Intangible Assets

9 Months Ended

Sep. 30, 2025

7. Intangible Assets

The Company’s intangible assets, net, consisted of the following:

	September 30, 2025							December 31, 2024
	Gross Amount		Accumulated Amortization			Net Carrying Amount		Gross Amount		Accumulated Amortization			Net Carrying Amount
	(In thousands)
Customer and referral relationships	$	161,132	$	(47,830	)	$	113,302	$	156,747	$	(39,218	)	$	117,529
Tradenames		58,719		-			58,719		57,041		-			57,041
Non-compete agreements		13,622		(9,214	)		4,408		13,077		(8,336	)		4,741
	$	233,473	$	(57,044	)	$	176,429	$	226,865	$	(47,554	)	$	179,311

Tradenames, customer and referral relationships, and non-compete agreements are related to the businesses acquired. The value assigned to tradenames has an indefinite life and is tested at least annually for impairment using the relief from royalty method in conjunction with the Company’s annual goodwill impairment test. The value assigned to customer and referral relationships is being amortized over their respective estimated useful lives which range from 8.0 to 16.0 years. Non-compete agreements are amortized over the respective term of the agreements which range from 5.0 to 6.0 years. During the year ended December 31, 2024, the Company recognized charges of $2.0 million related to the impairment of assets held for sale. This impairment loss is presented in the impairment of assets held for sale in the Consolidated Statements of Income.

The following table details the amount of amortization expense recorded for intangible assets for the periods presented:

	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
	(In thousands)
Customer and referral relationships	$	2,934	$	1,977	$	8,611	$	5,861
Non-compete agreements		308		183		879		537
	$	3,242	$	2,160	$	9,490	$	6,398

Based on the balance of referral relationships and non-compete agreements as of September 30, 2025, the expected amount to be amortized in the remainder of 2025 and thereafter by year is as follows:

For the Year Ending December 31,	Customer and Referral Relationships		Non-Compete Agreements
	(In thousands)
2025 (excluding the nine months ended September 30, 2025)	$	2,996	$	286
2026		11,571		1,048
2027		11,408		922
2028		11,139		843
2029		10,761		676
Thereafter		65,427		633