XML 121 R97.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amount of goodwill by reportable segments were as follows:
Portfolio Servicing Active ManagementOriginations
Goodwill at December 31, 2023$— $— $140,287,000 
Additions— — — 
Goodwill at March 31, 2024$— $— $140,287,000 
The changes in the carrying amount of goodwill by reportable segments were as follows:
Portfolio Servicing Active ManagementOriginations
Goodwill at January 1, 2023$— $— $— 
Additions— — 140,287,000 
Goodwill at December 31, 2023$— $— $140,287,000 
Schedule of Finite-Lived Intangible Assets
Intangible Assets acquired comprised of the following:
Asset TypeFair ValueUseful LifeValuation Methodology
Customer Relationships - Agents$12,600,000 5 yearsMulti-period excess-earnings method
Customer Relationships - Financial Relationships11,000,000 8 yearsMulti-period excess-earnings method
Internally Developed and Used Technology—APA1,600,000 2 yearsRelief from Royalty Method
Internally Developed and Used Technology—Market Place100,000 3 yearsReplacement Cost Method
Trade Name900,000 IndefiniteRelief from Royalty Method
Non-Compete Agreements4,000,000 2 yearsWith or Without Method
State Insurance Licenses2,700,000 IndefiniteReplacement Cost Method
$32,900,000 
Intangible assets and related accumulated amortization as of March 31, 2024 are as follows:
Definite Lived Intangible Assets:Gross Value Accumulated AmortizationNet Book Value
Customer Relationships - Agents$12,600,000 $(1,890,000)$10,710,000 
Customer Relationships - Financial Relationships11,000,000 (1,031,250)9,968,750 
Internally Developed and Used Technology—APA1,600,000 (600,000)1,000,000 
Internally Developed and Used Technology—Market Place100,000 (25,000)75,000 
Non-Compete Agreements4,000,000 (1,500,000)2,500,000 
Balance at March 31, 2024$29,300,000 $(5,046,250)$24,253,750 
Indefinite Lived Intangible Assets:
Trade Name900,000 — 900,000 
State Insurance Licenses2,700,000 — 2,700,000 
Total Intangible Asset Balance at March 31, 2024$32,900,000 $(5,046,250)$27,853,750 
Intangible Assets Acquired comprised of the following:
Asset TypeFair ValueUseful LifeValuation Methodology
Customer Relationships - Agents$12,600,000 5 yearsMulti-period excess-earnings method
Customer Relationships - Financial Relationships11,000,000 8 yearsMulti-period excess-earnings method
Internally Developed and Used Technology—APA1,600,000 2 yearsRelief from Royalty Method
Internally Developed and Used Technology—Market Place100,000 3 yearsReplacement Cost Method
Trade Name900,000 IndefiniteRelief from Royalty Method
Non-Compete Agreements4,000,000 2 yearsWith or Without Method
State Insurance Licenses2,700,000 IndefiniteReplacement Cost Method
$32,900,000 
Intangible assets and related accumulated amortization as of December 31, 2023 and 2022 are as follows:
December 31, 2023
Definite Lived Intangible Assets:Gross Value Accumulated AmortizationNet Book Value
Customer Relationships - Agents$12,600,000 $1,260,000 $11,340,000 
Customer Relationships - Financial Relationships11,000,000 687,500 10,312,500 
Internally Developed and Used Technology—APA1,600,000 400,000 1,200,000 
Internally Developed and Used Technology—Market Place100,000 16,667 83,333 
Non-Compete Agreements4,000,000 1,000,000 3,000,000 
Balance at December 31, 2023$29,300,000 $3,364,167 $25,935,833 
Indefinite Lived Intangible Assets:
Trade Name900,000 — 900,000 
State Insurance Licenses2,700,000 — 2,700,000 
Total Intangible Asset Balance at December 31, 2023$32,900,000 $3,364,167 $29,535,833 
Schedule of Indefinite-Lived Intangible Assets
Intangible Assets acquired comprised of the following:
Asset TypeFair ValueUseful LifeValuation Methodology
Customer Relationships - Agents$12,600,000 5 yearsMulti-period excess-earnings method
Customer Relationships - Financial Relationships11,000,000 8 yearsMulti-period excess-earnings method
Internally Developed and Used Technology—APA1,600,000 2 yearsRelief from Royalty Method
Internally Developed and Used Technology—Market Place100,000 3 yearsReplacement Cost Method
Trade Name900,000 IndefiniteRelief from Royalty Method
Non-Compete Agreements4,000,000 2 yearsWith or Without Method
State Insurance Licenses2,700,000 IndefiniteReplacement Cost Method
$32,900,000 
Intangible assets and related accumulated amortization as of March 31, 2024 are as follows:
Definite Lived Intangible Assets:Gross Value Accumulated AmortizationNet Book Value
Customer Relationships - Agents$12,600,000 $(1,890,000)$10,710,000 
Customer Relationships - Financial Relationships11,000,000 (1,031,250)9,968,750 
Internally Developed and Used Technology—APA1,600,000 (600,000)1,000,000 
Internally Developed and Used Technology—Market Place100,000 (25,000)75,000 
Non-Compete Agreements4,000,000 (1,500,000)2,500,000 
Balance at March 31, 2024$29,300,000 $(5,046,250)$24,253,750 
Indefinite Lived Intangible Assets:
Trade Name900,000 — 900,000 
State Insurance Licenses2,700,000 — 2,700,000 
Total Intangible Asset Balance at March 31, 2024$32,900,000 $(5,046,250)$27,853,750 
Intangible Assets Acquired comprised of the following:
Asset TypeFair ValueUseful LifeValuation Methodology
Customer Relationships - Agents$12,600,000 5 yearsMulti-period excess-earnings method
Customer Relationships - Financial Relationships11,000,000 8 yearsMulti-period excess-earnings method
Internally Developed and Used Technology—APA1,600,000 2 yearsRelief from Royalty Method
Internally Developed and Used Technology—Market Place100,000 3 yearsReplacement Cost Method
Trade Name900,000 IndefiniteRelief from Royalty Method
Non-Compete Agreements4,000,000 2 yearsWith or Without Method
State Insurance Licenses2,700,000 IndefiniteReplacement Cost Method
$32,900,000 
Intangible assets and related accumulated amortization as of December 31, 2023 and 2022 are as follows:
December 31, 2023
Definite Lived Intangible Assets:Gross Value Accumulated AmortizationNet Book Value
Customer Relationships - Agents$12,600,000 $1,260,000 $11,340,000 
Customer Relationships - Financial Relationships11,000,000 687,500 10,312,500 
Internally Developed and Used Technology—APA1,600,000 400,000 1,200,000 
Internally Developed and Used Technology—Market Place100,000 16,667 83,333 
Non-Compete Agreements4,000,000 1,000,000 3,000,000 
Balance at December 31, 2023$29,300,000 $3,364,167 $25,935,833 
Indefinite Lived Intangible Assets:
Trade Name900,000 — 900,000 
State Insurance Licenses2,700,000 — 2,700,000 
Total Intangible Asset Balance at December 31, 2023$32,900,000 $3,364,167 $29,535,833 
Schedule of Estimated Annual Amortization for Intangible Assets
Estimated annual amortization of intangible assets for the next five years ending December 31 and thereafter is as follows:
2024 remaining$5,046,250 
20255,328,333 
20263,911,667 
20273,895,000 
20282,635,000 
Thereafter3,437,500 
Total$24,253,750 
Estimated annual amortization of intangible assets for the next five years ending December 31 and thereafter is as follows:
2024$6,728,333 
20255,328,333 
20263,911,667 
20273,895,000 
20282,635,000 
Thereafter3,437,500 
Total$25,935,833