The following table summarizes the carrying amount of intangible assets as of March 31, 2025 and December 31, 2024:


	As of
	March 31, 2025	December 31, 2024
	(Dollars in millions)
Acquired contractual rights	$925.0	$922.7
Accumulated amortization	(425.7)	(392.2)
Finite-lived intangible assets, net	499.3	530.5
Goodwill	103.9	103.6
Intangible Assets, net	$603.2	$634.1

As discussed in Note 2, Summary of Significant Accounting Policies, the Company reviews its intangible assets for

impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable,

and considers factors including, but not limited to, expected cash flows from its interest in future management fees and the

ability to raise new funds. The Company recorded no impairment losses of intangible assets for the periods presented.

Intangible asset amortization expense was $32.6 million for both the three months ended March 31, 2025 and 2024, and

is included in general, administrative, and other expenses in the condensed consolidated statements of operations. Certain

intangible assets are held by entities of which the functional currency is not the U.S. dollar. Any corresponding currency

translation is recorded in accumulated other comprehensive income (loss).

The following table summarizes the expected amortization expense for 2025 through 2029 and thereafter (Dollars in


Year ending December 31,
2025 (excluding the three months ended March 31, 2025)	$98.6
2026	131.3
2027	121.1
2028	114.0
2029	31.8
Thereafter	2.5
	$499.3