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Business Combinations and Divestitures (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Business Acquisitions, by Acquisition |
(Dollars in Thousands) | Amount
Cash consideration | $ | 99,999 |
Equity consideration: |
Class A | $ | 294,159 |
Class B | $ | 573,205 |
Warrants | $ | 4,896 |
Earn-out consideration | $ | 85,097 |
Tax Receivable Agreement | $ | 13,000 |
Payment of assumed liabilities | $ | 760 |
Total purchase consideration transferred | $ | 1,071,116 |
The total purchase consideration includes the following amounts:
(Dollars in Thousands) | AWMS Amount
Initial Cash consideration | $ | 5,711 |
Equity consideration | 1,459 |
Deferred cash consideration | 6,695 |
Earn-out consideration | 2,721 |
Payment of assumed liabilities | 168 |
Total purchase consideration transferred | $ | 16,754 |
(Dollars in Thousands) | Amount
Cash consideration | $ | 69,013 |
Contingent consideration installments | 23,308 |
Payment of assumed liabilities | 793 |
Total purchase consideration transferred | $ | 93,114 |
The total purchase consideration transferred includes cash consideration, equity consideration, estimated deferred consideration, and the settlement of pre-existing relationships as summarized below:
(Dollars in Thousands) | PW Amount
Initial Cash consideration | $ | 1,735 |
Equity consideration | 1,705 |
Deferred consideration | 3,328 |
Settlement of pre-existing relationships | 1,186 |
Total purchase consideration transferred | $ | 7,954 |
The total purchase consideration is summarized below:
(Dollars in Thousands) | Envoi Amount
Cash consideration | $ | 25,258 |
Earn-out consideration | 9,000 |
Total purchase consideration transferred | $ | 34,258 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the Business Combination:
(Dollars in Thousands) | Business Combination Date Fair Value
Cash and cash equivalents | $ | 24,023 |
Management/advisory fees receivable | 42,381 |
Investments at fair value | 148,674 |
Equity method investments | 42,185 |
Property, plant and equipment | 3,996 |
Intangible assets | 520,161 |
Goodwill | 530,546 |
Operating lease right-of-use assets | 28,487 |
Other assets | 47,251 |
Total Assets Acquired | $ | 1,387,704 |
Accounts payable and accrued expenses | 72,022 |
Accrued compensation and profit sharing | 25,051 |
Accrued member distributions payable | 12,803 |
Delayed share purchase agreement | 1,818 |
Earn-in consideration payable | 1,519 |
Operating lease liabilities | 29,047 |
Debt | 124,533 |
Deferred tax liability, net | 34,640 |
Other liabilities | 15,149 |
Total Liabilities Assumed | $ | 316,582 |
Total Assets Acquired and Liabilities Assumed | 1,071,122 |
Non-controlling interest in subsidiaries | (6) |
| $ | 1,071,116 |
The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the ALWP Acquisition:
(Dollars in Thousands) | ALWP Acquisition Date Fair Value
Cash and cash equivalents | $ | 1,092 |
Management/advisory fees receivable | 1,952 |
Property, plant and equipment | 644 |
Intangible assets | 12,300 |
Goodwill | 3,836 |
Operating lease right-of-use assets | 1,048 |
Other assets | 474 |
Total Assets Acquired | 21,346 |
Accounts payable and accrued expenses | 368 |
Operating lease liabilities | 1,048 |
Other liabilities | 4,400 |
Total Liabilities Assumed | $ | 5,816 |
Total Assets Acquired and Liabilities Assumed | $ | 15,530 |
The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the AWMS business combination:
(Dollars in Thousands) | AWMS Acquisition Date Fair Value
Cash and cash equivalents | $ | 1,401 |
Management/advisory fees receivable | 1,057 |
Equity method investments | 57 |
Intangible assets | 9,679 |
Goodwill | 15,146 |
Operating lease right-of-use assets | 298 |
Other assets | 323 |
Total Assets Acquired | 27,961 |
Accounts payable and accrued expenses | 784 |
Operating lease liabilities | 298 |
Other liabilities | 2,944 |
Total Liabilities Assumed | $ | 4,026 |
Total Assets Acquired and Liabilities Assumed | $ | 23,935 |
The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the EEA Acquisition:
(Dollars in Thousands) | EEA Acquisition Date Fair Value
Cash and cash equivalents | $ | 218 |
Management/advisory fees receivable | 12 |
Intangible assets | 62,700 |
Goodwill | 30,094 |
Operating lease right-of-use assets | 2,326 |
Other assets | 1,181 |
Total Assets Acquired | 96,531 |
Accounts payable and accrued expenses | 79 |
Operating lease liabilities | 2,326 |
Other liabilities | 1,012 |
Total Liabilities Assumed | $ | 3,417 |
Total Assets Acquired and Liabilities Assumed | $ | 93,114 |
The following table sets forth the fair values of the assets acquired, and liabilities assumed in connection with the PW business combination:
(Dollars in Thousands) | PW Acquisition Date Fair Value
Cash and cash equivalents | $ | 269 |
Intangible assets | 9,700 |
Goodwill | 6,747 |
Other assets | 20 |
Total Assets Acquired | 16,736 |
Accounts payable and accrued expenses | 589 |
Other liabilities | 292 |
Deferred tax liability | 1,749 |
Total Liabilities Assumed | $ | 2,630 |
Total Assets Acquired and Liabilities Assumed | $ | 14,106 |
The following table sets forth the fair values of the assets acquired, and liabilities assumed in connection with the Envoi Acquisition:
(Dollars in Thousands) | Envoi Acquisition Date Fair Value
Intangible assets | $ | 23,300 |
Goodwill | 10,824 |
Operating lease right-of-use assets | 196 |
Other assets | 157 |
Total Assets Acquired | 34,477 |
Accounts payable and accrued expenses | 1 |
Operating lease liabilities | 218 |
Total Liabilities Assumed | 219 |
Total Assets Acquired and Liabilities Assumed | $ | 34,258 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | Below is a summary of the intangible assets acquired in the Business Combination (in thousands):
(Dollars in Thousands) | Acquisition Date Fair Value |  | Estimated Life (Years)
Trade Names | $ | 14,695 |  |  | 9.9
Customer Relationships | 163,392 |  |  | 27.1
Investment Management Agreements (definite life) | 94,575 |  |  | 18.4
Investment Management Agreements (indefinite life) | 245,900 |  |  | Indefinite
Developed Technology | 1,000 |  |  | 5
Backlog | 599 |  |  | 0.5
Total intangible assets acquired | $ | 520,161 |  |  |
Below is a summary of the intangible assets acquired in the ALWP Acquisition:
(Dollars in Thousands) | ALWP Acquisition Date Fair Value |  | Estimated Life (Years)
Customer Relationships | $ | 12,300 |  |  | 10
Total Intangible Assets | $ | 12,300 |  |  |
Below is a summary of the intangible assets acquired in the AWMS business combination:
(Dollars in Thousands) | AWMS Acquisition Date Fair Value |  | Estimated Life (Years)
Customer Relationships | $ | 9,679 |  |  | 14
Total Intangible Assets | $ | 9,679 |  |  |
Below is a summary of the intangible assets acquired in the EEA Acquisition:
(Dollars in Thousands) | EEA Acquisition Date Fair Value |  | Estimated Life (Years)
Trade Name | $ | 1,400 |  |  | 5
Customer Relationships | $ | 61,000 |  |  | 17
Developed Technology | $ | 300 |  |  | 5
Total Intangible Assets | $ | 62,700 |  |  |
Below is a summary of the intangible assets acquired in the PW business combination:
(Dollars in Thousands) | PW Acquisition Date Fair Value |  | Estimated Life (Years)
Customer Relationships | $ | 9,700 |  |  | 14
Total Intangible Assets | $ | 9,700 |  |  |
Below is a summary of the intangible assets acquired in the Envoi Acquisition:
(Dollars in Thousands) | Envoi Acquisition Date Fair Value |  | Estimated Life (Years)
Customer Relationships | $ | 23,300 |  |  | 15
Total Intangible Assets | $ | 23,300 |  |  |
Schedule of Business Acquisition, Pro Forma Information | The unaudited pro forma financial information presented below is for informational purposes only, and is not necessarily indicative of the results that would have been achieved if the AWMS, ALWP, EEA, PW, and Envoi acquisitions had taken place on January 1, 2023, nor is it indicative of future results.
|  |  | For the Year Ended
(Dollars in Thousands) |  |  |  |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022 (Predecessor)
Total revenue |  |  |  |  | $ | 215,339 |  |  | $ | 276,959 |  |  | $ | 102,598 |
Net income (loss) |  |  |  |  | $ | (101,668) |  |  | $ | (162,307) |  |  | $ | (2,050) |
Schedule of Disposal Groups, Including Discontinued Operations | The following table represents amounts presented as held for sale for the periods presented:
|  |  | As of
(in thousands) |  |  | December 31, 2023
Assets |  |  |
Cash and cash equivalents |  |  | $ | 2,897 |
Fees receivable, net |  |  | 4,792 |
Intangible assets, net of accumulated amortization |  |  | 46,658 |
Operating lease right-of-use assets |  |  | 434 |
Deferred tax asset, net |  |  | 41 |
Other assets |  |  | 1,812 |
Total assets held for sale |  |  | $ | 56,634 |
Liabilities |  |  |
Accounts payable and accrued expenses |  |  | $ | (1,007) |
Operating lease liabilities |  |  | (381) |
Deferred tax liability, net |  |  | (10,852) |
Deferred income |  |  | (781) |
Other liabilities |  |  | (772) |
Total liabilities held for sale |  |  | $ | (13,792) |

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