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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 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 September 30, 2025 |  |  | $ | 86,841 |
Of the total goodwill of $86,841 at September 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 September 30, 2025
Item |  | Gross Asset |  | Accumulated Amortization |  | Net Asset
ETFS Acquisition |  | $ | 601,247 |  |  | $ | — |  |  | $ | 601,247 |
Software development |  |  | 8,870 |  |  |  | (3,665 | ) |  |  | 5,205 |
Balance at September 30, 2025 |  | $ | 610,117 |  |  | $ | (3,665 | ) |  | $ | 606,452 |
|  | 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 $476 and $1,459, respectively, during the three and nine months ended September 30, 2025 and $384 and $1,070, respectively, during the comparable periods in 2024. As of September 30, 2025, expected amortization expense for the unamortized finite-lived intangible assets is as follows:
Remainder of 2025 |  |  | $ | 571 |
2026 |  |  |  | 2,353 |
2027 |  |  |  | 1,471 |
2028 |  |  |  | 801 |
2029 |  |  |  | 9 |
Total expected amortization expense |  |  | $ | 5,205 |
The weighted-average remaining useful life of the finite-lived intangible assets is 2.3 years.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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