Other Assets (Tables)

9 Months Ended

Sep. 30, 2023

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

The following table provides additional details of the Company's assets included in Other assets on the Condensed Consolidated Balance Sheet at September 30, 2023 and December 31, 2022.


Other Assets	September 30, 2023		December 31, 2022
(In thousands)
Receivables and claims related to reverse mortgage loans repurchased from HMBS(1)	$	65,029	54,357
Prepaid expenses and deferred offering costs	9,987		7,541
Accounts receivable	7,149		2,418
Leases—right of use assets(2)	3,329		3,838
Intangible assets	2,798		3,275
Prepaid scheduled draws on reverse mortgage loans and amounts due from sub-servicer	2,304		2,105
Servicing asset, at fair value(3)	2,295		999
Property and equipment(4)	1,422		1,406
Certificates of deposit, security deposits, and escrow cash	1,080		460
Other	473		392
	$	95,866	$	76,791

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

(4)Net of accumulated depreciation.

Schedule of Intangible Assets and Goodwill

The following table details the Company's intangible assets as of September 30, 2023 and December 31, 2022.


	September 30, 2023							December 31, 2022
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Useful Life	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Useful Life
	(In thousands)						(In months)	(In thousands)						(In months)
Intangible Asset:
Internally developed software	$	1,400	$	(467)	$	933	36	$	1,400	$	(116)	$	1,284	36
Trademarks/trade names	1,200		—		1,200		Indefinite	1,200		—		1,200		Indefinite
Customer relationships	700		(35)		665		240	700		(9)		691		240
Non-compete agreements	200		(200)		—		6	200		(100)		100		6
Total identified intangible assets	$	3,500	$	(702)	$	2,798		$	3,500	$	(225)	$	3,275

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The following table summarizes changes in the net carrying value of the Company's intangible assets for the three- and nine-month periods ended September 30, 2023. The Company did not have any intangible assets during the nine-month period ended September 30, 2022.


	Three-Month Period Ended September 30, 2023
(In thousands)	Internally Developed Software		Trademarks/Trade Names		Customer Relationships		Total
Net carrying value of intangible assets—Beginning Balance (June 30, 2023)	$	1,050	$	1,200	$	674	$	2,924
Accumulated Amortization	(117)		—		(9)		(126)
Net carrying value of intangible assets—Ending Balance (September 30, 2023)	$	933	$	1,200	$	665	$	2,798


	Nine-Month Period Ended September 30, 2023
(In thousands)	Internally Developed Software		Trademarks/Trade Names		Customer Relationships		Non-Compete Agreements		Total
Net carrying value of intangible assets—Beginning Balance (December 31, 2022)	$	1,284	$	1,200	$	691	$	100	$	3,275
Accumulated Amortization	(351)		—		(26)		(100)		(477)
Net carrying value of intangible assets—Ending Balance (September 30, 2023)	$	933	$	1,200	$	665	$	—	$	2,798

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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


(In thousands)	September 30, 2023
2023	$	125
2024	502
2025	385
2026	35
2027	35
Thereafter	516
Total	$	1,598