BUSINESS ACQUISITIONS (Tables)

3 Months Ended

Mar. 31, 2025

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 to acquire the assets and assume the liabilities related to the Computershare Acquisition during the second quarter of 2024:

Total Consideration	$	715,458
Assets:
Residential mortgage loans, held-for-sale	2,402
Servicer advances receivable	269,484
Mortgage servicing rights, at fair value	700,207
Cash and cash equivalents	101,993
Restricted cash	2,271
Other assets(A)	83,056
Total Assets Acquired	1,159,413
Liabilities:
Accrued expenses and other liabilities	225,944
Secured notes and bonds payable	190,596
Total Liabilities Assumed	416,540
Net Assets	742,873
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	$	7,432	$	715,458
Assets:
Residential mortgage loans, held-for-sale	2,402		—		2,402
Servicer advances receivable	275,782		(6,298)		269,484
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		(972)		83,056
Total Assets Acquired	1,162,922		(3,509)		1,159,413
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		6,688		742,873
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).

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 summarizes the acquired identifiable intangible assets:

	Estimated Useful Lives (Years)	March 31, 2025		December 31, 2024
Gross Intangible Assets:
Management contracts	10	$	275,000	$	275,000
Customer relationships	2 to 9	79,753		79,753
Purchased technology	3 to 7	109,539		105,567
Trademarks / Trade names(A)	1 to 5	10,259		10,259
Licenses	Indefinite	21,365		21,365
		495,916		491,944
Accumulated Amortization:
Management contracts		37,716		30,940
Customer relationships		32,318		25,773
Purchased technology		100,671		97,259
Trademarks / Trade names		6,318		6,023
		177,023		159,995
Intangible Assets, Net:
Management contracts		237,284		244,060
Customer relationships		47,435		53,980
Purchased technology		8,868		8,308
Trademarks / Trade names(A)		3,941		4,236
Licenses		21,365		21,365
		$	318,893	$	331,949

(A)Includes indefinite-lived intangible assets of $1.9 million as of March 31, 2025 and December 31, 2024.

Schedule of Unaudited Supplemental Pro Forma Financial Information

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

Pro Forma	Three Months Ended March 31, 2024
Revenues	$	1,377,640
Income before income taxes	400,991