Quarterly report pursuant to Section 13 or 15(d)

Acquisition of RoundPoint Mortgage Servicing LLC (Tables)

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Acquisition of RoundPoint Mortgage Servicing LLC (Tables)
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Business Combination, Segment Allocation The measurement period adjustments made during the three months ended December 31, 2023 are set forth below. No measurement period adjustments were made subsequent to December 31, 2023.
(in thousands) Acquisition Date Amounts Recognized Subsequent Measurement Period Adjustments Acquisition Date Amounts Recognized, as adjusted
Total Consideration $ 44,732  $ (188) $ 44,544 
Assets:
Cash and cash equivalents $ 50,366  $ —  $ 50,366 
Intangible assets 786  13  799 
Other assets 29,148  —  29,148 
Total Assets Acquired $ 80,300  $ 13  $ 80,313 
Liabilities:
Accrued expenses $ 4,483  $ —  $ 4,483 
Other liabilities 58,739  —  58,739 
Total Liabilities Assumed $ 63,222  $ —  $ 63,222 
Net Assets $ 17,078  $ 13  $ 17,091 
Goodwill $ 27,654  $ (201) $ 27,453 
Schedule of Business Acquisition, Pro Forma Information The following table presents unaudited pro forma combined revenues and income before income taxes for the three and nine months ended September 30, 2024 and 2023 prepared as if the RoundPoint acquisition had been consummated on January 1, 2023.
Three Months Ended Nine Months Ended
September 30, September 30,
(in thousands) 2024 2023 2024 2023
Revenue (1)
$ (51,527) $ 585,641  $ 646,894  $ 1,044,039 
(Loss) income before income taxes
 $ (248,943) $ 339,009  $ 37,153  $ 357,636 
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(1)The Company’s revenue is defined as the sum of the interest income, servicing income and total other income line items on the condensed consolidated statements of comprehensive income (loss).