Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

9. Goodwill and Intangible Assets

The changes in the carrying amount of goodwill are as follows:


	Three months ended March 31, 2026
Beginning balance	$	23,510,649
Goodwill acquired in current‑period business combinations		105,109,288
Ending balance	$	128,619,937

Additions to goodwill are from acquisitions detailed in Note 3 – Business Combinations. The Company did not identify any goodwill impairment triggering events during the three months ended March 31, 2026 and 2025.

The following table presents finite-lived intangible assets, including the weighted-average useful lives for each major intangible asset category and in total:


		March 31, 2026			December 31, 2025
	Weighted Average Life (Years)	Gross Carrying Amount	Accumulated Amortization	Carrying Value	Gross Carrying Amount	Accumulated Amortization	Carrying Value
Backlog	1.4	$25,971,000	$(8,551,521)	$17,419,479	$7,542,000	$(6,479,500)	$1,062,500
Customer relationships	11.1	82,500,000	(1,752,601)	80,747,399	14,600,000	(523,808)	14,076,192
Trade name	9.5	10,071,000	(357,014)	9,713,986	500,000	(125,000)	375,000
Non-compete agreements	4.0	1,200,000	(34,521)	1,165,479	—	—	—
Total	9.1	$119,742,000	$(10,695,657)	$109,046,343	$22,642,000	$(7,128,308)	$15,513,692

In the three months ended March 31, 2026 and 2025 amortization expense was $3,567,348 and $1,527,500, respectively. The estimated aggregate amortization expense for each of the next five years is as follows:


2026	$	16,955,154
2027		17,155,685
2028		9,240,205
2029		9,240,205
2030		8,980,685
Thereafter		47,474,409
Total	$	109,046,343