Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Note 11 – Intangible Assets and Goodwill

Intangible assets

The Company’s identifiable intangible assets as of September 30, 2026 and December 31, 2025 are shown below (in thousands except for lives):


	Remaining		Carrying Value							Carrying Value
	Life		December 31,							September 30,
	(years)		2025		Additions		Amortization			2026
Amortizable intangible assets:
Trade Name (ALT)		14.9	$	510	$	—	$	(25	)	$	485
Vendor Relationship (ALT)		—		153		—		(153	)		—
Customer Relationship (DebtX)		14.3		—		1,272		(64	)		1,208
Noncompete Agreements (DebtX)		0.3		—		26		(20	)		6
Total amortizable intangible assets				663		1,298		(262	)		1,699

Indefinite-lived intangible assets:
Trade Name (NLEX)	N/A			2,437		—		—			2,437
Trade Name (DebtX)	N/A			—		1,762		—			1,762
Trade Name (Boston Note)	N/A			—		530		—			530
Total intangible assets			$	3,100	$	3,590	$	(262	)	$	6,428

Amortization expense during the nine months ended September 30, 2026 and 2025 was $0.3 million and $0.2 million, respectively. The Company estimates that the residual value for intangible assets is not significant.

As of September 30, 2026, the estimated amortization expense for the remainder of the current fiscal year and the next five fiscal years and thereafter is shown below (in thousands):


Year	Amount
2026 (remainder of year from October 1, 2026 to December 31, 2026)	$	36
2027		117
2028		117
2029		117
2030		117
Thereafter		1,195
Total estimated amortization expense	$	1,699

Goodwill

The Company’s goodwill relates to its acquisition of various entities. Goodwill consists of the following at September 30, 2026 and December 31, 2025 (in thousands):


	September 30, 2026		December 31, 2025
ALT	$	1,861	$	1,861
HGP		2,041		2,041
NLEX		3,544		3,544
DebtX		5,301		—
Boston Note		1,207		—
Total goodwill	$	13,954	$	7,446

In 2026 the Company recognized goodwill of $5.3 million related to the acquisition of substantially all of the assets of The Debt Exchange, Inc. and goodwill of $1.2 million related to the acquisition of substantially all of the assets of Boston Note & Mortgage III, LLC. There were no impairments recorded to the carrying value of goodwill during the nine months ended September 30, 2026 or 2025.