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Intangible Assets and Goodwill | 6 Months Ended
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Jun. 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 June 30, 2026 and December 31, 2025 (in thousands):
| June 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 |  |  | $ | (173,936) |  |  | $ | 204,264 |  |  | $ | 378,200 |  |  | $ | (145,052) |  |  | $ | 233,148 |
Management contracts(a) | 468,700 |  |  | (126,496) |  |  | 342,204 |  |  | 468,700 |  |  | (92,216) |  |  | 376,484 |
Technology | 46,000 |  |  | (30,667) |  |  | 15,333 |  |  | 46,000 |  |  | (24,917) |  |  | 21,083 |
Investor relationships | 25,000 |  |  | (10,417) |  |  | 14,583 |  |  | 25,000 |  |  | (9,375) |  |  | 15,625 |
Trade name(a) | 17,500 |  |  | (7,960) |  |  | 9,540 |  |  | 17,500 |  |  | (6,328) |  |  | 11,172 |
Other intangible assets(a), (b) | 2,994 |  |  | (1,333) |  |  | 1,661 |  |  | 2,994 |  |  | (667) |  |  | 2,327 |
Total intangible assets, net | $ | 938,394 |  |  | $ | (350,809) |  |  | $ | 587,585 |  |  | $ | 938,394 |  |  | $ | (278,555) |  |  | $ | 659,839 |
_________________ (a)Includes intangible assets with a net carrying value of $204.5 million as of June 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 June 30, 2026 and December 31, 2025. The Company recognized no impairment losses on intangible assets during the three and six months ended June 30, 2026 and 2025. Intangible asset amortization expense was $36.1 million and $72.3 million for the three and six months ended June 30, 2026, respectively, and $25.8 million and $52.5 million for the three and six months ended June 30, 2025, respectively. The following table presents estimated remaining amortization expense for finite-lived intangible assets that existed as of June 30, 2026 (in thousands):
Remainder of 2026 |  | $ | 72,254 |
2027 |  | 141,258 |
2028 |  | 120,415 |
2029 |  | 94,810 |
2030 |  | 46,616 |
Thereafter |  | 111,238 |
Total |  | $ | 586,591 |
Goodwill As of June 30, 2026 and December 31, 2025, the carrying value of the Company’s goodwill was $498.2 million. As of June 30, 2026, there have been no impairment losses recognized on goodwill.

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- Definition The entire disclosure for intangible asset and goodwill. Includes, but is not limited to, finite- and indefinite-lived intangible assets, capitalized cost for internal-use software and software to be sold, leased, or marketed. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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