Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

(a) Lease Commitments

The Company’s primary lease commitments relate to its corporate headquarters. In April 2021, the Company relocated its corporate headquarters, terminating its prior lease on April 30, 2021. For the three and nine months ended September 30, 2021, the Company recorded aggregate lease expense of approximately $1.1 million and $2.9 million, respectively, in connection with these two leases.

The term specified in the current lease is approximately fifteen years with an option to renew for an additional five years.

At September 30, 2021, the contractual minimum rental payments (exclusive of possible rent escalation charges and normal recurring charges for maintenance, insurance and taxes) were as follows:


Year Ended December 31,	Minimum Rental Payments
(In Thousands)
2021 (1)	$	465
2022	5,220
2023	5,236
2024	5,230
2025	4,638
Thereafter	54,156
Total	$	74,945

(1) Reflects contractual minimum rental payments due for the period from October 1, 2021 through December 31, 2021.

(b) Representations and Warranties in Connection with Loan Securitization and Other Loan Sale Transactions

In connection with the loan securitization and sale transactions entered into by the Company, the Company has the obligation under certain circumstances to repurchase assets previously transferred to securitization vehicles, or otherwise sold, upon breach of certain representations and warranties. As of September 30, 2021, the Company was not aware of any material unsettled repurchase claims that would require a reserve (see Note 15).

At September 30, 2021, the Company had unfunded commitments of $186.5 million in connection with its purchased Rehabilitation loans.

(d) Residential Whole Loan Purchase CommitmentsAt September 30, 2021, the Company has agreed, subject to the completion of due diligence and customary closing conditions, to purchase residential whole loans held at fair value with an aggregate estimated purchase price of $163.0 million, with a corresponding liability recorded in Other Liabilities and included in Payable for unsettled residential whole loan purchases.