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Goodwill and Other Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Summary of activity in goodwill | A summary of the activity impacting goodwill is presented below (in thousands):
Balance at December 31, 2023 | $ | 1,856,648 |
Goodwill acquired | 333,205 |
Purchase accounting adjustments | (16,980) |
Balance at December 31, 2024 | 2,172,873 |
Goodwill acquired | 497,885 |
Purchase accounting adjustments | (26,035) |
Balance at December 31, 2025 | $ | 2,644,723 |
Components of intangible assets | The components of other intangibles, net were as follows at December 31, 2025 (thousands):
| Weighted-Average Life Remaining (in years) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value
Definite-lived intangibles, net(1): |  |  |  |
Advisor and institution relationships | 13.6 | $ | 3,350,706 |  | $ | (859,100) |  | $ | 2,491,606 |
Client relationships | 12.3 | 909,868 |  | (143,039) |  | 766,829 |
Trade name | 15.6 | 26,000 |  | (677) |  | 25,323 |
Technology | 3.0 | 20,930 |  | (15,443) |  | 5,487 |
Product sponsor relationships | 1.2 | 234,086 |  | (232,362) |  | 1,724 |
Total definite-lived intangible assets, net |  | $ | 4,541,590 |  | $ | (1,250,621) |  | $ | 3,290,969 |
Other indefinite-lived intangibles: |  |  |  |
Trademark and trade name |  |  |  | 39,819 |
Total other intangibles, net |  |  |  | $ | 3,330,788 |
____________________ (1) During the year ended December 31, 2025, the Company completed various acquisitions. See Note 4 - Acquisitions, for additional information. The components of other intangibles, net were as follows at December 31, 2024 (thousands):
| Weighted-Average Life Remaining (in years) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value
Definite-lived intangibles, net(1): |  |  |  |
Advisor and institution relationships | 13.4 | $ | 1,626,281 |  | $ | (699,385) |  | $ | 926,896 |
Client relationships | 12.7 | 581,519 |  | (86,292) |  | 495,227 |
Product sponsor relationships | 1.3 | 234,086 |  | (220,880) |  | 13,206 |
Technology | 7.6 | 20,930 |  | (13,090) |  | 7,840 |
Total definite-lived intangibles, net |  | $ | 2,462,816 |  | $ | (1,019,647) |  | $ | 1,443,169 |
Other indefinite-lived intangibles: |  |  |  |
Trademark and trade name |  |  |  | 39,819 |
Total other intangibles, net |  |  |  | $ | 1,482,988 |
____________________ (1)During the year ended December 31, 2024, t he Company completed various acquisitions. See Note 4 - Acquisitions, for additional information.
Amortization expense | Future amortization is estimated as follows (in thousands):
2026 | $ | 260,211 |
2027 | 256,453 |
2028 | 254,756 |
2029 | 247,915 |
2030 | 245,920 |
Thereafter | 2,025,714 |
Total | $ | 3,290,969 |

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