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Basis of Presentation (Tables)
 12 Months Ended
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 DateJuly 1, 2022
Purchase price:
Cash$44,126 
Provisional consideration payable153 
Total consideration $44,279 
Allocated to:
Business purpose loans, at fair value$59,748 
Other investments2,443 
Cash and cash equivalents3,490 
Other assets12,982 
Goodwill23,373 
Intangible assets13,300 
Total assets acquired115,336 
Short-term debt, net67,423 
Accrued expenses and other liabilities3,634 
Total liabilities assumed71,057 
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 AcquisitionAccumulated Amortization at December 31, 2023Carrying Value at December 31, 2023Weighted Average Amortization Period (in years)
(Dollars in Thousands)
Borrower network$56,300 $(29,591)$26,709 7
Broker network18,100 (17,497)603 5
Non-compete agreements11,400 (10,450)950 3
Tradenames4,400 (4,200)200 3
Developed technology1,800 (1,800)— 2
Loan administration fees on existing loan assets2,600 (2,600)— 1
Total$94,600 $(66,138)$28,462 6
Intangible Assets at AcquisitionAccumulated Amortization at December 31, 2022Carrying Value at December 31, 2022Weighted Average Amortization Period (in years)
(Dollars in Thousands)
Borrower network$56,300 $(21,547)$34,753 7
Broker network18,100 (13,877)4,223 5
Non-compete agreements11,400 (9,817)1,583 3
Tradenames4,400 (4,067)333 3
Developed technology1,800 (1,800)— 2
Loan administration fees on existing loan assets2,600 (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 
20258,426 
20266,694 
20271,571 
20282,359 
Total Future Intangible Asset Amortization$28,462 
Schedule of Goodwill
Table 2.4 – Goodwill - Activity
Year Ended December 31,
(In Thousands)20232022
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)20222021
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