The Company has recognized separately identifiable intangible assets in connection with its partnerships, including business combinations and asset acquisitions, as well as software purchased and developed for internal use. During the six months ended June 30, 2026, the Company completed three asset acquisitions and recognized $12.1 million of acquired relationships, representing the full purchase consideration of the acquisitions, which are being amortized over an estimated weighted-average useful life of 15 years.


	June 30, 2026						December 31, 2025
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Acquired relationships	$	1,739,517	$	(430,185)	$	1,309,332	$	1,253,396	$	(344,992)	$	908,404
Software	211,823		(116,073)		95,750		163,514		(95,547)		67,967
Trade names	76,724		(31,766)		44,958		28,474		(26,411)		2,063
Total intangible assets	$	2,028,064	$	(578,024)	$	1,450,040	$	1,445,384	$	(466,950)	$	978,434

Amortization expense recorded for intangible assets was $56.0 million and $26.0 million for the three months ended June 30, 2026 and 2025, respectively, and $111.1 million and $51.9 million for the six months ended June 30, 2026 and 2025, respectively.

Future annual estimated amortization expense over the next five years for intangible assets is as follows:


(in thousands)	Amortization
For the remainder of 2026	$	111,472
2027	192,865
2028	165,578
2029	143,361
2030	129,979
2031	104,071


(in thousands)	Insurance Advisory Solutions		Underwriting, Capacity & Technology Solutions		Mainstreet Insurance Solutions		Total
Balance at December 31, 2025	$	932,487	$	241,905	$	342,779	$	1,517,171
Goodwill of acquired businesses	940,290		194,605		—		1,134,895
Measurement period adjustments(1)	—		341		—		341
Balance at June 30, 2026	$	1,872,777	$	436,851	$	342,779	$	2,652,407

(1) Adjustments were made within the permitted measurement period to reflect a decrease in assumed premiums, commissions and fees receivable, net related to partnerships entered into in the prior year. The measurement period adjustments have been reflected as current‑period adjustments in accordance with Topic 805 and had no effect on results of operations or cash flows.