v3.25.1
GOODWILL AND OTHER INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill of $238,296,200 was recognized as a result of the Abacus Settlements, Carlisle, and FCF acquisitions, which represents the excess fair value of consideration over the fair value of the underlying net assets of the acquired businesses. The estimates of fair value for the Carlisle and FCF acquisitions are based upon preliminary valuation assumptions believed to be reasonable, but which are inherently uncertain and unpredictable. Refer to Note 3 Business Combinations for further information.
The changes in the carrying amount of goodwill by reportable segments were as follows:
Reportable SegmentDecember 31, 2024AdditionsAdjustmentsMarch 31, 2025
Life Solutions$139,930,190 $— $— $139,930,190 
Asset Management98,366,010 — — 98,366,010 
Total$238,296,200 $— $— $238,296,200 
Intangible Assets acquired comprised of the following:
Asset TypeFair ValueUseful LifeValuation Methodology
Management agreements$47,400,000 
4 - 8 years
Multi-period excess-earnings method
Customer relationships27,400,000 
3 - 8 years
Multi-period excess-earnings method
Non-compete agreements7,400,000 
1 - 3 years
With or Without Method
Internally developed and used technology2,100,000 
2 - 3 years
Replacement Cost Method
Trade Name2,000,000 10 yearsRelief from Royalty Method
State Insurance Licenses2,700,000 IndefiniteReplacement Cost Method
Trade Name900,000 IndefiniteRelief from Royalty Method
Total$89,900,000 
Intangible assets and related accumulated amortization as of March 31, 2025 are as follows:
Gross Value Accumulated AmortizationNet Book Value
Definite-Lived Intangible Assets:
Management agreements$47,400,000 $2,779,205 $44,620,795 
Customer relationships27,400,000 7,238,472 20,161,528 
Non-compete agreements7,400,000 4,122,223 3,277,777 
Internally developed and used technology2,100,000 1,502,777 597,223 
Trade Name2,000,000 66,668 1,933,332 
Total$86,300,000 $15,709,345 $70,590,655 
Indefinite-Lived Intangible Assets:
State Insurance Licenses$2,700,000 $— $2,700,000 
Trade Name900,000 — 900,000 
Total$89,900,000 $15,709,345 $74,190,655 
Substantially all intangible assets with finite useful lives are subject to amortization when they are available for their intended use. Amortization expense for definite lived intangible assets was $4,633,154 and $1,667,109 for the three months ended March 31, 2025 and 2024, respectively.
Estimated future amortization of definite-lived intangible assets as of March 31, 2025 is as follows:
2025 remaining$12,407,797 
202614,615,953 
202714,418,731 
202810,974,703 
20297,384,286 
Thereafter10,789,185 
Total$70,590,655 
The Company also had other insignificant intangible assets of $919,450 and $962,983, net of related amortization, as of March 31, 2025 and December 31, 2024, respectively.