The specialty finance firm reported an estimated book value per share between $7.24 and $7.28 as of June 18. Despite the announcement, shares faced downward pressure during the regular trading session, shedding 1.19% to close at $6.62.

With a market capitalization of $1.34 billion, the company maintains 200.7 million outstanding shares and a public float of 200.3 million. The expanded authorization signals a significant effort to manage equity levels relative to the firm's current valuation.