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Assets Held for Sale | 3 Months Ended
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Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Assets Held for Sale | Assets Held for Sale On February 27, 2025, the Company and Aquiline Capital Partners LP (Aquiline), a private investment firm specializing in financial services and technology, announced that the companies have entered into a definitive agreement for Aquiline to acquire the Company's Family Office Services business. The total purchase price is $120,000 to be paid in cash at closing, and the transaction is expected to close during the second quarter 2025, subject to applicable regulatory approval and other customary closing conditions. The purchase price is subject to adjustments for the transfer of working capital accounts and funding of liabilities by the Company at closing. In connection with the agreement, the companies also entered into a transition services agreement whereby the Company will provide certain information technology, administrative and operational services to Aquiline for a period of time after the closing of the transaction to assist in the transfer of services. As of March 31, 2025, the Company has identified assets within the disposal group with carrying amounts that are expected to be recovered principally through the transaction with Aquiline rather than through continuing use. As such, these assets within the disposal group have been classified as held for sale on the accompanying Consolidated Balance Sheet. The results of operations of the Company's Family Office Services business is reported in the Investments in New Businesses segment. Management does not believe the expected transaction represents a strategic shift that will have a significant impact on the Company's operations and financial results, and as such, the Family Office Services business is not considered a discontinued operation. The Company's assets held for sale and related liabilities on the accompanying Consolidated Balance Sheet consist of: Assets Held for Sale
|  | March 31, 2025 |  |
Receivables, net of allowance for doubtful accounts of $131 |  | $ | 8,427 |  |  |
Property and equipment, net of accumulated depreciation of $2,144 |  | 210 |  |  |
Operating lease right-of-use assets |  | 2,848 |  |  |
Capitalized software, net |  | 492 |  |  |
Goodwill |  | 1,711 |  |  |
Intangible Assets, net of accumulated amortization of $21,717 |  | 8,413 |  |  |
Deferred contract costs |  | 395 |  |  |
Other assets, net |  | 269 |  |  |
Total assets held for sale |  | $ | 22,765 |  |  |
Liabilities Related to Assets Held for Sale
|  | March 31, 2025 |  |
Accrued liabilities |  | $ | 1,188 |  |  |
Operating lease liabilities |  | 2,993 |  |  |
Deferred revenue |  | 202 |  |  |
Total liabilities related to assets held for sale |  | $ | 4,383 |  |  |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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