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Goodwill and Intangibles (Tables)
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill

Changes in goodwill for the years ended December 31, 2022 and December 31, 2021 are as follows:

 

Balance at December 31, 2020

 

$

369,982

 

Purchase price adjustment

 

 

1,103

 

Increase from acquisitions

 

 

47,616

 

Balance at December 31, 2021

 

$

418,701

 

Purchase price adjustment

 

 

(11

)

Increase from acquisition

 

 

87,948

 

Balance at December 31, 2022

 

$

506,638

 

Schedule of Intangible Assets

Intangibles consists of the following:

 

 

 

As of December 31, 2022

 

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

Trade names

 

$

17,350

 

 

$

 

 

$

17,350

 

Technology

 

 

30

 

 

 

 

 

 

30

 

Total indefinite-lived intangible assets

 

 

17,380

 

 

 

 

 

 

17,380

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

Trade names

 

 

28,251

 

 

 

(3,472

)

 

 

24,779

 

Management and advisory contracts

 

 

194,066

 

 

 

(85,563

)

 

 

108,503

 

Technology

 

 

2,374

 

 

 

(1,241

)

 

 

1,133

 

Total finite-lived intangible assets

 

 

224,691

 

 

 

(90,276

)

 

 

134,415

 

Total intangible assets

 

$

242,071

 

 

$

(90,276

)

 

$

151,795

 

 

 

 

As of December 31, 2021

 

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

Trade names

 

$

17,350

 

 

$

 

 

$

17,350

 

Technology

 

 

30

 

 

 

 

 

 

30

 

Total indefinite-lived intangible assets

 

 

17,380

 

 

 

 

 

 

17,380

 

Finite-lived intangible assets:

 

 

 

 

 

 

 

 

 

Trade names

 

 

21,440

 

 

 

(1,785

)

 

 

19,655

 

Management and advisory contracts

 

 

151,166

 

 

 

(60,934

)

 

 

90,232

 

Technology

 

 

8,160

 

 

 

(6,639

)

 

 

1,521

 

Total finite-lived intangible assets

 

 

180,766

 

 

 

(69,358

)

 

 

111,408

 

Total intangible assets

 

$

198,146

 

 

$

(69,358

)

 

$

128,788

 

Estimated Future Amortization Expense The amortization expense for each of the next five years and thereafter are as follows:

 

2023

 

 

30,501

 

2024

 

 

26,794

 

2025

 

 

22,367

 

2026

 

 

17,625

 

2027

 

 

12,810

 

Thereafter

 

 

24,318

 

Total amortization

 

$

134,415