| Goodwill and Intangibles |
Note 10. Goodwill and Intangibles Changes in goodwill for the three months ended March 31, 2026 are as follows:
|
|
|
|
|
Balance at December 31, 2025 |
|
$ |
558,978 |
|
Increase from acquisitions |
|
|
- |
|
Change related to foreign currency translations |
|
|
(1,372 |
) |
Balance at March 31, 2026 |
|
$ |
557,606 |
|
Intangibles consist of the following as of March 31, 2026:
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|
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|
|
|
|
|
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|
|
|
|
|
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|
|
|
Investor and Intermediary Relationships |
|
|
Management and Advisory Contracts |
|
|
Technology |
|
|
Trade Names |
|
|
Total |
|
Gross Carrying Amount |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indefinite-lived intangible assets: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2025 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
30 |
|
|
$ |
17,375 |
|
|
$ |
17,405 |
|
Impact of exchange rate movements |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance as of March 31, 2026 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
30 |
|
|
$ |
17,375 |
|
|
$ |
17,405 |
|
Finite-lived intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2025 |
|
$ |
10,478 |
|
|
$ |
216,211 |
|
|
$ |
793 |
|
|
$ |
29,181 |
|
|
$ |
256,663 |
|
Impact of exchange rate movements |
|
|
(271 |
) |
|
|
(558 |
) |
|
|
(16 |
) |
|
|
(24 |
) |
|
|
(869 |
) |
Balance as of March 31, 2026 |
|
$ |
10,207 |
|
|
$ |
215,653 |
|
|
$ |
777 |
|
|
$ |
29,157 |
|
|
$ |
255,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Amortization |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2025 |
|
$ |
(204 |
) |
|
$ |
(155,462 |
) |
|
$ |
(252 |
) |
|
$ |
(10,882 |
) |
|
$ |
(166,800 |
) |
Amortization expense |
|
|
(215 |
) |
|
|
(4,447 |
) |
|
|
(49 |
) |
|
|
(698 |
) |
|
|
(5,409 |
) |
Impact of exchange rate movements |
|
|
9 |
|
|
|
79 |
|
|
|
3 |
|
|
|
— |
|
|
|
91 |
|
Balance as of March 31, 2026 |
|
$ |
(410 |
) |
|
$ |
(159,830 |
) |
|
$ |
(298 |
) |
|
$ |
(11,580 |
) |
|
$ |
(172,118 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total intangible assets, net balance as of March 31, 2026 |
|
$ |
9,797 |
|
|
$ |
55,823 |
|
|
$ |
509 |
|
|
$ |
34,952 |
|
|
$ |
101,081 |
|
Intangibles consist of the following as of March 31, 2025:
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|
|
|
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 March 31, 2025 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
30 |
|
|
$ |
17,375 |
|
|
$ |
17,405 |
|
Finite-lived intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
$ |
— |
|
|
$ |
194,666 |
|
|
$ |
2,386 |
|
|
$ |
28,240 |
|
|
$ |
225,292 |
|
Adjustment for fully amortized intangibles |
|
|
— |
|
|
|
— |
|
|
|
(2,200 |
) |
|
|
— |
|
|
|
(2,200 |
) |
Balance as of March 31, 2025 |
|
$ |
— |
|
|
$ |
194,666 |
|
|
$ |
186 |
|
|
$ |
28,240 |
|
|
$ |
223,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Amortization |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
$ |
— |
|
|
$ |
(134,494 |
) |
|
$ |
(2,292 |
) |
|
$ |
(8,322 |
) |
|
$ |
(145,108 |
) |
Amortization expense |
|
|
— |
|
|
|
(4,670 |
) |
|
|
(12 |
) |
|
|
(636 |
) |
|
|
(5,318 |
) |
Adjustment for fully amortized intangibles |
|
|
— |
|
|
|
— |
|
|
|
2,200 |
|
|
|
— |
|
|
|
2,200 |
|
Balance as of March 31, 2025 |
|
$ |
— |
|
|
$ |
(139,164 |
) |
|
$ |
(104 |
) |
|
$ |
(8,958 |
) |
|
$ |
(148,226 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total intangible assets, net balance as of March 31, 2025 |
|
$ |
— |
|
|
$ |
55,502 |
|
|
$ |
112 |
|
|
$ |
36,657 |
|
|
$ |
92,271 |
|
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:
|
|
|
|
|
2026 |
|
$ |
16,148 |
|
2027 |
|
|
18,286 |
|
2028 |
|
|
14,467 |
|
2029 |
|
|
11,559 |
|
2030 |
|
|
8,732 |
|
Thereafter |
|
|
14,487 |
|
Total amortization |
|
$ |
83,679 |
|
|