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Business Combinations (Tables)

6 Months Ended

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

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Three Months Ended June 30,

​

​

Six Months Ended June 30,

(in thousands)

​

​

2022

​

2021

​

2022

​

2021

Selected Financial Data

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​

​

​

​

​

​

​

​

​

​

​

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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Tabular disclosure of aggregate amount of consideration transferred, net assets acquired, and related goodwill in a business combination.

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Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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-Publisher FASB
-Name Accounting Standards Codification
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