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Other Assets (Tables)
 9 Months Ended
Sep. 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 September 30, 2022 and December 31, 2021:

(In Thousands)September 30, 2022December 31, 2021
REO (1)
$132,663 $156,223 
Goodwill61,076 61,076 
Intangibles, net (2)
13,500 21,400 
Capital contributions made to loan origination partners30,358 71,673 
Other interest-earning assets74,342 57,522 
Interest receivable66,080 50,191 
Other loan related receivables19,697 34,191 
Lease right-of-use asset (3)
38,168 39,370 
Other61,110 73,910 
Total Other Assets$496,994 $565,556 

(1) Includes $11.3 million of REO that was held-for-investment at December 31, 2021.
(2) Net of aggregate accumulated amortization of $14.5 million and $6.6 million as of September 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 nine months ended September 30, 2022 and 2021:
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars In Thousands)2022202120222021
Balance at beginning of period$135,847 $204,762 $156,223 $249,699 
Adjustments to record at lower of cost or fair value
(1,655)(2,448)(2,426)(3,390)
Transfer from residential whole loans (1)
16,658 11,673 61,875 50,043 
Purchases and capital improvements, net215 1,584 845 2,207 
Disposals and other (2)
(18,402)(36,769)(83,854)(119,757)
Balance at end of period$132,663 $178,802 $132,663 $178,802 
Number of properties412 674 412 674 
(1)Includes a net loss recorded on transfer of approximately $300,000 for the three months ended September 30, 2022 and a net gain recorded on transfer of approximately $700,000 for the three months ended September 30, 2021; and a net loss recorded on transfer of approximately $300,000 for the nine months ended September 30, 2022 and a net loss recorded on transfer of approximately $400,000 for the nine months ended September 30, 2021.
(2)During the three and nine months ended September 30, 2022, the Company sold 74 and 333 REO properties for consideration of $23.8 million and $105.0 million, realizing net gains of approximately $5.3 million and $21.3 million, respectively. During the three and nine months ended September 30, 2021, the Company sold 151 and 470 REO properties for consideration of $45.4 million and $134.0 million, realizing net gains of approximately $7.3 million and $13.4 million, respectively. These amounts are included in Other Income, net on the Company’s consolidated statements of operations.
Schedule of finite-lived intangible assets amortization expense
The amortization period for each of the finite lived intangible assets and the activity for the nine months ended September 30, 2022 is summarized in the table below:

(Dollars in Thousands)Carrying Value at December 31, 2021Amortization
 Nine Months Ended
 September 30, 2022		Carrying Value at
September 30, 2022
Amortization Period (Years) (1)
Trademarks / Trade Names$3,800 $(300)$3,500 10
Customer Relationships12,000 (5,000)7,000 4
Internally Developed Software3,600 (600)3,000 5
Non-Compete Agreements2,000 (2,000)— 1
Total Identified Intangibles$21,400 $(7,900)$13,500 
(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 September 30, 2022, and December 31, 2021:
(In Thousands)September 30,
2022		December 31,
2021
Restricted Cash$65,392 $14,446 
Schedule of information about swaps
The following table presents information about the Company’s Swaps at September 30, 2022, and December 31, 2021:
 
 September 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 2.98 — — — 
Over 24 months to 36 months1,225,010 1.44 2.98 450,010 0.90 0.05 
Over 36 months to 48 months— — — — — — 
Over 48 months to 60 months1,525,000 1.64 2.98 450,000 1.12 0.05 
Over 60 months to 72 months— — — — — — 
Over 72 months to 84 months310,000 2.95 2.98 — — — 
Total Swaps$3,160,010 1.69 %2.98 %$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.
Schedule 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