Intangible Assets and Goodwill (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Goodwill and Intangible Assets Disclosure [Abstract] |
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| Schedule of Finite-Lived Intangible Assets |
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 | |
_________________(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.
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| Schedule of Indefinite-Lived Intangible Assets |
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 | |
_________________(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.
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
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 | |
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| Schedule of 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 | |
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