Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

Broadmark

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	$	38,710	$	—	$	38,710
Loans, net		772,954		(8,587)		764,367
Real estate owned, held for sale		158,911		(5,365)		153,546
Other assets		17,107		(7,151)		9,956
Total assets acquired	$	987,682	$	(21,103)	$	966,579
Liabilities
Corporate debt, net		98,028		—		98,028
Accounts payable and other accrued liabilities		22,531		819		23,350
Total liabilities assumed	$	120,559	$	819	$	121,378
Net assets acquired	$	867,123	$	(21,922)	$	845,201

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	$	867,123	$	(21,922)	$	845,201
Consideration transferred based on the value of common stock issued		637,229		—		637,229
Bargain purchase gain	$	229,894	$	(21,922)	$	207,972

Schedule of pro-forma revenue and earnings

		Year Ended December 31,
(in thousands)		2023	2022
Selected Financial Data
Interest income	$	984,892	$	777,248
Interest expense		(721,239)		(409,412)
Provision for loan losses		(11,864)		(72,708)
Non-interest income		410,081		265,117
Non-interest expense		(274,981)		(413,022)
Income before provision for income taxes	$	386,889	$	147,223
Income tax expense		(7,174)		(29,733)
Net income	$	379,715	$	117,490

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		412,745
Investments held to maturity		161,567
Real estate owned, held for sale		44,748
Other assets		19,952
Total assets acquired	$	762,578
Liabilities
Secured borrowings		66,202
Loan participations sold		73,656
Due to third parties		24,301
Accounts payable and other accrued liabilities		38,781
Total liabilities assumed	$	202,940
Net assets acquired	$	559,638
Non-controlling interests		(82,524)
Net assets acquired, net of non-controlling interests	$	477,114

Schedule of aggregate amount of consideration transferred, net assets acquired, and related goodwill

(in thousands)		March 16, 2022
Fair value of net assets acquired	$	477,114
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		25,000
Total consideration transferred	$	483,056
Goodwill	$	(5,942)