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