Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets consist of customer relationships and trademark/trade name. Intangible assets are amortized on a straight‑line basis with a useful life of ten years. Amortization expense included in net income (loss) for the years ended December 31, 2022, 2021 and 2020 was $1.0 million, $0 and $0, respectively. The Company’s intangible assets subject to amortization consisted of the following:


($ in thousands)
	December 31,
	2022		2021
Intangible assets acquired:
Trademark/trade name	$	10,800	$	—
Customer relationships	46,500		—
Total intangible assets acquired	57,300		—

Accumulated amortization:
Trademark/trade name	(180)		—
Customer relationships	(775)		—
Total accumulated amortization	(955)		—

Intangible assets — net	$	56,345	$	—

Estimated remaining amortization expense subsequent fiscal years is expected to be as follows:


($ in thousands)
Year	Estimated future amortization expense
2023	$	5,730
2024	5,730
2025	5,730
2026	5,730
2027 and beyond	33,425
Total	$	56,345

The average amortization period remaining is approximately 9.8 years.