Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS

v3.23.1
GOODWILL AND INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2023
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, 2022 $ 176,769 
Measurement period adjustments for Inlanta(1)
760 
Goodwill acquired (see Note 3) 4,621 
Balance at March 31, 2023 $ 182,150 
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(1)During the three months ended March 31, 2023, goodwill increased by $1.5 million due to a measurement period adjustment for certain retention bonuses and decreased by $0.8 million due to a measurement period adjustment for the partial return of the purchase price required within 90 days of the acquisition based on a provision in the asset purchase agreement related to the Company's acquisition of Inlanta Mortgage, Inc. during December 2022. These adjustments did not impact the Company's statements of income.
Intangible Assets
The following table presents the Company's intangible assets, net as of March 31, 2023:
  Gross Intangibles Accumulated Amortization Net Intangibles Weighted Average Amortization Period (Years)
Referral network $ 42,300  $ 12,337  $ 29,963  4.0
Non-compete agreements 2,700  1,575  1,125  0.1
  $ 45,000  $ 13,912  $ 31,088  4.1
Amortization expense related to intangible assets was $2.0 million for each of the three months ended March 31, 2023 and 2022.