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Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets

20. 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, 2025   $86,841 
Changes    
—
 
Balance at March 31, 2025   $86,841 

Of the total goodwill of $86,841 at March 31, 2025, $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 March 31, 2025
Item  Gross Asset  Accumulated
Amortization		  Net Asset
ETFS Acquisition  $601,247   $
—
   $601,247 
Software development   7,432    (2,645)   4,787 
Balance at March 31, 2025  $608,679   $(2,645)  $606,034 

 

   Balance at December 31, 2024
Item  Gross Asset  Accumulated
Amortization		  Net Asset
ETFS Acquisition  $601,247   $
—
   $601,247 
Software development   6,855    (2,206)   4,649 
Balance at December 31, 2024  $608,102   $(2,206)  $605,896 

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. During the three months ended March 31, 2025 and 2024, the Company recognized amortization expense on internally-developed software of $439 and $327, respectively.

As of March 31, 2025, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows:

Remainder of 2025   $1,602 
2026    1,865 
2027    976 
2028    343 
2029 and thereafter    1 
Total expected amortization expense   $4,787 

The weighted-average remaining useful life of the finite-lived intangible assets is 2.3 years.