Goodwill and Intangible Assets
Goodwill
The following table presents details of our goodwill during the year ended December 31, 2025 (in thousands):
| | | | | |
| Amount |
| Balance as of December 31, 2024 | $ | 70,971 | |
| Goodwill acquired | 1,193,638 | |
| Foreign currency translation adjustments | 5,447 | |
| Balance as of December 31, 2025 | $ | 1,270,056 | |
Purchased Intangible Assets
On March 31, 2025, the Company completed its acquisition of Bistro, Blackstone’s proprietary portfolio visualization software platform built for Blackstone’s Credit & Insurance (BXCI) business (the “Bistro Asset Acquisition”). The purchase price for the Bistro Asset Acquisition was $112.7 million, consisting of an aggregate of 3,833,333 shares of Class A common stock, issued at the time of the closing of the Bistro Asset Acquisition, with a fair value of $102.7 million and $10 million that was paid in cash on June 30, 2025. The following table presents details of the fair values of identified intangible assets acquired (in thousands, except years):
| | | | | | | | | | | |
| Fair Value | | Estimated Useful Life |
| Blackstone Commercial Agreement | $ | 98,078 | | | 7 years |
| Developed Technology - BISTRO | 14,655 | | | 7 years |
| Total | $ | 112,733 | | | |
The following table presents details of our purchased intangible assets as of December 31, 2025 and 2024 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2025 |
| Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Weighted Average Remaining Useful Life (In Years) |
| Intangible assets with finite lives: | | | | | | | |
| Developed technology | $ | 582,125 | | | $ | (67,363) | | | $ | 514,762 | | | 6.4 |
| Commercial agreement | 98,078 | | | (10,508) | | | 87,570 | | | 6.3 |
| Client relationships | 79,663 | | | (6,349) | | | 73,314 | | | 9.3 |
| Trade name / Trademarks | 14,102 | | | (2,387) | | | 11,715 | | | 3.9 |
| Domain name | 245 | | | (28) | | | 217 | | | 4.4 |
| Total intangible assets | $ | 774,213 | | | $ | (86,635) | | | $ | 687,578 | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| December 31, 2024 |
| Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Weighted Average Remaining Useful Life (In Years) |
| Intangible assets with finite lives: | | | | | | | |
| Developed technology | $ | 34,366 | | | $ | (8,617) | | | $ | 25,749 | | | 4.9 |
| Client relationships | 5,619 | | | (769) | | | 4,850 | | | 10.7 |
| Trade name / Trademarks | 662 | | | (393) | | | 269 | | | 2.3 |
| Total intangible assets | $ | 40,647 | | | $ | (9,779) | | | $ | 30,868 | | | |
We recognized amortization expense of $75.7 million and $5.6 million for the years ended December 31, 2025 and 2024, respectively.
The following table summarizes estimated future amortization expense of our intangible assets as of December 31, 2025 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total | | 2026 | | 2027 | | 2028 | | 2029 | | 2030 and Thereafter |
| Total amortization expense to be recognized in the future as of December 31, 2025 | $ | 687,578 | | | $ | 106,080 | | | $ | 106,000 | | | $ | 105,970 | | | $ | 104,370 | | | $ | 265,158 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.