Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.23.1
Subsequent Events
 3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events 27. Subsequent Events
The Company has evaluated subsequent events from the date of the condensed consolidated financial statements of March 31, 2023 through May 12, 2023, the date these condensed consolidated financial statements were issued. No events or transactions were identified that would have an impact on the financial position as of March 31, 2023 or results of operations of the Company for the three months ended March 31, 2023, except as follows:
Lender Services Segment
On April 20, 2023, Incenter entered into a Membership Interest Purchase Agreement (the “MIPA”) with Incenter Investments LLC (“II LLC”), an entity controlled by a current officer of the Company, who will separate employment upon consummation of the agreement. Pursuant to the MIPA, Incenter will sell a 70% controlling interest in Incenter Lender Services LLC, which is a new holding company set up to hold the ownership of specified operating services subsidiaries and assets of Incenter LLC (“Incenter Assets”). These Incenter Assets represent the balance of the Company’s Lender Services operations excluding BNT, ANTIC, and Incenter Solutions LLC. Consideration to the Company under the MIPA totals $17.5 million, including a closing-date cash payment of $3.5 million and a note receivable of $14.0 million. Interest on the note is due monthly, with principal due at maturity on the 5-year anniversary of the closing or sooner through II LLC’s share of distributions.