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Other Assets (Tables)
 6 Months Ended
Jun. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of other assets
The following table presents the components of the Company’s Other assets at June 30, 2022 and December 31, 2021:

(In Thousands)June 30, 2022December 31, 2021
REO (1)
$135,847 $156,223 
Goodwill61,076 61,076 
Intangibles, net (2)
14,800 21,400 
Capital contributions made to loan origination partners31,999 71,673 
Other interest-earning assets53,540 57,522 
Interest receivable60,380 50,191 
Other loan related receivables32,344 34,191 
Lease right-of-use asset (3)
38,740 39,370 
Other69,363 73,910 
Total Other Assets$498,089 $565,556 

(1) Includes $2.3 million and $11.3 million of REO that is held-for-investment at June 30, 2022 and December 31, 2021, respectively.
(2) Net of aggregate accumulated amortization of $13.2 million and $6.6 million as of June 30, 2022 and December 31, 2021, respectively.
(3) An estimated incremental borrowing rate of 7.5% was used in connection with the Company’s primary operating lease (see Notes 2 and 9).
Schedule of activity for real estate owned
The following table presents the activity in the Company’s REO for the three and six months ended June 30, 2022 and 2021:
Three Months Ended June 30,Six Months Ended June 30,
(Dollars In Thousands)2022202120222021
Balance at beginning of period$145,568 $220,393 $156,223 $249,699 
Adjustments to record at lower of cost or fair value
(324)(68)(772)(943)
Transfer from residential whole loans (1)
23,138 18,302 45,217 38,370 
Purchases and capital improvements, net277 406 629 624 
Disposals and other (2)
(32,812)(34,271)(65,450)(82,988)
Balance at end of period$135,847 $204,762 $135,847 $204,762 
Number of properties438 766 438 766 
(1)Includes a net loss recorded on transfer of approximately $9,000 for the three months ended June 30, 2022 and a net gain recorded on transfer of approximately $22,000 for the three months ended June 30, 2021; and a net gain recorded on transfer of approximately $400 for the six months ended June 30, 2022 and a net loss recorded on transfer of approximately $1.1 million for the six months ended June 30, 2021.
(2)During the three and six months ended June 30, 2022, the Company sold 124 and 259 REO properties for consideration of $39.6 million and $81.2 million, realizing net gains of approximately $7.3 million and $16.0 million, respectively. During the three and six months ended June 30, 2021, the Company sold 139 and 319 REO properties for consideration of $38.0 million and $88.6 million, realizing net gains of approximately $3.9 million and $6.1 million, respectively. These amounts are included in Other Income, net on the Company’s consolidated statements of operations.
Finite-lived intangible assets amortization expense
The amortization period for each of the finite lived intangible assets and the activity for the six months ended June 30, 2022 is summarized in the table below:

(Dollars in Thousands)Carrying Value at December 31, 2021Amortization
 Six Months Ended
 June 30, 2022		Carrying Value at
 June 30, 2022
Amortization Period (Years) (1)
Trademarks / Trade Names$3,800 $(200)$3,600 10
Customer Relationships12,000 (4,000)8,000 4
Internally Developed Software3,600 (400)3,200 5
Non-Compete Agreements2,000 (2,000)— 1
Total Identified Intangibles$21,400 $(6,600)$14,800 
(1) Amortization is calculated on a straight-line basis over the amortization period, except for Customer Relationships, where amortization is calculated based on expected levels of customer attrition.
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 June 30, 2022, and December 31, 2021:
(In Thousands)June 30,
2022		December 31,
2021
Restricted Cash$70,216 $14,446 
Schedule of information about swaps
The following table presents information about the Company’s Swaps at June 30, 2022, and December 31, 2021:
 
 June 30, 2022December 31, 2021
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)      
Within 30 days to 12 months$— — %— %$— — %— %
Over 12 months to 24 months100,000 1.49 1.50 — — — 
Over 24 months to 36 months1,225,010 1.44 1.50 450,010 0.90 0.05 
Over 36 months to 48 months— — — — — — 
Over 48 months to 60 months1,525,000 1.64 1.50 450,000 1.12 0.05 
Over 60 months to 72 months— — — — — — 
Over 72 months to 84 months310,000 2.95 1.50 — — — 
Total Swaps$3,160,010 1.69 %1.50 %$900,010 1.01 %0.05 %

(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 daily based on SOFR.
Summary of open short positions in TBA securities The table below summarizes open short positions in TBA securities as of December 31, 2021, which had an aggregate value of $(1.3) million and were included in Other assets/liabilities on the Company’s consolidated balance sheets.
December 31, 2021
(Dollars in Thousands)Notional AmountSettlement Date
TBA Security
FNCL 2.5$180,000 January 13, 2022
FNCL 2$130,000 January 13, 2022