Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

v3.22.4
INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
The Company amortizes its intangible assets from its business combinations over 4 to 10 years. Amortization is based on the pattern in which the estimated economic benefits of the intangible asset will be consumed. The Company evaluates the recoverability of its intangible assets periodically if there is a triggering event.
Summarized below are the carrying values for the major classes of intangible assets as of December 31, 2022 and 2021 (in thousands):
Weighted
Average
Life		 Gross
Carrying
Amount		 Accumulated
Amortization		 Net
Carrying
Amount
As of December 31, 2022:
Trademark 4 years 150  (38) 112 
Management Contracts 7 years 12,258  (7,476) 4,782 
Total $ 12,408  $ (7,514) $ 4,894 
As of December 31, 2021:
Customer Lists 10 years $ 6,835  $ (6,835) $ — 
Management Contracts 6 years 9,063  (5,622) 3,441 
Total $ 15,898  $ (12,457) $ 3,441 
The amortization expense for these intangible assets was $1.9 million, $1.5 million, and $1.6 million for years ended December 31, 2022, 2021, and 2020 respectively.
The following schedule presents the estimated intangible asset amortization for the following five years commencing on January 1, 2023 (in thousands):
2023 $ 1,830 
2024 1,237 
2025 521 
2026 483 
2027 183 
Thereafter 640 
Total $ 4,894