Other Assets

3 Months Ended

Mar. 31, 2023

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

Other Assets

Other Assets

The following table sets forth the detail of other assets included in the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022:

	March 31, 2023		December 31, 2022
	($ in thousands)
Investment in Majority-Owned Affiliate	$	11,464	$	—
Deferred tax asset	3,457		3,457
Prepaid expenses	1,323		1,310
Total other assets	$	16,244	$	4,767

Investment in Majority-Owned Affiliate (“MOA”)

In the first quarter of 2023, the Company participated in a securitization transaction, AOMT 2023-1, which involved a MOA in which the Company received a 41.21% investment, proportional to its share of the unpaid principal balance of the residential whole loans contributed to the securitization. The purpose of the MOA is to retain and hold risk retention bonds issued by the securitization trust. The MOA is an LLC and is accounted for as an equity method investment and held at amortized cost. The investment will be tested for impairment at least annually utilizing undiscounted cash flows of the underlying risk retention bonds. See Note 10 — Fair Value Measurements.