Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS (Tables)

v3.23.2
GOODWILL AND INTANGIBLE ASSETS (Tables)
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Changes in the Carrying Amount of Goodwill Allocated to the Origination Segment
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 from Legacy (see Note 3) 4,621 
Goodwill acquired from CCM (see Note 3) 2,744 
Balance at June 30, 2023 $ 184,894 
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(1)During the three months ended March 31, 2023, the Company recorded measurement period adjustments which increased goodwill by $1.5 million for certain retention bonuses and decreased goodwill by $0.8 million 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 (loss).
Summary of Intangible Assets
The following table presents our intangible assets, net as of June 30, 2023:
  Gross Intangibles Accumulated Amortization Net Intangibles Weighted Average Amortization Period (Years)
Referral network $ 42,300  $ 14,100  $ 28,200  3.8
Non-compete agreements 2,700  1,800  900  0.1
  $ 45,000  $ 15,900  $ 29,100  3.8