GOODWILL AND OTHER INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

6.	GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill of $140,287,000 was recognized as a result of the Business Combination, which represents the excess fair value of consideration over the fair value of the underlying net assets, largely arising from the extensive industry expertise that has been established by Abacus. This was considered appropriate based on the determination that the Abacus Merger would be accounted for as a business acquisition under ASC 805. The estimates of fair value are based upon preliminary valuation assumptions believed to be reasonable, but which are inherently uncertain and unpredictable. Refer to footnote 3 for further details.

The changes in goodwill by reportable segments were as follows:


	Abacus Settlements, LLC
Goodwill at January 1, 2022	$	—
Additions		—

Goodwill at June 30, 2022	$	—

Goodwill at January 1, 2023	$	—
Additions		140,287,000

Goodwill at June 30, 2023	$	140,287,000

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