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Intangible Assets | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | 12. Intangible Assets Intangible assets at December 31, 2025 and 2024 consisted of the following:
(in millions) |  | Remaining Weighted-Average Estimated Useful Life (years) |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
At December 31, 2025 |  |  |  |  |  |  |  |  |  |  |
Indefinite-lived intangible assets(1): |  |  |  |  |  |  |  |  |  |  |
Management contracts |  | N/A |  | $ | 19,019 |  |  | $ | — |  |  | $ | 19,019 |
Trade names/trademarks |  | N/A |  |  | 1,403 |  |  |  | — |  |  |  | 1,403 |
License |  | N/A |  |  | 6 |  |  |  | — |  |  |  | 6 |
Total indefinite-lived intangible assets |  |  |  |  | 20,428 |  |  |  | — |  |  |  | 20,428 |
Finite-lived intangible assets(1): |  |  |  |  |  |  |  |  |  |  |
Management contracts |  | 7.1 |  |  | 4,927 |  |  |  | 665 |  |  |  | 4,262 |
Investor/customer relationships |  | 10.3 |  |  | 3,617 |  |  |  | 592 |  |  |  | 3,025 |
Technology-related |  | 3.4 |  |  | 382 |  |  |  | 206 |  |  |  | 176 |
Trade names/trademarks |  | 8.6 |  |  | 96 |  |  |  | 19 |  |  |  | 77 |
Total finite-lived intangible assets |  | 8.3 |  |  | 9,022 |  |  |  | 1,482 |  |  |  | 7,540 |
Total intangible assets |  |  |  | $ | 29,450 |  |  | $ | 1,482 |  |  | $ | 27,968 |
At December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Management contracts |  | N/A |  | $ | 16,119 |  |  | $ | — |  |  | $ | 16,119 |
Trade names/trademarks |  | N/A |  |  | 1,403 |  |  |  | — |  |  |  | 1,403 |
License |  | N/A |  |  | 6 |  |  |  | — |  |  |  | 6 |
Total indefinite-lived intangible assets |  |  |  |  | 17,528 |  |  |  | — |  |  |  | 17,528 |
Finite-lived intangible assets(2): |  |  |  |  |  |  |  |  |  |  |
Management contracts |  | 7.6 |  |  | 2,028 |  |  |  | 215 |  |  |  | 1,813 |
Investor/customer relationships |  | 11.2 |  |  | 1,623 |  |  |  | 414 |  |  |  | 1,209 |
Technology-related |  | 3.5 |  |  | 257 |  |  |  | 144 |  |  |  | 113 |
Trade names/trademarks |  | 9.6 |  |  | 89 |  |  |  | 9 |  |  |  | 80 |
Total finite-lived intangible assets |  | 8.9 |  |  | 3,997 |  |  |  | 782 |  |  |  | 3,215 |
Total intangible assets |  |  |  | $ | 21,525 |  |  | $ | 782 |  |  | $ | 20,743 |
N/A – Not Applicable (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). The impairment test performed for intangible assets as of July 31, 2025 and 2023 indicated no impairment charges were required. The impairment tests performed for intangible assets as of July 31, 2024 indicated that an impairment charge was required for indefinite-lived intangible assets related to certain acquired open-end management contracts, primarily driven by quantitative factors, such as reduced growth expectations, a decrease in revenue basis points and net client outflows. As a result, the Company recorded a noncash impairment charge of $50 million, which is included within amortization and impairment of intangible assets expense on the consolidated statements of income for the year ended December 31, 2024. No impairment charges were required for any other intangible assets. Estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows:
(in millions) |  |  |
Year |  | Amount |
2026 |  | $ | 1,104 |
2027 |  |  | 1,038 |
2028 |  |  | 927 |
2029 |  |  | 852 |
2030 |  |  | 809 |

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