Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

The following table summarizes our purchase price allocations related to the acquisition of Riverbend through December 31, 2022.

Table 2.1 – Purchase Price Allocations

(In Thousands)	Riverbend
Acquisition Date	July 1, 2022
Purchase price:
Cash	$	44,126
Provisional consideration payable	153
Total consideration	$	44,279
Allocated to:
Business purpose loans, at fair value	$	59,748
Other investments	2,443
Cash and cash equivalents	3,490
Other assets	12,982
Goodwill	23,373
Intangible assets	13,300
Total assets acquired	115,336
Short-term debt, net	67,423
Accrued expenses and other liabilities	3,634
Total liabilities assumed	71,057
Total net assets acquired	$	44,279

Schedule of Finite-Lived Intangible Assets

The table below presents the amortization period and carrying value of our intangible assets, net of accumulated amortization at December 31, 2022 and 2021.

Table 2.2 – Intangible Assets – Activity

	Intangible Assets at Acquisition		Accumulated Amortization at December 31, 2022		Carrying Value at December 31, 2022		Weighted Average Amortization Period (in years)
(Dollars in Thousands)
Borrower network	$	56,300	$	(21,547)	$	34,753	7
Broker network	18,100		(13,877)		4,223		5
Non-compete agreements	11,400		(9,817)		1,583		3
Tradenames	4,400		(4,067)		333		3
Developed technology	1,800		(1,800)		—		2
Loan administration fees on existing loan assets	2,600		(2,600)		—		1
Total	$	94,600	$	(53,708)	$	40,892	6

	Intangible Assets at Acquisition		Accumulated Amortization at December 31, 2021		Carrying Value at December 31, 2021		Weighted Average Amortization Period (in years)
(Dollars in Thousands)
Borrower network	$	45,300	$	(14,291)	$	31,009	7
Broker network	18,100		(10,257)		7,843		5
Non-compete agreements	9,500		(7,597)		1,903		3
Tradenames	4,000		(3,194)		806		3
Developed technology	1,800		(1,800)		—		2
Loan administration fees on existing loan assets	2,600		(2,600)		—		1
Total	$	81,300	$	(39,739)	$	41,561	6

Finite-lived Intangible Assets Amortization Expense

Estimated future amortization expense is summarized in the table below.

Table 2.3 – Intangible Asset Amortization Expense by Year

(In Thousands)	December 31, 2022
2023	$	12,429
2024	9,412
2025	8,426
2026	6,696
2027	1,571
2028 and thereafter	2,358
Total Future Intangible Asset Amortization	$	40,892

Schedule of Goodwill

Table 2.4 – Goodwill - Activity

	Year Ended December 31,
(In Thousands)	2022		2021
Beginning Balance	$	—	$	—
Goodwill recognized from acquisition	23,373		—
Impairment	—		—
Ending Balance	$	23,373	$	—

Pro Forma Information

Table 2.5 – Unaudited Pro Forma Financial Information

	Year Ended December 31,
(In Thousands)	2022		2021
Supplementary pro forma information:
Net interest income	$	159,404	$	151,982
Non-interest (loss) income	(154,934)		405,092
Net (loss) income	(161,599)		322,959