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

GOODWILL AND INTANGIBLE ASSETS, NET

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GOODWILL AND INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS, NET GOODWILL AND INTANGIBLE ASSETS, NET
The following table presents the Company's goodwill and intangible assets, net:
December 31,
(in thousands)
 2024 2023
Goodwill $ 198,724  $ 186,181 
Intangible assets, net 27,270  25,125 
Goodwill and intangible assets, net $ 225,994  $ 211,306 
Goodwill
The changes in the carrying amount of goodwill allocated to the origination reporting unit are presented in the following table:
(in thousands)
 Amount
Balance at December 31, 2022 $ 176,769 
Acquisitions
 8,654 
Purchase accounting adjustments 758 
Balance at December 31, 2023 186,181 
Acquisitions 12,543 
Balance at December 31, 2024 $ 198,724 
No impairment charges were recorded during the years ended December 31, 2024 and 2023.
Intangible Assets, Net
The following table presents the Company's intangible assets, net:
December 31, 2024 December 31, 2023
(in thousands)
 Gross Intangibles Accumulated Amortization Net Intangibles Gross Intangibles Accumulated Amortization Net Intangibles
Referral network $ 53,500  $ (26,230) $ 27,270  $ 42,300  $ (17,625) $ 24,675 
Non-compete agreements 2,700  (2,700) —  2,700  (2,250) 450 
  $ 56,200  $ (28,930) $ 27,270  $ 45,000  $ (19,875) $ 25,125 
Amortization expense related to intangible assets was $9.1 million and $8.0 million for the years ended December 31, 2024 and 2023, respectively.
As of December 31, 2024, expected amortization expense for the unamortized acquired intangible assets is as follows:
(in thousands)
 Amount
2025 $ 8,917 
2026 8,917 
2027 5,392 
2028 1,867 
2029 1,867 
Thereafter
 310 
$ 27,270