Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Summary of Intangible Assets, Finite-Lived

The following table summarizes the carrying values of intangible assets as of September 30, 2026 and December 31, 2025 (in thousands):



	September 30, 2026						December 31, 2025
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net 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
Technology	46,000		(33,542)		12,458		46,000		(24,917)		21,083
Investor relationships	25,000		(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

_________________

(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.

Summary of Intangible Assets, Indefinite-Lived

The following table summarizes the carrying values of intangible assets as of September 30, 2026 and December 31, 2025 (in thousands):



	September 30, 2026						December 31, 2025
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net 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
Technology	46,000		(33,542)		12,458		46,000		(24,917)		21,083
Investor relationships	25,000		(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

_________________

(b)Includes indefinite-lived intangible assets of $1.0 million as of September 30, 2026 and December 31, 2025.

Summary of Estimated Remaining Amortization Expense for Finite-Lived Intangible Assets

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
2027	141,258
2028	120,415
2029	94,810
2030	46,616
Thereafter	111,238
Total	$	550,464