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GOODWILL AND OTHER INTANGIBLE ASSETS
 9 Months Ended
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 SegmentDecember 31, 2024AdditionsAdjustmentsSeptember 30, 2025
Life Solutions$139,930,190 $10,725,271 $— $150,655,461 
Asset Management98,366,010 — (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 TypeFair ValueUseful LifeValuation Methodology
Management agreements$47,400,000 
4 - 8 years
Multi-period excess-earnings method
Customer relationships31,693,300 
3 - 10 years
Multi-period excess-earnings method
Non-compete agreements7,400,000 
1 - 3 years
With or Without Method
Internally developed and used technology2,100,000 
2 - 3 years
Replacement Cost Method
Trade Name2,500,000 
3 - 10 years
Relief from Royalty Method
State Insurance Licenses2,700,000 IndefiniteReplacement Cost Method
Trade Name900,000 IndefiniteRelief from Royalty Method
Total$94,693,300 
Intangible assets and related accumulated amortization are as follows:
September 30, 2025
Gross ValueAccumulated AmortizationNet Book Value
Definite-Lived Intangible Assets:
Management agreements$47,400,000 $6,948,015 $40,451,985 
Customer relationships31,693,300 9,937,304 21,755,996 
Non-compete agreements7,400,000 5,555,556 1,844,444 
Internally developed and used technology2,100,000 1,786,111 313,889 
Trade Name2,500,000 194,445 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 Name900,000 — 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 
202615,211,950 
202715,014,727 
202811,501,255 
20297,813,616 
Thereafter13,139,834 
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.