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Intangible Assets and Goodwill | 6 Months Ended
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Jun. 30, 2023
Intangible Assets and Goodwill |
Intangible Assets and Goodwill | 5. Intangible Assets and Goodwill The following table provides the components of the Company’s intangible assets (in thousands, except weighted average amortization period in years):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Weighted |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | Average | ​ | As of June 30, 2023 | ​ | As of December 31, 2022
​ | ​ | ​ | Amortization | ​ | Initial | ​ | Accumulated | ​ | Net | ​ | Initial | ​ | Accumulated | ​ | Net
​ | ​ | ​ | Period | ​ | Cost | ​ | Amortization | ​ | Balance | ​ | Cost | ​ | Amortization | ​ | Balance
Franchise agreements | ​ | ​ | 12.3 | ​ | $ | 225,411 | ​ | $ | (114,144) | ​ | $ | 111,267 | ​ | $ | 224,397 | ​ | $ | (104,223) | ​ | $ | 120,174
Other intangible assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Software (a) | ​ | ​ | 4.2 | ​ | $ | 50,456 | ​ | $ | (35,628) | ​ | $ | 14,828 | ​ | $ | 48,658 | ​ | $ | (32,198) | ​ | $ | 16,460
Trademarks | ​ | ​ | 9.2 | ​ | ​ | 1,718 | ​ | ​ | (1,343) | ​ | ​ | 375 | ​ | ​ | 1,713 | ​ | ​ | (1,272) | ​ | ​ | 441
Non-compete agreements | ​ | ​ | 4.3 | ​ | ​ | 13,044 | ​ | ​ | (6,536) | ​ | ​ | 6,508 | ​ | ​ | 12,953 | ​ | ​ | (4,878) | ​ | ​ | 8,075
Training materials | ​ | ​ | 5.0 | ​ | ​ | 2,400 | ​ | ​ | (2,320) | ​ | ​ | 80 | ​ | ​ | 2,400 | ​ | ​ | (2,080) | ​ | ​ | 320
Other | ​ | ​ | 7.0 | ​ | ​ | 870 | ​ | ​ | (520) | ​ | ​ | 350 | ​ | ​ | 870 | ​ | ​ | (403) | ​ | ​ | 467
Total other intangible assets | ​ | ​ | 4.4 | ​ | $ | 68,488 | ​ | $ | (46,347) | ​ | $ | 22,141 | ​ | $ | 66,594 | ​ | $ | (40,831) | ​ | $ | 25,763
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(a) | As of June 30, 2023 and December 31, 2022, capitalized software development costs of $1.1 million and $4.6 million, respectively, were related to technology projects not yet complete and ready for their intended use and thus were not subject to amortization.
Amortization expense was $7.4 million and $8.5 million for the three months ended June 30, 2023 and 2022, respectively, and was $14.8 million and $16.8 million for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, the estimated future amortization expense related to intangible assets includes the estimated amortization expense associated with the Company’s intangible assets assumed with the Company’s acquisitions (in thousands):
​ | ​ | ​ | ​
Remainder of 2023 | ​ | $ | 14,764
2024 | ​ | ​ | 25,747
2025 | ​ | ​ | 21,921
2026 | ​ | ​ | 15,452
2027 | ​ | ​ | 8,886
Thereafter | ​ | ​ | 46,638
​ | ​ | $ | 133,408
​ The following table presents changes to goodwill by reportable segment (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Real Estate | ​ | Mortgage | ​ | Total
Balance, January 1, 2023 | ​ | $ | 239,993 | ​ | $ | 18,633 | ​ | $ | 258,626
Effect of changes in foreign currency exchange rates | ​ | ​ | 1,086 | ​ | ​ | — | ​ | ​ | 1,086
Balance, June 30, 2023 | ​ | $ | 241,079 | ​ | $ | 18,633 | ​ | $ | 259,712
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