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BUSINESS ACQUISITIONS (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Allocation of Total Consideration Paid to Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the total consideration paid to acquire the assets and assume the liabilities related to Computershare Acquisition during the quarter:
($ in millions) | Computershare |  |  |  |  |  |  |  |  |  |
Total Consideration | $ | 708.0 |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |
Residential mortgage loans, held-for-sale | 2.4 |  |  |  |  |  |  |  |  |  |
Servicer advances receivable | 275.8 |  |  |  |  |  |  |  |  |  |
Mortgage servicing rights, at fair value | 696.5 |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 102.0 |  |  |  |  |  |  |  |  |  |
Restricted cash | 2.2 |  |  |  |  |  |  |  |  |  |
Other assets | 84.0 |  |  |  |  |  |  |  |  |  |
Total Assets Acquired | $ | 1,162.9 |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Accrued expenses and other liabilities | 236.1 |  |  |  |  |  |  |  |  |  |  |
Secured notes and bonds payable | 190.6 |  |  |  |  |  |  |  |  |  |  |
Total Liabilities Assumed | $ | 426.7 |  |  |  |  |  |  |  |  |  |  |
Noncontrolling interest | $ | — |  |  |  |  |  |  |  |  |  |  |
Net Assets | $ | 736.2 |  |  |  |  |  |  |  |  |  |  |
Bargain Purchase Gain | $ | 28.2 |  |  |  |  |  |  |  |  |  |  |
Schedule of Intangible Assets Acquired | The following table presents the details of identifiable intangible assets acquired:
($ in millions) | Estimated Useful Life |  | Amount
Customer Relationships | 4.5 |  | $ | 16.0 |
Total identifiable intangible assets |  |  | $ | 16.0 |
The following table summarizes the acquired identifiable intangible assets:
| Estimated Useful Lives (Years) |  | June 30, 2024 |  | December 31, 2023
Gross Intangible Assets |  |  |  |  |
Management contracts | 10 |  | $ | 275,000 |  |  | $ | 275,000 |
Customer relationships | 2 to 9 |  | 73,949 |  |  | 57,949 |
Purchased technology | 3 to 7 |  | 139,964 |  |  | 137,922 |
Trademarks / Trade names | 1 to 5 |  | 10,259 |  |  | 10,259 |
|  |  | $ | 499,172 |  |  | $ | 481,130 |
Accumulated Amortization(A) |  |  |  |  |
Management contracts |  |  | $ | 17,090 |  |  | $ | 3,388 |
Customer relationships |  |  | 20,022 |  |  | 17,834
Purchased technology |  |  | 91,685 |  |  | 67,145
Trademarks / Trade names |  |  | 5,433 |  |  | 4,843
|  |  | $ | 134,230 |  |  | $ | 93,210 |
Intangible Assets, Net |  |  |  |  |
Management contracts |  |  | $ | 257,910 |  |  | $ | 271,612 |
Customer relationships |  |  | 53,927 |  |  | 40,115 |
Purchased technology(B) |  |  | 48,279 |  |  | 70,777 |
Trademarks / Trade names(C) |  |  | 4,826 |  |  | 5,416 |
|  |  | $ | 364,942 |  |  | $ | 387,920 |
(A)Amortization expense is presented within general and administrative expense on Rithm Capital’s Consolidated Statements of Operations. (B)Includes indefinite-lived intangible assets of $21.4 million and $21.4 million, respectively. (C)Includes indefinite-lived intangible assets of $1.9 million and $1.9 million, respectively.
Schedule of Pro Forma Financial Information | The following table presents unaudited pro forma combined revenues and income before income taxes for the three and six months ended June 30, 2024 and 2023 prepared as if the Computershare Acquisition had been consummated on January 1, 2023:
| Three Months Ended June 30, |  | Six Months Ended June 30,
Pro Forma (in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Revenues | $ | 1,246.2 |  |  | $ | 1,216.7 |  |  | $ | 2,623.9 |  |  | $ | 2,089.2 |
Income (loss) before income taxes | 294.7 |  | 458.7 |  | 695.7 |  | 501.5

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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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