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Goodwill and Intangible Assets
 9 Months Ended
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.