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Other Assets (Tables) | 9 Months Ended
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Sep. 30, 2021
Other Assets [Abstract] |
Schedule of other assets | The following table presents the components of the Company’s Other assets at September 30, 2021 and December 31, 2020:
(In Thousands) |  | September 30, 2021 |  | December 31, 2020
REO (1) |  | $ | 178,802 |  |  | $ | 249,699 |
Capital contributions made to loan origination partners |  | 53,537 |  |  | 47,148 |
Goodwill |  | 61,615 |  |  | — |
Intangibles, net (2) |  | 24,700 |  |  | — |
Other interest-earning assets |  | 35,437 |  |  | — |
Interest receivable |  | 41,432 |  |  | 38,850 |
Other loan related receivables |  | 45,242 |  |  | 16,682 |
Lease right-of-use asset (3) |  | 39,500 |  |  | 758 |
Other |  | 61,338 |  |  | 32,244 |
Total Other Assets |  | $ | 541,603 |  |  | $ | 385,381 |
(1) Includes $16.1 million and $61.8 million of REO that is held-for-investment at September 30, 2021 and December 31, 2020, respectively. (2) Net of aggregate accumulated amortization of $3.3 million as of September 30, 2021. (3) An estimated incremental borrowing rate of 7.5% was used in connection with the Company’s primary operating lease (see Notes 2 and 10).
Schedule of activity for real estate owned | The following table presents the activity in the Company’s REO for the three and nine months ended September 30, 2021 and 2020:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In Thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Balance at beginning of period |  | $ | 204,762 |  |  | $ | 348,516 |  |  | $ | 249,699 |  |  | $ | 411,659 |
Adjustments to record at lower of cost or fair value |  | (2,448) |  |  | 93 |  |  | (3,390) |  |  | (11,796) |
Transfer from residential whole loans (1) |  | 11,673 |  |  | 15,672 |  |  | 50,043 |  |  | 74,891 |
Purchases and capital improvements, net |  | 1,584 |  |  | 771 |  |  | 2,207 |  |  | 10,072 |
Disposals and other (2) |  | (36,769) |  |  | (66,185) |  |  | (119,757) |  |  | (185,959) |
Balance at end of period |  | $ | 178,802 |  |  | $ | 298,867 |  |  | $ | 178,802 |  |  | $ | 298,867 |
Number of properties |  | 674 |  |  | 1,131 |  |  | 674 |  |  | 1,131 |
(1)Includes a net gain recorded on transfer of approximately $700,000 and $834,000 for the three months ended September 30, 2021 and 2020, respectively; and a net loss recorded on transfer of approximately $400,000 and a net gain recorded on transfer of approximately $4.1 million for the nine months ended September 30, 2021 and 2020, respectively. (2)During the three and nine months ended September 30, 2021, the Company sold 151 and 470 REO properties for consideration of $45.4 million and $134.0 million, realizing net gains of approximately $7.3 million and $13.4 million, respectively. During the three and nine months ended September 30, 2020, the Company sold 267 and 812 REO properties for consideration of $69.9 million and $195.2 million, realizing net gains of approximately $3.9 million and $10.0 million, respectively. These amounts are included in Other Income, net on the Company’s consolidated statements of operations.
Schedule of interest expense and the weighted average interest rate paid and received on swaps | The following table presents the net impact of the Company’s derivative hedging instruments on its net interest expense and the weighted average interest rate paid and received for such Swaps for the three and nine months ended September 30, 2021 and 2020:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in Thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Interest (expense)/income attributable to Swaps |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,359) |
Weighted average Swap rate paid |  | — | % |  | — | % |  | — | % |  | 2.06 | %
Weighted average Swap rate received |  | — | % |  | — | % |  | — | % |  | 1.63 | %
Schedule of impact of hedging instruments on AOCI | The following table presents the impact of the Company’s derivative hedging instruments on its AOCI for the three and nine months ended September 30, 2021 and 2020:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In Thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
AOCI from derivative hedging instruments: |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | — |  |  | $ | (7,176) |  |  | $ | — |  |  | $ | (22,675) |
Net loss on Swaps |  | — |  |  | — |  |  | — |  |  | (50,127) |
Reclassification adjustment for losses/gains related to hedging instruments included in net income |  | — |  |  | 7,176 |  |  | — |  |  | 72,802 |
Balance at end of period |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Summary of open short positions in TBA securities | The table below summarizes open short positions in TBA securities as of September 30, 2021, which had an aggregate value of $5.4 million.
TBA Security |  | Notional Amount |  | Settlement Date
(In Thousands) |  |  |  |
FNCL 2.0 10/21 |  | $ | 420,000 |  |  | October 14, 2021
FNCL 2.5 10/21 |  | $ | 330,000 |  |  | October 14, 2021

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