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GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 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 September 30, 2025 |  | As of September 30, |  | As of December 31,
|  | 2025 |  | 2024
Management contracts | 4.8 |  | $ | 1,023,893 |  |  | $ | 590,675 |
Client relationships | 7.0 |  | 317,920 |  |  | 210,720 |
Other | 0.0 |  | — |  |  | 500 |
Finite-lived intangible assets |  |  | 1,341,813 |  |  | 801,895 |
Foreign currency translation |  |  | 5,848 |  |  | (789) |
Total finite-lived intangible assets |  |  | 1,347,661 |  |  | 801,106 |
Less: accumulated amortization |  |  | (498,812) |  |  | (393,078) |
Finite-lived intangible assets, net |  |  | 848,849 |  |  | 408,028 |
Management contracts |  |  | 1,317,400 |  |  | 567,800 |
Indefinite-lived management contracts |  |  | 1,317,400 |  |  | 567,800 |
Intangible assets, net |  |  | $ | 2,166,249 |  |  | $ | 975,828 |
During the three and nine months ended September 30, 2025, the Company recorded a non-cash impairment charge of $2.3 million to the fair value of management contracts of certain CLOs within the Credit Group. The primary indicator of impairment was the lower than expected future fee revenue resulting from the earlier than expected end to the useful lives of these CLOs. 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. Amortization expense associated with intangible assets was $52.3 million and $28.9 million for the three months ended September 30, 2025 and 2024, respectively, and $142.3 million and $87.1 million for the nine months ended September 30, 2025 and 2024, respectively, and has been presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the nine months ended September 30, 2025, the Company removed $40.6 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, 2024 | $ | 312,032 |  |  | $ | 311,569 |  |  | $ | 121,408 |  |  | $ | 417,627 |  |  |  |  | $ | 1,162,636 |
Acquisitions | — |  |  | 2,269,489 |  |  | — |  |  | — |  |  |  |  | 2,269,489 |
Foreign currency translation | 1,451 |  |  | 3,861 |  |  | — |  |  | 13 |  |  |  |  | 5,325 |
Balance as of September 30, 2025 | $ | 313,483 |  |  | $ | 2,584,919 |  |  | $ | 121,408 |  |  | $ | 417,640 |  |  |  |  | $ | 3,437,450 |
There was no impairment of goodwill recorded during the three and nine months ended September 30, 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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