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Business Combinations and Divestitures (Tables)
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Business Acquisitions, by Acquisition
(Dollars in Thousands)Amount
Cash consideration$99,999 
Equity consideration:
Class A $294,159 
Class B$573,205 
Warrants$4,896 
Earn-out consideration$85,097 
Tax Receivable Agreement$13,000 
Payment of assumed liabilities$760 
Total purchase consideration transferred$1,071,116 
The total purchase consideration includes the following amounts:
(Dollars in Thousands)
AWMS Amount
Initial Cash consideration$5,711 
Equity consideration1,459 
Deferred cash consideration 6,695 
Earn-out consideration 2,721 
Payment of assumed liabilities 168 
Total purchase consideration transferred$16,754 
(Dollars in Thousands)
Amount
Cash consideration$69,013 
Contingent consideration installments23,308 
Payment of assumed liabilities793 
Total purchase consideration transferred$93,114 
The total purchase consideration transferred includes cash consideration, equity consideration, estimated deferred consideration, and the settlement of pre-existing relationships as summarized below:
(Dollars in Thousands)
PW Amount
Initial Cash consideration$1,735 
Equity consideration1,705 
Deferred consideration 3,328 
Settlement of pre-existing relationships1,186 
Total purchase consideration transferred$7,954 
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the Business Combination:
(Dollars in Thousands)Business
Combination
Date Fair Value
Cash and cash equivalents$24,023 
Management/advisory fees receivable42,381 
Investments at fair value148,674 
Equity method investments42,185 
Property, plant and equipment3,996 
Intangible assets520,161 
Goodwill530,546 
Operating lease right-of-use assets28,487 
Other assets47,251 
Total Assets Acquired$1,387,704 
Accounts payable and accrued expenses72,022 
Accrued compensation and profit sharing25,051 
Accrued member distributions payable12,803 
Delayed share purchase agreement1,818 
Earn-in consideration payable1,519 
Operating lease liabilities29,047 
Debt124,533 
Deferred tax liability, net34,640 
Other liabilities15,149 
Total Liabilities Assumed$316,582 
Total Assets Acquired and Liabilities Assumed1,071,122 
Non-controlling interest in subsidiaries(6)
$1,071,116 
The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the ALWP Acquisition:

(Dollars in Thousands)
ALWP Acquisition Date Fair Value
Cash and cash equivalents$1,092 
Management/advisory fees receivable1,952 
Property, plant and equipment644 
Intangible assets12,300 
Goodwill
3,836 
Operating lease right-of-use assets1,048 
Other assets474 
Total Assets Acquired21,346 
Accounts payable and accrued expenses368 
Operating lease liabilities 1,048 
Other liabilities4,400 
Total Liabilities Assumed$5,816 
Total Assets Acquired and Liabilities Assumed$15,530 
The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the AWMS business combination:

(Dollars in Thousands)
AWMS Acquisition Date Fair Value
Cash and cash equivalents$1,401 
Management/advisory fees receivable1,057 
Equity method investments57 
Intangible assets9,679 
Goodwill
15,146 
Operating lease right-of-use assets298 
Other assets323 
Total Assets Acquired27,961 
Accounts payable and accrued expenses784 
Operating lease liabilities 298 
Other liabilities2,944 
Total Liabilities Assumed$4,026 
Total Assets Acquired and Liabilities Assumed$23,935 
The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the EEA Acquisition:
(Dollars in Thousands)
EEA Acquisition Date Fair Value
Cash and cash equivalents$218 
Management/advisory fees receivable12 
Intangible assets67,300 
Goodwill
25,494 
Operating lease right-of-use assets2,326 
Other assets1,181 
Total Assets Acquired96,531 
Accounts payable and accrued expenses79 
Operating lease liabilities 2,326 
Other liabilities1,012 
Total Liabilities Assumed$3,417 
Total Assets Acquired and Liabilities Assumed$93,114 
The following table sets forth the fair values of the assets acquired, and liabilities assumed in connection with the PW business combination:

(Dollars in Thousands)PW Acquisition Date
Fair Value
Cash and cash equivalents$269 
Intangible assets9,700 
Goodwill6,747 
Other assets20 
Total Assets Acquired16,736 
Accounts payable and accrued expenses589 
Other liabilities292 
Deferred tax liability1,749 
Total Liabilities Assumed$2,630 
Total Assets Acquired and Liabilities Assumed$14,106 
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination
Below is a summary of the intangible assets acquired in the Business Combination (in thousands):
(Dollars in Thousands)Acquisition Date
Fair Value		Estimated Life
(Years)
Trade Names$14,695 9.9
Customer Relationships163,392 27.1
Investment Management Agreements (definite life)94,575 18.4
Investment Management Agreements (indefinite life)
245,900 Indefinite
Developed Technology1,000 5
Backlog599 0.5
Total intangible assets acquired$520,161 
Below is a summary of the intangible assets acquired in the ALWP Acquisition:

(Dollars in Thousands)
ALWP Acquisition Date Fair Value
Estimated Life (Years)
Customer Relationships$12,300 10
Total Intangible Assets$12,300 
Below is a summary of the intangible assets acquired in the AIMS business combination:

(Dollars in Thousands)
AWMS Acquisition Date Fair Value
Estimated Life (Years)
Customer Relationships$9,679 14
Total Intangible Assets$9,679 
Below is a summary of the intangible assets acquired in the EEA Acquisition:

(Dollars in Thousands)
EEA Acquisition Date Fair Value
Estimated Life (Years)
Trade Name$1,400 5
Customer Relationships$65,600 
17
Developed Technology$300 5
Total Intangible Assets$67,300 
Below is a summary of the intangible assets acquired in the PW business combination:

(Dollars in Thousands)PW Acquisition Date Fair ValueEstimated Life (Years)
Customer Relationships$9,700 14
Total Intangible Assets$9,700 
Business Acquisition, Pro Forma Information
For the Three Months EndedFor the Six Months Ended
(Dollars in Thousands)June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Total revenue$49,453 $57,194 $105,160 $119,194 
Net income (loss)$(8,959)$28,160 $12,319 $(62,747)
Disposal Groups, Including Discontinued Operations The following table represents amounts presented as held for sale for the periods presented:
As of
(in thousands)December 31, 2023
Assets
Cash and cash equivalents$2,897 
Fees receivable, net4,792 
Intangible assets, net of accumulated amortization46,658 
Operating lease right-of-use assets434 
Deferred tax asset, net41 
Other assets1,812 
Total assets held for sale$56,634 
Liabilities
Accounts payable and accrued expenses$(1,007)
Operating lease liabilities(381)
Deferred tax liability, net(10,852)
Deferred income(781)
Other liabilities(772)
Total liabilities held for sale$(13,792)