Intangible Assets, net

9 Months Ended

Sep. 30, 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 years ended December 31, 2024 and 2023, amortization expense of $2.0 million and $2.0 million, respectively, was recognized. As of December 31, 2024 and 2023, intangible assets net of accumulated amortization was $9.7 million and $11.7 million, respectively.

As of December 31, 2024 and 2023, intangible assets and the related accumulated amortization, weighted-average remaining life and future amortization expense are as follows (in thousands):

	December 31, 2024
	Weighted-Average Remaining Life (Years)	Original Amount		Accumulated Amortization		Net 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
	December 31, 2023
	Weighted-Average Remaining Life (Years)	Original Amount		Accumulated Amortization		Net Total
Customer Lists	6.8	$	13,028	$	(4,234)	$	8,794
Trademarks and tradenames	6.8	3,501		(1,138)		2,363
Non-compete agreements	1.8	1,505		(978)		527
Total intangible assets, net		$	18,034	$	(6,350)	$	11,684

	December 31, 2024
2025	$	1,879
2026	1,653
2027	1,653
2028	1,653
2029	1,653
Thereafter	1,239
Total future amortization expense	$	9,730

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 September 30, 2025 and 2024, amortization expense of $0.5 million and for the nine months ended September 30, 2025 and 2024, amortization expense of $1.5 million was recognized. As of September 30, 2025 and December 31, 2024, intangible assets net of accumulated amortization was $8.3 million and $9.7 million, respectively.

As of September 30, 2025, intangible assets and the related accumulated amortization, weighted-average remaining life and future amortization expense are as follows (in thousands):

	September 30, 2025
	Weighted-Average	Original		Accumulated		Net
	Remaining Life (Years)	Amount		Amortization		Total
Customer Lists	5.0	$	13,028	$	(6,514)	$	6,514
Trademarks and tradenames	5.0	3,501		(1,750)		1,751
Non-compete agreements	0.0	1,505		(1,505)		—
Total intangible assets, net		$	18,034	$	(9,769)	$	8,265
	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	$	412
2026	1,653
2027	1,653
2028	1,653
2029	1,653
Thereafter	1,241
Total future amortization expense	$	8,265