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Other Assets (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2022 and 2021:
(In Thousands)December 31, 2022December 31, 2021
Receivable for sale of unsettled residential whole loans$275,656 $— 
REO (1)
130,605 156,223 
Goodwill61,076 61,076 
Intangibles, net (2)
12,200 21,400 
Capital contributions made to loan origination partners28,308 71,673 
Other interest-earning assets63,964 57,522 
Interest receivable68,704 50,191 
Other loan related receivables23,463 34,191 
Lease Right-of-Use Asset (3)
39,459 39,370 
Other62,786 73,910 
Total Other Assets$766,221 $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 $15.8 million and $6.6 million as of December 31, 2022 and 2021.
(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 years ended December 31, 2022 and 2021:
For the Year Ended December 31,
(Dollars In Thousands)20222021
Balance at beginning of period$156,223 $249,699 
Adjustments to record at lower of cost or fair value
(4,255)(4,772)
Transfer from residential whole loans (1)
82,911 72,304 
Purchases and capital improvements, net978 2,458 
Disposals and other (2)
(105,252)(163,466)
Balance at end of period$130,605 $156,223 
Number of properties388 553 

(1)Includes a net loss recorded on transfer of approximately $1.2 million and $700,000, respectively, for the years ended December 31, 2022 and 2021.
(2)During the year ended December 31, 2022, the Company sold 416 REO properties for consideration of $133.8 million, realizing net gains of approximately $28.7 million. During the year ended December 31, 2021, the Company sold 647 REO properties for consideration of $187.9 million, realizing net gains of approximately $23.5 million. 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 years ended December 31, 2022 and 2021 is summarized in the table below:

(Dollars in Thousands)Acquisition Date July 1, 2021Amortization
 Year Ended
 December 31, 2021		Carrying Value at December 31, 2021Amortization
 Year Ended
 December 31, 2022		Carrying Value at
December 31, 2022
Amortization Period (Years) (1)
Trademarks / Trade Names$4,000 $(200)$3,800 $(400)$3,400 10
Customer Relationships16,000 (4,000)12,000 (6,000)6,000 4
Internally Developed Software4,000 (400)3,600 (800)2,800 5
Non-Compete Agreements4,000 (2,000)2,000 (2,000)— 1
Total Identified Intangibles$28,000 $(6,600)$21,400 $(9,200)$12,200 
(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 attritio
Schedule of Information About Swaps
The following table presents information about the Company’s Swaps at December 31, 2022 and 2021:
 
 December 31, 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 months550,010 1.01 4.30 — — — 
Over 24 months to 36 months775,000 1.75 4.30 450,010 0.90 0.05 
Over 36 months to 48 months450,000 1.12 4.30 — — — 
Over 48 months to 60 months1,075,000 1.86 4.30 450,000 1.12 0.05 
Over 60 months to 72 months— — — — — — 
Over 72 months to 84 months310,000 2.95 4.30 — — — 
Total Swaps$3,160,010 1.69 %4.30 %$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. 

TBA Securities

In order to economically hedge the risks arising from the investments in Agency eligible investor loans, the Company entered into short positions in certain TBA securities. The Company did not have any open short positions in TBA securities at December 31, 2022. 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
UMBS 2.5 $180,000 January 13, 2022
UMBS 2.0$130,000 January 13, 2022
Schedule of Derivative Earnings
The following table present the components of Net gain/(loss) on derivatives used for risk management purposes for the years ended December 31, 2022, 2021 and 2020, which is presented in Other income in the consolidated statements of operations:
For the Year Ended December 31,
 (In Thousands)202220212020
Income on swap variable receive leg$52,395 $34 $933 
Expense on swap fixed pay leg(42,353)(703)(1,503)
Unrealized mark-to-market gain208,712 70 5,708 
Net price alignment expense on margin collateral received(2,761)— — 
Loss on unwind of swaps not designated as hedges for accounting purposes— — (9,353)
Loss on terminated swaps designated as hedges for accounting purposes— — (57,034)
Net gain on TBA short positions39,186 2,025 — 
Total Net gain/(loss) on derivatives used for risk management purposes
$255,179 $1,426 $(61,249)
Schedule of Impact of Hedging Instruments on AOCI
The following table presents the impact of the Company’s derivative hedging instruments on its AOCI for the years ended December 31, 2022, 2021 and 2020:
 
 For the Year Ended December 31,
(In Thousands)202220212020
AOCI from derivative hedging instruments:   
Balance at beginning of period$— $— $(22,675)
Net loss on Swaps— — (50,127)
Reclassification adjustment for losses/gains related to hedging instruments included in net income— — 72,802 
Balance at end of period$— $— $—