The following table presents Goodwill carrying values and the change in balance, by reporting unit, during the three months ended March 31, 2026 (in thousands):


	WUP Legacy		Air Partner		Total
Balance as of December 31, 2025(1)	$	136,098	$	73,799	$	209,897



Foreign currency translation adjustment	—		(1,232)		(1,232)
Balance as of March 31, 2026	$	136,098	$	72,567	$	208,665

The gross carrying value, accumulated amortization and net carrying value of Intangible assets consisted of the following (in thousands):


	March 31, 2026
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Status	$	80,000	$	45,015	$	34,985
Customer relationships	85,334		56,420		28,914
Trade name	10,000		5,627		4,373
Developed technology	19,045		17,685		1,360
Leasehold interest – favorable	600		152		448
Foreign currency translation adjustment	86		69		17
Total	$	195,065	$	124,968	$	70,097


	December 31, 2025
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Status	$	80,000	$	43,494	$	36,506
Customer relationships	85,334		53,874		31,460
Trade name	10,000		5,437		4,563
Developed technology	19,045		17,004		2,041
Leasehold interest – favorable	600		146		454
Foreign currency translation adjustment	324		246		78
Total	$	195,303	$	120,201	$	75,102

Amortization expense for intangible assets was $5.0 million and $5.1 million for the three months ended March 31, 2026 and 2025, respectively.

Associated with our acquisition of Delta Private Jets on January 17, 2020, we recognized intangible liabilities for the fair value of complimentary Wheels Up Connect Memberships provided to existing Delta Air Lines, Inc. (“Delta”) SkyMiles 360® customers as of the acquisition date, as required under the Commercial Cooperation Agreement, dated as of January 17, 2020, by and among WUP, Wheels Up Partners LLC (“WUP LLC”) and Delta (as amended, the “Original Delta CCA”), which was subsequently replaced by the Amended and Restated

Commercial Cooperation Agreement, dated as of June 15, 2024, by and among WUP, WUP LLC and Delta (the “Delta CCA”). The gross carrying value, accumulated amortization and net carrying value of Intangible liabilities consisted of the following (in thousands):


	March 31, 2026
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible liabilities	$	20,000	$	11,230	$	8,770


	December 31, 2025
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible liabilities	$	20,000	$	10,849	$	9,151

The current and long-term portions of Intangible liabilities are presented within Other current liabilities and Other non-current liabilities, respectively, on the condensed consolidated balance sheets.

Amortization of Intangible liabilities, which reduces amortization expense, was $0.4 million for each of the three months ended March 31, 2026 and 2025, respectively.

Future amortization expense of Intangible assets and Intangible liabilities held as of March 31, 2026, were as follows (in thousands):


	Intangible Assets		Intangible Liabilities
Remainder of 2026	$	14,162	$	1,144
2027	14,440		1,525
2028	13,959		1,525
2029	13,216		1,525
2030	7,134		1,525
Thereafter	7,186		1,526
Total	$	70,097	$	8,770