Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLES, NET

During the year ended December 31, 2025, the Company completed various acquisitions, which were accounted for under the acquisition method of accounting for business combinations and as asset acquisitions, and recorded purchase accounting adjustments. See Note 4 - Acquisitions, for additional information.

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

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, the Company completed various acquisitions. See Note 4 - Acquisitions, for additional information.

Total amortization of other intangibles was $236.6 million, $135.2 million and $107.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.

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