Intangibles consists of the following:


	As of March 31, 2025
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets:
Trade names	$	17,375	$	—		$	17,375
Technology		30		—			30
Total indefinite-lived intangible assets		17,405		—			17,405
Finite-lived intangible assets:
Trade names		28,240		(8,958	)		19,282
Management and advisory contracts		194,666		(139,164	)		55,502
Technology		186		(104	)		82
Total finite-lived intangible assets		223,092		(148,226	)		74,866
Total intangible assets	$	240,497	$	(148,226	)	$	92,271


	As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets:
Trade names	$	17,375	$	—		$	17,375
Technology		30		—			30
Total indefinite-lived intangible assets		17,405		—			17,405
Finite-lived intangible assets:

Trade names		28,240		(8,322	)		19,918
Management and advisory contracts		194,666		(134,494	)		60,172
Technology		2,386		(2,292	)		94
Total finite-lived intangible assets		225,292		(145,108	)		80,184
Total intangible assets	$	242,697	$	(145,108	)	$	97,589

Management and advisory contracts and finite lived trade names are amortized over 7 - 16 years and are being amortized in line with the economic benefits that are expected to occur. Technology is generally amortized on a straight-line basis over 4 years. The amortization expense for each of the next five years and thereafter are as follows: