GOODWILL AND INTANGIBLE ASSETS, NET

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS, NET

GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

The following is a summary of goodwill by segment:

(in thousands)	Servicer and Real Estate		Origination		Corporate and Others		Total
Balance as of September 30, 2023 and December 31, 2022	$	30,681	$	25,279	$	—	$	55,960

Intangible Assets, net

Intangible assets, net consist of the following:

	Weighted average estimated useful life (in years)	Gross carrying amount				Accumulated amortization				Net book value
(in thousands)		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Definite lived intangible assets:
Customer related intangible assets	9	$	214,307	$	214,307	$	(199,915)	$	(197,594)	$	14,392	$	16,713
Operating agreement	20	35,000		35,000		(23,917)		(22,604)		11,083		12,396
Trademarks and trade names	16	9,709		9,709		(7,366)		(7,088)		2,343		2,621
Total		$	259,016	$	259,016	$	(231,198)	$	(227,286)	$	27,818	$	31,730

Amortization expense for definite lived intangible assets was $3.9 million and $3.8 million for the nine months ended September 30, 2023 and 2022, respectively ($1.4 million and $1.3 million for the third quarter of 2023 and 2022, respectively).

Forecasted annual definite lived intangible asset amortization expense for 2023 through 2027 is $5.2 million, $5.1 million, $5.1 million, $4.9 million and $4.7 million, respectively.