Goodwill and Intangibles

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Note 10. Goodwill and Intangibles

Changes in goodwill for the nine months ended September 30, 2023 are as follows:


Balance at December 31, 2022	$	506,638
Purchase price adjustment		(600	)
Increase from acquisitions		-
Balance at September 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 not 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 September 30, 2023
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets:
Trade names	$	17,374	$	—		$	17,374
Technology		30		—			30
Total indefinite-lived intangible assets		17,404		—			17,404
Finite-lived intangible assets:
Trade names		28,240		(5,210	)		23,030
Management and advisory contracts		194,666		(105,276	)		89,390
Technology		2,381		(1,683	)		698
Total finite-lived intangible assets		225,287		(112,169	)		113,118
Total intangible assets	$	242,691	$	(112,169	)	$	130,522


	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	$	7,324
2024		25,605
2025		21,262
2026		16,633
2027		13,304
Thereafter		28,990

Total amortization	$	113,118