Sunlight Financial Holdings Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies - Business Combination (Details)

Summary of Significant Accounting Policies - Business Combination (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended			6 Months Ended	9 Months Ended
	Jul. 09, 2021	Jul. 09, 2021	Nov. 30, 2020	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2021	Jul. 09, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Narrative Disclosures
Trust account cash	$ 345,000	$ 345,000					$ 345,000
Redemption of common stock					$ 0		0	$ 10,452
Shares redeemed (in shares)		19,227,063
Shares redeemed, price (in dollars per share)		$ 10.00
Business combination expenses	$ 529			$ 0	1,093		7,011	0
Payments of stock issuance costs					$ 19,618		$ 0	0
Fair Value of Net Assets Acquired
Goodwill				61,377				61,377		$ 445,756
Pro Forma Operating Results
Revenue				33,265		$ 28,594		91,086	$ 53,064
Net income (loss) before income taxes				(420,209)		4,927		(423,694)	(7,706)
Income tax benefit (expense)				19,330		(927)		19,490	1,449
Noncontrolling interests in (income) loss of consolidated subsidiaries				151,696		(2,040)		152,954	3,191
Net income (loss) attributable to Class A shareholders				$ (249,184)		$ 1,960		$ (251,251)	$ (3,065)
IPO
Narrative Disclosures
Stock issued (in shares)			34,500,000
Consideration received			$ 345,000
Payments of stock issuance costs		$ 12,100	$ 19,700
PIPE
Narrative Disclosures
Stock issued (in shares)		25,000,000
Consideration received		$ 250,000
Payments of stock issuance costs		$ 7,500
Class A common stock
Narrative Disclosures
Shares redeemed (in shares)	0			2,591,027	0		0	3,036,259
Sunlight Financial LLC
Noncontrolling Interest
Noncontrolling interest percent	34.90%	34.90%		36.10%			34.90%	36.10%		35.00%
Sunlight Financial LLC
Narrative Disclosures
Cash received		$ 55,100
Tax withholding paid related to cash compensation paid to the Company's employees		5,600
Business combination expenses							$ 7,000
Payment of acquisition-related advisory fees		7,900
Purchase Consideration
Rollover of Sunlight Financial LLC historical warrants		2,499
Cash consideration to existing Sunlight Financial LLC interests, net		296,281
Cash paid for seller transaction costs		8,289
Purchase consideration		664,869
Fair Value of Net Assets Acquired
Cash and cash equivalents	$ 59,786	59,786					59,786
Restricted cash	3,844	3,844					3,844
Goodwill	670,457	670,457					670,457
Intangible assets	407,600	407,600					407,600
Property and equipment	1,047	1,047					1,047
Due from affiliates	1,839	1,839					1,839
Other assets	4,561	4,561					4,561
Accounts payable and accrued expenses	(19,210)	(19,210)					(19,210)
Funding commitments	(21,485)	(21,485)					(21,485)
Debt	(20,613)	(20,613)					(20,613)
Due to affiliates	(761)	(761)					(761)
Warrants, at fair value	0	0					0
Deferred tax liability	(42,212)	(42,212)					(42,212)
Other liabilities	(512)	(512)					(512)
Fair value of noncontrolling interests	(427,211)	(427,211)					(427,211)
Fair value of net assets acquired	664,869	664,869					664,869
Equity Consideration
Acceleration of post business combination expense		(3,110)
Acceleration of post business combination expense, cash portion		0
Goodwill expected to be tax deductible	149,700	149,700					149,700
Acquired Intangible Assets
Fair Value		407,600
Noncontrolling Interest
Fair value of Class EX units	437,204	437,204					437,204
Less: Post-combination compensation expenses		(9,993)
Noncontrolling interests	$ 427,211	$ 427,211					$ 427,211
Sunlight Financial LLC \| Contractor relationships
Acquired Intangible Assets
Weighted Average Useful Lives (in Years)		11 years 6 months
Fair Value		$ 350,000
Sunlight Financial LLC \| Capital provider relationships
Acquired Intangible Assets
Weighted Average Useful Lives (in Years)		9 months 18 days
Fair Value		$ 43,000
Sunlight Financial LLC \| Trademarks/ trade names
Acquired Intangible Assets
Weighted Average Useful Lives (in Years)		10 years
Fair Value		$ 7,900
Sunlight Financial LLC \| Developed technology
Acquired Intangible Assets
Weighted Average Useful Lives (in Years)		5 years
Fair Value		$ 6,700
Sunlight Financial LLC \| Class A common stock
Purchase Consideration
Equity consideration paid to existing Sunlight Financial LLC ownership in Class A Common Stock, net		$ 357,800
Equity Consideration
Common Class A shares		38,151,192
Fair value per share (in dollars per share)	$ 9.46	$ 9.46					$ 9.46
Equity consideration paid to existing Blocker Holders		$ 360,910
Equity consideration paid to existing Sunlight Financial LLC members, net		$ 357,800
Noncontrolling Interest
Fair value per unit (in dollars per share)	9.46	$ 9.46					9.46
Sunlight Financial LLC \| Common Class EX
Equity Consideration
Fair value per share (in dollars per share)	9.46	$ 9.46					9.46
Noncontrolling Interest
Common Class EX units (in shares)		46,216,054
Fair value per unit (in dollars per share)	$ 9.46	$ 9.46					$ 9.46
Sunlight Financial LLC \| Advances
Fair Value of Net Assets Acquired
Advances and Financing receivables	$ 42,622	$ 42,622					$ 42,622
Sunlight Financial LLC \| Loans and Loan Participations
Fair Value of Net Assets Acquired
Advances and Financing receivables	$ 5,117	$ 5,117					$ 5,117