XML 48 R37.htm IDEA: XBRL DOCUMENT v3.24.3

BUSINESS ACQUISITIONS (Tables)

9 Months Ended

Sep. 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 the Computershare Acquisition during the second quarter of 2024:

			Computershare
Total Consideration			$	708,026
Assets
Residential mortgage loans, held-for-sale			2,402
Servicer advances receivable			275,782
Mortgage servicing rights, at fair value			696,462
Cash and cash equivalents			102,011
Restricted cash			2,237
Other assets(A)			84,028
Total Assets Acquired			1,162,922
Liabilities
Accrued expenses and other liabilities			236,141
Secured notes and bonds payable			190,596
Total Liabilities Assumed			426,737
Net Assets			736,185
Bargain Purchase Gain			$	28,159

(A)Includes $16.0 million of intangible assets in the form of customer relationships. This intangible is being amortized over a finite life of 4.5 years.

The following table summarizes the allocation of the total consideration paid to acquire the assets and assume the liabilities related to the Sculptor Acquisition during the fourth quarter of 2023:

			Sculptor
Total Consideration(A)			$	630,317
Assets
Cash and cash equivalents			267,469
Restricted cash			26,373
Other assets(B)(C)			1,348,608
Total Assets Acquired			1,642,450
Liabilities
Secured financing agreements			177,551
Secured notes and bonds payable			99,232
Accrued expenses and other liabilities			746,135
Total Liabilities Assumed			1,022,918
Noncontrolling interest			35,873
Net Assets			583,659
Goodwill			$	46,658

(A)The fair value of total consideration transferred included cash of $600.6 million and assumption of unvested shares of Sculptor stock of $29.7 million for a total consideration of $630.3 million.

(B)Includes $275.0 million of intangible assets in the form of management contracts. These intangibles are being amortized over a finite life of 10 years.

(C)Includes $246.1 million of collateralized loan obligations (“CLOs”).

Schedule of Intangible Assets Acquired

The following table presents the details of identifiable intangible assets acquired:

			Estimated Useful Life						Amount
Customer Relationships			4.5						$	16,000
Total Identifiable Intangible Assets									$	16,000

The following table presents the details of identifiable intangible assets acquired:

			Estimated Useful Life						Amount
Management contracts			10						$	275,000
Total Identifiable Intangible Assets									$	275,000

The following table summarizes the acquired identifiable intangible assets:

			Estimated Useful Lives (Years)						September 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(B)			3 to 7						139,964						137,922
Trademarks / Trade names(C)			1 to 5						10,259						10,259
									499,172						481,130
Accumulated Amortization(A):
Management contracts									24,015						3,388
Customer relationships									23,062						17,834
Purchased technology									104,315						67,145
Trademarks / Trade names									5,728						4,843
									157,120						93,210
Intangible Assets, Net:
Management contracts									250,985						271,612
Customer relationships									50,887						40,115
Purchased technology(B)									35,649						70,777
Trademarks / Trade names(C)									4,531						5,416
									$	342,052					$	387,920

(A)Amortization expense is presented within general and administrative expenses in the consolidated statements of operations.

(B)Includes indefinite-lived intangible assets of $21.4 million as of September 30, 2024 and December 31, 2023.

(C)Includes indefinite-lived intangible assets of $1.9 million as of September 30, 2024 and December 31, 2023.

Schedule of Pro Forma Financial Information

The following table presents unaudited pro forma combined revenues and income before income taxes for the three and nine months ended September 30, 2024 and 2023 prepared as if the Computershare Acquisition had been consummated on January 1, 2023:

			Three Months Ended September 30,												Nine Months Ended September 30,
Pro Forma			2024						2023						2024						2023
Revenues			$	619,514					$	1,247,212					$	3,243,379					$	3,336,421
Income (loss) before income taxes			45,148						306,338						740,822						807,811

The following table presents unaudited pro forma combined revenues and income before income taxes for the three and nine months ended September 30, 2023 prepared as if the Sculptor Acquisition had been consummated on January 1, 2022:

Pro Forma			Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
Revenues			$	1,221,060					$	3,344,725
Income (loss) before income taxes			235,034						755,592

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-SubTopic 10
-Topic 805
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
-SubTopic 10
-Topic 805
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

+ Details

Name:	us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfAcquiredFiniteLivedIntangibleAssetsByMajorClassTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration