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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | NOTE 8 – 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):
|  | December 31, 2024 |  |  | Adjustments |  |  | Write-off |  |  | September 30, 2025 |
Goodwill |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 335,009 |  |  | $ | 16,699 |  |  | $ | — |  |  | $ | 351,708 |
Institutional Group |  |  | 1,060,209 |  |  |  | 70,425 |  |  |  | — |  |  |  | 1,130,634 |
|  | $ | 1,395,218 |  |  | $ | 87,124 |  |  | $ | — |  |  | $ | 1,482,342 |
|  | December 31, 2024 |  |  | Adjustments |  |  | Amortization |  |  | September 30, 2025 |
Intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 24,385 |  |  | $ | 5,807 |  |  | $ | (2,933 | ) |  | $ | 27,259 |
Institutional Group |  |  | 89,189 |  |  |  | 7,599 |  |  |  | (13,666 | ) |  |  | 83,122 |
|  | $ | 113,574 |  |  | $ | 13,406 |  |  | $ | (16,599 | ) |  | $ | 110,381 |
The adjustments to goodwill and intangible assets during the nine months ended September 30, 2025 are primarily attributable to the following: On April 7, 2025, the Company completed the acquisition of a portion of B. Riley Financial, Inc.’s traditional wealth management business. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805, “Business Combinations.” Accordingly, goodwill was measured as the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition-date identifiable assets acquired net of assumed liabilities. The goodwill and customer relationship intangible recorded have been allocated to our company’s Global Wealth Management segment. On June 2, 2025, the Company completed the acquisition of Bryan Garnier (“Bryan Garnier”), an independent full-service investment bank focused on European technology and healthcare companies. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805, “Business Combinations.” Accordingly, goodwill was measured as the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition-date identifiable assets acquired net of assumed liabilities. We recognized a liability for estimated earn-out payments of $25.0 million. The potential earnout payable represents the amount of additional consideration that could be paid pursuant to the terms of the purchase agreement. The amount recorded as earnout payable, which is primarily based upon the estimated future operating results over a five-year period subsequent to the acquisition date, is measured at fair value as of the acquisition date. The contingent consideration accrual is included in accounts payable and accrued expenses in the consolidated statement of financial condition at September 30, 2025. The goodwill and customer relationship intangible recorded have been allocated to our company’s Institutional Group segment. The allocation of the purchase price of these acquisitions are preliminary and will be finalized upon completion of the analysis of the fair values of the net assets as of the respective acquisition dates and the identified intangible assets. The final goodwill recorded on the consolidated statement of financial condition may differ from that reflected herein as a result of future measurement period adjustments and the recording of identified intangible assets. Amortizable intangible assets consist of acquired customer relationships, trade names, acquired technology, non-compete agreements, investment banking backlog, and core deposits that are amortized over their contractual or determined useful lives. Intangible assets as of September 30, 2025 and December 31, 2024 were as follows (in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Gross Carrying Value |  |  | Accumulated Amortization |
Customer relationships |  | $ | 222,618 |  |  | $ | 126,088 |  |  | $ | 208,601 |  |  | $ | 115,919 |
Trade names |  |  | 29,109 |  |  |  | 23,303 |  |  |  | 29,109 |  |  |  | 22,210 |
Acquired technology |  |  | 19,903 |  |  |  | 13,646 |  |  |  | 19,903 |  |  |  | 9,158 |
Non-compete agreements |  |  | 10,152 |  |  |  | 8,881 |  |  |  | 10,152 |  |  |  | 8,559 |
Investment banking backlog |  |  | 8,913 |  |  |  | 8,396 |  |  |  | 8,913 |  |  |  | 7,327 |
Core deposits |  |  | 8,615 |  |  |  | 8,615 |  |  |  | 8,615 |  |  |  | 8,546 |
|  | $ | 299,310 |  |  | $ | 188,929 |  |  | $ | 285,293 |  |  | $ | 171,719 |
Amortization expense related to intangible assets was $5.7 million and $5.9 million for the three months ended September 30, 2025 and 2024, respectively. Amortization expense related to intangible assets was $16.6 million and $17.7 million for the nine months ended September 30, 2025 and 2024, respectively. Amortization expense is included in other operating expenses in the consolidated statements of operations. The weighted-average remaining lives of the following intangible assets at September 30, 2025, are: customer relationships, 8.8 years; trade names, 5.6 years; non-compete agreements, 3.3 years; acquired technology, 8.1 years; and investment banking backlog, 0.4 years. We have an intangible asset that is not subject to amortization and is, therefore, not included in the table below. As of September 30, 2025, we expect amortization expense in future periods to be as follows (in thousands):
Fiscal year |  |  |
Remainder of 2025 |  | $ | 5,692 |
2026 |  |  | 19,347 |
2027 |  |  | 15,586 |
2028 |  |  | 14,507 |
2029 |  |  | 13,420 |
Thereafter |  |  | 39,711 |
|  | $ | 108,263 |

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- Definition The entire disclosure for goodwill and intangible assets. + 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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