v3.25.4
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The following table presents details of our goodwill during the year ended December 31, 2025 (in thousands):
Amount
Balance as of December 31, 2024$70,971 
Goodwill acquired1,193,638 
Foreign currency translation adjustments5,447 
Balance as of December 31, 2025$1,270,056 
Purchased Intangible Assets
On March 31, 2025, the Company completed its acquisition of Bistro, Blackstone’s proprietary portfolio visualization software platform built for Blackstone’s Credit & Insurance (BXCI) business (the “Bistro Asset Acquisition”). The purchase price for the Bistro Asset Acquisition was $112.7 million, consisting of an aggregate of 3,833,333 shares of Class A common stock, issued at the time of the closing of the Bistro Asset Acquisition, with a fair value of $102.7 million and $10 million that was paid in cash on June 30, 2025. The following table presents details of the fair values of identified intangible assets acquired (in thousands, except years):
Fair ValueEstimated Useful Life
Blackstone Commercial Agreement$98,078 7 years
Developed Technology - BISTRO14,655 7 years
Total$112,733 
The following table presents details of our purchased intangible assets as of December 31, 2025 and 2024 (in thousands):
December 31, 2025
Gross Carrying AmountAccumulated Amortization Net Carrying AmountWeighted Average Remaining Useful Life (In Years)
Intangible assets with finite lives:
Developed technology$582,125 $(67,363)$514,762 6.4
Commercial agreement98,078 (10,508)87,570 6.3
Client relationships79,663 (6,349)73,314 9.3
Trade name / Trademarks14,102 (2,387)11,715 3.9
Domain name245 (28)217 4.4
Total intangible assets$774,213 $(86,635)$687,578 
December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountWeighted Average Remaining Useful Life (In Years)
Intangible assets with finite lives:
Developed technology$34,366 $(8,617)$25,749 4.9
Client relationships5,619 (769)4,850 10.7
Trade name / Trademarks662 (393)269 2.3
Total intangible assets$40,647 $(9,779)$30,868 
We recognized amortization expense of $75.7 million and $5.6 million for the years ended December 31, 2025 and 2024, respectively.
The following table summarizes estimated future amortization expense of our intangible assets as of December 31, 2025 (in thousands):
Total20262027202820292030 and Thereafter
Total amortization expense to be recognized in the future as of December 31, 2025$687,578 $106,080 $106,000 $105,970 $104,370 $265,158