LMP acquired ATTOM in January 2019. You're at the 7-year mark. The 30-year property database — 158M+ properties, 3,000+ counties and third-party sources — is the one intangible that never went through a PPA. ResiShares just did.
Under ASC 350-30, the classification of a licensed data asset turns on one question: does the license grant a finite term or a perpetual right? Term-based is expensed over the term. Perpetual capitalizes as a separate intangible. The ratio across the portfolio determines how much of the data spend is a COGS line versus a balance-sheet asset.
| License Type | Accounting Treatment | P&L / Balance Sheet |
|---|---|---|
| Term-based12-mo, 3-yr, renewable | Expensed over the license term | COGS |
| PerpetualNo expiry, or renewal at nominal cost | Capitalized as identifiable intangible asset | Balance Sheet |
| Acquired via M&AIP assumed with the company | Capitalized at fair value as of acquisition date | Balance Sheet |
| Public / unlicensedCounty records, federal data | No asset recognized. Processing cost only. | COGS |
A perpetual license may still be finite-lived if technological obsolescence or regulatory change limits its useful life. The useful life determination must be reassessed each reporting period.
| Source Category | Typical Structure | ASC 350-30 | Balance Sheet Impact |
|---|---|---|---|
| County assessor feeds3,000+ counties, tax rolls, parcel data | Annual or multi-year term. Some free (public records), some licensed. | Term → expense. Free → no asset. | COGS / None |
| MLS licenses40M+ real estate listings, broker associations | Annual term, renewable. Data access agreements with broker associations. | Term → expense over term. | COGS |
| Third-party proprietary dataEnvironmental risk, climate, proprietary partners | Negotiated per source. Mix of term and perpetual. | Term → expense. Perpetual → capitalize. | Mixed |
| Permitting agencies200M+ building permits, city/county | Term-based agreements with local jurisdictions. | Term → expense over term. | COGS |
| Federal sourcesCensus, HMDA, FEMA hazard data | Public. No license required. | No asset. Processing cost only. | COGS |
| ResiShares (acquired Jan 2026)ML forecasting models, rent forecasts, analytics | Key assets acquired. Formal valuation in PPA. | Capitalized at fair value. Amortized over useful life. | Balance Sheet |
| Organic data asset30-year property database, 70B+ rows, 9,000+ attributes, EDMP | Built organically since 1996. Never went through a PPA. | Depends on historical capitalization decisions. Likely under-carried. | Unresolved |
You just closed the ResiShares acquisition. The ML forecasting models, the rent forecasts, the analytics platform — all formally valued in a PPA. ResiScore is now in the market, built on the ResiShares IP. That asset is recognized, valued, and amortizing on the balance sheet.
The key insight: the ResiShares IP went through a formal valuation. The 30-year property database — 158M+ properties, 70B+ rows, 9,000+ attributes, 3,000+ counties and third-party sources — did not. The term/perpetual ratio across those 3,000+ sources determines how much of the organic data asset should be capitalized versus expensed. That ratio has never been mapped. It is the one number that's been consistent across all three Monroe Capital facilities — and the one that's hardest to justify at exit.
| Party | Relationship | Why the Carrying Value Matters |
|---|---|---|
| Lovell Minnick PartnersPE owner since Jan 2019 | Acquired ATTOM 7 years ago. At or past the 5–7 year exit window. | The exit model prices the data asset. If it's under-carried, the exit multiple is understated. The PPA for ResiShares (Jan 2026) set a benchmark for what the IP is worth — the organic asset needs the same rigor. |
| Monroe CapitalLender since 2019 | 2019 acquisition facility. 2020 Home Junction increase. June 2025 growth facility. | Three facilities in 7 years. The data asset's carrying value affects debt capacity and covenant headroom. The next conversation is the moment the number gets questioned. |
| ATTOM Finance TeamCFO, controller | Owns the balance sheet. | The term/perpetual ratio across 3,000+ sources has never been formally mapped. Building the register before the exit (or the next lender conversation) is cheaper than retroactively justifying the carrying value. |
LMP acquired ATTOM in February 2019. You're at the 7-year mark. The Monroe Capital growth facility closed in June 2025. The ResiShares PPA is 9 months old. The exit window is now — or it's slipped. The carrying value of the organic data asset is the one number that needs to be defensible in the next 12 months.