v3.22.2.2
Related Party (Tables)
 9 Months Ended
Sep. 30, 2022
Related Party Transactions [Abstract]  
Schedule of promissory notes
The following table provides details of financing that the Company has provided, in the form of secured promissory notes, to certain loan origination-related entities in which the Company also holds equity investments:
Effective Date of Promissory NoteMaturity Date of Promissory NoteInterest Rate
as of		Outstanding Borrowings as of
Fair Value(1)
as of
Maximum BorrowingSeptember 30, 2022December 31, 2021September 30, 2022December 31, 2021September 30, 2022December 31, 2021
(In thousands)(In thousands)
May 2021(2)
December 31, 2025$6,000 6.0%3.0%$3,000 $3,000 $3,000 $3,000 
February 2022January 31, 2025$500 7.0%—%$425 $— $425 $— 
(1)Classified as a Corporate loan and is included in Loans, at fair value on the Consolidated Balance Sheet.
(2)Convertible into non-voting equity interests, at the option of the borrower, at any time prior to maturity.
In June 2022, the Company converted a $2.0 million corporate loan to a mortgage loan originator into preferred equity, and in connection with such conversion, the Company purchased an additional $150 thousand of such preferred equity. The Company also held a non-controlling common equity investment in this originator. As of September 30, 2022, the Company's investments in this originator were written off as the Company determined its cost basis was non-recoverable. For the three- and nine-month periods ended September 30, 2022, the Company recognized a realized loss of $(1.3) million and $(4.8) million, respectively, related to its investment in this originator, which are included in Earnings (losses) from investments in unconsolidated entities, on its Condensed Consolidated Statement of Operations.