Goodwill and Intangibles

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

Note 10. Goodwill and Intangibles

Changes in goodwill for the years ended December 31, 2023 and December 31, 2022 are as follows:

Balance at December 31, 2021	$	418,701
Purchase price adjustment		(11	)
Increase from acquisitions		87,948
Balance at December 31, 2022	$	506,638
Purchase price adjustment		(600	)
Balance at December 31, 2023	$	506,038

During the year ended December 31, 2023, there was a revision to the provisional fair value of the WTI tradenames as a result of obtaining new information that was not available at acquisition. This revision resulted in a purchase price adjustment of $0.6 million to goodwill and intangible assets.

Intangibles consists of the following:

	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

	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:

2024	$	25,612
2025		21,269
2026		16,640
2027		13,307
2028		9,986
Thereafter		18,976
Total amortization	$	105,790