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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies (a) Lease Commitments The Company’s primary lease commitment relates to its corporate headquarters. For the three and nine months ended September 30, 2022, the Company recorded aggregate lease expense of approximately $1.2 million and $3.5 million, respectively, in connection with its current lease. The term specified in the current lease is approximately fifteen years with an option to renew for an additional five years. At September 30, 2022, the contractual minimum rental payments (exclusive of possible rent escalation charges and normal recurring charges for maintenance, insurance and taxes) were as follows:
Year Ending December 31, |  | Minimum Rental Payments
(In Thousands) |  |
2022 (1) |  | $ | 1,376 |
2023 |  | 5,524 |
2024 |  | 5,527 |
2025 |  | 4,664 |
2026 |  | 4,552 |
Thereafter |  | 49,604 |
Total |  | $ | 71,247 |
(1) Reflects contractual minimum rental payments due for the period from October 1, 2022 through December 31, 2022. (b) Representations and Warranties in Connection with Loan Securitization and Other Loan Sale Transactions In connection with the loan securitization and sale transactions entered into by the Company, the Company has the obligation under certain circumstances to repurchase assets previously transferred to securitization vehicles, or otherwise sold, upon breach of certain representations and warranties. As of September 30, 2022, the Company was not aware of any material unsettled repurchase claims that would require a reserve (see Note 14). (c) Residential Transition Loan Commitments At September 30, 2022, the Company had unfunded commitments of $542.8 million in connection with its purchased Residential transition loans.

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