Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

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