Other Assets

12 Months Ended

Dec. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets Disclosure

Other Assets

The following table provides additional details of the Company's assets included in Other assets on the Consolidated Balance Sheet at December 31, 2022 and 2021.

Other Assets	December 31, 2022		December 31, 2021
(In thousands)
Receivables and claims related to reverse mortgage loans repurchased from HMBS(1)	$	54,357	$	—
Prepaid expenses and deferred offering costs	7,541		1,943
Leases—right of use assets(2)	3,838		—
Intangible assets	3,275		—
Accounts receivable	2,418		1,607
Prepaid scheduled draws on reverse mortgage loans	2,105		—
Property and equipment(3)	1,406		—
Servicing asset, at fair value(4)	999		—
Certificates of deposit, security deposits, and escrow cash	460		113
Other	392		47
	$	76,791	$	3,710

(1)Represents receivables from third-parties and claims to HUD related to loans repurchased from HMBS. See Note 12, Issuance of HMBS for discussion on the maximum claim amount related to reverse mortgage loans in HMBS.

(2)See Note 23 for additional details on the Company's leases and ROU assets.

(3)Net of accumulated depreciation.

(4)See Note 12 for details on the Servicing asset.

On October 3, 2022, the Company completed the Longbridge Transaction as discussed in Note 24. In connection with the Longbridge Transaction, the Company identified and recognized $3.5 million of intangible assets. The following table details the Company's intangible assets as of December 31, 2022. The Company did not have any intangible assets as of December 31, 2021 or 2020.

	December 31, 2022
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Useful Life
	(In thousands)						(In months)
Intangible Asset:
Internally developed software	$	1,400	$	(116)	$	1,284	36
Trademarks/trade names	1,200		—		1,200		Indefinite
Customer relationships	700		(9)		691		240
Non-compete agreements	200		(100)		100		6
Total identified intangible assets	$	3,500	$	(225)	$	3,275

The following table summarizes changes in the Company's intangible assets for the year ended December 31, 2022. The Company did not have any intangible assets during the years ended December 31, 2021 or 2020.

	Year Ended December 31, 2022
(In thousands)	Internally developed software		Trademarks/trade names		Customer relationships		Non-compete agreements		Total
Net carrying value of intangible assets—Beginning Balance (December 31, 2021)	$	—	$	—	$	—	$	—	$	—
Intangible assets acquired from Longbridge Transaction	1,400		1,200		700		200		3,500
Accumulated Amortization	(116)		—		(9)		(100)		(225)
Net carrying value of intangible assets—Ending Balance (December 31, 2022)	$	1,284	$	1,200	$	691	$	100	$	3,275

The following table summarizes the Company's estimated future amortization expense on its intangible assets.

(In thousands)	December 31, 2022
2023	$	602
2024	502
2025	385
2026	35
2027	35
Thereafter	516
Total	$	2,075