| Goodwill |
The carrying amount of goodwill was as follows (dollars in thousands). The goodwill is attributable entirely to the Agency Business. | | | | | | | | | | | | | Agency Business | | Total | | Balance at December 31, 2025 | $ | 92,048 | | | $ | 92,048 | | | Goodwill acquired during the period | — | | | — | | | Balance at September 30, 2026 | $ | 92,048 | | | $ | 92,048 | |
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| Intangible Asset and Goodwill |
The following table summarizes the carrying value of the Company’s intangible assets, as described in Note 3 as of September 30, 2026 and December 31, 2025 (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | December 31, 2025 | | | Carrying Value | | Accumulated Amortization | | Total | | Carrying Value | | Accumulated Amortization | | Total | | Indefinite lived intangibles: | | | | | | | | | | | | | | Agency License Intangibles | | $ | 72,500 | | | $ | — | | | $ | 72,500 | | | $ | 72,500 | | | $ | — | | | $ | 72,500 | | | Finite lived intangibles: | | | | | | | | | | | | | | Non-compete Agreements | | $ | 5,200 | | | $ | (5,200) | | | $ | — | | | $ | 5,200 | | | $ | (3,317) | | | $ | 1,883 | | | Software development | | 4,780 | | | (1,167) | | | 3,613 | | | 4,660 | | | (444) | | | 4,216 | | | Intangible lease assets | | 50,664 | | | (14,643) | | | 36,021 | | | 49,192 | | | (12,238) | | | 36,954 | | | Total | | $ | 133,144 | | | $ | (21,010) | | | $ | 112,134 | | | $ | 131,552 | | | $ | (15,999) | | | $ | 115,553 | |
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| Schedule of Expected Future Amortization Expense |
The expected amortization of capitalized MSRs recorded at September 30, 2026 is as follows (in thousands):
| | | | | | | | | | Year | | Amortization | | 2026 (October-December) | | $ | 8,612 | | | 2027 | | 32,973 | | | 2028 | | 27,327 | | | 2029 | | 22,648 | | | 2030 | | 18,770 | | | Thereafter | | 90,848 | | | Total | | $ | 201,178 | |
The following table summarizes the Company's expected other identified intangible assets, net amortization over the next five years (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted Avg. Life (in Years) | | 2026 (October - December) | | 2027 | | 2028 | | 2029 | | 2030 | | Software development | 4.0 | | 239 | | | 956 | | | 956 | | | 956 | | | 506 | | | Intangible lease assets | 11.7 | | 1,456 | | | 3,370 | | | 2,880 | | | 2,880 | | | 2,880 | | | Total | | | $ | 1,695 | | | $ | 4,326 | | | $ | 3,836 | | | $ | 3,836 | | | $ | 3,386 | |
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