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Other Assets (Tables) | 12 Months Ended
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Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Schedule of other assets | The following table presents the components of the Company’s Other assets at December 31, 2021 and 2020:
(In Thousands) |  | December 31, 2021 |  | December 31, 2020
REO (1) |  | $ | 156,223 |  |  | $ | 249,699 |
Goodwill |  | 61,076 |  |  | — |
Intangibles, net (2) |  | 21,400 |  |  | — |
Capital contributions made to loan origination partners |  | 71,673 |  |  | 47,148 |
Other interest-earning assets |  | 57,522 |  |  | — |
Interest receivable |  | 50,191 |  |  | 38,850 |
Other loan related receivables |  | 34,191 |  |  | 16,682 |
Lease Right-of-Use Asset (3) |  | 39,370 |  |  | 758 |
Other |  | 73,910 |  |  | 32,244 |
Total Other Assets |  | $ | 565,556 |  |  | $ | 385,381 |
(1)Includes $11.3 million and $61.8 million of REO that is held-for-investment at December 31, 2021 and 2020. (2)Net of aggregate accumulated amortization of $6.6 million as of December 31, 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 9).
Schedule of activity for real estate owned | The following table presents the activity in the Company’s REO for the years ended December 31, 2021 and 2020:
|  | For the Year Ended December 31,
(Dollars In Thousands) |  | 2021 |  | 2020
Balance at beginning of period |  | $ | 249,699 |  |  | $ | 411,659 |
Adjustments to record at lower of cost or fair value |  | (4,772) |  |  | (12,570) |
Transfer from residential whole loans (1) |  | 72,304 |  |  | 96,766 |
Purchases and capital improvements, net |  | 2,458 |  |  | 10,198 |
Disposals and other (2) |  | (163,466) |  |  | (256,354) |
Balance at end of period |  | $ | 156,223 |  |  | $ | 249,699 |
Number of properties |  | 553 |  |  | 946 |
(1)Includes a net loss recorded on transfer of approximately $700,000 and a net gain recorded on transfer of approximately $5.1 million, respectively, for the years ended December 31, 2021 and 2020. (2)During the year ended December 31, 2021, the Company sold 647 REO properties for consideration of $187.9 million, realizing net gains of approximately $23.5 million. During the year ended December 31, 2020, the Company sold 1,086 REO properties for consideration of $274.1 million, realizing net gains of approximately $15.1 million. These amounts are included in Other Income, net on the Company’s consolidated statements of operations.
Schedule of assets pledged as collateral against derivative contracts | The following table presents the assets pledged as collateral against the Company’s Swap contracts at December 31, 2021 and 2020:
|  | December 31,
(In Thousands) |  | 2021 |  | 2020
Restricted Cash |  | $ | 14,446 |  |  | $ | — |
Schedule of information about swaps | The following table presents information about the Company’s Swaps at December 31, 2021 and 2020:
|  | December 31, 2021 |  | December 31, 2020 |  |  |  |
Maturity (1) |  | Notional Amount |  | Weighted Average Fixed-Pay Interest Rate |  | Weighted Average Variable Interest Rate (2) |  | Notional Amount |  | Weighted Average Fixed-Pay Interest Rate |  | Weighted Average Variable Interest Rate (2) |  |  |  |
(Dollars in Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Within 30 days to 12 months |  | $ | — |  |  | — | % |  | — | % |  | $ | — |  |  | — | % |  | — | % |  |  |  |
Over 12 months to 24 months |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Over 24 months to 36 months |  | 450,010 |  |  | 0.90 |  |  | 0.05 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Over 36 months to 48 months |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Over 48 months to 60 months |  | 450,000 |  |  | 1.12 |  |  | 0.05 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Total Swaps |  | $ | 900,010 |  |  | 1.01 | % |  | 0.05 | % |  | $ | — |  |  | — | % |  | — | % |  |  |  |
(1)Each maturity category reflects contractual amortization and/or maturity of notional amounts. (2)Reflects the benchmark variable rate due from the counterparty at the date presented, which rate adjusts annually based on SOFR.
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 years ended December 31, 2021, 2020 and 2019:
|  | For the Year Ended December 31,
(Dollars in Thousands) |  | 2021 |  | 2020 |  | 2019
Interest expense attributable to Swaps |  | $ | — |  |  | $ | (3,359) |  |  | $ | 927 |
Weighted average Swap rate paid |  | — | % |  | 2.06 | % |  | 2.28 | %
Weighted average Swap rate received |  | — | % |  | 1.63 | % |  | 2.24 | %
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 years ended December 31, 2021, 2020 and 2019:
|  | For the Year Ended December 31,
(In Thousands) |  | 2021 |  | 2020 |  | 2019
AOCI from derivative hedging instruments: |  |  |  |  |  |
Balance at beginning of period |  | $ | — |  |  | $ | (22,675) |  |  | $ | 3,121 |
Net loss on Swaps |  | — |  |  | (50,127) |  |  | (23,342) |
Reclassification adjustment for losses/gains related to hedging instruments included in net income |  | — |  |  | 72,802 |  |  | (2,454) |
Balance at end of period |  | $ | — |  |  | $ | — |  |  | $ | (22,675) |
Schedule of Notional Amounts of Outstanding Derivative Positions | The table below summarizes open short positions in TBA securities as of December 31, 2021, which had an aggregate value of $(1.3) million and were included in Other liabilities on the Company’s consolidated balance sheets.
(Dollars in Thousands) |  | Notional Amount |  | Settlement Date
TBA Security |  |  |  |
FNCL 2.5 1/22 |  | $ | 180,000 |  |  | January 13, 2022
FNCL 2 1/21 |  | $ | 130,000 |  |  | January 13, 2022

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