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GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill of $248,959,637 was recognized as a result of the business combinations, which represent the excess fair value of consideration over the fair value of the underlying net assets. Refer to Note 3, Business Combinations, for further discussion. The changes in the carrying amount of goodwill by reportable segments were as follows:
Reportable Segment | December 31, 2024 | Additions | Adjustments | September 30, 2025
Life Solutions | $ | 139,930,190 |  | $ | 10,725,271 |  | $ | — |  | $ | 150,655,461 |
Asset Management | 98,366,010 |  | — |  | (61,834) |  | 98,304,176 |
Total | $ | 238,296,200 |  | $ | 10,725,271 |  | $ | (61,834) |  | $ | 248,959,637 |
Intangible assets acquired comprised of the following:
Asset Type | Fair Value |  | Useful Life |  | Valuation Methodology
Management agreements | $ | 47,400,000 |  |  | 4 - 8 years |  | Multi-period excess-earnings method
Customer relationships | 31,693,300 |  |  | 3 - 10 years |  | Multi-period excess-earnings method
Non-compete agreements | 7,400,000 |  |  | 1 - 3 years |  | With or Without Method
Internally developed and used technology | 2,100,000 |  |  | 2 - 3 years |  | Replacement Cost Method
Trade Name | 2,500,000 |  |  | 3 - 10 years |  | Relief from Royalty Method
State Insurance Licenses | 2,700,000 |  |  | Indefinite |  | Replacement Cost Method
Trade Name | 900,000 |  |  | Indefinite |  | Relief from Royalty Method
Total | $ | 94,693,300 |  |  |  |  |
Intangible assets and related accumulated amortization are as follows:
|  | September 30, 2025
|  | Gross Value |  | Accumulated Amortization |  | Net Book Value
Definite-Lived Intangible Assets: |  |  |  |  |  |
Management agreements |  | $ | 47,400,000 |  |  | $ | 6,948,015 |  |  | $ | 40,451,985 |
Customer relationships |  | 31,693,300 |  |  | 9,937,304 |  |  | 21,755,996 |
Non-compete agreements |  | 7,400,000 |  |  | 5,555,556 |  |  | 1,844,444 |
Internally developed and used technology |  | 2,100,000 |  |  | 1,786,111 |  |  | 313,889 |
Trade Name |  | 2,500,000 |  |  | 194,445 |  |  | 2,305,555 |
Total |  | $ | 91,093,300 |  |  | $ | 24,421,431 |  |  | $ | 66,671,869 |
Indefinite-Lived Intangible Assets: |  |  |  |  |  |
State Insurance Licenses |  | $ | 2,700,000 |  |  | $ | — |  |  | $ | 2,700,000 |
Trade Name |  | 900,000 |  |  | — |  |  | 900,000 |
Total |  | $ | 94,693,300 |  |  | $ | 24,421,431 |  |  | $ | 70,271,869 |
All intangible assets with finite useful lives are subject to amortization when they are available for their intended use. Amortization expense for definite-lived intangible assets was $4,044,099 and $1,682,083 for the three months ended September 30, 2025 and 2024, respectively. Amortization expense for definite-lived intangible assets was $13,345,240 and $5,046,250 for the nine months ended September 30, 2025 and 2024, respectively. Estimated annual amortization of intangible assets for the next five years ending December 31 and thereafter is as follows:
2025 remaining |  | $ | 3,990,487 |
2026 |  | 15,211,950 |
2027 |  | 15,014,727 |
2028 |  | 11,501,255 |
2029 |  | 7,813,616 |
Thereafter |  | 13,139,834 |
Total |  | $ | 66,671,869 |
The Company also had other intangible assets of $219,139 and $962,983, net of related amortization, as of September 30, 2025 and December 31, 2024, respectively.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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