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Business Combinations (Tables)

9 Months Ended

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

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Three Months Ended September 30,

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Nine Months Ended September 30,

(in thousands)

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​

2022

​

2021

​

2022

​

2021

Selected Financial Data

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​

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​

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

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- Definition

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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
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