Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill

The changes in the carrying amount of the Company's goodwill by segment are as follows:


	Investment Managers		Investment Advisors		Institutional Investors		Investments in New Businesses		Total

Balance, December 31, 2025	$	55,247	$	218,571	$	62,712	$	18,459	$	354,989
Acquisitions	—		37,450		—		—		37,450

Foreign currency translation adjustments	(24)		—		(210)		—		(234)
Balance, September 30, 2026	$	55,223	$	256,021	$	62,502	$	18,459	$	392,205

Acquired Intangible Assets

The Company recognized $29,626 and $9,774 of amortization expense related to acquired intangible assets during the nine months ended September 30, 2026 and 2025, respectively. The increase in amortization expense was primarily due to intangible assets acquired through the acquisition of Stratos (See Note 12).

Capitalized Software

Capitalized software consists primarily of internal-use software developed for the Company's operating platforms. During the nine months ended September 30, 2026 and 2025, the Company capitalized $17,186 and $22,828 of software development costs and recognized $27,269 and $22,800 of amortization expense, respectively. There were no material impairments or changes in estimated useful lives during the period.