The following table summarizes the carrying amount of intangible assets as of September 30, 2025 and December 31,


	As of
	September 30, 2025	December 31, 2024
	(Dollars in millions)
Acquired contractual rights	$928.2	$922.7
Accumulated amortization	(492.8)	(392.2)
Finite-lived intangible assets, net	435.4	530.5
Goodwill	104.6	103.6
Intangible Assets, net	$540.0	$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 $32.8 million and $32.7 million for the three months ended September 30,

2025 and 2024, respectively, and $98.2 million and $98.0 million for the nine months ended September 30, 2025 and 2024,

respectively, 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 nine months ended September 30, 2025)	$33.0
2026	131.8
2027	121.7
2028	114.5
2029	31.9
Thereafter	2.5
	$435.4