Goodwill and Intangible Assets (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Intangible Asset, Goodwill and Other [Abstract] |
|
| Carrying Amount of Goodwill and Intangible Assets |
The carrying amount of goodwill and intangible assets attributable to each of our reporting segments is presented in the following table (in thousands):
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December 31,
2025 |
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Adjustments |
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|
Write-off |
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|
September 30,
2026 |
|
Goodwill |
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|
|
|
|
|
|
|
|
|
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|
Global Wealth Management |
|
$ |
351,708 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
351,708 |
|
Institutional Group |
|
|
1,112,150 |
|
|
|
— |
|
|
|
— |
|
|
|
1,112,150 |
|
Total goodwill |
|
$ |
1,463,858 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,463,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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December 31,
2025 |
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|
Adjustments |
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|
Amortization |
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|
September 30,
2026 |
|
Intangible assets |
|
|
|
|
|
|
|
|
|
|
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|
Global Wealth Management |
|
$ |
26,287 |
|
|
$ |
— |
|
|
$ |
(2,916 |
) |
|
$ |
23,371 |
|
Institutional Group |
|
|
81,758 |
|
|
|
(161 |
) |
|
|
(20,190 |
) |
|
|
61,407 |
|
Total intangible assets |
|
$ |
108,045 |
|
|
$ |
(161 |
) |
|
$ |
(23,106 |
) |
|
$ |
84,778 |
|
|
| Intangible Assets |
Intangible assets as of September 30, 2026 and December 31, 2025 were as follows (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
September 30, 2026 |
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|
December 31, 2025 |
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|
Gross
Carrying
Value |
|
|
Accumulated Amortization |
|
|
Gross
Carrying
Value |
|
|
Accumulated Amortization |
|
Customer relationships |
|
$ |
197,895 |
|
|
$ |
120,438 |
|
|
$ |
198,209 |
|
|
$ |
111,535 |
|
Investment banking backlog |
|
|
27,263 |
|
|
|
27,226 |
|
|
|
27,263 |
|
|
|
18,071 |
|
Trade names |
|
|
20,916 |
|
|
|
16,217 |
|
|
|
20,916 |
|
|
|
15,387 |
|
Acquired technology |
|
|
19,903 |
|
|
|
18,658 |
|
|
|
19,903 |
|
|
|
15,141 |
|
Non-compete agreements |
|
|
8,729 |
|
|
|
7,389 |
|
|
|
8,729 |
|
|
|
6,841 |
|
Total intangible assets |
|
$ |
274,706 |
|
|
$ |
189,928 |
|
|
$ |
275,020 |
|
|
$ |
166,975 |
|
|
| Amortization Expense in Future Periods |
As of September 30, 2026, we expect amortization expense in future periods to be as follows (in thousands):
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|
|
|
Fiscal year |
|
|
|
Remainder of 2026 |
|
$ |
3,647 |
|
2027 |
|
|
14,479 |
|
2028 |
|
|
13,157 |
|
2029 |
|
|
12,383 |
|
2030 |
|
|
10,199 |
|
Thereafter |
|
|
28,795 |
|
Total amortizable intangible assets |
|
$ |
82,660 |
|
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