21. Goodwill and Intangible Assets

Goodwill

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

Item	Asset		Foreign Currency Translation			Adjusted Asset
Goodwill—ETFS acquisition	$	85,042	$	—		$	85,042
Goodwill—Ceres acquisition		141,783		—			141,783
Goodwill—Atlantic House acquisition		130,417		(3,634	)		126,783
Goodwill—Other		1,799		—			1,799
Balance at June 30, 2026	$	359,041	$	(3,634	)	$	355,407

Total goodwill recognized was $359,041, of which $215,459 is not deductible for tax purposes because the related acquisitions were structured as stock acquisitions. The remaining goodwill is deductible for U.S. federal income tax purposes.

Intangible Assets

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

	Balance at June 30, 2026
Item	Gross Asset		Accumulated Amortization			Foreign Currency Translation			Net Asset
ETFS acquisition	$	601,247	$	—		$	—		$	601,247
Ceres intangible assets		143,500		(4,305	)		—			139,195
Atlantic House intangible assets		88,458		(1,177	)		(939	)		86,342
Software development		11,582		(5,360	)		—			6,222
Balance at June 30, 2026	$	844,787	$	(10,842	)	$	(939	)	$	833,006

	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.

Atlantic House acquisition (finite-lived)

In connection with the Atlantic House acquisition, which was completed on May 1, 2026, the Company recognized the following intangible assets:

Intangible Asset		Useful Life (years)
Management contracts		25
Customer relationships		7
Non-compete agreements		3
Trade names and trademarks		1
Model distribution relationships		10

The Company recognized amortization expense on the identified intangible assets related to the above acquisitions of $2,612 and $4,047, respectively, during the three and six months ended June 30, 2026.

Software development (finite-lived)

Internally-developed software is amortized over a useful life of three years. The Company recognized amortization expense on internally-developed software of $634 and $1,182, respectively, during the three and six months ended June 30, 2026 and $544 and $983, respectively, during the comparable periods in 2025.

As of June 30, 2026, estimated future amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows:

	Ceres intangible assets		Atlantic House intangible assets⁽¹⁾		Software development		Total
2026	$	2,870	$	3,614	$	1,416	$	7,900
2027		5,740		6,346		2,439		14,525
2028		5,740		5,905		1,790		13,435
2029		5,740		4,876		577		11,193
2030		5,740		4,361		—		10,101
2031 and thereafter		113,365		60,408		—		173,773
Total expected amortization expense	$	139,195	$	85,510	$	6,222	$	230,927
Weighted-average remaining useful life (in years)		24.3		21.1		2.5

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⁽¹⁾

Amounts related to Atlantic House have been translated using exchange rates in effect at June 30, 2026. Actual amortization expense recognized in future periods will vary due to changes in foreign currency exchange rates.