Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

(a) Lease Commitments

The Company’s primary lease commitment relates to its corporate headquarters. For the year ended December 31, 2022, the Company recorded an expense of approximately $5.0 million in connection with this lease. The original term specified in this lease is approximately fifteen years with a termination date of December 2036 and an option to renew for an additional five years.

The Company recognized total lease expense of $6.5 million, $4.0 million and $3.0 million for the years ended December 31, 2022, 2021 and 2020, respectively, which is included in Other general and administrative expense on the Company’s consolidated statements of operations.

At December 31, 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 Ended December 31,	Minimum Rental Payments
(In Thousands)
2023	$	5,748
2024	5,751
2025	4,888
2026	4,776
2027	5,055
Thereafter	46,999
Total	$	73,217

(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 December 31, 2022, the Company was not aware of any material unsettled repurchase claims that would require a reserve (see Note 14).

At December 31, 2022, the Company had unfunded commitments of $553.4 million in connection with its purchased Transitional loans (see Note 3).

(d) Agency MBS Purchase Commitments

At December 31, 2022, the Company had commitments to purchase Agency MBS for $132.0 million. Agency MBS are included in Securities, at fair value on the Company’s consolidated balance sheets, with a liability for the purchase amount included in Other liabilities.