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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The components of Goodwill and other intangible assets were as follows:
|  | December 31, 2024 |  | December 31, 2023
Goodwill |  | $ | 32,230 |  |  | $ | 32,230 |
Indefinite-life intangibles: |  |  |  |
Trademark - Douglas Elliman |  | $ | 68,000 |  |  | $ | 68,000 |
Intangibles with a finite life, net |  | 4,307 |  |  | 4,964 |
Total other intangible assets, net |  | $ | 72,307 |  |  | $ | 72,964 |
The carrying amounts of goodwill and intangibles with a finite life for 2024 were as follows:
|  | Goodwill |  | Intangibles with a finite life, net
Balance as of January 1, 2024 |  | $ | 32,230 |  |  | $ | 4,964 |
Amortization |  | — |  |  | (657) |
Balance as of December 31, 2024 |  | $ | 32,230 |  |  | $ | 4,307 |
The carrying amounts of goodwill and intangibles with a finite life for 2023 we re as follows:
|  | Goodwill |  | Intangibles with a finite life, net
Balance as of January 1, 2023 |  | $ | 32,230 |  |  | $ | 5,666 |
Amortization |  | — |  |  | (702) |
Balance as of December 31, 2023 |  | $ | 32,230 |  |  | $ | 4,964 |
_____________________________ Goodwill is evaluated for impairment annually or whenever the Company identifies certain triggering events or circumstances that would more likely than not reduce the fair value of the Company below its carrying amount. Events or circumstances that might indicate an interim evaluation is warranted include, among other things, unexpected adverse business conditions, macro and reporting unit specific economic factors (for example, interest rate fluctuations, and loss of key personnel), supply costs, unanticipated competitive activities, and acts by governments and courts. In the three months ended September 30, 2024, the Company utilized third-party valuation specialists to prepare a quantitative assessment of its goodwill and trademark intangible assets, based on the current market conditions in the residential real estate brokerage industry which did not result in impairment charges related to its goodwill or trademark for the year ended December 31, 2024. For th e goodwill testing, the Company utilized an income approach (a discounted cash flows method) to estimate the fair value of the Douglas Elliman business. The estimated fair value of the trademark indefinite-life intangible asset related to the Douglas Elliman brand name was determined using an approach that values the Company’s cash savings from having a royalty-free license compared to the market rate it would pay for access to use the trade name. The third-party quantitative assessments of the goodwill and trademark intangible asset reflected management’s assumptions regarding revenue growth rates, economic and market trends including current expectations of the market, changes to cost structures and other expectations about the anticipated short-term and long-term operating results of the Company. If the Company fails to achieve the financial projections used in the quantitative assessments of fair value and current market conditions deteriorate, impairment charges could result in future periods, and such impairment charges could be material. Other intangible assets and contract liabilities assumed were as follows:
| Useful Lives in Years |  | December 31, 2024 |  | December 31, 2023
Trademark - Douglas Elliman | Indefinite |  | $ | 68,000 |  |  | $ | 68,000 |
Other intangibles | 1 - 10 |  | 11,216 |  |  | 11,216 |
|  |  | 11,216 |  |  | 11,216 |
Less: Accumulated amortization on amortizable intangibles |  |  | (6,909) |  |  | (6,252) |
Other intangibles, net |  |  | $ | 4,307 |  |  | $ | 4,964 |
The trademark intangible has been attributed to the acquisition of the Douglas Elliman brand name which the Company plans to continue using. The fair value of the intangible asset associated with the Douglas Elliman trademark is determined using a “relief from royalty payments” method. This approach involves two steps: (i) estimating reasonable royalty rates for its Douglas Elliman trademark and (ii) applying these royalty rates to a net sales stream and discounting the resulting cash flows to determine fair value. This fair value is then compared with the carrying value of the trademark. The Company performed its impairment test for the year ended December 31, 2024, which did not result in additional impairment charges related to the Company’s trademark. If the Company fails to achieve the financial projections used in the quantitative assessments of fair value, impairment charges could result in future periods, and such impairment charges could be material. As of December 31, 2024 and 2023, other intangibles with finite lives included non-compete agreements and favorable lease assets related to business combinations. For the years ended December 31, 2024, 2023, and 2022, respectively, amortization of other intangibles was $657, $702 and $755.

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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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