Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

6. Intangible Assets and Goodwill

Intangible Assets, Net

The following table summarizes the carrying values of intangible assets as of December 31, 2025 and December 31, 2024 (in thousands):


	December 31,
	2025						2024
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Contractual performance fee allocations(a)	$	378,200	$	(145,052)	$	233,148	$	313,000	$	(92,718)	$	220,282
Management contracts(a)	468,700		(92,216)		376,484		302,000		(53,680)		248,320
Technology	46,000		(24,917)		21,083		46,000		(13,417)		32,583
Investor relationships	25,000		(9,375)		15,625		25,000		(7,292)		17,708
Trade name(a)	17,500		(6,328)		11,172		15,500		(3,288)		12,212
Other intangible assets(a), (b)	2,994		(667)		2,327		8,494		(5,892)		2,602
Total intangible assets, net	$	938,394	$	(278,555)	$	659,839	$	709,994	$	(176,287)	$	533,707

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(a)Includes intangible assets with a net carrying value of $227.7 million as of December 31, 2025 related to the acquisition of Peppertree described in Note 3 to the Consolidated Financial Statements.

(b)Includes indefinite-lived intangible assets of $1.0 million as of December 31, 2025 and December 31, 2024.

The Company recognized no material impairment losses on intangible assets during the years ended December 31, 2025 and 2024.

Intangible asset amortization expense was $124.8 million, $115.8 million and $41.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The following table presents estimated remaining amortization expense for finite-lived intangible assets that existed as of December 31, 2025 (in thousands):


2026	$	144,508
2027	141,258
2028	120,415
2029	94,810
2030	46,616
Thereafter	111,238
Total	$	658,845

Goodwill

The following table summarizes the carrying value of the Company’s goodwill as of December 31, 2025 and 2024 (in thousands):


	December 31,
	2025		2024
Goodwill
Balance, beginning of period	$	436,079	$	436,079
Acquisition	62,109		—
Balance, end of period	$	498,188	$	436,079

As of December 31, 2025, there have been no impairment losses recognized on goodwill.