v3.25.2
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The following table presents details of our goodwill during the six months ended June 30, 2025 (in thousands):
Amount
Balance as of December 31, 2024$70,971 
Goodwill acquired1,190,923 
Foreign currency translation adjustments5,367 
Balance as of June 30, 2025$1,267,261 
Purchased Intangible Assets
On March 31, 2025, the Company completed its previously announced acquisition of Bistro, Blackstone’s proprietary portfolio visualization software platform built for Blackstone’s Credit & Insurance (BXCI) business (the “Bistro Asset Acquisition”). The purchase price for the Bistro Asset Acquisition was $112.7 million, consisting of an aggregate of 3,833,333 shares of Class A common stock, issued at the time of the closing of the Bistro Asset Acquisition, with a fair value of $102.7 million and $10 million that was paid in cash on June 30, 2025. The following table presents details of the fair values of identified intangible assets acquired (in thousands, except years):
Fair ValueEstimated Useful Life
Blackstone Commercial Agreement$98,078 7 years
Developed Technology - BISTRO14,655 7 years
Total$112,733 
The following table presents details of our purchased intangible assets as of June 30, 2025 and December 31, 2024 (in thousands):
June 30, 2025
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Remaining Useful Life (In Years)
Intangible assets with finite lives:
Developed technology$582,079 $(26,647)$555,432 6.9
Commercial agreement98,078 (3,503)94,575 6.8
Client relationships79,655 (2,426)77,229 9.8
Trade name / Trademarks14,102 (987)13,115 4.3
Domain name190 (7)183 4.8
Total intangible assets$774,104 $(33,570)$740,534 
December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Remaining Useful Life (In Years)
Intangible assets with finite lives:
Developed technology$34,366 $(8,617)$25,749 4.9
Client relationships5,619 (769)4,850 10.7
Trade name / Trademarks662 (393)269 2.3
Total intangible assets$40,647 $(9,779)$30,868 
We recognized amortization expense of $21.1 million and $1.4 million for the three months ended June 30, 2025 and 2024, respectively, and of $22.6 million and $2.5 million for the six months ended June 30, 2025 and 2024, respectively.