Intangible Assets

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Intangible assets acquired consist of trademark/trade names, customer relationships, favorable contracts and internally developed software. Trademark/trade names are amortized on a straight‑line basis over useful lives of ten and fifteen years. Customer relationships are amortized on a straight‑line basis over useful lives of six and ten years. Favorable contracts are amortized on a straight‑line basis over useful lives of thirty months and five years. Internally developed software is amortized on a straight‑line basis over a useful life of twenty-nine months. Amortization expense included in net income for the three and nine months ended September 30, 2026 was $2.4 million and $7.1 million, respectively. Amortization expense included in net loss for the three months ended September 30, 2025 was $2.4 million. Amortization expense included in net income for the nine months ended September 30, 2025 was $7.1 million.

The Company’s intangible assets subject to amortization consisted of the following:


(in thousands)
	September 30, 2026		December 31, 2025
Intangible assets acquired:
Trademark/trade names	$	12,100	$	12,100
Customer relationships	65,100		65,100
Favorable contracts	2,210		2,210
Internally developed software	124		81
Total intangible assets acquired	79,534		79,491

Accumulated amortization:
Trademark/trade name	(4,432)		(3,557)
Customer relationships	(25,446)		(19,633)
Favorable contracts	(1,167)		(792)
Internally developed software	(59)		(33)
Total accumulated amortization	(31,104)		(24,015)

Intangible assets — net	$	48,430	$	55,476

Estimated remaining amortization expense for each of the subsequent fiscal years is expected to be as follows:


(in thousands)
Year	Estimated future amortization expense
Remainder of 2026	$	2,357
2027	9,329
2028	9,315
2029	9,086
2030	7,108
2031 and beyond	11,235
Total	$	48,430

The average amortization period for our remaining intangible assets is approximately 5.6 years.