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Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets

19. 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 June 30, 2025   $86,841 

Of the total goodwill of $86,841 at June 30, 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 June 30, 2025
Item  Gross Asset 

Accumulated

Amortization

  Net Asset
ETFS Acquisition  $601,247   $
—
   $601,247 
Software development   8,178    (3,189)   4,989 
Balance at June 30, 2025  $609,425   $(3,189)  $606,236 
  

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. The Company recognized amortization expense on internally-developed software of $544 and $983, respectively, during the three and six months ended June 30, 2025 and $359 and $686, respectively, during the comparable periods in 2024.

As of June 30, 2025, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows:

Remainder of 2025   $1,145 
2026    2,113 
2027    1,214 
2028 and thereafter    517 
Total expected amortization expense   $4,989 

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