Intangibles consists of the following:


	Investor and Intermediary Relationships			Management and Advisory Contracts			Technology			Trade Names			Total
Gross Carrying Amount
Indefinite-lived intangible assets:
Balance as of December 31, 2024	$	—		$	—		$	30		$	17,375		$	17,405
Impact of exchange rate movements		—			—			—			—			—
Balance as of June 30, 2025	$	—		$	—		$	30		$	17,375		$	17,405
Finite-lived intangible assets
Balance as of December 31, 2024	$	—		$	194,666		$	2,386		$	28,240		$	225,292
Additions, net of adjustments		9,776			20,102			549			879			31,306
Adjustment for fully amortized intangibles		—			—			(2,200	)		—			(2,200	)
Impact of exchange rate movements		654			1,345			38			58			2,095
Balance as of June 30, 2025	$	10,430		$	216,113		$	773		$	29,177		$	256,493

Accumulated Amortization
Balance as of December 31, 2024	$	—		$	(134,494	)	$	(2,292	)	$	(8,322	)	$	(145,108	)
Amortization expense		(51	)		(10,079	)		(60	)		(1,278	)		(11,468	)
Adjustment for fully amortized intangibles		—			—			2,200			—			2,200
Impact of exchange rate movements		(1	)		(20	)		(2	)		—			(23	)
Balance as of June 30, 2025	$	(52	)	$	(144,593	)	$	(154	)	$	(9,600	)	$	(154,399	)
Total intangible assets, net balance as of June 30, 2025	$	10,378		$	71,520		$	649		$	36,952		$	119,499


	Investor and Intermediary Relationships		Management and Advisory Contracts			Technology			Trade Names			Total
Gross Carrying Amount
Indefinite-lived intangible assets:
Balance as of December 31, 2023	$	—	$	—		$	30		$	17,375		$	17,405
Impact of exchange rate movements		—		—			—			—			—
Balance as of June 30, 2024	$	—	$	—		$	30		$	17,375		$	17,405
Finite-lived intangible assets
Balance as of December 31, 2023	$	—	$	194,666		$	2,380		$	28,240		$	225,286
Impact of exchange rate movements		—		—			—			—			—
Balance as of June 30, 2024	$	—	$	194,666		$	2,380		$	28,240		$	225,286

Accumulated Amortization
Balance as of December 31, 2023	$	—	$	(111,873	)	$	(1,834	)	$	(5,789	)	$	(119,496	)
Amortization expense		—		(11,311	)		(298	)		(1,266	)		(12,875	)
Balance as of June 30, 2024	$	—	$	(123,184	)	$	(2,132	)	$	(7,055	)	$	(132,371	)
Total intangible assets, net balance as of June 30, 2024	$	—	$	71,482		$	278		$	38,560		$	110,320

Management and advisory contracts and finite lived trade names are amortized over 7 - 20 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 or in line with the economic benefits that are expected to occur over 4 years. Direct investors and intermediary relationships are being amortized in line with the economic benefits that are expected to occur over 13 years. The amortization expense for each of the next five years and thereafter are as follows: