Intangible Assets, net

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The following table provides a reconciliation of Intangible assets, net reported on the Condensed Consolidated Statement of Financial Position.


	As of September 30, 2025
(Dollars in Thousands)	Weighted Average Amortization Period (in years)	Gross Carrying Amount (2)		Impairment/Disposals		Accumulated Amortization		Net Carrying Amount
Intangible assets
Amortizing intangible assets
Customer relationships	22.0	$	290,262	$	—	$	(29,600)	$	260,662
Investment management agreements	0.0	247		—		(247)		—
Trade names	9.3	12,280		—		(3,521)		8,759
License	15.0	4,532				(121)		4,411
Acquired internally developed software	5.0	1,300		(600)		(490)		210
Other intangible asset	1.4	669		—		(630)		39
Total amortized intangible assets		309,290		(600)		(34,609)		274,081
Non-amortized intangible assets (1)
Other intangible asset		4		—		—		4
Investment management agreements (3)		201,000		(35,000)		—		166,000
Total non-amortized intangible assets		201,004		(35,000)		—		166,004

Total intangible assets		$	510,294	$	(35,600)	$	(34,609)	$	440,085

(1) The Company’s non-amortized intangible assets consist of management contracts for open-ended fund products and other intangible assets related to domain names and other software, for which there is no contractual termination date.

(2) As of September 30, 2025, gross carrying amounts related to the Company’s intangible assets include additions to intangibles of $14.8 million and purchase price adjustments of $(0.7) million (see Note 4 (Business Combinations and Divestitures)) related to the Kontora Acquisition, as well as foreign currency translation differences of $3.9 million.

(3) During the third quarter ended September 30, 2025, the Company recognized an impairment of $35.0 million related to TIG’s Investment Management Agreement (“IMA”), which is classified as an indefinite-lived intangible asset. Drivers of the impairment for the IMA include the financial projections and discount rate.


	As of December 31, 2024
(Dollars in Thousands)	Weighted Average Amortization Period (in years)	Gross Carrying Amount (2)		Impairment		Accumulated Amortization		Net Carrying Amount
Intangible assets
Amortizing intangible assets
Customer relationships	22.3	$	277,117	$	—	$	(18,999)	$	258,118

Trade names	9.4	11,941		—		(2,351)		9,590
Acquired internally developed software	5.0	1,300		—		(445)		855

Total amortized intangible assets		290,358		—		(21,795)		268,563
Non-amortized intangible assets (1)
Investment management agreements (3)		245,900		(44,900)		—		201,000
Total intangible assets		$	536,258	$	(44,900)	$	(21,795)	$	469,563

(1) The Company’s non-amortized intangible assets consist of management contracts for open-ended fund products, in which there is no contractual termination date.

(2) As of December 31, 2024, gross carrying amounts related to the Company’s intangible assets include additions to intangibles of $99.3 million related to the PW, EEA, and Envoi Acquisitions, a transfer of $4.6 million to Goodwill related to measurement period adjustments for the EEA Acquisition and a transfer of $1.0 million from Goodwill related to measurement period adjustments for the Envoi Acquisition (see Note 4 Business Combinations and Divestitures), as well as foreign currency translation differences of $(1.3) million.

(3) During the third quarter ended September 30, 2024, the Company commenced a strategic review of its International Real Estate Businesses and conducted a realignment of its operating segments. Prior to the realignment, the Company conducted a goodwill impairment test to determine whether the fair value of its reporting units declined to an amount lower than the carrying value of goodwill. As part of the test, we utilized the discounted cash flow method and determined the fair value of TIG’s Investment Management Agreement (the “IMA”) had declined. As such, the Company recognized intangible asset impairment charges of $44.9 million related to the IMA, which is classified as an indefinite-lived intangible asset and part of the Wealth & Capital Solutions segment. Drivers of the impairment for the IMA primarily include the financial projections and discount rate associated with the instrument.

Amortization expense of approximately $4.1 million and $4.0 million for the three months ended September 30, 2025 and September 30, 2024, respectively, and $11.8 million and $9.7 million for the nine months ended September 30, 2025 and September 30, 2024, respectively, was recognized.

The estimated future amortization for finite-lived intangible assets for each of the next five years and thereafter are as follows:


(Dollars in Thousands)	As of September 30, 2025

2025	$	4,062
2026	16,218
2027	16,202
2028	16,157
2029 and beyond	221,442
Total	$	274,081