Goodwill arising from acquisitions primarily relates to the reputation the Operating Subsidiaries have established within local communities, strength of their customer bases, and assembled workforces that will remain after the business combination is completed.

Intangible assets primarily consist of trade names, customer related intangible assets, and internally developed software. The internally developed software relates to proprietary software platforms utilized by Operating Subsidiaries and corporate. The Company does not have any definitive plans to sell or license these platforms to third parties in the near future. Internally developed software is amortized on a straight-line basis over 3 years. For the three and six months ended June 30, 2026, respectively, the Company recognized $1.1 million and $2.2 million of amortization expense relating to internally developed software. For the three and six months ended June 30, 2025, respectively, the Company recognized $0.9 million and $1.9 million of amortization expense relating to internally developed software.

Acquired trade names represent a target’s portfolio of marketing intangible assets. The Company values trade name intangible assets using a benchmarking method. Acquired trade names are amortized over a 10-year useful life using the straight-line amortization method. For the three and six months ended June 30, 2026, respectively, the Company recognized $0.4 million and $1.0 million of amortization expense relating to trade names. For the three and six months ended June 30, 2025, respectively, the Company recognized $0.5 million and $1.0 million of amortization expense relating to trade names. There were no definite-lived intangible asset impairment charges recognized during the three and six months ended June 30, 2026. The amortization expense recognized during the three and six months ended June 30, 2025, respectively, includes $0.2 million and $0.3 million of definite-lived intangible asset impairment charges.

Customer related intangible assets consist of contractual and non-contractual customer relationships. The Company estimates the fair values of acquired customer related intangible assets as of their acquisition dates using an income approach. Acquired customer related intangible assets are amortized over their estimated useful lives using the straight-line amortization method. For the three and six months ended June 30, 2026, respectively, the Company recognized $0.2 million and $0.3 million of amortization expense related to customer related intangible assets. All of the customer related intangible assets that were acquired during the year ended December 31, 2025 were acquired near the end of the year. Therefore, the Company did not recognize any amortization expense related to customer-related intangible assets during the year ended December 31, 2025. Customer related intangible assets are included within Other Assets on the Condensed Consolidated Balance Sheets


	June 30, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Asset
Trade names	$	17,153	$	(4,646)	$	12,506
Internally developed software	16,662		(11,198)		5,464
Customer related intangibles	6,093		(329)		5,764
Total	$	39,907	$	(16,174)	$	23,734


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Asset
Trade names	$	15,453	$	(3,855)	$	11,598
Internally developed software	15,872		(9,102)		6,769
Customer related intangibles	6,080		—		6,080
Total	$	37,405	$	(12,957)	$	24,447