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v3.22.2.2

Business Combinations (Tables) | 9 Months Ended
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Sep. 30, 2022
Mosaic |
Acquisitions |
Schedule of fair value of assets acquired and liabilities acquired | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Preliminary Purchase Price Allocation | Measurement Period Adjustments | Updated Purchase Price Allocation
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 100,236 | $ | — | $ | 100,236
Restricted cash | ​ |  | 23,330 |  | — |  | 23,330
Loans, net | ​ |  | 432,779 |  | (20,034) |  | 412,745
Investments held to maturity | ​ |  | 165,302 |  | (6,306) |  | 158,996
Real estate owned, held for sale | ​ |  | 78,693 |  | (33,945) |  | 44,748
Other assets | ​ |  | 25,761 |  | (3,683) |  | 22,078
Total assets acquired | ​ | $ | 826,101 | $ | (63,968) | $ | 762,133
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​
Secured borrowings | ​ | ​ | 66,202 | ​ | — | ​ | 66,202
Loan participations sold | ​ | ​ | 73,656 | ​ | — | ​ | 73,656
Due to third parties | ​ | ​ | 24,634 | ​ | (333) | ​ | 24,301
Accounts payable and other accrued liabilities | ​ | ​ | 38,182 | ​ | (900) | ​ | 37,282
Total liabilities assumed | ​ | $ | 202,674 | $ | (1,233) | $ | 201,441
Net assets acquired | ​ | $ | 623,427 | $ | (62,735) | $ | 560,692
Non-controlling interests | ​ | ​ | (82,257) | ​ | — | ​ | (82,257)
Net assets acquired, net of non-controlling interests | ​ | $ | 541,170 | $ | (62,735) | $ | 478,435
Schedule of aggregate amount of consideration transferred, net assets acquired, and related goodwill | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) | Preliminary Purchase Price Allocation | Measurement Period Adjustments | Updated Purchase Price Allocation
Fair value of net assets acquired | $ | 541,170 | $ | (62,735) | $ | 478,435
​ | ​ | ​ | ​ | ​ | ​ | ​
Consideration transferred based on the value of Class B shares issued | ​ | 437,311 | ​ | — | ​ | 437,311
Consideration transferred based on the value of OP units issued | ​ | 20,745 | ​ | — | ​ | 20,745
Fair value of CERs issued | ​ | 84,348 | ​ | (59,348) | ​ | 25,000
Total consideration transferred | $ | 542,404 | $ | (59,348) | $ | 483,056
​ | ​ | ​ | ​ | ​ | ​ | ​
Goodwill | $ | 1,234 | $ | 3,387 | $ | 4,621
Schedule of pro-forma revenue and earnings | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended September 30, | ​ | ​ | Nine Months Ended September 30,
(in thousands) | ​ | ​ | 2022 | ​ | 2021 |  | ​ | 2022 | ​ | 2021
Selected Financial Data | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income | ​ | $ | 186,026 | ​ | $ | 124,888 | ​ | $ | 477,163 | ​ | $ | 337,126
Interest expense | ​ | ​ | (115,495) | ​ | ​ | (52,555) | ​ | ​ | (260,264) | ​ | ​ | (168,877)
Provision for loan losses | ​ | ​ | (3,431) | ​ | ​ | (1,579) | ​ | ​ | (583) | ​ | ​ | (7,088)
Non-interest income | ​ | ​ | 78,528 | ​ | ​ | 88,512 | ​ | ​ | 217,768 | ​ | ​ | 253,365
Non-interest expense | ​ | ​ | (73,064) | ​ | ​ | (93,595) | ​ | ​ | (206,336) | ​ | ​ | (250,485)
Income before provision for income taxes | ​ | $ | 72,564 | ​ | $ | 65,671 | ​ | $ | 227,748 | ​ | $ | 164,041
Income tax expense | ​ | ​ | (4,776) | ​ | ​ | (6,540) | ​ | ​ | (32,943) | ​ | ​ | (22,216)
Net income | ​ | $ | 67,788 | ​ | $ | 59,131 | ​ | $ | 194,805 | ​ | $ | 141,825
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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