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v3.25.4

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2025 | Dec. 31, 2024
--- | --- | ---
Property and equipment, accumulated depreciation |  | $ 1,692 |  | $ 1,553 |
Intangible assets, accumulated amortization |  | $ 1,482 | [1] | $ 782 | [2]
Common stock, par value |  | $ 0.01 |  | $ 0.01 |
Common stock, shares authorized |  | 500,000,000 |  | 500,000,000 |
Common stock, shares issued |  | 156,276,289 |  | 155,318,170 |
Common stock, shares outstanding |  | 155,069,171 |  | 154,947,813 |
Treasury stock, common shares |  | 1,207,118 |  | 370,357 |
Cash and cash equivalents | [3] | $ 11,468 |  | $ 12,762 |
Investments | [3] | 13,271 |  | 9,769 |
Other assets | [3] | 5,700 |  | 3,596 |
Other liabilities | [3] | 6,823 |  | 4,032 |
Consolidated Variable Interest Entities [Member] |  |  |  |  |
Cash and cash equivalents | [4] | 428 |  | 125 |
Investments |  | 8,487 |  | 5,092 |
Other assets |  | 76 |  | 45 |
Other liabilities | [5] | $ 4,052 |  | $ 2,130 |
[1] | Amount primarily includes approximately $3.0 billion of indefinite-lived management contracts, $2.7 billion of finite-lived management contracts and $1 billion of finite-lived investor relationships acquired in connection with the HPS Transaction and $1.1 billion of finite-lived customer relationships and $125 million of finite-lived technology-related intangible assets acquired in connection with the Preqin Transaction (see Note 3, Acquisitions, for further information). Additionally, in connection with the ElmTree Transaction, the Company acquired approximately $115 million of finite-lived management contracts and investor relationships.
[2] | In connection with the GIP Transaction, the Company acquired approximately $1.8 billion of finite-lived management contracts, $820 million of finite-lived investor relationships and $80 million of a finite-lived trade name (see Note 3, Acquisitions, for further information).
[3] | At December 31, 2025, cash and cash equivalents, investments, other assets and other liabilities include $428 million, $8.5 billion, $76 million and $4.1 billion, respectively, related to consolidated variable interest entities (“VIEs”). At December 31, 2024, cash and cash equivalents, investments, other assets and other liabilities include $125 million, $5.1 billion, $45 million and $2.1 billion, respectively, related to consolidated VIEs.
[4] | The Company generally cannot readily access cash and cash equivalents held by CIPs to use in its operating activities.
[5] | At both December 31, 2025 and 2024, other liabilities of VIEs primarily include deferred carried interest liabilities and borrowings of a consolidated CLO.

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