Goodwill and Intangible Assets (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Goodwill and Intangible Assets Disclosure [Abstract] |
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| Carrying Amount of Goodwill and Intangible Assets |
The carrying amount of goodwill and intangible assets attributable to each of our reporting segments is presented in the following table (in thousands):
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December 31, 2025 |
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Adjustments |
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Write-off |
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March 31, 2026 |
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Goodwill |
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Global Wealth Management |
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$ |
351,708 |
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$ |
— |
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$ |
— |
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$ |
351,708 |
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Institutional Group |
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1,112,150 |
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— |
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— |
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1,112,150 |
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Total goodwill |
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$ |
1,463,858 |
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$ |
— |
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$ |
— |
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$ |
1,463,858 |
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December 31, 2025 |
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Adjustments |
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Amortization |
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March 31, 2026 |
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Intangible assets |
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Global Wealth Management |
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$ |
26,287 |
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$ |
— |
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$ |
(972 |
) |
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$ |
25,315 |
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Institutional Group |
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81,758 |
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(57 |
) |
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(9,576 |
) |
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|
72,125 |
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Total intangible assets |
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$ |
108,045 |
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$ |
(57 |
) |
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$ |
(10,548 |
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$ |
97,440 |
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| Intangible Assets |
Intangible assets as of March 31, 2026 and December 31, 2025 were as follows (in thousands):
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March 31, 2026 |
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December 31, 2025 |
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Gross
Carrying
Value |
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Accumulated
Amortization |
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Gross
Carrying
Value |
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Accumulated
Amortization |
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Customer relationships |
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$ |
215,023 |
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$ |
131,432 |
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$ |
215,249 |
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$ |
128,575 |
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Investment banking backlog |
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30,413 |
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26,787 |
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30,413 |
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21,221 |
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Trade names |
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28,796 |
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23,544 |
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28,796 |
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|
23,267 |
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Acquired technology |
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19,903 |
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16,637 |
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19,903 |
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15,141 |
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Non-compete agreements |
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10,929 |
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9,224 |
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10,929 |
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9,041 |
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Total intangible assets |
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$ |
305,064 |
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$ |
207,624 |
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$ |
305,290 |
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$ |
197,245 |
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| Amortization Expense in Future Periods |
As of March 31, 2026, we expect amortization expense in future periods to be as follows (in thousands):
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Fiscal year |
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Remainder of 2026 |
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$ |
16,510 |
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2027 |
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14,479 |
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2028 |
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|
13,157 |
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2029 |
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|
12,383 |
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2030 |
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|
10,199 |
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Thereafter |
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|
28,594 |
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Total amortizable intangible assets |
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$ |
95,322 |
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