Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

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INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
The Company amortizes its intangible assets from its business combinations over 4 to 14 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, 2023 and 2022 (in thousands):
Weighted
Average
Life		 Gross
Carrying
Amount		 Accumulated
Amortization		 Net
Carrying
Amount
As of December 31, 2023:
Trade name 9.7 years $ 3,150  $ (300) $ 2,850 
Customer list 14 years 48,000  (2,571) 45,429 
Management contracts 9 years 110,258  (18,339) 91,919 
Total $ 161,408  $ (21,210) $ 140,198 
As of December 31, 2022:
Trade name 4 years $ 150  $ (38) $ 112 
Management contracts 7 years 12,258  (7,476) 4,782 
Total $ 12,408  $ (7,514) $ 4,894 
The amortization expense for these intangible assets was $13.8 million, $1.9 million, and $1.5 million for years ended December 31, 2023, 2022, and 2021 respectively.
The following schedule presents the estimated intangible asset amortization for the following five years commencing on January 1, 2024 (in thousands):
2024 $ 17,059 
2025 16,342 
2026 16,305 
2027 14,692 
2028 14,227 
Thereafter 61,573 
Total $ 140,198