Other Assets (Tables)

3 Months Ended

Mar. 31, 2021

Other Assets [Abstract]

Schedule of other assets

The following table presents the components of the Company’s Other assets at March 31, 2021 and December 31, 2020:

(In Thousands)	March 31, 2021		December 31, 2020
REO (1)	$	220,393	$	249,699
Capital contributions made to loan origination partners	81,374		47,148
Interest receivable	35,989		38,850
Other MBS and loan related receivables	23,403		16,682
Other	31,567		33,002
Total Other Assets	$	392,726	$	385,381

(1)    Includes $61.1 million and $61.8 million of REO that is held-for-investment at March 31, 2021 and December 31, 2020, respectively.

Schedule of activity for real estate owned

The following table presents the activity in the Company’s REO for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
(In Thousands)	2021		2020
Balance at beginning of period	$	249,699	$	411,659
Adjustments to record at lower of cost or fair value	(874)		(4,750)
Transfer from residential whole loans (1)	20,068		50,693
Purchases and capital improvements, net	217		5,809
Disposals (2)	(48,386)		(51,735)
Depreciation	(331)		(203)
Balance at end of period	$	220,393	$	411,473
Number of properties	835		1,622

(1)Includes net gain recorded on transfer of approximately $1.1 million and $3.0 million for the three months ended March 31, 2021 and 2020, respectively.

(2)During the three months ended March 31, 2021 and 2020, the Company sold 177 and 249 REO properties for consideration of $50.6 million and $54.8 million, realizing net gains of approximately $2.2 million and $3.1 million, respectively. These amounts are included in Other Income, net on the Company’s consolidated statements of operations.

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 three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
(Dollars in Thousands)	2021			2020
Interest (expense)/income attributable to Swaps	$	—		$	(3,359)
Weighted average Swap rate paid	—		%	2.09		%
Weighted average Swap rate received	—		%	1.65		%

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 three months ended March 31, 2021 and 2020:

	Three Months Ended March 31,
(In Thousands)	2021		2020
AOCI from derivative hedging instruments:
Balance at beginning of period	$	—	$	(22,675)
Net loss on Swaps	—		(50,127)
Reclassification adjustment for losses/gains related to hedging instruments included in net income	—		1,594
Balance at end of period	$	—	$	(71,208)