Business Combinations (Tables)

3 Months Ended

Mar. 31, 2024

Acquisitions

Schedule of pro-forma revenue and earnings

		Three Months Ended March 31,
(in thousands)		2024	2023
Selected Financial Data
Interest income	$	232,354	$	239,805
Interest expense		(183,805)		(160,983)
Recovery of loan losses		26,544		5,033
Non-interest income (loss)		(102,628)		32,465
Non-interest expense		(77,862)		(66,686)
Income (loss) before provision for income taxes	$	(105,397)	$	49,634
Income tax benefit (expense)		30,211		(391)
Net income (loss)	$	(75,186)	$	49,243

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