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GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 |  | As of March 31, |  | As of December 31,
|  | 2024 |  | 2023
Management contracts | 4.2 |  | $ | 580,635 |  |  | $ | 604,242 |
Client relationships | 8.3 |  | 200,920 |  |  | 200,920 |
Other | 0.6 |  | 500 |  |  | 500 |
Finite-lived intangible assets |  |  | 782,055 |  |  | 805,662 |
Foreign currency translation |  |  | (202) |  |  | 1,126 |
Total finite-lived intangible assets |  |  | 781,853 |  |  | 806,788 |
Less: accumulated amortization |  |  | (319,577) |  |  | (316,093) |
Finite-lived intangible assets, net |  |  | 462,276 |  |  | 490,695 |
Indefinite-lived management contracts |  |  | 567,800 |  |  | 567,800 |
Intangible assets, net |  |  | $ | 1,030,076 |  |  | $ | 1,058,495 |
During the three months ended March 31, 2023, the Company rebranded and discontinued the use of the SSG trade name acquired through the acquisition of SSG Capital Holdings Limited and its operating subsidiaries (“SSG”) in 2020. 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 for the three months ended March 31, 2023. Amortization expense associated with intangible assets, excluding the accelerated amortization described above, was $29.2 million and $33.6 million for the three months ended March 31, 2024 and 2023, respectively, and is presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the three months ended March 31, 2024, the Company removed $24.9 million of fully-amortized intangible assets. Goodwill The following table summarizes the carrying value of the Company’s goodwill:
| Credit Group |  | Real Assets Group |  | Private Equity Group |  | Secondaries Group |  |  |  | Total
Balance as of December 31, 2023 | $ | 256,679 |  |  | $ | 277,205 |  |  | $ | 172,462 |  |  | $ | 417,630 |  |  |  |  | $ | 1,123,976 |
Acquisitions | — |  |  | 6,710 |  |  | 644 |  |  | — |  |  |  |  | 7,354 |
Reallocation | 55,658 |  |  | — |  |  | (55,658) |  |  | — |  |  |  |  | — |
Foreign currency translation | (1,242) |  |  | — |  |  | — |  |  | (3) |  |  |  |  | (1,245) |
Balance as of March 31, 2024 | $ | 311,095 |  |  | $ | 283,915 |  |  | $ | 117,448 |  |  | $ | 417,627 |  |  |  |  | $ | 1,130,085 |
In connection with the segment reorganization of the former special opportunities strategy as described in “Note 13. Segment Reporting,” the Company had an associated change in its reporting units and reallocated goodwill of $55.7 million from the Private Equity Group to the Credit Group using a relative fair value allocation approach. There was no impairment of goodwill recorded during the three months ended March 31, 2024 and 2023. The impact of foreign currency translation is reflected within other comprehensive income within the Condensed Consolidated Statements of Comprehensive Income.

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