Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

Intangible Assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets consist of customer relationships and trademark/trade name. Intangible assets are amortized on a straight‑line basis with a useful life of ten years. Amortization expense included in net income for the three months ended March 31, 2023 and 2022 was $1.4 million and $0, respectively. The Company’s intangible assets subject to amortization consisted of the following:


($ in thousands)
	March 31, 2023		December 31, 2022
Intangible assets acquired:
Trademark/trade name	$	10,800	$	10,800
Customer relationships	46,500		46,500
Total intangible assets acquired	57,300		57,300

Accumulated amortization:
Trademark/trade name	(450)		(180)
Customer relationships	(1,937)		(775)
Total accumulated amortization	(2,387)		(955)

Intangible assets — net	$	54,913	$	56,345

The average amortization period for our remaining intangible assets is approximately 9.6 years. Estimated remaining amortization expense for each of the subsequent fiscal years is expected to be as follows:


($ in thousands)
Year	Estimated future amortization expense
2023	$	4,298
2024	5,730
2025	5,730
2026	5,730
2027 and beyond	33,425
Total	$	54,913