Annual report [Section 13 and 15(d), not S-K Item 405]

Intangible Assets, Net

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Intangible Assets, Net
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net
10. Intangible Assets, Net
Intangible assets, net, consisted of the following (in thousands):
December 31, 2024 Amortization Period (Years) Cost Accumulated Amortization Impairment Net
Non-amortizing intangibles
Trade name N/A $ 21,100  $ —  $ —  $ 21,100 
Amortizing intangibles
Broker/customer relationships
9
 334,700  (139,458) —  195,242 
Total intangibles $ 355,800  $ (139,458) $ —  $ 216,342 
December 31, 2023 Amortization Period (Years) Cost Accumulated Amortization Impairment Net
Non-amortizing intangibles
Trade name
N/A
 $ 27,500  $ —  $ (6,400) $ 21,100 
Amortizing intangibles
Broker/customer relationships
9
334,700  (102,269) —  232,431 
Total intangibles $ 362,200  $ (102,269) $ (6,400) $ 253,531 

There was no intangible asset impairment for the year ended December 31, 2024. Based on the annual impairment testing in the fourth quarter of 2023, the Company recognized an indefinite-lived intangible asset impairment of $6.4 million for the year ended December 31, 2023 at the Portfolio Management reporting unit.
Amortization expense was $37.2 million for each of the years ended December 31, 2024 and 2023.
As of December 31, 2024, the estimated amortization expense for the next five years and thereafter is as follows (in thousands):
Year Ending December 31, Amount
2025 $ 37,189 
2026 37,189 
2027 37,189 
2028 37,189 
2029 37,189 
Thereafter 9,297 
Total future amortization expense $ 195,242