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Note 7 - Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Text Block]

Note 7 — Goodwill and Intangible Assets

The following tables present activity in our intangible assets and goodwill balances during the nine months ended September 30, 2025 and 2024 (in millions):

									*Foreign*
	*December 31,*								*currency*			*September 30,*
	*2024*			*Amortization*			*Additions*		*translation*			*2025*
Indefinite-lived intangible assets:
Investment management agreements	$	2,056.5		$	—		$	—	$	25.5		$	2,082.0
Trademarks		360.0			—			—		—			360.0
Definite-lived intangible assets:
Client relationships		86.1			—			—		4.3			90.4
Investment management agreements		28.0			—			41.1		—			69.1
Trademarks		5.5			—			—		—			5.5
Accumulated amortization		(62.8	)		(9.3	)		—		(3.9	)		(76.0	)
Net intangible assets	$	2,473.3		$	(9.3	)	$	41.1	$	25.9		$	2,531.0

Goodwill	$	1,550.4		$	—		$	17.9	$	53.2		$	1,621.5

									Foreign
	*December 31,*								*currency*			*September 30,*
	*2023*			*Amortization*			*Additions*		*translation*			*2024*
Indefinite-lived intangible assets:
Investment management agreements	$	2,064.8		$	—		$	—	$	17.3		$	2,082.1
Trademarks		360.0			—			—		—			360.0
Definite-lived intangible assets:
Client relationships		68.6			—			—		2.3			70.9
Accumulated amortization		(62.1	)		(0.3	)		—		(2.3	)		(64.7	)
Net intangible assets	$	2,431.3		$	(0.3	)	$	—	$	17.3		$	2,448.3

Goodwill	$	1,290.3		$	—		$	24.8	$	36.4		$	1,351.5

As detailed in Note 2 — Acquisitions and Strategic Partnerships, we recognized a definite-lived intangible asset of $41.1 million related to the investment management agreement with Guardian. See Note 2 — Acquisitions and Strategic Partnerships, for additional information on the additions of intangible assets and goodwill.

Future Amortization

Expected future amortization expense related to definite-lived intangible assets is summarized below (in millions):

Future amortization	*Amount*
2025 (remainder of year)	$	3.8
2026		15.2
2027		15.2
2028		13.1
2029		6.7
Thereafter		35.0
Total	$	89.0