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Business Combinations (Tables) | 6 Months Ended
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Jun. 30, 2025
Business Combination [Abstract] |
Schedule of Business Acquisitions | The table below provides a summary of the total consideration and the estimated purchase price allocations made for the MultiStrat partnership.
(in thousands) | MultiStrat |  |  |  |
Cash consideration paid | $ | 12,054 |  |  |  |  |
Fair value of contingent earnout consideration | 8,766 |  |  |  |  |
Fair value of equity interest | 863 |  |  |  |  |
Deferred payment | 2,901 |  |  |  |  |
Total consideration | $ | 24,584 |  |  |  |  |
Cash | $ | 355 |  |  |  |  |
Assumed premiums, commissions and fees receivable | 12,190 |  |  |  |  |
Other assets | 1,687 |  |  |  |  |
Intangible assets | 4,460 |  |  |  |  |
Goodwill | 8,214 |  |  |  |  |
Total assets acquired | 26,906 |  |  |  |  |
Accrued expenses and other current liabilities | (2,322) |  |  |  |  |
Total liabilities acquired | (2,322) |  |  |  |  |
Net assets acquired | $ | 24,584 |  |  |  |  |
Maximum potential contingent earnout consideration | $ | 16,500 |  |  |  |  |
Schedule of Weighted-Average Useful Lives of Intangible Assets Acquired in Business Combinations | The intangible assets acquired in connection with the MultiStrat partnership have the following values and estimated weighted-average lives:
(in thousands, except weighted-average lives) | Amount |  | Weighted-Average Life
Acquired relationships | $ | 3,527 |  |  | 10 years
Trade names | 196 |  |  | 3 years
Software(1) | 737 |  |  |
__________ (1) Software acquired in the MultiStrat partnership consists of internally-developed software, which will not be placed in service and amortized until it reaches technological feasibility.
Schedule of Future Amortization Expense for Intangible Assets Acquired in Business Combinations | Future annual estimated amortization expense for the next five years is as follows for intangible assets acquired in connection with the MultiStrat partnership:
(in thousands) |  | Amount
For the remainder of 2025 |  | $ | 209 |
2026 |  | 418 |
2027 |  | 418 |
2028 |  | 369 |
2029 |  | 353 |
2030 |  | 353 |

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