Other assets and other liabilities

6 Months Ended

Jun. 30, 2024

Other assets and other liabilities

Other assets and other liabilities

Note 18. Other Assets and Other Liabilities

The table below presents the composition of other assets and other liabilities.

(in thousands)	June 30, 2024		December 31, 2023
Other assets:
Goodwill	$	49,091	$	38,530
Deferred loan exit fees		30,175		32,271
Accrued interest		65,498		64,504
Due from servicers		35,759		20,780
Intangible assets		28,704		17,749
Receivable from third party		32,895		36,519
Deferred financing costs		9,994		9,544
Deferred tax asset		21,085		—
Tax receivable		61,526		3,069
Right-of-use lease asset		3,957		2,539
PPP receivables		23,735		34,597
Investments held to maturity		3,446		3,446
Purchased future receivables, net		2,093		9,483
Other		11,455		27,144
Other assets	$	379,413	$	300,175
Accounts payable and other accrued liabilities:
Accrued salaries, wages and commissions		20,028		33,961
Accrued interest payable		38,545		35,373
Servicing principal and interest payable		10,360		6,249
Deferred tax liability		32,977		32,977
Repair and denial reserve		7,580		6,974
Payable to related parties		12,854		7,038
PPP liabilities		24,830		36,182
Accrued professional fees		3,235		5,354
Lease payable		9,384		8,205
Other		44,973		35,168
Total accounts payable and other accrued liabilities	$	204,766	$	207,481

In the table above, investments held to maturity was $3.4 million as of both June 30, 2024 and December 31, 2023. As of both June 30, 2024 and December 31, 2023 substantially all of the investments held to maturity consisted of multi-family preferred equities with maturities of one through five years and a weighted average interest rate of 10.0%. The provision for credit losses on held to maturity securities was not material for the three and six months ended June 30, 2024 or June 30, 2023.

Goodwill

The table below presents the carrying value of goodwill by reportable segment.

(in thousands)	June 30, 2024		December 31, 2023
LMM Commercial Real Estate	$	27,324	$	27,324
Small Business Lending		21,767		11,206
Total	$	49,091	$	38,530

Intangible assets

The table below presents information on intangible assets.

(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
June 30, 2024
Amortized intangible assets:
Internally developed software	$	14,107	$	5,161	$	8,946
Customer relationships		6,799		1,043		5,756
Broker network		9,300		1,284		8,016
Other		3,182		696		2,486
Unamortized intangible assets:
Trade name		2,500		—		2,500
SBA license		1,000		—		1,000
Total intangible assets	$	36,888	$	8,184	$	28,704
December 31, 2023
Amortized intangible assets:
Internally developed software	$	11,840	$	3,884	$	7,956
Customer relationships		6,800		865		5,935
Other		2,080		1,722		358
Unamortized intangible assets:
Trade name		2,500		—		2,500
SBA license		1,000		—		1,000
Total intangible assets	$	24,220	$	6,471	$	17,749

The amortization expense related to intangible assets was $0.9 million and $1.7 million for the three and six months ended June 30, 2024 and $0.4 million and $0.8 million for the three and six months ended June 30, 2023, respectively. Such amounts are recorded as other operating expenses in the consolidated statements of operations.

The table below presents amortization expense related to finite-lived intangible assets for the subsequent five years.

(in thousands)	June 30, 2024
2024	$	2,168
2025		4,204
2026		3,554
2027		3,434
2028		2,407
Thereafter		9,437
Total	$	25,204