BUSINESS ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Purchase Price Allocation

The following table summarizes the allocation of the total consideration paid as of December 31, 2024 to acquire the assets and assume the liabilities related to the Computershare Acquisition during the second quarter of 2024:

Total Consideration	$	731,025
Assets:
Residential mortgage loans, held-for-sale	2,402
Servicer advances receivable	275,513
Mortgage servicing rights, at fair value	700,207
Cash and cash equivalents	101,993
Restricted cash	2,271
Other assets(A)	92,594
Total Assets Acquired	1,174,980
Liabilities:
Accrued expenses and other liabilities	225,944
Secured notes and bonds payable	190,596
Total Liabilities Assumed	416,540
Net Assets	758,440
Bargain Purchase Gain	$	27,415

(A)Includes $16.0 million of intangible assets in the form of customer relationships. This intangible is being amortized over a finite life of 4.5 years.

The following table summarizes the provisional amounts recognized related to the Computershare Acquisition as of the acquisition date, as well as the measurement period adjustments made in the fourth quarter of 2024 to arrive at the revised preliminary allocation of the total consideration paid to acquire the assets and assume the liabilities:

	Preliminary Amounts as of the Acquisition Date		Subsequent Adjustments to Fair Value(A)		Revised Preliminary Amounts as of the Acquisition Date
Total Consideration	$	708,026	$	22,999	$	731,025
Assets:
Residential mortgage loans, held-for-sale	2,402		—		2,402
Servicer advances receivable	275,782		(269)		275,513
Mortgage servicing rights, at fair value	696,462		3,745		700,207
Cash and cash equivalents	102,011		(18)		101,993
Restricted cash	2,237		34		2,271
Other assets	84,028		8,566		92,594
Total Assets Acquired	1,162,922		12,058		1,174,980
Liabilities:
Accrued expenses and other liabilities	236,141		(10,197)		225,944
Secured notes and bonds payable	190,596		—		190,596
Total Liabilities Assumed	426,737		(10,197)		416,540
Net Assets	736,185		22,255		758,440
Bargain Purchase Gain	$	28,159	$	(744)	$	27,415

(A)The adjustment to total consideration was primarily driven by changes in valuation of MSRs acquired and resolutions with seller with respect to servicing fee receivables (as reflected in other assets) and legal obligations (as reflected in accrued expenses and other liabilities).

The following table summarizes the allocation of the total consideration paid to acquire the assets and assume the liabilities related to the Sculptor Acquisition during the fourth quarter of 2023:

Total Consideration(A)	$	630,317
Assets:
Cash and cash equivalents	267,469
Restricted cash	26,373
Other assets(B)(C)	1,346,633
Total Assets Acquired	1,640,475
Liabilities:
Secured financing agreements	177,551
Secured notes and bonds payable	99,232
Accrued expenses and other liabilities	746,135
Total Liabilities Assumed	1,022,918
Noncontrolling interest	35,873
Net Assets	581,684
Goodwill	$	48,633

(A)The fair value of total consideration transferred included cash of $600.6 million and assumption of unvested shares of Sculptor stock of $29.7 million for a total consideration of $630.3 million.

(B)Includes $275.0 million of intangible assets in the form of management contracts. These intangibles are being amortized over a finite life of 10 years.

(C)Includes $246.1 million of CLOs.

The following table summarizes the provisional amounts recognized related to the Sculptor Acquisition as of the acquisition date, as well as the measurement period adjustments made in the fourth quarter of 2024 to arrive at the final allocation of the total consideration paid to acquire the assets and assume the liabilities:

	Preliminary Amounts as of the Acquisition Date		Subsequent Adjustments to Fair Value		Final Amounts as of the Acquisition Date
Total Consideration	$	630,317	$	—	$	630,317
Assets:
Cash and cash equivalents	267,469		—		267,469
Restricted cash	26,373		—		26,373
Other assets(A)	1,348,608		(1,975)		1,346,633
Total Assets Acquired	1,642,450		(1,975)		1,640,475
Liabilities:
Secured financing agreements	177,551		—		177,551
Secured notes and bonds payable	99,232		—		99,232
Accrued expenses and other liabilities	746,135		—		746,135
Total Liabilities Assumed	1,022,918		—		1,022,918
Noncontrolling interest	35,873		—		35,873
Net Assets	583,659		(1,975)		581,684
Goodwill	$	46,658	$	1,975	$	48,633

Schedule of Acquired Intangible Assets

The following table presents the details of identifiable intangible assets acquired:

	Estimated Useful Life	Amount
Customer Relationships	4.5	$	16,000
Total Identifiable Intangible Assets		$	16,000

The following table presents the details of identifiable intangible assets acquired:

	Estimated Useful Life	Amount
Management contracts	10	$	275,000
Total Identifiable Intangible Assets		$	275,000

The following table summarizes the acquired identifiable intangible assets:

		December 31,
	Estimated Useful Lives (Years)	2024		2023
Gross Intangible Assets:
Management contracts	10	$	275,000	$	275,000
Customer relationships	2 to 9	79,753		57,949
Purchased technology	3 to 7	105,567		103,525
Trademarks / Trade names(A)	1 to 5	10,259		10,259
Licenses	Indefinite	21,365		21,365
		491,944		468,098
Accumulated Amortization:
Management contracts		30,940		3,388
Customer relationships		25,773		17,834
Purchased technology		97,259		54,113
Trademarks / Trade names		6,023		4,843
		159,995		80,178
Intangible Assets, Net:
Management contracts		244,060		271,612
Customer relationships		53,980		40,115
Purchased technology		8,308		49,412
Trademarks / Trade names(A)		4,236		5,416
Licenses		21,365		21,365
		$	331,949	$	387,920

(A)Includes indefinite-lived intangible assets of $1.9 million as of December 31, 2024 and 2023.

Schedule of Unaudited Supplemental Pro Forma Financial Information

The following table presents unaudited pro forma combined revenues and income before income taxes for the years ended December 31, 2024 and 2023 prepared as if the Computershare Acquisition had been consummated on January 1, 2023:

	Year Ended December 31,
Pro Forma	2024		2023
Revenues	$	5,437,872	$	4,135,079
Income before income taxes	1,233,419		718,013

The following table presents unaudited pro forma combined revenues and income before income taxes for the years ended December 31, 2023 and 2022 prepared as if the Sculptor Acquisition had been consummated on January 1, 2022:

	Year Ended December 31,
Pro Forma	2023		2022
Revenues	$	4,135,342	$	5,425,858
Income before income taxes	591,129		1,223,201