Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

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).

Estimated Amortization Expense for Finite-Lived 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