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GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill | The changes in the carrying amount of goodwill by reportable segments were as follows:
|  | Portfolio Servicing |  | Active Management |  | Originations
Goodwill at January 1, 2023 |  | $ | — |  |  | $ | — |  |  | $ | — |
Additions |  | — |  |  | — |  |  | 140,287,000 |
Goodwill at September 30, 2023 |  | $ | — |  |  | $ | — |  |  | $ | 140,287,000 |
Schedule of Finite-Lived Intangible Assets | Intangible Assets Acquired comprised of the following:
Asset Type |  | Fair Value |  | Useful Life |  | Valuation Methodology
Customer Relationships - Agents |  | $ | 12,600,000 |  |  | 5 years |  | Multi-period excess-earnings method
Customer Relationships - Financial Relationships |  | 11,000,000 |  |  | 8 years |  | Multi-period excess-earnings method
Internally Developed and Used Technology—APA |  | 1,600,000 |  |  | 2 years |  | Relief from Royalty Method
Internally Developed and Used Technology—Market Place |  | 100,000 |  |  | 3 years |  | Replacement Cost Method
Trade Name |  | 900,000 |  |  | Indefinite |  | Relief from Royalty Method
Non-Compete Agreements |  | 4,000,000 |  |  | 2 years |  | With or Without Method
State Insurance Licenses |  | 2,700,000 |  |  | Indefinite |  | Replacement Cost Method
|  | $ | 32,900,000 |  |  |  |  |
Intangible assets and related accumulated amortization as of September 30, 2023 and December 31,2022 are as follows:
|  | September 30, 2023
Definite Lived Intangible Assets: |  | Gross Value |  | Accumulated Amortization |  | Net Book Value
Customer Relationships - Agents |  | $ | 12,600,000 |  |  | $ | 630,000 |  |  | $ | 11,970,000 |
Customer Relationships - Financial Relationships |  | 11,000,000 |  |  | 343,750 |  |  | 10,656,250 |
Internally Developed and Used Technology—APA |  | 1,600,000 |  |  | 200,000 |  |  | 1,400,000 |
Internally Developed and Used Technology—Market Place |  | 100,000 |  |  | 8,333 |  |  | 91,667 |
Non-Compete Agreements |  | 4,000,000 |  |  | 500,000 |  |  | 3,500,000 |
Balance at September 30, 2023 |  | $ | 29,300,000 |  |  | $ | 1,682,083 |  |  | $ | 27,617,917 |
Indefinite Lived Intangible Assets: |  |  |  |  |  |
Trade Name |  | 900,000 |  |  | — |  |  | 900,000 |
State Insurance Licenses |  | 2,700,000 |  |  | — |  |  | 2,700,000 |
Total Intangible Asset Balance at September 30, 2023 |  | $ | 32,900,000 |  |  | $ | 1,682,083 |  |  | $ | 31,217,917 |
Schedule of Indefinite-Lived Intangible Assets | Intangible Assets Acquired comprised of the following:
Asset Type |  | Fair Value |  | Useful Life |  | Valuation Methodology
Customer Relationships - Agents |  | $ | 12,600,000 |  |  | 5 years |  | Multi-period excess-earnings method
Customer Relationships - Financial Relationships |  | 11,000,000 |  |  | 8 years |  | Multi-period excess-earnings method
Internally Developed and Used Technology—APA |  | 1,600,000 |  |  | 2 years |  | Relief from Royalty Method
Internally Developed and Used Technology—Market Place |  | 100,000 |  |  | 3 years |  | Replacement Cost Method
Trade Name |  | 900,000 |  |  | Indefinite |  | Relief from Royalty Method
Non-Compete Agreements |  | 4,000,000 |  |  | 2 years |  | With or Without Method
State Insurance Licenses |  | 2,700,000 |  |  | Indefinite |  | Replacement Cost Method
|  | $ | 32,900,000 |  |  |  |  |
Intangible assets and related accumulated amortization as of September 30, 2023 and December 31,2022 are as follows:
|  | September 30, 2023
Definite Lived Intangible Assets: |  | Gross Value |  | Accumulated Amortization |  | Net Book Value
Customer Relationships - Agents |  | $ | 12,600,000 |  |  | $ | 630,000 |  |  | $ | 11,970,000 |
Customer Relationships - Financial Relationships |  | 11,000,000 |  |  | 343,750 |  |  | 10,656,250 |
Internally Developed and Used Technology—APA |  | 1,600,000 |  |  | 200,000 |  |  | 1,400,000 |
Internally Developed and Used Technology—Market Place |  | 100,000 |  |  | 8,333 |  |  | 91,667 |
Non-Compete Agreements |  | 4,000,000 |  |  | 500,000 |  |  | 3,500,000 |
Balance at September 30, 2023 |  | $ | 29,300,000 |  |  | $ | 1,682,083 |  |  | $ | 27,617,917 |
Indefinite Lived Intangible Assets: |  |  |  |  |  |
Trade Name |  | 900,000 |  |  | — |  |  | 900,000 |
State Insurance Licenses |  | 2,700,000 |  |  | — |  |  | 2,700,000 |
Total Intangible Asset Balance at September 30, 2023 |  | $ | 32,900,000 |  |  | $ | 1,682,083 |  |  | $ | 31,217,917 |
Schedule of Estimated Annual Amortization for Intangible Assets | Estimated annual amortization of intangible assets for the next five years ending December 31 and thereafter is as follows:
Remainder of 2023 |  | $ | 1,682,083 |
2024 |  | 6,728,333 |
2025 |  | 5,328,333 |
2026 |  | 3,911,667 |
2027 |  | 3,895,000 |
Thereafter |  | 6,072,501 |
Total |  | $ | 27,617,917 |

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