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Intangible Assets and Goodwill (Tables)
 12 Months Ended
Dec. 31, 2025
Intangible Assets and Goodwill  
Schedule of components of intangible assets

The following table provides the components of the Company’s intangible assets (in thousands, except weighted average amortization period in years):

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Weighted

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Average

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As of December 31, 2025

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As of December 31, 2024

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​

​

Amortization

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Initial

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Accumulated

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Net

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Initial

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Accumulated

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Net

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​

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Period

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Cost

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Amortization

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Balance

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Cost

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Amortization

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Balance

Franchise agreements

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​

12.3

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$

224,231

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$

(157,151)

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$

67,080

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$

222,055

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$

(140,869)

​

$

81,186

Other intangible assets:

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​

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​

​

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​

​

​

​

​

​

​

​

​

​

​

​

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​

Software (a)

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2.9

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$

55,884

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$

(46,455)

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$

9,429

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$

57,243

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$

(46,829)

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$

10,414

Trademarks

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10.8

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835

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(527)

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​

308

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​

900

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(684)

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​

216

Non-compete agreements

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5.0

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12,917

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(11,880)

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​

1,037

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12,721

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(9,969)

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​

2,752

Training materials

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—

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—

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—

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—

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2,400

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(2,400)

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​

—

Other

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—

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—

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​

—

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​

—

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​

870

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​

(870)

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​

—

Total other intangible assets

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3.7

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$

69,636

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$

(58,862)

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$

10,774

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$

74,134

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$

(60,752)

​

$

13,382

(a)As of December 31, 2025 and 2024, capitalized software development costs of $1.8 million and $1.2 million, respectively, were related to technology projects not yet complete and ready for their intended use and thus were not subject to amortization.
Schedule of estimated future amortization of intangible assets, other than goodwill

As of December 31, 2025, 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):

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​

​

​

2026

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$

18,650

2027

​

​

11,695

2028

​

​

9,629

2029

​

​

7,194

2030

​

​

6,768

Thereafter

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​

23,918

​

​

$

77,854
Schedule of changes to goodwill

The following table presents changes to goodwill by reportable segment for the period from January 1, 2024 to December 31, 2025 (in thousands):

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Real Estate

Balance, January 1, 2024 (a)

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$

241,164

Effect of changes in foreign currency exchange rates

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​

(3,925)

Balance, January 1, 2025

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$

237,239

Effect of changes in foreign currency exchange rates

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​

2,333

Balance, December 31, 2025

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$

239,572

(a)As of January 1, 2024, the Real Estate segment had a gross goodwill balance of $253.4 million and accumulated impairment losses of $12.2 million. The Mortgage segment goodwill balance was fully impaired during the fourth quarter of 2023, recognizing accumulated impairment losses of $18.6 million. The Marketing Funds segment does not have a goodwill balance.