Other Assets

12 Months Ended

Dec. 31, 2022

Note 12 — Other Assets


	December 31,
	2022		2021
Contingent loan repurchase asset	$	289.9	$	403.7
Prepaid expenses	19.8		21.5
Intangible assets, net (net of accumulated amortization of $5.0 million and $0.7 million)	14.7		14.3
REO	9.8		10.1
Derivatives, at fair value	7.7		21.7
Prepaid lender fees, net	7.7		7.2
Prepaid representation, warranty and indemnification claims - Agency MSR sale	5.0		15.2
Deferred tax assets, net	2.6		3.3
Derivative margin deposit	1.5		2.0
Security deposits	0.8		1.2



Other	4.7		7.1
	$	364.2	$	507.3

Intangible assets, net are primarily comprised of a reverse subservicing contract intangible asset with an unamortized balance of $14.1 million and $13.7 million at December 31, 2022 and 2021, respectively. On October 1, 2021, PMC completed a transaction with MAM (RMS) and its then parent to acquire certain assets related to reverse mortgage subservicing, including subservicing contracts with various clients, including MAM (RMS) (five-year term). Substantially all of the fair value of the assets acquired in the above transactions was concentrated in a single asset, specifically the subservicing contract intangible assets; accordingly, we have accounted for these transactions as an asset acquisition. We recorded a subservicing intangible asset upon acquisition based on relative fair value allocation with the assumption of a liability for curtailments. On April 1,

2022, PMC boarded additional reverse mortgage loans onto our servicing platform under the agreement with MAM (RMS), resulting in an additional subservicing contract intangible asset and liability for curtailments.