GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 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 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.