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Intangible Assets | 3 Months Ended
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Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | 6. Intangible Assets The Company holds definite and indefinite-lived intangible assets. As of March 31, 2025 and December 31, 2024, 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 |  | $ | 523,000 |  |  | $ | 255,637 |  |  | $ | 267,363 |  |  |  | 5.08 |
Channel relationships |  |  | 30,085 |  |  |  | 8,651 |  |  |  | 21,434 |  |  |  | 7.12 |
Software costs |  |  | 143,159 |  |  |  | 77,347 |  |  |  | 65,812 |  |  |  | 1.38 |
Non-compete agreements |  |  | 90 |  |  |  | 84 |  |  |  | 6 |  |  |  | 0.31 |
Trade name |  |  | 20,000 |  |  |  | — |  |  |  | 20,000 |  |  |  | — |
Balance as of March 31, 2025 |  | $ | 716,334 |  |  | $ | 341,719 |  |  | $ | 374,615 |  |  |  | 4.41 |
Client relationships |  | $ | 523,000 |  |  | $ | 242,458 |  |  | $ | 280,542 |  |  |  | 5.33 |
Channel relationships |  |  | 29,885 |  |  |  | 7,904 |  |  |  | 21,981 |  |  |  | 7.36 |
Software costs |  |  | 139,444 |  |  |  | 72,945 |  |  |  | 66,499 |  |  |  | 1.00 |
Non-compete agreements |  |  | 180 |  |  |  | 168 |  |  |  | 12 |  |  |  | 0.34 |
Trade name |  |  | 20,000 |  |  |  | — |  |  |  | 20,000 |  |  |  | — |
Balance as of December 31, 2024 |  | $ | 712,509 |  |  | $ | 323,475 |  |  | $ | 389,034 |  |  |  | 4.55 |
The Company’s amortization expense for intangible assets w as $24.8 million and $26.4 million for the three months ended March 31, 2025 and 2024, respectively. The estimated amortization expense for the next five years and thereafter in the aggregate is as follows:
($ in thousands) |  | Estimated Future |
Year Ending December 31, |  | Amortization Expense |
2025 |  | $ | 71,368 |
2026 |  |  | 81,672 |
2027 |  |  | 65,717 |
2028 |  |  | 55,433 |
2029 |  |  | 41,760 |
Thereafter |  |  | 38,665 |

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