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v3.22.2

Business Combinations (Tables) | 6 Months Ended
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Jun. 30, 2022
Mosaic |
Acquisitions |
Schedule of fair value of assets acquired and liabilities acquired | ​
​ | ​ | ​ | ​
(in thousands) |  | March 16, 2022
Assets | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 100,236
Restricted cash | ​ |  | 23,330
Loans, net | ​ |  | 432,779
Investments held to maturity (including $17,053 held at fair value) | ​ |  | 165,302
Real estate owned, held for sale | ​ |  | 78,693
Other assets | ​ |  | 25,761
Total assets acquired | ​ | $ | 826,101
Liabilities | ​ | ​ | ​
Secured borrowings | ​ | ​ | 66,202
Loan participations sold | ​ | ​ | 73,656
Due to third parties | ​ | ​ | 24,634
Accounts payable and other accrued liabilities | ​ | ​ | 38,182
Total liabilities assumed | ​ | $ | 202,674
Net assets acquired | ​ | $ | 623,427
Non-controlling interests | ​ | ​ | (82,257)
Net assets acquired, net of non-controlling interests | ​ | $ | 541,170
Schedule of aggregate amount of consideration transferred, net assets acquired, and related goodwill | ​
​ | ​ | ​
(in thousands)
Fair value of net assets acquired | $ | 541,170
​ | ​ | ​
Consideration transferred based on the value of Class B shares issued | ​ | 437,311
Consideration transferred based on the value of OP units issued | ​ | 20,745
Fair value of CERs issued | ​ | 84,348
Total consideration transferred | $ | 542,404
​ | ​ | ​
Goodwill | $ | 1,234
Schedule of pro-forma revenue and earnings | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended June 30, | ​ | ​ | Six Months Ended June 30,
(in thousands) | ​ | ​ | 2022 | ​ | 2021 |  | ​ | 2022 | ​ | 2021
Selected Financial Data | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income | ​ | $ | 153,671 | ​ | $ | 121,420 | ​ | $ | 291,137 | ​ | $ | 212,238
Interest expense | ​ | ​ | (80,827) | ​ | ​ | (60,702) | ​ | ​ | (144,769) | ​ | ​ | (116,322)
Recovery of (provision for) loan losses | ​ | ​ | 4,390 | ​ | ​ | (5,517) | ​ | ​ | 2,848 | ​ | ​ | (5,509)
Non-interest income | ​ | ​ | 50,766 | ​ | ​ | 75,855 | ​ | ​ | 139,240 | ​ | ​ | 164,853
Non-interest expense | ​ | ​ | (57,345) | ​ | ​ | (79,133) | ​ | ​ | (133,272) | ​ | ​ | (156,890)
Income before provision for income taxes | ​ | $ | 70,655 | ​ | $ | 51,923 | ​ | $ | 155,184 | ​ | $ | 98,370
Income tax expense | ​ | ​ | (10,318) | ​ | ​ | (6,995) | ​ | ​ | (28,167) | ​ | ​ | (15,676)
Net income | ​ | $ | 60,337 | ​ | $ | 44,928 | ​ | $ | 127,017 | ​ | $ | 82,694
ANH |
Acquisitions |
Schedule of fair value of assets acquired and liabilities acquired | ​
​ | ​ | ​ | ​
(in thousands) |  | March 19, 2021
Assets | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 110,545
Mortgage-backed securities, at fair value | ​ |  | 2,010,504
Loans, held for sale, at fair value | ​ |  | 102,798
Real estate owned, held for sale | ​ |  | 26,107
Accrued interest | ​ |  | 8,183
Other assets | ​ | ​ | 38,216
Total assets acquired | ​ | $ | 2,296,353
Liabilities | ​ | ​ | ​
Secured borrowings | ​ |  | 1,784,047
Corporate debt, net | ​ | ​ | 36,250
Derivative instruments, at fair value | ​ | ​ | 60,719
Accounts payable and other accrued liabilities | ​ | ​ | 4,811
Total liabilities assumed | ​ | $ | 1,885,827
Net assets acquired | ​ | $ | 410,526
Schedule of aggregate amount of consideration transferred, net assets acquired, and related goodwill | ​
​ | ​ | ​
(in thousands, except per share data)
Fair value of net assets acquired | $ | 410,526
​ | ​ | ​
Anworth shares outstanding at March 19, 2021 | ​ | 99,374
Exchange ratio | x | 0.1688
Shares issued | ​ | 16,774
Market price as of March 19, 2021 | $ | 14.28
Consideration transferred based on value of common shares issued | $ | 239,537
​ | ​ | ​
Cash paid per share | $ | 0.61
Cash paid based on outstanding Anworth shares | $ | 60,626
​ | ​ | ​
Preferred Stock, Series B Issued | ​ | 1,919,378
Market price as of March 19, 2021 | $ | 25.00
Consideration transferred based on value of Preferred Stock, Series B issued | $ | 47,984
​ | ​ | ​
Preferred Stock, Series C Issued | ​ | 779,743
Market price as of March 19, 2021 | $ | 25.00
Consideration transferred based on value of Preferred Stock, Series C issued | $ | 19,494
​ | ​ | ​
Preferred Stock, Series D Issued | ​ | 2,010,278
Market price as of March 19, 2021 | $ | 25.00
Consideration transferred based on value of Preferred Stock, Series D issued | $ | 50,257
Total consideration transferred | $ | 417,898
Goodwill | $ | 7,372
Red Stone |
Acquisitions |
Schedule of fair value of assets acquired and liabilities acquired | ​
​ | ​ | ​ | ​
(in thousands) |  | July 31, 2021
Assets | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 1,553
Restricted cash | ​ |  | 6,994
Investment in unconsolidated joint ventures | ​ |  | 20,793
Servicing rights | ​ |  | 30,503
Other assets: | ​ |  | ​
Intangible Assets | ​ | ​ | 9,300
Other | ​ | ​ | 1,330
Total assets acquired | ​ | $ | 70,473
Liabilities | ​ | ​ | ​
Accounts payable and other accrued liabilities | ​ | ​ | 9,082
Total liabilities assumed | ​ | $ | 9,082
Net assets acquired | ​ | $ | 61,391
Schedule of aggregate amount of consideration transferred, net assets acquired, and related goodwill | ​
​ | ​ | ​
(in thousands)
Fair value of net assets acquired | $ | 61,391
​ | ​ | ​
Cash paid | ​ | 63,000
Contingent consideration | ​ | 12,400
Total consideration transferred | $ | 75,400
​ | ​ | ​
Goodwill | $ | 14,009

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