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Basis of Presentation (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Schedule of Assets Acquired and Liabilities Assumed | The following table summarizes our purchase price allocations related to the acquisition of Riverbend through December 31, 2023. Table 2.1 – Purchase Price Allocations
(In Thousands) |  | Riverbend
Acquisition Date |  | July 1, 2022
Purchase price: |  |
Cash |  | $ | 44,126 |
Provisional consideration payable |  | 153 |
Total consideration |  | $ | 44,279 |
Allocated to: |  |
Business purpose loans, at fair value |  | $ | 59,748 |
Other investments |  | 2,443 |
Cash and cash equivalents |  | 3,490 |
Other assets |  | 12,982 |
Goodwill |  | 23,373 |
Intangible assets |  | 13,300 |
Total assets acquired |  | 115,336 |
Short-term debt, net |  | 67,423 |
Accrued expenses and other liabilities |  | 3,634 |
Total liabilities assumed |  | 71,057 |
Total net assets acquired |  | $ | 44,279 |
Schedule of Finite-Lived Intangible Assets | The table below presents the amortization period and carrying value of our intangible assets, net of accumulated amortization at December 31, 2023 and 2022. Table 2.2 – Intangible Assets – Activity
|  | Intangible Assets at Acquisition |  | Accumulated Amortization at December 31, 2023 |  | Carrying Value at December 31, 2023 |  | Weighted Average Amortization Period (in years)
(Dollars in Thousands) |  |  |  |
Borrower network |  | $ | 56,300 |  |  | $ | (29,591) |  |  | $ | 26,709 |  |  | 7
Broker network |  | 18,100 |  |  | (17,497) |  |  | 603 |  |  | 5
Non-compete agreements |  | 11,400 |  |  | (10,450) |  |  | 950 |  |  | 3
Tradenames |  | 4,400 |  |  | (4,200) |  |  | 200 |  |  | 3
Developed technology |  | 1,800 |  |  | (1,800) |  |  | — |  |  | 2
Loan administration fees on existing loan assets |  | 2,600 |  |  | (2,600) |  |  | — |  |  | 1
Total |  | $ | 94,600 |  |  | $ | (66,138) |  |  | $ | 28,462 |  |  | 6
|  | Intangible Assets at Acquisition |  | Accumulated Amortization at December 31, 2022 |  | Carrying Value at December 31, 2022 |  | Weighted Average Amortization Period (in years)
(Dollars in Thousands) |  |  |  |
Borrower network |  | $ | 56,300 |  |  | $ | (21,547) |  |  | $ | 34,753 |  |  | 7
Broker network |  | 18,100 |  |  | (13,877) |  |  | 4,223 |  |  | 5
Non-compete agreements |  | 11,400 |  |  | (9,817) |  |  | 1,583 |  |  | 3
Tradenames |  | 4,400 |  |  | (4,067) |  |  | 333 |  |  | 3
Developed technology |  | 1,800 |  |  | (1,800) |  |  | — |  |  | 2
Loan administration fees on existing loan assets |  | 2,600 |  |  | (2,600) |  |  | — |  |  | 1
Total |  | $ | 94,600 |  |  | $ | (53,708) |  |  | $ | 40,892 |  |  | 6
Finite-lived Intangible Assets Amortization Expense | Estimated future amortization expense is summarized in the table below. Table 2.3 – Intangible Asset Amortization Expense by Year
(In Thousands) |  |  |  |  |  |  |  | December 31, 2023
2024 |  |  |  |  |  |  |  | $ | 9,412 |
2025 |  |  |  |  |  |  |  | 8,426 |
2026 |  |  |  |  |  |  |  | 6,694 |
2027 |  |  |  |  |  |  |  | 1,571 |
2028 |  |  |  |  |  |  |  | 2,359 |
Total Future Intangible Asset Amortization |  |  |  |  |  |  |  | $ | 28,462 |
Schedule of Goodwill | Table 2.4 – Goodwill - Activity
|  | Year Ended December 31,
(In Thousands) |  | 2023 |  | 2022
Beginning Balance |  | $ | 23,373 |  |  | $ | — |
Goodwill recognized from acquisition |  | — |  |  | 23,373 |
Impairment |  | — |  |  | — |
Ending Balance |  | $ | 23,373 |  |  | $ | 23,373 |
Pro Forma Information | he following unaudited pro forma financial information presents Net interest income, Non-interest (loss) income, and Net (loss) income of Redwood, as if the acquisition of Riverbend occurred as of January 1, 2021. These pro forma amounts have been adjusted to include the amortization of intangible assets for all periods. The unaudited pro forma financial information is not intended to represent or be indicative of the consolidated financial results of operations that would have been reported if the acquisition had been completed as of January 1, 2021 and should not be taken as indicative of our future consolidated results of operations. Table 2.5 – Unaudited Pro Forma Financial Information
|  | Year Ended December 31,
(In Thousands) |  | 2022 |  | 2021
Supplementary pro forma information: |  |  |  |
Net interest income |  | $ | 159,404 |  |  | $ | 151,982 |
Non-interest (loss) income |  | (154,934) |  |  | 405,092 |
Net (loss) income |  | (161,599) |  |  | 322,959 |

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