Intangible Assets

6 Months Ended

Jun. 30, 2026

6. Intangible Assets

The Company’s intangible assets, net, consisted of the following:

	June 30, 2026							December 31, 2025
	Gross Amount		Accumulated Amortization			Net Carrying Amount		Gross Amount		Accumulated Amortization			Net Carrying Amount
	(In thousands)
Customer and referral relationships	$	161,933	$	(54,582	)	$	107,351	$	155,056	$	(49,295	)	$	105,761
Tradenames		64,795		-			64,795		62,809		-			62,809
Non-compete agreements		14,571		(10,170	)		4,401		13,826		(9,535	)		4,291
	$	241,299	$	(64,752	)	$	176,547	$	231,691	$	(58,830	)	$	172,861

Tradenames, customer and referral relationships, and non-compete agreements are related to the businesses acquired. The value assigned to tradenames has an indefinite life and is tested at least annually for impairment using the relief from royalty method in conjunction with the Company’s annual goodwill impairment test. The value assigned to customer and referral relationships is being amortized over their respective estimated useful lives which range from 8.0 to 16.0 years. Non-compete agreements are amortized over the respective terms of the agreements which range from 5.0 to 7.0 years.

The following table details the amount of amortization expense recorded for intangible assets for the periods presented:

	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
	(In thousands)				(In thousands)
Customer and referral relationships	$	2,651	$	2,870	$	5,289	$	5,677
Non-compete agreements		308		270		633		571
	$	2,959	$	3,140	$	5,922	$	6,248

Based on the balance of referral relationships and non-compete agreements as of June 30, 2026, the expected amount to be amortized in the remainder of 2026 and thereafter by year is as follows:

For the Year Ending December 31,	Customer and Referral Relationships		Non-Compete Agreements
	(In thousands)
2026 (excluding the six months ended June 30, 2026)	$	5,344	$	590
2027		10,547		1,095
2028		10,279		1,016
2029		9,900		852
2030		9,735		653
Thereafter		61,546		195