21. Goodwill and Intangible Assets

Goodwill

The table below sets forth goodwill which is tested annually for impairment on November 30^th:

	Total
Balance at January 1, 2026	$	228,624
Changes		—
Balance at March 31, 2026	$	228,624

Of the total goodwill of $228,624 at March 31, 2026, $85,042 is not deductible for tax purposes as the acquisitions that gave rise to the goodwill were structured as stock acquisitions. The remainder of the goodwill is deductible for U.S. tax purposes.

Intangible Assets

The table below sets forth the Company’s intangible assets which are tested annually for impairment on November 30^th:

	Balance at March 31, 2026
Item	Gross Asset		Accumulated Amortization			Net Asset
ETFS Acquisition	$	601,247	$	—		$	601,247
Ceres intangible assets		143,500		(2,870	)		140,630
Software development		10,803		(4,726	)		6,077
Balance at March 31, 2026	$	755,550	$	(7,596	)	$	747,954

	Balance at December 31, 2025
Item	Gross Asset		Accumulated Amortization			Net Asset
ETFS Acquisition	$	601,247	$	—		$	601,247
Ceres intangible assets		143,500		(1,435	)		142,065
Software development		9,823		(4,178	)		5,645
Balance at December 31, 2025	$	754,570	$	(5,613	)	$	748,957

ETFS Acquisition (Indefinite-Lived)

In connection with the ETFS Acquisition, which was completed on April 11, 2018, the Company identified intangible assets valued at $601,247 related to the right to manage AUM through customary advisory agreements. These intangible assets were determined to have indefinite useful lives and are not deductible for tax purposes.

Ceres Acquisition (Finite-Lived)

In connection with the Ceres Acquisition, which was completed on October 1, 2025, the Company identified intangible assets valued at $143,500 related to purchase price allocated to a customary advisory agreement ($135,000) and trade name ($8,500). These intangible assets were determined to have a finite life (estimated useful life of 25 years) and are deductible for tax purposes.

As of March 31, 2026, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows:

2026	$	4,305
2027		5,740
2028		5,740
2029		5,740
2030		5,740
2031 and beyond		113,365
Total expected amortization expense	$	140,630

The weighted-average remaining useful life of the finite-lived intangible assets is 24.5 years.

Software Development (Finite-Lived)

Internally-developed software is amortized over a useful life of three years. During the three months ended March 31, 2026 and 2025, the Company recognized amortization expense on internally-developed software of $548 and $439, respectively.

As of March 31, 2026, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows:

Remainder of 2026	$	2,470
2027		1,963
2028		1,339
2029 and thereafter		305
Total expected amortization expense	$	6,077

The weighted-average remaining useful life of the finite-lived intangible assets is 2.2 years.