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BUSINESS ACQUISITIONS (Tables) | 3 Months Ended
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Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Purchase Price Allocation | 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:
Total Consideration |  | $ | 715,458 |
Assets: |  |
Residential mortgage loans, held-for-sale |  | 2,402 |
Servicer advances receivable |  | 269,484 |
Mortgage servicing rights, at fair value |  | 700,207 |
Cash and cash equivalents |  | 101,993 |
Restricted cash |  | 2,271 |
Other assets(A) |  | 83,056 |
Total Assets Acquired |  | 1,159,413 |
Liabilities: |  |
Accrued expenses and other liabilities |  | 225,944 |
Secured notes and bonds payable |  | 190,596 |
Total Liabilities Assumed |  | 416,540 |
Net Assets |  | 742,873 |
Bargain Purchase Gain |  | $ | 27,415 |
(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 provisional amounts recognized related to the Computershare Acquisition as of the acquisition date, as well as the measurement period adjustments made in the fourth quarter of 2024 to arrive at the revised preliminary allocation of the total consideration paid to acquire the assets and assume the liabilities:
|  | Preliminary Amounts as of the Acquisition Date |  | Subsequent Adjustments to Fair Value(A) |  | Revised Preliminary Amounts as of the Acquisition Date
Total Consideration |  | $ | 708,026 |  |  | $ | 7,432 |  |  | $ | 715,458 |
Assets: |  |  |  |  |  |
Residential mortgage loans, held-for-sale |  | 2,402 |  |  | — |  |  | 2,402 |
Servicer advances receivable |  | 275,782 |  |  | (6,298) |  |  | 269,484 |
Mortgage servicing rights, at fair value |  | 696,462 |  |  | 3,745 |  |  | 700,207 |
Cash and cash equivalents |  | 102,011 |  |  | (18) |  |  | 101,993 |
Restricted cash |  | 2,237 |  |  | 34 |  |  | 2,271 |
Other assets |  | 84,028 |  |  | (972) |  |  | 83,056 |
Total Assets Acquired |  | 1,162,922 |  |  | (3,509) |  |  | 1,159,413 |
Liabilities: |  |  |  |  |  |
Accrued expenses and other liabilities |  | 236,141 |  |  | (10,197) |  |  | 225,944 |
Secured notes and bonds payable |  | 190,596 |  |  | — |  |  | 190,596 |
Total Liabilities Assumed |  | 426,737 |  |  | (10,197) |  |  | 416,540 |
Net Assets |  | 736,185 |  |  | 6,688 |  |  | 742,873 |
Bargain Purchase Gain |  | $ | 28,159 |  |  | $ | (744) |  |  | $ | 27,415 |
(A)The adjustment to total consideration was primarily driven by changes in valuation of MSRs acquired and resolutions with seller with respect to servicing fee receivables (as reflected in other assets) and legal obligations (as reflected in accrued expenses and other liabilities).
Schedule of Acquired Intangible Assets | 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 summarizes the acquired identifiable intangible assets:
| Estimated Useful Lives (Years) |  | March 31, 2025 |  | December 31, 2024
Gross Intangible Assets: |  |  |  |  |
Management contracts | 10 |  | $ | 275,000 |  |  | $ | 275,000 |
Customer relationships | 2 to 9 |  | 79,753 |  |  | 79,753 |
Purchased technology | 3 to 7 |  | 109,539 |  |  | 105,567 |
Trademarks / Trade names(A) | 1 to 5 |  | 10,259 |  |  | 10,259 |
Licenses | Indefinite |  | 21,365 |  |  | 21,365 |
|  |  | 495,916 |  |  | 491,944 |
Accumulated Amortization: |  |  |  |  |
Management contracts |  |  | 37,716 |  |  | 30,940 |
Customer relationships |  |  | 32,318 |  |  | 25,773 |
Purchased technology |  |  | 100,671 |  |  | 97,259 |
Trademarks / Trade names |  |  | 6,318 |  |  | 6,023 |
|  |  | 177,023 |  |  | 159,995 |
Intangible Assets, Net: |  |  |  |  |
Management contracts |  |  | 237,284 |  |  | 244,060 |
Customer relationships |  |  | 47,435 |  |  | 53,980 |
Purchased technology |  |  | 8,868 |  |  | 8,308 |
Trademarks / Trade names(A) |  |  | 3,941 |  |  | 4,236 |
Licenses |  |  | 21,365 |  |  | 21,365 |
|  |  | $ | 318,893 |  |  | $ | 331,949 |
(A)Includes indefinite-lived intangible assets of $1.9 million as of March 31, 2025 and December 31, 2024.
Schedule of Unaudited Supplemental Pro Forma Financial Information | The following table presents unaudited pro forma combined revenues and income before income taxes for the three months ended March 31, 2024 prepared as if the Computershare Acquisition had been consummated on January 1, 2023:
Pro Forma |  | Three Months Ended March 31, 2024 |  |  |  |
Revenues |  | $ | 1,377,640 |  |  |  |  |
Income before income taxes |  | 400,991 |  |  |  |  |

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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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