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GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended
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Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | 4. 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, 2025 |  | As of March 31, |  | As of December 31,
|  | 2025 |  | 2024
Management contracts | 5.2 |  | $ | 1,034,593 |  |  | $ | 590,675 |
Client relationships | 7.5 |  | 317,920 |  |  | 210,720 |
Other | 0.0 |  | — |  |  | 500 |
Finite-lived intangible assets |  |  | 1,352,513 |  |  | 801,895 |
Foreign currency translation |  |  | 7,737 |  |  | (789) |
Total finite-lived intangible assets |  |  | 1,360,250 |  |  | 801,106 |
Less: accumulated amortization |  |  | (400,803) |  |  | (393,078) |
Finite-lived intangible assets, net |  |  | 959,447 |  |  | 408,028 |
Indefinite-lived management contracts |  |  | 1,317,400 |  |  | 567,800 |
Intangible assets, net |  |  | $ | 2,276,847 |  |  | $ | 975,828 |
Amortization expense associated with intangible assets was $37.3 million, and $29.2 million for the three months ended March 31, 2025 and 2024, respectively, and has been presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the three months ended March 31, 2025, the Company removed $29.9 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, 2024 | $ | 312,032 |  |  | $ | 311,569 |  |  | $ | 121,408 |  |  | $ | 417,627 |  |  |  |  | $ | 1,162,636 |
Acquisitions | — |  |  | 2,297,710 |  |  | — |  |  | — |  |  |  |  | 2,297,710 |
Reallocation | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |
Foreign currency translation | 194 |  |  | 38,796 |  |  | — |  |  | 5 |  |  |  |  | 38,995 |
Balance as of March 31, 2025 | $ | 312,226 |  |  | $ | 2,648,075 |  |  | $ | 121,408 |  |  | $ | 417,632 |  |  |  |  | $ | 3,499,341 |
There was no impairment of goodwill recorded during the three months ended March 31, 2025 and 2024. The impact of foreign currency translation adjustments is reflected 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://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
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