GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS.

Goodwill and intangible assets consist of the following:

(in millions)	9/30/2025		12/31/2024
Goodwill	$	2,642.8	$	2,642.8
Indefinite-lived intangible asset - trade name	86.0		86.0
Indefinite-lived intangible asset - investment advisory agreement	62.3		65.6
Definite-lived intangible assets - investment advisory agreements	146.3		216.5
Total	$	2,937.4	$	3,010.9

Amortization and impairment expense for the definite-lived intangible assets was $22.3 million and $70.2 million for the three- and nine-months ended September 30, 2025, respectively. For the three- and nine-months ended September 30, 2024, amortization and impairment expense for the definite-lived intangible assets was $28.3 million and $81.0 million, respectively. Estimated amortization expense for the definite-lived intangible assets for the five succeeding years is as follows:

(in millions)
Remaining 2025	$	20.4
2026	$	54.6
2027	$	39.1
2028	$	11.8
2029	$	8.8

We evaluate the carrying amount of goodwill and indefinite-lived intangible assets for possible impairment on an annual basis in the fourth quarter or if triggering events occur that require us to evaluate for impairment earlier. No triggering events arose during the three months ended September 30, 2025.