Goodwill and Intangible Assets, Net

For the purposes of the goodwill impairment assessment, the Company as a whole is considered to be a reporting unit. The Company recognizes the excess of the purchase price, plus the fair value of any non-controlling interests in the acquiree, over the fair value of identifiable net assets acquired as goodwill. The Company performs a qualitative assessment on goodwill at least annually or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. If it is determined in the qualitative assessment that the fair value of a reporting unit is more likely than not below its carrying amount, then the Company will perform a quantitative impairment test. The quantitative goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. Any excess in the carrying value of a reporting unit’s goodwill over its fair value is recognized as an impairment loss, limited to the total amount of goodwill allocated to that reporting unit. The Company’s carrying value of goodwill at June 30, 2025 and December 31, 2024 was approximately $172.2 million and $141.6 million, respectively. No indicators of impairment were identified during the six months ended June 30, 2025.

A summary of the Company’s intangible assets is as follows:


	June 30, 2025				December 31, 2024
(Dollars in thousands)	Intangible Assets		Accumulated Amortization		Intangible Assets		Accumulated Amortization
Trade names	$	4,600	$	2,492	$	4,600	$	2,377
Consumer customer relationships	3,100		2,771		3,100		2,758
Management service agreement	2,200		1,341		2,200		1,272
Physician network	16,052		1,423		10,902		916
Payer contracts	116,563		6,898		57,313		4,768
MSO service agreement	51,800		9,250		51,800		8,017
	194,315		$	24,175	129,915		$	20,108
Less accumulated amortization	(24,175)				(20,108)
Intangible assets, net	$	170,140			$	109,807

The remaining weighted average life of all amortizable intangible assets is approximately 17.3 years at June 30, 2025.

Amortization expense for intangible assets was approximately $2.4 million and $1.5 million for the three months ended June 30, 2025 and 2024, respectively, and $4.1 million and $3.1 million for the six months ended June 30, 2025 and 2024, respectively.

Estimated amortization expense for the Company’s intangible assets for the following five years is as follows:


	(Dollars in Thousands)
Remainder of 2025	$	4,794
2026	9,588
2027	9,588
2028	9,588
2029	9,588
Thereafter	126,994
Total	$	170,140