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Intangible Assets, net
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, net Intangible Assets, net
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/DisposalsAccumulated
Amortization		Net Carrying
Amount
Amortizing intangible assets
Customer relationships22.0$290,419 $— $(33,235)$257,184 
Trade names9.312,238 — (3,828)8,410 
License15.04,535 (195)4,340 
Acquired internally developed software5.01,300 (600)(505)195 
Other intangible asset1.5680 — (656)24 
Total amortized intangible assets309,172 (600)(38,419)270,153 
Non-amortized intangible assets (1)
Other intangible asset4 — — 4 
Investment management agreements (3)
201,000 (35,000)— 166,000 
Total non-amortized intangible assets201,004 (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)
ImpairmentAccumulated
Amortization		Net Carrying
Amount
Amortizing intangible assets
Customer relationships22.3$277,117 $— $(18,999)$258,118 
Trade names9.411,941 — (2,351)9,590 
Acquired internally developed software5.01,300 — (445)855 
Total amortized intangible assets290,358 — (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.
Amortization expense of $15.9 million, $13.3 million, and $8.5 million for the years ended December 31, 2025, 2024, and 2023, respectively, was recognized.

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 
202716,229 
202816,184 
202915,909 
2030 and beyond205,586 
Total$270,153