Intangible Assets, net

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

Note 11 — Intangible Assets, net

The Company records amortization expense on a straight-line basis over the life of the identifiable intangible assets related to an acquisition in September 2020. For the three months ended March 31, 2025 and 2024, amortization expense of $0.5 million was recognized. As of March 31, 2025 and December 31, 2024, intangible assets net of accumulated amortization was $9.2 million and $9.7 million, respectively.

As of March 31, 2025, intangible assets and the related accumulated amortization, weighted-average remaining life and future amortization expense are as follows (in thousands):

	March 31, 2025
	Weighted-Average	Original		Accumulated		Net
	Remaining Life (Years)	Amount		Amortization		Total
Customer Lists	5.5	$	13,028	$	(5,863)	$	7,165
Trademarks and tradenames	5.5	3,501		(1,575)		1,926
Non-compete agreements	0.5	1,505		(1,354)		151
Total intangible assets, net		$	18,034	$	(8,792)	$	9,242
	December 31, 2024
	Weighted-Average	Original		Accumulated		Net
	Remaining Life (Years)	Amount		Amortization		Total
Customer Lists	5.8	$	13,028	$	(5,537)	$	7,491
Trademarks and tradenames	5.8	3,501		(1,488)		2,013
Non-compete agreements	0.8	1,505		(1,279)		226
Total intangible assets, net		$	18,034	$	(8,304)	$	9,730

	Total
2025	$	1,390
2026	1,653
2027	1,653
2028	1,653
2029	1,653
Thereafter	1,240
Total future amortization expense	$	9,242