Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

(a) Lease Commitments

The Company’s primary lease commitment relates to its corporate headquarters. For the three and nine months ended September 30, 2022, the Company recorded aggregate lease expense of approximately $1.2 million and $3.5 million, respectively, in connection with its current lease. The term specified in the current lease is approximately fifteen years with an option to renew for an additional five years.

At September 30, 2022, the contractual minimum rental payments (exclusive of possible rent escalation charges and normal recurring charges for maintenance, insurance and taxes) were as follows:


Year Ending December 31,	Minimum Rental Payments
(In Thousands)
2022 (1)	$	1,376
2023	5,524
2024	5,527
2025	4,664
2026	4,552
Thereafter	49,604
Total	$	71,247

(1) Reflects contractual minimum rental payments due for the period from October 1, 2022 through December 31, 2022.

(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, 2022, the Company was not aware of any material unsettled repurchase claims that would require a reserve (see Note 14).

At September 30, 2022, the Company had unfunded commitments of $542.8 million in connection with its purchased Residential transition loans.