Goodwill and Intangibles

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Note 10. Goodwill and Intangibles

Changes in goodwill for the six months ended June 30, 2023 are as follows:


Balance at December 31, 2022	$	506,638
Purchase price adjustment		(600	)
Increase from acquisitions		-
Balance at June 30, 2023	$	506,038

During the period, there was a revision to the provisional fair value of the WTI tradename as a result of obtaining new information that was available at acquisition. This revision resulted in a purchase price adjustment. This resulted in a $0.6 million adjustment to goodwill and intangible assets.

Intangibles consists of the following:


	As of June 30, 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		(4,631	)		23,609
Management and advisory contracts		194,666		(98,679	)		95,987
Technology		2,402		(1,540	)		862
Total finite-lived intangible assets		225,308		(104,850	)		120,458
Total intangible assets	$	242,702	$	(104,850	)	$	137,852


	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	$	14,652
2024		25,613
2025		21,271
2026		16,757
2027		11,959
Thereafter		30,206
Total amortization	$	120,458