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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2024
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 months ended September 30, 2024 and 2023, the Company recorded an expense in connection with this lease of approximately $1.3 million and $1.2 million, respectively, and for the nine months ended September 30, 2024 and 2023, $4.1 million and $3.9 million, respectively. The original term specified in this lease is approximately fifteen years with a termination date of December 2036 and an option to renew for an additional five years. At September 30, 2024, the contractual minimum rental payments (exclusive of possible rent escalation charges and normal recurring charges for maintenance, insurance and taxes) regarding the Company’s lease commitments were as follows:
Year Ending December 31, |  | Minimum Rental Payments
(In Thousands) |  |
2024 (1) |  | $ | 1,506 |
2025 |  | 5,292 |
2026 |  | 4,928 |
2027 |  | 5,210 |
2028 |  | 5,148 |
Thereafter |  | 42,048 |
Total |  | $ | 64,132 |
Present Value Discount |  | (22,723) |
Total Lease Liability (Note 7) |  | $ | 41,409 |
(1) Reflects contractual minimum rental payments due for the period from October 1, 2024 through December 31, 2024. Additionally, in June 2023, Lima One executed a lease agreement on new office space in Greenville, South Carolina for a thirteen-year term. Lima One expected to relocate to the space in the latter half of 2025. The agreement was terminated subsequent to the end of the quarter and the Company no longer has any related commitment. (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, 2024, the Company was not aware of any material unsettled repurchase claims that would require a reserve (see Note 14). (c) Loan Commitments At September 30, 2024, the Company had unfunded commitments in connection with its Single-family and Multifamily transitional loans of $349.7 million and $70.2 million, respectively (see Note 3). These commitments are subject to certain conditions that the respective borrowers must meet before funding is required. In addition, from time to time, Lima One makes short-term commitments to originate mortgage loans; such commitments were not significant at September 30, 2024. (d) Guarantee In connection with one of its investments in a loan origination partner, the Company has guaranteed up to $42.5 million of such investee’s warehouse financing. As of September 30, 2024, the Company has not recorded a liability in connection with this guarantee.

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