GOODWILL AND INTANGIBLE ASSETS
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| Goodwill | |
| Balance at December 31, 2023 | $ | 301,760 | |
| Goodwill acquired | 10,264 | |
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| Balance at December 31, 2024 | $ | 312,024 | |
| Goodwill acquired | 7,234 | |
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| Balance at December 31, 2025 | $ | 319,258 | |
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| Intangible assets | |
| Balance at December 31, 2023 | $ | 116,197 | |
| Intangible assets acquired | 1,595 | |
| Amortization of intangible assets | (10,288) | |
| Balance at December 31, 2024 | $ | 107,504 | |
| Intangible assets acquired | 2,093 | |
| Amortization of intangible assets | (9,999) | |
| Balance at December 31, 2025 | $ | 99,598 | |
As discussed in Note 4, the addition of goodwill and intangible assets during the year ended December 31, 2025 related to the acquisition of G Squared. Management identified $2.2 million of customer relationship intangible assets, which are being amortized over a weighted average life of 0.6 years. The addition of goodwill and intangible assets during the year ended December 31, 2024 related to the acquisition of Aviditi Advisors. Management identified $1.5 million of customer relationship intangible assets, which were amortized over a weighted average life of 0.8 years.
At December 31, 2025, intangible assets with determinable lives consisted of customer relationships. The following table summarizes the future aggregate amortization expense of the Company's intangible assets with determinable lives:
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| (Amounts in thousands) | |
| 2026 | $ | 7,986 | |
| 2027 | 3,480 | |
| 2028 | 2,191 | |
| 2029 | 541 | |
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| Total | $ | 14,198 | |
Indefinite-lived intangible assets of $85.4 million consist of a trade name, which is not subject to amortization.
The Company performed its annual impairment testing as of October 31, which resulted in no impairment related to goodwill or indefinite-lived intangible assets in 2025, 2024 and 2023.
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.