Annual report pursuant to Section 13 and 15(d)

GOODWILL AND INTANGIBLE ASSETS

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GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 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, 2020 $ 62,834 
Goodwill acquired (see Note 3) 112,310 
Balance at December 31, 2021 $ 175,144 
Measurement period adjustment(1)
(1,710)
Goodwill acquired (see Note 3) 3,335 
Balance at December 31, 2022 $ 176,769 
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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.
During the fourth quarter of 2022, the Company performed its annual impairment test. Due to the Company's Origination unit recognizing a net loss during the fourth quarter, the Company performed a quantitative assessment for its Origination reporting unit, the only reporting unit with a goodwill balance. The
quantitative assessment concluded the fair value of the Company's Origination reporting unit was in excess of its carrying value and no impairment was recognized. No impairment charge was recorded in 2021.

Intangible Assets
The following table presents the Company's intangible assets, net as of December 31, 2022:
  Gross Intangibles Accumulated Amortization Net Intangibles Weighted Average Amortization Period (Years)
Referral network $ 42,300  $ 10,575  $ 31,725  4.2
Non-compete agreements 2,700  1,350  1,350  0.1
  $ 45,000  $ 11,925  $ 33,075  4.3
Amortization expense related to intangible assets was $8.0 million and $4.0 million for the years ended December 31, 2022 and 2021, respectively.
As of December 31, 2022, expected amortization expense for the unamortized acquired intangible assets for the next five years and thereafter is as follows:
Amount
2023 $ 7,950 
2024 7,500 
2025 7,050 
2026 7,050 
2027 3,525 
$ 33,075