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GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS As a result of acquisitions, the Company identified intangible assets in the form of management contracts, customer relationships, purchased technology, trademarks and trade names. The Company also recognized goodwill on certain acquisitions. Goodwill and intangible assets are presented within Other assets on Rithm Capital’s Consolidated Balance Sheets. The following table summarizes the carrying value of goodwill by reportable segment:
| Origination and Servicing |  | Investment Portfolio |  | Mortgage Loans Receivable |  | Asset Management |  | Total
Balance at December 31, 2023 | $ | 24,376 |  |  | $ | 5,092 |  |  | $ | 55,731 |  |  | $ | 46,658 |  |  | $ | 131,857 |
Goodwill acquired | — |  |  | — |  |  | — |  |  | — |  |  | — |
Accumulated impairment loss | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance at June 30, 2024 | $ | 24,376 |  |  | $ | 5,092 |  |  | $ | 55,731 |  |  | $ | 46,658 |  |  | $ | 131,857 |
The following table summarizes the acquired identifiable intangible assets:
| Estimated Useful Lives (Years) |  | June 30, 2024 |  | December 31, 2023
Gross Intangible Assets |  |  |  |  |
Management contracts | 10 |  | $ | 275,000 |  |  | $ | 275,000 |
Customer relationships | 2 to 9 |  | 73,949 |  |  | 57,949 |
Purchased technology | 3 to 7 |  | 139,964 |  |  | 137,922 |
Trademarks / Trade names | 1 to 5 |  | 10,259 |  |  | 10,259 |
|  |  | $ | 499,172 |  |  | $ | 481,130 |
Accumulated Amortization(A) |  |  |  |  |
Management contracts |  |  | $ | 17,090 |  |  | $ | 3,388 |
Customer relationships |  |  | 20,022 |  |  | 17,834
Purchased technology |  |  | 91,685 |  |  | 67,145
Trademarks / Trade names |  |  | 5,433 |  |  | 4,843
|  |  | $ | 134,230 |  |  | $ | 93,210 |
Intangible Assets, Net |  |  |  |  |
Management contracts |  |  | $ | 257,910 |  |  | $ | 271,612 |
Customer relationships |  |  | 53,927 |  |  | 40,115 |
Purchased technology(B) |  |  | 48,279 |  |  | 70,777 |
Trademarks / Trade names(C) |  |  | 4,826 |  |  | 5,416 |
|  |  | $ | 364,942 |  |  | $ | 387,920 |
(A)Amortization expense is presented within general and administrative expense on Rithm Capital’s Consolidated Statements of Operations. (B)Includes indefinite-lived intangible assets of $21.4 million and $21.4 million, respectively. (C)Includes indefinite-lived intangible assets of $1.9 million and $1.9 million, respectively. The Company did not record any impairment loss on its intangible assets for the six months ended June 30, 2024. The following table summarizes the expected future amortization expense for acquired intangible assets as of June 30, 2024:
Year Ending |  | Amortization Expense
July 1 through December 31, 2024 |  | $ | 36,216 |
2025 |  | 49,622 |
2026 |  | 40,778 |
2027 |  | 35,834 |
2028 |  | 35,289 |
2029 and thereafter |  | 143,962 |
|  | $ | 341,701 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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