Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

(a) Lease Commitments

The Company’s primary lease commitment relates to its corporate headquarters. For the three and six months ended June 30, 2023, the Company recorded an expense of approximately $1.5 million and $2.7 million, respectively, 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.

At June 30, 2023, the contractual minimum rental payments (exclusive of possible rent escalation charges and normal recurring charges for maintenance, insurance and taxes) regarding the Company’s lease commitments were as follows:


Year Ending December 31,	Minimum Rental Payments
(In Thousands)
2023 (1)	$	2,876
2024	5,751
2025	4,888
2026	4,776
2027	5,055
Thereafter	46,999
Total	$	70,345

(1) Reflects contractual minimum rental payments due for the period from July 1, 2023 through December 31, 2023.

(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 June 30, 2023, the Company was not aware of any material unsettled repurchase claims that would require a reserve (see Note 14).

At June 30, 2023, the Company had unfunded commitments of $587.2 million in connection with its Transitional loans (see Note 3).