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Intangible Assets, net (Tables) | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Intangible Assets | The following table provides a reconciliation of Intangible assets, net reported on the Consolidated Statement of Financial Position.
| As of December 31, 2025
(Dollars in Thousands) | Weighted Average Amortization Period (in years) |  | Gross Carrying Amount (2) |  | Impairment/Disposals |  |  |  |  |  | Accumulated Amortization |  | Net Carrying Amount
Amortizing intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships | 22.0 |  | $ | 290,419 |  |  | $ | — |  |  |  |  |  |  | $ | (33,235) |  |  | $ | 257,184 |
Trade names | 9.3 |  | 12,238 |  |  | — |  |  |  |  |  |  | (3,828) |  |  | 8,410 |
License | 15.0 |  | 4,535 |  |  |  |  |  |  |  |  | (195) |  |  | 4,340 |
Acquired internally developed software | 5.0 |  | 1,300 |  |  | (600) |  |  |  |  |  |  | (505) |  |  | 195 |
Other intangible asset | 1.5 |  | 680 |  |  | — |  |  |  |  |  |  | (656) |  |  | 24 |
Total amortized intangible assets |  |  | 309,172 |  |  | (600) |  |  |  |  |  |  | (38,419) |  |  | 270,153 |
Non-amortized intangible assets (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Other intangible asset |  |  | 4 |  |  | — |  |  |  |  |  |  | — |  |  | 4 |
Investment management agreements (3) |  |  | 201,000 |  |  | (35,000) |  |  |  |  |  |  | — |  |  | 166,000 |
Total non-amortized intangible assets |  |  | 201,004 |  |  | (35,000) |  |  |  |  |  |  | — |  |  | 166,004 |
Total intangible assets |  |  | $ | 510,176 |  |  | $ | (35,600) |  |  |  |  |  |  | $ | (38,419) |  |  | $ | 436,157 |
(1) The Company’s non-amortized intangible assets consist of management contracts for open-ended fund products and other intangible assets related to domain names and other software, for which there is no contractual termination date. (2) During the year ended December 31, 2025, gross carrying amounts related to the Company’s intangible assets include additions to intangibles of $14.8 million and purchase price adjustments of $(0.7) million (see Note 4 (Business Combinations and Divestitures)) related to the Kontora Acquisition, as well as foreign currency translation differences of $4.1 million. (3) During the quarter ended September 30, 2025, the Company recognized an impairment of $35.0 million related to TIG’s Investment Management Agreement (“IMA”), which is classified as an indefinite-lived intangible asset. Drivers of the impairment for the IMA include the financial projections and discount rate.
| As of December 31, 2024
(Dollars in Thousands) | Weighted Average Amortization Period (in years) |  | Gross Carrying Amount (2) |  | Impairment |  |  |  |  |  | Accumulated Amortization |  | Net Carrying Amount
Amortizing intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships | 22.3 |  | $ | 277,117 |  |  | $ | — |  |  |  |  |  |  | $ | (18,999) |  |  | $ | 258,118 |
Trade names | 9.4 |  | 11,941 |  |  | — |  |  |  |  |  |  | (2,351) |  |  | 9,590 |
Acquired internally developed software | 5.0 |  | 1,300 |  |  | — |  |  |  |  |  |  | (445) |  |  | 855 |
Total amortized intangible assets |  |  | 290,358 |  |  | — |  |  |  |  |  |  | (21,795) |  |  | 268,563 |
Non-amortized intangible assets (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Investment management agreements (3) |  |  | 245,900 |  |  | (44,900) |  |  |  |  |  |  | — |  |  | 201,000 |
Total intangible assets |  |  | $ | 536,258 |  |  | $ | (44,900) |  |  |  |  |  |  | $ | (21,795) |  |  | $ | 469,563 |
(1) The Company’s non-amortized intangible assets consist of management contracts for open-ended fund products, in which there is no contractual termination date. (2) As of December 31, 2024, gross carrying amounts related to the Company’s intangible assets include additions to intangibles of $99.3 million related to the PW, EEA, and Envoi Acquisitions, a transfer of $4.6 million to Goodwill related to measurement period adjustments for the EEA Acquisition and a transfer of $1.0 million from Goodwill related to measurement period adjustments for the Envoi Acquisition (see Note 4 Business Combinations and Divestitures), as well as foreign currency translation differences of $(1.3) million. (3) During the quarter ended September 30, 2024, the Company commenced a strategic review of its International Real Estate Businesses and conducted a realignment of its operating segments. Prior to the realignment, the Company conducted a goodwill impairment test to determine whether the fair value of its reporting units declined to an amount lower than the carrying value of goodwill. As part of the test, we utilized the discounted cash flow method and determined the fair value of TIG’s Investment Management Agreement (the “IMA”) had declined. As such, the Company recognized intangible asset impairment charges of $44.9 million related to the IMA, which is classified as an indefinite-lived intangible asset. Drivers of the impairment for the IMA primarily include the financial projections and discount rate associated with the instrument.
Schedule of Estimated Future Amortization | The estimated future amortization for finite-lived intangible assets for each of the next five years and thereafter are as follows:
(Dollars in Thousands) | As of December 31, 2025
2026 | $ | 16,245 |
2027 | 16,229 |
2028 | 16,184 |
2029 | 15,909 |
2030 and beyond | 205,586 |
Total | $ | 270,153 |

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