GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

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.