v3.26.3
Intangible Assets and Goodwill
 9 Months Ended
Sep. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Intangible Assets and Goodwill
6. Intangible Assets and Goodwill
Intangible Assets, Net
The following table summarizes the carrying values of intangible assets as of September 30, 2026 and December 31, 2025 (in thousands):
September 30, 2026December 31, 2025
Gross Carrying ValueAccumulated AmortizationNet Carrying ValueGross Carrying ValueAccumulated AmortizationNet Carrying Value
Contractual performance fee allocations(a)
$378,200 $(188,378)$189,822 $378,200 $(145,052)$233,148 
Management contracts(a)
468,700 (143,636)325,064 468,700 (92,216)376,484 
Technology46,000 (33,542)12,458 46,000 (24,917)21,083 
Investor relationships25,000 (10,938)14,062 25,000 (9,375)15,625 
Trade name(a)
17,500 (8,775)8,725 17,500 (6,328)11,172 
Other intangible assets(a), (b)
2,994 (1,667)1,327 2,994 (667)2,327 
Total intangible assets, net$938,394 $(386,936)$551,458 $938,394 $(278,555)$659,839 
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(a)Includes intangible assets with a net carrying value of $192.8 million as of September 30, 2026 related to the acquisition of Peppertree described in Note 3 to the Condensed Consolidated Financial Statements.
(b)Includes indefinite-lived intangible assets of $1.0 million as of September 30, 2026 and December 31, 2025.
The Company recognized no impairment losses on intangible assets during the three and nine months ended September 30, 2026 and 2025.
Intangible asset amortization expense was $36.1 million and $108.4 million for the three and nine months ended September 30, 2026, respectively, and $36.0 million and $88.5 million for the three and nine months ended September 30, 2025, respectively.
The following table presents estimated remaining amortization expense for finite-lived intangible assets that existed as of September 30, 2026 (in thousands):
Remainder of 2026$36,127 
2027141,258 
2028120,415 
202994,810 
203046,616 
Thereafter111,238 
Total$550,464 
Goodwill
As of September 30, 2026 and December 31, 2025, the carrying value of the Company’s goodwill was $498.2 million.
As of September 30, 2026, there have been no impairment losses recognized on goodwill.