Goodwill and Intangibles

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

Note 9. Goodwill and Intangibles

Changes in goodwill for the nine months ended September 30, 2024 are as follows:

Balance at December 31, 2023	$	506,038
Increase from acquisitions		-
Balance at September 30, 2024	$	506,038

Intangibles consists of the following:

	As of September 30, 2024
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets:
Trade names	$	17,375	$	—		$	17,375
Technology		30		—			30
Total indefinite-lived intangible assets		17,405		—			17,405
Finite-lived intangible assets:
Trade names		28,240		(7,688	)		20,552
Management and advisory contracts		194,666		(128,839	)		65,827
Technology		2,380		(2,281	)		99
Total finite-lived intangible assets		225,286		(138,808	)		86,478
Total intangible assets	$	242,691	$	(138,808	)	$	103,883

	As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Indefinite-lived intangible assets:
Trade names	$	17,375	$	—		$	17,375
Technology		30		—			30
Total indefinite-lived intangible assets		17,405		—			17,405
Finite-lived intangible assets:
Trade names		28,240		(5,789	)		22,451
Management and advisory contracts		194,666		(111,873	)		82,793
Technology		2,380		(1,834	)		546
Total finite-lived intangible assets		225,286		(119,496	)		105,790
Total intangible assets	$	242,691	$	(119,496	)	$	123,195

Management and advisory contracts and finite lived trade names are amortized over 7 - 16 years and are being amortized in line with 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:

2024	$	6,300
2025		21,269
2026		16,640
2027		13,307
2028		9,986
Thereafter		18,976
Total amortization	$	86,478