Goodwill and Intangibles

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

Note 10. Goodwill and Intangibles

Changes in goodwill for the three months ended March 31, 2023 are as follows:

Balance at December 31, 2022	$	506,638
Purchase price adjustment		-
Increase from acquisitions		-
Balance at March 31, 2023	$	506,638

Intangibles consists of the following:

	As of March 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets:
Trade names	$	17,364	$	—		$	17,364
Technology		30		—			30
Total indefinite-lived intangible assets		17,394		—			17,394
Finite-lived intangible assets:
Trade names		28,240		(4,051	)		24,189
Management and advisory contracts		194,066		(92,081	)		101,985
Technology		2,401		(1,392	)		1,009
Total finite-lived intangible assets		224,707		(97,524	)		127,183
Total intangible assets	$	242,101	$	(97,524	)	$	144,577

	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

Management and advisory contracts and finite lived trade names are amortized over 7 - 16 years and are being amortized in line with pattern in which the economic benefits that are expected to occur. Technology is amortized on a straight-line basis over 4 years. The amortization expense for each of the next five years and thereafter are as follows:

2023	$	22,911
2024		26,842
2025		22,414
2026		17,662
2027		12,811
Thereafter		24,543
Total amortization	$	127,183