Goodwill and Intangible Assets

In connection with the Company's formation of AMST in August 2016, the Company recorded $2.5 million and $4.3 million of identifiable intangible assets and goodwill, respectively; these values were based upon an independent appraisal and represent their fair values at the acquisition date.

In connection with the Company's acquisition of Goldline in August 2017, the Company recorded $5.0 million and $1.4 million of additional identifiable intangible assets and goodwill, respectively; these values were based upon an independent appraisal and represent their fair values at the acquisition date.

In March 2021, the Company acquired 100% ownership of JMB, in which we previously held a 20.5% equity interest. At the acquisition date we measured the value of identifiable intangible assets and goodwill at $98.0 million and $92.1 million, respectively. These values represent their fair values at the acquisition date.

In October 2022, JMB acquired $4.5 million of intangible assets that included: BGASC’s website, domain name, trademarks, logos, customer list, and all intellectual property.

In connection with the Company's acquisition of LPM in February 2024, we recorded $10.3 million and $21.0 million of identifiable intangible assets and goodwill, respectively. These values represent their fair values at the acquisition date.

In March 2024, JMB acquired $8.5 million of intangible assets that included Gold.com's domain name.

In June 2024, we obtained a controlling interest in SGB, at which point SGB became a consolidated subsidiary of the Company. We measured the value of identifiable intangible assets and goodwill at $28.8 million and $78.0 million, respectively. These values represent their fair values as of the acquisition date.

We acquired SGI in February 2025 and as a result, we recorded $19.0 million and $13.8 million of identifiable intangible assets and goodwill, respectively. These values represent their fair values at the acquisition date.

In February 2025, we also acquired 100% ownership of Pinehurst which resulted in the acquisition of $2.0 million and $2.8 million of identifiable intangible assets and goodwill, respectively. These values represent their fair values at the acquisition date.

Our acquisition of AMS in April 2025 resulted in the acquisition of $33.0 million and $12.1 million of identifiable intangible assets and goodwill, respectively. These values represent their fair values at the acquisition date.

The carrying value of goodwill and other purchased intangibles are described below (dollar amounts in thousands):


			June 30, 2025										June 30, 2024
	Estimated Useful Lives (Years)	Remaining Weighted-Average Amortization Period (Years)	Gross Carrying Amount		Accumulated Amortization			Accumulated Impairment			Net Book Value		Gross Carrying Amount		Accumulated Amortization			Accumulated Impairment			Net Book Value
Identifiable intangible assets:
Existing customer relationships	4 - 15	4.6	$	116,568	$	(66,215	)	$	—		$	50,353	$	75,568	$	(52,203	)	$	—		$	23,365
Developed technology	4	3.1		21,836		(13,362	)		—			8,474		20,336		(8,933	)		—			11,403
Non-compete and other	3 - 5	2.3		2,310		(2,306	)		—			4		2,310		(2,300	)		—			10
Employment agreement	1 - 3	0.0		295		(295	)		—			—		295		(295	)		—			—
Intangibles subject to amortization				141,009		(82,178	)		—			58,831		98,509		(63,731	)		—			34,778
Trade names and trademarks	Indefinite	Indefinite		69,658		—			(1,290	)		68,368		59,660		—			(1,290	)		58,370
Domain name	Indefinite	Indefinite		8,615		—			—			8,615		8,515		—			—			8,515
In-process research and development	Indefinite	Indefinite		1,500		—			—			1,500		—		—			—			—
Identifiable intangible assets			$	220,782	$	(82,178	)	$	(1,290	)	$	137,314	$	166,684	$	(63,731	)	$	(1,290	)	$	101,663

Goodwill	Indefinite	Indefinite	$	230,014	$	—		$	(1,364	)	$	228,650	$	201,301	$	—		$	(1,364	)	$	199,937

The changes in the carrying amounts of goodwill were as follows (in thousands):


Balance as of June 30, 2023	$	100,943
Goodwill acquired - LPM - Wholesale Sales & Ancillary Services		21,034
Goodwill acquired - SGB - Direct-to-Consumer		77,960
Balance as of June 30, 2024		199,937
Goodwill acquired - SGI - Wholesale Sales & Ancillary Services		6,919
Goodwill acquired - SGI - Direct-to-Consumer		6,919
Goodwill acquired - Pinehurst - Wholesale Sales & Ancillary Services		1,377
Goodwill acquired - Pinehurst - Direct-to-Consumer		1,377
Goodwill acquired - AMS - Direct-to-Consumer		12,122
Balance as of June 30, 2025	$	228,650

Estimated annual amortization expense related to definite-lived intangible assets for the succeeding five years and thereafter is as follows (in thousands):


Fiscal Year Ending June 30,	Amount
2026	$	20,591
2027		15,564
2028		12,013
2029		5,613
2030		2,896
Thereafter		2,154
	$	58,831