XML 49 R38.htm IDEA: XBRL DOCUMENT
v3.21.2

Acquisition of Lima One Holdings, LLC (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
Purchase Price Allocations | The purchase price allocations are summarized in the table below:
Purchase Price Allocation
(In Thousands) |  |
Acquisition Date |  | July 1, 2021
Purchase Price: |  |
Cash |  | $ | 57,255 |
Equity method investment at fair value |  | 44,465 |
Total consideration |  | $ | 101,720 |
Allocated to: |  |
Business purpose residential loans, at fair value |  | $ | 170,220 |
Cash and cash equivalents |  | 16,531 |
Restricted cash |  | 91,394 |
Other assets |  | 36,864 |
Goodwill |  | 61,615 |
Intangible assets |  | 28,000 |
Total assets acquired |  | $ | 404,624 |
Short term debt, net |  | $ | (170,908) |
Accrued expenses and other liabilities |  | (84,620) |
Total liabilities assumed |  | $ | (255,528) |
Preferred equity repaid at closing |  | (47,376) |
Total net assets acquired |  | $ | 101,720 |
Finite-lived Intangible Assets Amortization Expense | The amortization period for each of the finite lived intangible assets and the activity for the three months ended September 31, 2021 is summarized in the table below:
(Dollars in Thousands) |  | Acquisition Date July 1, 2021 |  | Amortization Three Months Ended September 30, 2021 |  | Carrying Value at September 30, 2021 |  | Amortization Period (Years) (1)
Trademarks / Trade Names |  | $ | 4,000 |  |  | $ | (100) |  |  | $ | 3,900 |  |  | 10
Customer Relationships |  | 16,000 |  |  | (2,000) |  |  | 14,000 |  |  | 4
Internally Developed Software |  | 4,000 |  |  | (200) |  |  | 3,800 |  |  | 5
Non-Compete Agreements |  | 4,000 |  |  | (1,000) |  |  | 3,000 |  |  | 1
Total Identified Intangibles |  | $ | 28,000 |  |  | $ | (3,300) |  |  | $ | 24,700 |  |  |
(1) Amortization is calculated on a straight-line basis over the amortization period, except for Customer Relationships, where amortization is calculated based on expected levels of customer attrition.

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 amortization expense of assets, excluding financial assets, that lack physical substance, having a limited useful life. + References No definition available. + Details
Name: | us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration