NOTE 8 – Goodwill and Intangible Assets

Amortizable intangible assets consist of acquired customer relationships, trade names, acquired technology, non-compete agreements, and investment banking backlog that are amortized over their contractual or determined useful lives. Intangible assets as of June 30, 2026 and December 31, 2025 were as follows (in thousands):

Amortization expense related to intangible assets was $8.6 million and $5.5 million for the three months ended June 30, 2026 and 2025, respectively. Amortization expense related to intangible assets was $19.1 million and $10.9 million for the six months ended June 30, 2026 and 2025, respectively. Amortization expense is included in other operating expenses in the consolidated statements of operations.

The weighted-average remaining lives of the following intangible assets at June 30, 2026, are: customer relationships, 8.3 years; trade names, 5.1 years; non-compete agreements, 2.5 years; and acquired technology, 8.0 years. We have an intangible asset that is not subject to amortization and is, therefore, not included in the table below. As of June 30, 2026, we expect amortization expense in future periods to be as follows (in thousands):