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Intangible Assets | 3 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | 7. Intangible Assets The Company holds definite and indefinite-lived intangible assets. As of March 31, 2024 and December 31, 2023, the indefinite-lived intangible assets consist of one trade name, arising from the acquisition of Hawk Parent. Intangible assets consisted of the following:
($ in thousands) |  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Net Carrying Value |  |  | Weighted Average Useful Life (Years) |
Client relationships |  | $ | 523,850 |  |  | $ | 203,770 |  |  | $ | 320,080 |  |  |  | 6.07 |
Channel relationships |  |  | 29,885 |  |  |  | 5,549 |  |  |  | 24,336 |  |  |  | 8.14 |
Software costs |  |  | 257,938 |  |  |  | 190,770 |  |  |  | 67,168 |  |  |  | 0.78 |
Non-compete agreements |  |  | 4,580 |  |  |  | 4,430 |  |  |  | 150 |  |  |  | 0.16 |
Trade name |  |  | 20,000 |  |  |  | — |  |  |  | 20,000 |  |  |  | — |
Balance as of March 31, 2024 |  | $ | 836,253 |  |  | $ | 404,519 |  |  | $ | 431,734 |  |  |  | 4.44 |
Client relationships |  | $ | 523,850 |  |  | $ | 190,591 |  |  | $ | 333,259 |  |  |  | 6.32 |
Channel relationships |  |  | 29,785 |  |  |  | 4,792 |  |  |  | 24,993 |  |  |  | 8.39 |
Software costs |  |  | 246,996 |  |  |  | 178,323 |  |  |  | 68,673 |  |  |  | 0.83 |
Non-compete agreements |  |  | 4,580 |  |  |  | 4,364 |  |  |  | 216 |  |  |  | 0.23 |
Trade name |  |  | 20,000 |  |  |  | — |  |  |  | 20,000 |  |  |  | — |
Balance as of December 31, 2023 |  | $ | 825,211 |  |  | $ | 378,070 |  |  | $ | 447,141 |  |  |  | 4.68 |
The Company’s amortization expense for intangible assets was $26.4 million and $25.4 million for the three months ended March 31, 2024 and 2023, respectively. The estimated amortization expense for the next five years and thereafter in the aggregate is as follows:
($ in thousands) |  | Estimated Future |
Year Ending December 31, |  | Amortization Expense |
2024 |  | $ | 72,126 |
2025 |  |  | 74,071 |
2026 |  |  | 67,199 |
2027 |  |  | 55,024 |
2028 |  |  | 55,167 |
Thereafter |  |  | 88,147 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
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