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GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended
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Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | 3. GOODWILL AND INTANGIBLE ASSETS Intangible Assets, Net The following table summarizes the carrying value, net of accumulated amortization, of the Company’s intangible assets:
| Weighted Average Amortization Period (in years) as of June 30, 2023 |  | As of June 30, |  | As of December 31,
|  | 2023 |  | 2022
Management contracts | 4.6 |  | $ | 571,750 |  |  | $ | 586,077 |
Client relationships | 9.2 |  | 262,301 |  |  | 262,301 |
Trade name | 0.0 |  | — |  |  | 11,079 |
Other | 1.3 |  | 500 |  |  | 500 |
Finite-lived intangible assets |  |  | 834,551 |  |  | 859,957 |
Foreign currency translation |  |  | (477) |  |  | 935 |
Total finite-lived intangible assets |  |  | 834,074 |  |  | 860,892 |
Less: accumulated amortization |  |  | (271,201) |  |  | (220,472) |
Finite-lived intangible assets, net |  |  | 562,873 |  |  | 640,420 |
Management contracts |  |  | 567,800 |  |  | 567,800 |
Indefinite-lived intangible assets |  |  | 567,800 |  |  | 567,800 |
Intangible assets, net |  |  | $ | 1,130,673 |  |  | $ | 1,208,220 |
During the second quarter of 2023, the Company recorded non-cash impairment charges of $4.4 million and $0.7 million to the fair value of management contracts of certain funds within the Real Assets Group and Credit Group, respectively. The primary indicator of impairment was the lower than expected future fee revenue generated from these funds. During the first quarter of 2023, the Company rebranded Ares SSG as Asia credit and discontinued the use of the SSG trade name. As a result, the Company recorded a non-cash impairment charge equal to the SSG trade name’s carrying value of $7.8 million to accelerate the amortization expense in the first quarter of 2023. Amortization expense associated with intangible assets, excluding the accelerated amortization described above, was $30.4 million and $35.6 million for the three months ended June 30, 2023 and 2022, respectively, and $64.0 million and $68.7 million for the six months ended June 30, 2023 and 2022, respectively, and is presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the six months ended June 30, 2023, the Company removed $25.4 million of impaired and fully-amortized intangible assets. Goodwill The following table summarizes the carrying value of the Company’s goodwill:
| Credit Group |  | Private Equity Group |  | Real Assets Group |  | Secondaries Group |  | Other |  | Total
Balance as of December 31, 2022 | $ | 32,196 |  |  | $ | 48,070 |  |  | $ | 277,183 |  |  | $ | 417,620 |  |  | $ | 224,587 |  |  | $ | 999,656 |
Acquisitions | — |  |  | — |  |  | 22 |  |  | — |  |  | — |  |  | 22 |
Reallocation | 224,587 |  |  | — |  |  | — |  |  | — |  |  | (224,587) |  |  | — |
Foreign currency translation | (1,667) |  |  | — |  |  | — |  |  | 9 |  |  | — |  |  | (1,658) |
Balance as of June 30, 2023 | $ | 255,116 |  |  | $ | 48,070 |  |  | $ | 277,205 |  |  | $ | 417,629 |  |  | $ | — |  |  | $ | 998,020 |
In connection with the SSG Buyout described in “Note 2. Summary of Significant Accounting Policies,” the former Ares SSG reporting unit has been transferred in its entirety to the Credit Group and the total goodwill of $224.6 million has been reallocated accordingly. There was no impairment of goodwill recorded during the six months ended June 30, 2023 and 2022. The impact of foreign currency translation is reflected within other comprehensive income within the Condensed Consolidated Statements of Comprehensive Income.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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