Assets Held for Sale

3 Months Ended

Mar. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

Assets Held for Sale

On February 27, 2025, the Company and Aquiline Capital Partners LP (Aquiline), a private investment firm specializing in financial services and technology, announced that the companies have entered into a definitive agreement for Aquiline to acquire the Company's Family Office Services business. The total purchase price is $120,000 to be paid in cash at closing, and the transaction is expected to close during the second quarter 2025, subject to applicable regulatory approval and other customary closing conditions. The purchase price is subject to adjustments for the transfer of working capital accounts and funding of liabilities by the Company at closing. In connection with the agreement, the companies also entered into a transition services agreement whereby the Company will provide certain information technology, administrative and operational services to Aquiline for a period of time after the closing of the transaction to assist in the transfer of services.

As of March 31, 2025, the Company has identified assets within the disposal group with carrying amounts that are expected to be recovered principally through the transaction with Aquiline rather than through continuing use. As such, these assets within the disposal group have been classified as held for sale on the accompanying Consolidated Balance Sheet. The results of operations of the Company's Family Office Services business is reported in the Investments in New Businesses segment. Management does not believe the expected transaction represents a strategic shift that will have a significant impact on the Company's operations and financial results, and as such, the Family Office Services business is not considered a discontinued operation.

The Company's assets held for sale and related liabilities on the accompanying Consolidated Balance Sheet consist of:

Assets Held for Sale

	March 31, 2025
Receivables, net of allowance for doubtful accounts of $131	$	8,427
Property and equipment, net of accumulated depreciation of $2,144	210
Operating lease right-of-use assets	2,848
Capitalized software, net	492
Goodwill	1,711
Intangible Assets, net of accumulated amortization of $21,717	8,413
Deferred contract costs	395
Other assets, net	269
Total assets held for sale	$	22,765

Liabilities Related to Assets Held for Sale

	March 31, 2025
Accrued liabilities	$	1,188
Operating lease liabilities	2,993
Deferred revenue	202
Total liabilities related to assets held for sale	$	4,383