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Goodwill and Intangibles
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangibles Goodwill and Intangibles
Goodwill
Infrastructure Lending Segment
The Infrastructure Lending Segment’s goodwill of $119.4 million at both December 31, 2021 and 2020 represents the excess of consideration transferred over the fair value of net assets acquired on September 19, 2018 and October 15, 2018. The goodwill recognized is attributable to value embedded in the acquired Infrastructure Lending Segment’s lending platform and is fully tax deductible over 15 years.

As discussed in Note 2, goodwill is tested for impairment at least annually. Based on our quantitative assessment during the fourth quarter of 2021, we determined that the fair value of the Infrastructure Lending Segment reporting unit to which goodwill is attributed exceeded its carrying value including goodwill. Therefore, we concluded that the goodwill attributed to the Infrastructure Lending Segment was not impaired.
LNR Property LLC (“LNR”)
The Investing and Servicing Segment’s goodwill of $140.4 million at both December 31, 2021 and 2020 represents the excess of consideration transferred over the fair value of net assets of LNR acquired on April 19, 2013. The goodwill recognized is attributable to value embedded in LNR’s existing platform, which includes a network of commercial real estate asset managers, work-out specialists, underwriters and administrative support professionals as well as proprietary historical performance data on commercial real estate assets. The tax deductible component of this goodwill as of April 19, 2013 was $149.9 million and is deductible over 15 years.

Based on our qualitative assessment during the fourth quarter of 2021, we determined that it is not more likely than not that the fair value of the Investing and Servicing Segment reporting unit to which goodwill is attributed is less than its carrying value including goodwill.  Therefore, we concluded that the goodwill attributed to the Investing and Servicing Segment was not impaired. 

Future changes in the expectations of the impact of COVID-19 on our operations, financial performance and cash flows could cause our goodwill to be impaired.
Intangible Assets
Servicing Rights Intangibles
In connection with the LNR acquisition, we identified domestic servicing rights that existed at the purchase date, based upon the expected future cash flows of the associated servicing contracts. As of December 31, 2021 and 2020, the balance of the domestic servicing intangible was net of $42.1 million and $41.4 million, respectively, which was eliminated in consolidation pursuant to ASC 810 against VIE assets in connection with our consolidation of securitization VIEs. Before VIE consolidation, as of December 31, 2021 and 2020, the domestic servicing intangible had a balance of $58.9 million and $54.6 million, respectively, which represents our economic interest in this asset.
Lease Intangibles
In connection with our acquisitions of commercial real estate, we recognized in-place lease intangible assets and favorable lease intangible assets associated with certain non-cancelable operating leases of the acquired properties.
The following table summarizes our intangible assets, which are comprised of servicing rights intangibles and lease intangibles, as of December 31, 2021 and 2020 (amounts in thousands):
As of December 31, 2021As of December 31, 2020
Gross Carrying
Value		Accumulated
Amortization		Net Carrying
Value		Gross Carrying
Value		Accumulated
Amortization		Net Carrying
Value
Domestic servicing rights, at fair value
$16,780 $— $16,780 $13,202 $— $13,202 
In-place lease intangible assets
94,712 (62,721)31,991 133,203 (92,540)40,663 
Favorable lease intangible assets
23,746 (8,953)14,793 24,181 (7,929)16,252 
Total net intangible assets$135,238 $(71,674)$63,564 $170,586 $(100,469)$70,117 
The following table summarizes the activity within intangible assets for the years ended December 31, 2021 and 2020 (amounts in thousands):
Domestic
Servicing
Rights		In-place Lease
Intangible
Assets		Favorable Lease
Intangible
Assets		Total
Balance as of January 1, 2020
$16,917 $50,910 $17,873 $85,700 
Amortization— (10,077)(1,621)(11,698)
Sales— (170)— (170)
Changes in fair value due to changes in inputs and assumptions(3,715)— — (3,715)
Balance as of December 31, 2020
$13,202 $40,663 $16,252 $70,117 
Amortization— (8,116)(1,387)(9,503)
Sales— (556)(72)(628)
Changes in fair value due to changes in inputs and assumptions3,578 — — 3,578 
Balance as of December 31, 2021$16,780 $31,991 $14,793 $63,564 
The following table sets forth the estimated aggregate amortization of our in-place lease intangible assets and favorable lease intangible assets for the next five years and thereafter (amounts in thousands):
2022$7,618 
20236,043 
20244,650 
20253,775 
20262,754 
Thereafter21,944 
Total$46,784 
Lease LiabilitiesIn connection with our acquisition of certain properties within our Medical Office Portfolio, we recognized aggregate unfavorable lease liabilities of $4.8 million with a weighted average life of 9.7 years at acquisition. The liability balance was $1.5 million and $1.9 million as of December 31, 2021 and 2020, respectively