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Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets

23. Goodwill and Intangible Assets

Goodwill

The table below sets forth goodwill which is tested annually for impairment on November 30th:

  

Total

Balance at January 1, 2024  $86,841 
Changes   
—
 
Balance at June 30, 2024  $86,841 

Of the total goodwill of $86,841 at June 30, 2024, $85,042 is not deductible for tax purposes as the acquisitions that gave rise to the goodwill were structured as stock acquisitions. The remainder of the goodwill is deductible for U.S. tax purposes.

Intangible Assets

The table below sets forth the Company’s intangible assets which are tested annually for impairment on November 30th:

   Balance at June 30, 2024
Item  Gross Asset  Accumulated
Amortization		  Net Asset
ETFS Acquisition  $601,247   $
—
   $601,247 
Software development   5,703    (1,370)   4,333 
Balance at June 30, 2024  $606,950   $(1,370)  $605,580 

   Balance at December 31, 2023
Item  Gross Asset  Accumulated
Amortization		  Net Asset
ETFS Acquisition  $601,247   $
—
   $601,247 
Software development   4,519    (684)   3,835 
Balance at December 31, 2023  $605,766   $(684)  $605,082 

ETFS Acquisition (Indefinite-Lived)

In connection with the ETFS Acquisition, which was completed on April 11, 2018, the Company identified intangible assets valued at $601,247 related to the right to manage AUM through customary advisory agreements. These intangible assets were determined to have indefinite useful lives and are not deductible for tax purposes.

Software Development (Finite-Lived)

Internally-developed software is amortized over a useful life of three years. The Company recognized amortization expense on internally-developed software of $359 and $686, respectively, during the three and six months ended June 30, 2024 and $106 and $156, respectively, during the comparable periods in 2023.

As of June 30, 2024, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows:

Remainder of 2024  $835 
2025   1,852 
2026   1,271 
2027   375 
2028 and thereafter   
—
 
Total expected amortization expense  $4,333 

The weighted-average remaining useful life of the finite-lived intangible assets is 2.1 years.