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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.