| Goodwill and Intangibles |
Note 10. Goodwill and Intangibles Changes in goodwill for the six months ended June 30, 2026 are as follows:
|
|
|
|
|
Balance at December 31, 2025 |
|
$ |
558,978 |
|
Increase from acquisitions |
|
|
55,070 |
|
Change related to foreign currency translations |
|
|
(1,691 |
) |
Balance at June 30, 2026 |
|
$ |
612,357 |
|
Intangibles consist of the following as of June 30, 2026:
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|
|
|
|
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|
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|
|
|
Investor and Intermediary Relationships |
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|
Management and Advisory Contracts |
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|
Technology |
|
|
Trade Names |
|
|
Total |
|
Gross Carrying Amount |
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|
|
|
|
|
|
|
|
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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 June 30, 2026 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
30 |
|
|
$ |
17,375 |
|
|
$ |
17,405 |
|
Finite-lived intangible assets |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2025 |
|
$ |
10,478 |
|
|
$ |
216,211 |
|
|
$ |
793 |
|
|
$ |
29,181 |
|
|
$ |
256,663 |
|
Additions |
|
|
4,000 |
|
|
|
172,800 |
|
|
|
— |
|
|
|
1,600 |
|
|
|
178,400 |
|
Impact of exchange rate movements |
|
|
(335 |
) |
|
|
(688 |
) |
|
|
(19 |
) |
|
|
(30 |
) |
|
|
(1,072 |
) |
Balance as of June 30, 2026 |
|
$ |
14,143 |
|
|
$ |
388,323 |
|
|
$ |
774 |
|
|
$ |
30,751 |
|
|
$ |
433,991 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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Accumulated Amortization |
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|
|
|
|
|
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|
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|
|
|
Balance as of December 31, 2025 |
|
$ |
(204 |
) |
|
$ |
(155,462 |
) |
|
$ |
(252 |
) |
|
$ |
(10,882 |
) |
|
$ |
(166,800 |
) |
Amortization expense |
|
|
(427 |
) |
|
|
(9,299 |
) |
|
|
(95 |
) |
|
|
(1,403 |
) |
|
|
(11,224 |
) |
Impact of exchange rate movements |
|
|
15 |
|
|
|
115 |
|
|
|
7 |
|
|
|
— |
|
|
|
137 |
|
Balance as of June 30, 2026 |
|
$ |
(616 |
) |
|
$ |
(164,646 |
) |
|
$ |
(340 |
) |
|
$ |
(12,285 |
) |
|
$ |
(177,887 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total intangible assets, net balance as of June 30, 2026 |
|
$ |
13,527 |
|
|
$ |
223,677 |
|
|
$ |
464 |
|
|
$ |
35,841 |
|
|
$ |
273,509 |
|
Intangibles consist of the following as of June 30, 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 June 30, 2025 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
30 |
|
|
$ |
17,375 |
|
|
$ |
17,405 |
|
Finite-lived intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
$ |
— |
|
|
$ |
194,666 |
|
|
$ |
2,386 |
|
|
$ |
28,240 |
|
|
$ |
225,292 |
|
Additions, net of adjustments |
|
|
9,776 |
|
|
|
20,102 |
|
|
|
549 |
|
|
|
879 |
|
|
|
31,306 |
|
Adjustment for fully amortized intangibles |
|
|
— |
|
|
|
— |
|
|
|
(2,200 |
) |
|
|
— |
|
|
|
(2,200 |
) |
Impact of exchange rate movements |
|
|
654 |
|
|
|
1,345 |
|
|
|
38 |
|
|
|
58 |
|
|
|
2,095 |
|
Balance as of June 30, 2025 |
|
$ |
10,430 |
|
|
$ |
216,113 |
|
|
$ |
773 |
|
|
$ |
29,177 |
|
|
$ |
256,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Amortization |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
$ |
— |
|
|
$ |
(134,494 |
) |
|
$ |
(2,292 |
) |
|
$ |
(8,322 |
) |
|
$ |
(145,108 |
) |
Amortization expense |
|
|
(51 |
) |
|
|
(10,079 |
) |
|
|
(60 |
) |
|
|
(1,278 |
) |
|
|
(11,468 |
) |
Adjustment for fully amortized intangibles |
|
|
— |
|
|
|
— |
|
|
|
2,200 |
|
|
|
— |
|
|
|
2,200 |
|
Impact of exchange rate movements |
|
|
(1 |
) |
|
|
(20 |
) |
|
|
(2 |
) |
|
|
— |
|
|
|
(23 |
) |
Balance as of June 30, 2025 |
|
$ |
(52 |
) |
|
$ |
(144,593 |
) |
|
$ |
(154 |
) |
|
$ |
(9,600 |
) |
|
$ |
(154,399 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total intangible assets, net balance as of June 30, 2025 |
|
$ |
10,378 |
|
|
$ |
71,520 |
|
|
$ |
649 |
|
|
$ |
36,952 |
|
|
$ |
119,499 |
|
Management and advisory contracts and finite-lived trade names are amortized over 7 - 23 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 7- 13 years. The amortization expense for each of the next five years and thereafter is as follows:
|
|
|
|
|
|
|
|
|
2026 |
|
$ |
13,254 |
|
2027 |
|
|
25,150 |
|
2028 |
|
|
21,993 |
|
2029 |
|
|
19,733 |
|
2030 |
|
|
16,146 |
|
Thereafter |
|
|
159,828 |
|
Total amortization |
|
$ |
256,104 |
|
|