Business Combinations (Tables)

12 Months Ended

Dec. 31, 2021

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 shares issued	$	50,257
Total consideration transferred	$	417,898
Goodwill	$	7,372

Schedule of pro-forma revenue and earnings

(in thousands)		For the year ended December 31, 2021		For the year ended December 31, 2020
Selected Financial Data
Interest income	$	415,245	$	341,733
Interest expense		(217,089)		(220,370)
Provision for loan losses		(8,049)		(35,394)
Non-interest income		322,477		399,075
Non-interest expense		(318,391)		(570,884)
Income before provision for income taxes	$	194,193	$	(85,840)
Income tax expense		(29,083)		(8,385)
Net income	$	165,110	$	(94,225)

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		7,965
Total liabilities assumed	$	7,965
Net assets acquired	$	62,508

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	$	62,508
Cash paid		63,000
Contingent consideration		12,400
Total consideration transferred	$	75,400
Goodwill	$	12,892