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Intangible Assets | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | 7. Intangible Assets The Company holds definite and indefinite-lived intangible assets. As of June 30, 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 |  |  | $ | 216,949 |  |  | $ | 306,901 |  |  |  | 5.82 |
Channel relationships |  |  | 29,885 |  |  |  | 6,402 |  |  |  | 23,483 |  |  |  | 7.86 |
Software costs |  |  | 269,465 |  |  |  | 203,551 |  |  |  | 65,914 |  |  |  | 0.73 |
Non-compete agreements |  |  | 4,580 |  |  |  | 4,496 |  |  |  | 84 |  |  |  | 0.09 |
Trade name |  |  | 20,000 |  |  |  | — |  |  |  | 20,000 |  |  |  | — |
Balance as of June 30, 2024 |  | $ | 847,780 |  |  | $ | 431,398 |  |  | $ | 416,382 |  |  |  | 4.21 |
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 $26.6 million and $53.0 million for the three and six months ended June 30, 2024, respectively. The Company’s amortization expense for intangible assets was $25.7 million and $51.1 million for the three and six months ended June 30, 2023, respectively. The estimated amortization expense for the next five years and thereafter in the aggregate is as follows:
($ in thousands) |  | Estimated Future |
Year Ending December 31, |  | Amortization Expense |
2024 |  | $ | 47,083 |
2025 |  |  | 85,691 |
2026 |  |  | 70,910 |
2027 |  |  | 57,240 |
2028 |  |  | 55,167 |
Thereafter |  |  | 80,291 |

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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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