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Goodwill and Intangibles | 6 Months Ended
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Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract] |
Goodwill and Intangibles | Note 10. Goodwill and Intangibles Changes in goodwill for the six months ended June 30, 2026 are as follows:
Balance at December 31, 2025 |  | $ | 558,978 |
Increase from acquisitions |  |  | 55,070 |
Change related to foreign currency translations |  |  | (1,691 | )
Balance at June 30, 2026 |  | $ | 612,357 |
Intangibles consist of the following as of June 30, 2026:
|  | Investor and Intermediary Relationships |  |  | Management and Advisory Contracts |  |  | Technology |  |  | Trade Names |  |  | Total |
Gross Carrying Amount |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of December 31, 2025 |  | $ | — |  |  | $ | — |  |  | $ | 30 |  |  | $ | 17,375 |  |  | $ | 17,405 |
Impact of exchange rate movements |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance as of June 30, 2026 |  | $ | — |  |  | $ | — |  |  | $ | 30 |  |  | $ | 17,375 |  |  | $ | 17,405 |
Finite-lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of December 31, 2025 |  | $ | 10,478 |  |  | $ | 216,211 |  |  | $ | 793 |  |  | $ | 29,181 |  |  | $ | 256,663 |
Additions |  |  | 4,000 |  |  |  | 172,800 |  |  |  | — |  |  |  | 1,600 |  |  |  | 178,400 |
Impact of exchange rate movements |  |  | (335 | ) |  |  | (688 | ) |  |  | (19 | ) |  |  | (30 | ) |  |  | (1,072 | )
Balance as of June 30, 2026 |  | $ | 14,143 |  |  | $ | 388,323 |  |  | $ | 774 |  |  | $ | 30,751 |  |  | $ | 433,991 |
Accumulated Amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of December 31, 2025 |  | $ | (204 | ) |  | $ | (155,462 | ) |  | $ | (252 | ) |  | $ | (10,882 | ) |  | $ | (166,800 | )
Amortization expense |  |  | (427 | ) |  |  | (9,299 | ) |  |  | (95 | ) |  |  | (1,403 | ) |  |  | (11,224 | )
Impact of exchange rate movements |  |  | 15 |  |  |  | 115 |  |  |  | 7 |  |  |  | — |  |  |  | 137 |
Balance as of June 30, 2026 |  | $ | (616 | ) |  | $ | (164,646 | ) |  | $ | (340 | ) |  | $ | (12,285 | ) |  | $ | (177,887 | )
Total intangible assets, net balance as of June 30, 2026 |  | $ | 13,527 |  |  | $ | 223,677 |  |  | $ | 464 |  |  | $ | 35,841 |  |  | $ | 273,509 |
Intangibles consist of the following as of June 30, 2025:
|  | Investor and Intermediary Relationships |  |  | Management and Advisory Contracts |  |  | Technology |  |  | Trade Names |  |  | Total |
Gross Carrying Amount |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of December 31, 2024 |  | $ | — |  |  | $ | — |  |  | $ | 30 |  |  | $ | 17,375 |  |  | $ | 17,405 |
Impact of exchange rate movements |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Balance as of June 30, 2025 |  | $ | — |  |  | $ | — |  |  | $ | 30 |  |  | $ | 17,375 |  |  | $ | 17,405 |
Finite-lived intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of December 31, 2024 |  | $ | — |  |  | $ | 194,666 |  |  | $ | 2,386 |  |  | $ | 28,240 |  |  | $ | 225,292 |
Additions, net of adjustments |  |  | 9,776 |  |  |  | 20,102 |  |  |  | 549 |  |  |  | 879 |  |  |  | 31,306 |
Adjustment for fully amortized intangibles |  |  | — |  |  |  | — |  |  |  | (2,200 | ) |  |  | — |  |  |  | (2,200 | )
Impact of exchange rate movements |  |  | 654 |  |  |  | 1,345 |  |  |  | 38 |  |  |  | 58 |  |  |  | 2,095 |
Balance as of June 30, 2025 |  | $ | 10,430 |  |  | $ | 216,113 |  |  | $ | 773 |  |  | $ | 29,177 |  |  | $ | 256,493 |
Accumulated Amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of December 31, 2024 |  | $ | — |  |  | $ | (134,494 | ) |  | $ | (2,292 | ) |  | $ | (8,322 | ) |  | $ | (145,108 | )
Amortization expense |  |  | (51 | ) |  |  | (10,079 | ) |  |  | (60 | ) |  |  | (1,278 | ) |  |  | (11,468 | )
Adjustment for fully amortized intangibles |  |  | — |  |  |  | — |  |  |  | 2,200 |  |  |  | — |  |  |  | 2,200 |
Impact of exchange rate movements |  |  | (1 | ) |  |  | (20 | ) |  |  | (2 | ) |  |  | — |  |  |  | (23 | )
Balance as of June 30, 2025 |  | $ | (52 | ) |  | $ | (144,593 | ) |  | $ | (154 | ) |  | $ | (9,600 | ) |  | $ | (154,399 | )
Total intangible assets, net balance as of June 30, 2025 |  | $ | 10,378 |  |  | $ | 71,520 |  |  | $ | 649 |  |  | $ | 36,952 |  |  | $ | 119,499 |
Management and advisory contracts and finite-lived trade names are amortized over 7 - 23 years and are being amortized in line with the economic benefits that are expected to occur. Technology is generally amortized on a straight-line basis or in line with the economic benefits that are expected to occur over 4 years. Direct investors and intermediary relationships are being amortized in line with the economic benefits that are expected to occur over 7- 13 years. The amortization expense for each of the next five years and thereafter is as follows:
2026 |  | $ | 13,254 |
2027 |  |  | 25,150 |
2028 |  |  | 21,993 |
2029 |  |  | 19,733 |
2030 |  |  | 16,146 |
Thereafter |  |  | 159,828 |
Total amortization |  | $ | 256,104 |

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- Definition The entire disclosure for intangible asset and goodwill. Includes, but is not limited to, finite- and indefinite-lived intangible assets, capitalized cost for internal-use software and software to be sold, leased, or marketed. + 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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