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GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 9—GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill and Acquisition Activities

A summary of the Company’s goodwill by reportable segments as of and for the years ended December 31, 2025 and 2024 follows:


	For the year ended December 31,
(in thousands)	2025							2024
Roll Forward of Gross Goodwill	CM		SAM		Consolidated⁽¹⁾			CM		SAM		Consolidated⁽¹⁾
Beginning balance	$	524,189		439,521	$	963,710		$	524,189	$	439,521	$	963,710
Additions from acquisitions		—		—		—			—		—		—
Measurement-period and other adjustments		—		—		—			—		—		—
Ending gross goodwill balance	$	524,189	$	439,521	$	963,710		$	524,189	$	439,521	$	963,710

Roll Forward of Accumulated Goodwill Impairment
Beginning balance	$	95,000		—	$	95,000		$	62,000	$	—	$	62,000
Impairment		—		—		—			33,000		—		33,000
Ending accumulated goodwill impairment	$	95,000	$	—	$	95,000		$	95,000	$	—	$	95,000

Goodwill	$	429,189	$	439,521	$	868,710		$	429,189	$	439,521	$	868,710

(1) As of both December 31, 2025 and 2024, no goodwill was allocated to the Corporate reportable segment.

The Company did not recognize any goodwill impairment in connection with its annual impairment evaluation performed on October 1, 2025 compared to $33.0 million of impairment during its October 1, 2024 evaluation. The estimated fair value of one reporting unit in 2024

declined below its carrying value. The Company estimated the fair value of the reporting unit based on discounted cash flow models that utilized significant unobservable inputs and assumptions.

Other Intangible Assets

The Company’s other intangible assets consist primarily of acquired customer contracts and technology intellectual property intangibles. The Company had no indefinite-lived intangible assets as of December 31, 2025 and 2024, and assesses its other intangible assets for impairment periodically. Activity related to other intangible assets for the years ended December 31, 2025 and 2024 follows:


	For the year ended December 31,
Roll Forward of Other Intangible Assets (in thousands)	2025		2024
Beginning balance	$	156,893	$	181,975
Additions from acquisitions		—		—
Amortization		(15,016)		(15,016)
Write-offs⁽¹⁾		—		(10,066)
Ending balance	$	141,877	$	156,893

(1) Amortization and Write-offs of Other Intangible Assets are recognized in Amortization and depreciation in the Consolidated Statements of Income.

The following table summarizes the gross value, accumulated amortization, and net carrying value of the Company’s other intangible assets as of December 31, 2025 and December 31, 2024:


Components of Other Intangible Assets (in thousands)	December 31, 2025		December 31, 2024
Gross value	$	208,782	$	210,616
Accumulated amortization		(66,905)		(53,723)
Net carrying value	$	141,877	$	156,893

The expected amortization of other intangible assets shown in the Consolidated Balance Sheet as of December 31, 2025 is shown in the table below. Actual amortization may vary from these estimates.


	Expected
	Amortization
Year Ending December 31, (in thousands)
2026	$	15,016
2027		15,016
2028		15,016
2029		14,952
2030		14,946
Thereafter		66,931
Total	$	141,877

As of December 31, 2025, the weighted average remaining life of all the other intangible assets was 9.9 years.

Contingent Consideration Liabilities

A summary of the Company’s contingent consideration liabilities, which are included in Other liabilities, as of and for the years ended December 31, 2025 and 2024 follows:


	For the year ended December 31,
Roll Forward of Contingent Consideration Liabilities (in thousands)	2025			2024
Beginning balance	$	30,537		$	113,546
Accretion		116			1,629
Fair value adjustments		(8,243)			(50,321)
Payments		(12,747)			(34,317)
Ending balance	$	9,663		$	30,537

The contingent consideration liabilities presented in the table above relate to: (i) acquisitions of investment sales brokerage companies completed over the past several years, and (ii) the Company’s LIHTC subsidiary. The contingent consideration for each of the acquisitions may be earned over various lengths of time after each acquisition, with a maximum earnout period of five years, provided certain revenue targets and other metrics have been met. The last of the earnout periods related to the contingent consideration ends in the third quarter of 2027.

During 2025, the Company made fair value adjustments as seen above on contingent consideration liabilities associated with the Company’s LIHTC subsidiary based primarily on updated results that led to lower-than-expected payout. In 2024, the Company made fair value adjustments on contingent consideration liabilities associated with the Company’s LIHTC subsidiary and a 2022 acquisition.

The adjustments to the fair value of contingent considerations for the years ended December 31, 2025 and 2024 are included within Fair value adjustments to contingent consideration liabilities in the Consolidated Statements of Income.

The fair value adjustments in 2025 and 2024 are non-cash, and thus not reflected in the amount of cash consideration paid on the Consolidated Statements of Cash Flows.