
	June 30,		December 31,
(in thousands)	2026		2025
Capitalized software, net:
System development costs	$	209,275	$	197,130
Acquired developed technology	48,500		48,500
Accumulated amortization	(203,398)		(188,933)
Total capitalized software, net	$	54,377	$	56,697

Amortization of system development costs and acquired developed technology for the three months ended June 30, 2026 and 2025 was $7.3 million and $9.0 million, respectively. System development costs capitalized in the three months ended June 30, 2026 and 2025 were $6.3 million and $6.6 million, respectively.

Amortization of system development costs and acquired developed technology for the six months ended June 30, 2026 and 2025 was $14.9 million and $18.3 million, respectively. System development costs capitalized in the six months ended June 30, 2026 and 2025 were $12.9 million and $12.4 million, respectively.

The gross carrying amount and accumulated amortization, in total and by major intangible asset class are as follows:


	June 30,		December 31,
(in thousands)	2026		2025
Intangible assets:
Member relationships	$	34,500	$	34,500
Trademarks	5,626		5,626
Other	3,000		3,000
Accumulated amortization	(30,569)		(28,125)
Total intangible assets, net	$	12,557	$	15,001

Amortization of intangible assets was $1.2 million for each of the three months ended June 30, 2026 and 2025. Amortization of intangible assets was $2.4 million for each of the six months ended June 30, 2026 and 2025.

Expected future amortization expense for intangible assets as of June 30, 2026 is as follows:


(in thousands)	Fiscal Years
2026 (remaining six months)	$	2,485
2027	4,929
2028	4,780
2029	—
2030	—
2031	—
Thereafter	—
Total (1)	$	12,194