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Business Combination (Tables) | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Schedule of Estimated Acquisition Date Fair Value of the Consideration Transferred | The estimated Acquisition Date fair value of the consideration transferred totaled approximately $67.8 million, which consisted of the following (dollar amounts in thousands):
Cash (1) | $ | 31,525 |
Holdback for representations and warranties (2) | 2,500 |
Fair value of previously held membership interests | 33,759 |
Total consideration transferred | $ | 67,784 |
(1)Includes initial cash consideration of approximately $31.5 million and a post-closing working capital adjustment of approximately $15.1 thousand which was delivered to the sellers of Constructive on September 24, 2025. (2)The holdback for representations and warranties in the amount of $2.5 million is to be released to the sellers, net of losses incurred or sustained by the Company related to representation or warranties made by the sellers for conditions that existed as of the Acquisition Date, if any, on January 15, 2027.
Schedule of the Estimated Fair Values of the Assets Acquired and Liabilities Assumed by the Company at the Acquisition Date | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed by the Company at the Acquisition Date (dollar amounts in thousands). The membership interest purchase agreement included a post-closing working capital adjustment that was calculated as approximately $15.1 thousand and was settled with the sellers of Constructive on September 24, 2025. The holdback for representations and warranties described above will be settled with the sellers of Constructive after the Acquisition Date. The Company has also engaged a third party specialist for valuations of certain intangible assets. Thus, the provisional measurements of assets and liabilities are subject to change.
Cash | $ | 10,670 |
Residential loans | 580 |
Residential loans held for sale | 145,748 |
Restricted cash (1) | 4,122 |
Other assets | 8,982 |
Intangible assets (1) | 18,000 |
Total identifiable assets acquired | $ | 188,102 |
Repurchase agreements and warehouse facilities | $ | 135,817 |
Other liabilities | 6,897 |
Total liabilities assumed | $ | 142,714 |
Net identifiable assets acquired | $ | 45,388 |
Goodwill | $ | 22,396 |
Net assets acquired | $ | 67,784 |
(1)Included in other assets on the condensed consolidated balance sheets.
Schedule of Finite-Lived Intangible Assets | Intangible assets haven been provisionally assigned as shown in the following table (dollar amounts in thousands). As noted earlier, the fair values of the acquired identifiable intangible assets are provisional pending final valuations for these assets.
Intangible asset |  | Acquisition Date Fair Value |  | Accumulated Amortization |  | Carrying Value at September 30, 2025 |  | Amortization Period (Years)
Customer relationships |  | $ | 17,000 |  |  | $ | (354) |  |  | $ | 16,646 |  |  | 10
Trade name |  | 1,000 |  |  | (19) |  |  | 981 |  |  | 11
Total identified intangible assets (weighted average amortization period) |  | $ | 18,000 |  |  | $ | (373) |  |  | $ | 17,627 |  |  | 10.06
Schedule of Business Combination Pro Forma Information | The following table presents the pro forma consolidated revenue and net income (loss) attributable to the Company's common stockholders as if Constructive had been included in the consolidated results of the Company for the three and nine months ended September 30, 2025 and 2024, respectively (dollar amounts in thousands):
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue |  | $ | 151,715 |  |  | $ | 142,053 |  |  | $ | 403,443 |  |  | $ | 242,153 |
Net income (loss) attributable to Company's common stockholders |  | $ | 33,787 |  |  | $ | 30,808 |  |  | $ | 73,531 |  |  | $ | (53,373) |
Basic proforma earnings per common share |  | $ | 0.37 |  |  | $ | 0.34 |  |  | $ | 0.81 |  |  | $ | (0.59) |
Diluted pro forma earnings per common share |  | $ | 0.37 |  |  | $ | 0.34 |  |  | $ | 0.80 |  |  | $ | (0.59) |
Schedule of Estimated Amortization Expense Related to the Acquired Identifiable Intangible Assets | The estimated amortization expense related to the acquired identifiable intangible assets is as follows (dollar amounts in thousands):
|  | Amortization expense for
Year Ending December 31, |  | Customer relationships |  | Trade name
2026 |  | $ | 1,700 |  |  | $ | 91 |
2027 |  | $ | 1,700 |  |  | $ | 91 |
2028 |  | $ | 1,700 |  |  | $ | 91 |
2029 |  | $ | 1,700 |  |  | $ | 91 |
2030 |  | $ | 1,700 |  |  | $ | 91 |

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