Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS

v3.22.2.2
GOODWILL AND INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
Goodwill
The changes in the carrying amount of goodwill allocated to the origination segment are presented in the following table:
Balance at December 31, 2021 $ 175,144 
Measurement period adjustment(1)
(1,710)
Balance at September 30, 2022 $ 173,434 
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(1)The Company recorded a measurement period adjustment that included a decrease to goodwill of $1.7 million and an increase to income tax receivable of $1.7 million. This adjustment did not impact the Company's statements of income.
Intangible Assets
The following table presents our intangible assets, net as of September 30, 2022:
  Gross Intangibles Accumulated Amortization Net Intangibles Weighted Average Amortization Period (Years)
Referral network $ 42,300  $ 8,812  $ 33,488  4.5
Non-compete agreements 2,700  1,125  1,575  0.1
  $ 45,000  $ 9,937  $ 35,063  4.6
Amortization expense related to intangible assets was $2.0 million for each of the three months ended September 30, 2022 and 2021, and $6.0 million and $2.0 million for the nine months ended September 30, 2022 and 2021, respectively.