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Other Assets (Tables)
 12 Months Ended
Dec. 31, 2020
Other Assets [Abstract]  
Schedule of other assets
The following table presents the components of the Company’s Other assets at December 31, 2020 and 2019:
(In Thousands)December 31, 2020December 31, 2019
REO (1)
$249,699 $411,659 
Capital contributions made to loan origination partners47,148 147,992 
Other interest-earning assets— 70,468 
Interest receivable38,850 70,986 
Other MBS and loan related receivables16,682 44,648 
Other33,002 39,304 
Total Other Assets$385,381 $785,057 

(1)    Includes $61.8 million and $27.3 million of REO that is held-for-investment at December 31, 2020 and 2019.
Schedule of activity for real estate owned
The following table presents the activity in the Company’s REO for the years ended December 31, 2020 and 2019:
For the Year Ended December 31,
(Dollars In Thousands)20202019
Balance at beginning of period$411,659 $249,413 
Adjustments to record at lower of cost or fair value
(12,570)(14,884)
Transfer from residential whole loans (1)
96,766 257,701 
Purchases and capital improvements, net10,198 20,746 
Disposals (2)
(256,354)(101,317)
Balance at end of period$249,699 $411,659 
Number of properties946 1,652 

(1)Includes net gain recorded on transfer of approximately $5.1 million and $19.8 million, respectively, for the years ended December 31, 2020 and 2019.
(2)During the year ended December 31, 2020, the company sold 1,086 REO properties for consideration of $271.4 million, realizing net gains of approximately $15.1 million. During the year ended December 31, 2019, the Company sold 571 REO properties for consideration of $109.2 million, realizing net gains of approximately $7.4 million. These amounts are included in Other Income, net on the Company’s consolidated statements of operations.
Schedule of derivative instruments and balance sheet location
The following table presents the fair value of the Company’s derivative instruments at December 31, 2020 and 2019:
 
December 31,
20202019
Derivative Instrument (1)
Designation Notional AmountFair ValueNotional AmountFair Value
(In Thousands)   
Swaps
Hedging$— $— $2,942,000 $— 
Swaps
Non-Hedging$— $— $230,000 $— 
  
(1) Represents Swaps executed bilaterally with a counterparty in the over-the-counter market but then novated to a central clearing house, whereby the central clearing house becomes the counterparty to both of the original counterparties.
Schedule of assets pledged as collateral against derivative contracts
The following table presents the assets pledged as collateral against the Company’s Swap contracts at December 31, 2020 and 2019:
 
 December 31,
(In Thousands)20202019
Agency MBS, at fair value$— $2,241 
Restricted cash— 16,777 
Total assets pledged against Swaps$— $19,018 
Schedule of information about swaps
The following table presents information about the Company’s Swaps at December 31, 2020 and 2019:
 
 December 31, 2020December 31, 2019
Maturity (1)
Notional
Amount		Weighted
Average
Fixed-Pay
Interest Rate
Weighted
Average Variable
Interest Rate (2)
Notional
Amount		Weighted
Average
Fixed-Pay
Interest Rate
Weighted
Average Variable
Interest Rate (2)
(Dollars in Thousands)      
Over 3 months to 6 months— — — 200,000 2.05 1.70 
Over 6 months to 12 months— — — 1,430,000 2.30 1.77 
Over 12 months to 24 months— — — 1,300,000 2.11 1.86 
Over 24 months to 36 months— — — 20,000 1.38 1.90 
Over 36 months to 48 months— — — 222,000 2.88 1.84 
Total Swaps$— — %— %$3,172,000 2.24 %1.81 %
 
(1)  Each maturity category reflects contractual amortization and/or maturity of notional amounts.
(2)  Reflects the benchmark variable rate due from the counterparty at the date presented, which rate adjusts monthly or quarterly based on one-month or three-month LIBOR, respectively.
Schedule of interest expense and the weighted average interest rate paid and received on swaps
The following table presents the net impact of the Company’s derivative hedging instruments on its net interest expense and the weighted average interest rate paid and received for such Swaps for the years ended December 31, 2020, 2019 and 2018:
 
 For the Year Ended December 31,
(Dollars in Thousands)202020192018
Interest expense attributable to Swaps$(3,359)$927 $3,780 
Weighted average Swap rate paid2.06 %2.28 %2.12 %
Weighted average Swap rate received1.63 %2.24 %1.96 %
Schedule of impact of hedging instruments on AOCI
The following table presents the impact of the Company’s derivative hedging instruments on its AOCI for the years ended December 31, 2020, 2019 and 2018:
 
 For the Year Ended December 31,
(In Thousands)202020192018
AOCI from derivative hedging instruments:   
Balance at beginning of period$(22,675)$3,121 $(11,424)
Net (loss)/gain on Swaps(50,127)(23,342)14,545 
Reclassification adjustment for losses/gains related to hedging instruments included in net income72,802 (2,454)— 
Balance at end of period$— $(22,675)$3,121