Company sold loans from its repurchase lines of credit with a total UPB of $124.8 million. The Company received net cash proceeds from these loan sales in the amount of $20.1 million after repaying the associated debt. The estimated $13.6 million loss realized on the loan sales was accrued at March 31, 2024.