XML 50 R10.htm IDEA: XBRL DOCUMENT
v3.24.3

GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended
--- | ---
Sep. 30, 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 September 30, 2024 |  | As of September 30, |  | As of December 31,
|  | 2024 |  | 2023
Management contracts | 3.9 |  | $ | 563,675 |  |  | $ | 604,242 |
Client relationships | 7.8 |  | 200,920 |  |  | 200,920 |
Other | 0.1 |  | 500 |  |  | 500 |
Finite-lived intangible assets |  |  | 765,095 |  |  | 805,662 |
Foreign currency translation |  |  | 2,615 |  |  | 1,126 |
Total finite-lived intangible assets |  |  | 767,710 |  |  | 806,788 |
Less: accumulated amortization |  |  | (365,534) |  |  | (316,093) |
Finite-lived intangible assets, net |  |  | 402,176 |  |  | 490,695 |
Indefinite-lived management contracts |  |  | 567,800 |  |  | 567,800 |
Intangible assets, net |  |  | $ | 969,976 |  |  | $ | 1,058,495 |
During the three and nine months ended September 30, 2024, the Company recorded a non-cash impairment charge of $8.9 million to the fair value of management contracts of certain funds within the Credit Group, Real Assets Group and Secondaries Group. The primary indicator of impairment was the lower than expected future fee revenue generated from these funds. During the three and nine months ended September 30, 2023, the Company recorded non-cash impairment charges of $65.7 million and $78.6 million, respectively, primarily related to the value of client relationships from the acquisition of Landmark Partners, LLC (the “Landmark Acquisition”). The primary indicator of impairment was the lower than expected fee paying assets under management in a private equity secondaries fund from existing investors as of the date of the Landmark Acquisition. Amortization expense associated with intangible assets, excluding the accelerated amortization described above, was $28.9 million and $31.0 million for the three months ended September 30, 2024 and 2023, respectively, and $87.1 million and $95.0 million for the nine months ended September 30, 2024 and 2023, respectively, and is presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the nine months ended September 30, 2024, the Company removed $47.5 million of fully-amortized management contracts. 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 |  |  | 685 |  |  | — |  |  |  |  | 7,395 |
Reallocation | 55,658 |  |  | — |  |  | (55,658) |  |  | — |  |  |  |  | — |
Foreign currency translation | 1,694 |  |  | — |  |  | — |  |  | 9 |  |  |  |  | 1,703 |
Balance as of September 30, 2024 | $ | 314,031 |  |  | $ | 283,915 |  |  | $ | 117,489 |  |  | $ | 417,639 |  |  |  |  | $ | 1,133,074 |
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 in the first quarter of 2024. There was no impairment of goodwill recorded during the three and nine months ended September 30, 2024 and 2023. The impact of foreign currency translation is reflected within other comprehensive income within the Condensed Consolidated Statements of Comprehensive Income.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration