GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

4. GOODWILL AND INTANGIBLE ASSETS

Intangible Assets, Net

The following table summarizes the carrying value, net of accumulated amortization, of the Company's intangible assets:


	Weighted Average Amortization Period as of September 30, 2021	As of September 30,		As of December 31,
		2021		2020
Management contracts	6.5 years	$	641,737	$	210,857
Client relationships	11.2 years	229,501		25,141
Trade name	8.7 years	11,079		11,079
Finite-lived intangible assets		882,317		247,077
Foreign currency translation		1,530		3,093
Total finite-lived intangible assets		883,847		250,170
Less: accumulated amortization		(85,157)		(28,082)
Finite-lived intangible assets, net		798,690		222,088
Management contracts		567,800		—
Trade name		86,200		—
Indefinite-lived intangible assets		654,000		—
Intangible assets, net		$	1,452,690	$	222,088

In connection with the Black Creek Acquisition, the Company allocated $576.2 million and $7.2 million of the purchase consideration to the fair value of management contracts and client relationships, respectively. Certain management contracts were determined to have indefinite useful lives at the time of the Black Creek Acquisition and are not subject to amortization. The remaining management contracts and client relationships had a weighted average amortization period as of the acquisition date of 6.1 years and 12.0 years, respectively.

Amortization expense associated with intangible assets was $32.8 million and $11.1 million for the three months ended September 30, 2021 and 2020, respectively, and $60.7 million and $13.7 million for the nine months ended September 30, 2021 and 2020 and is presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the third quarter of 2021, the Company accelerated the amortization of a collateral management contract due to the redemption of that CLO and removed $3.4 million of intangible assets that were fully amortized.

Goodwill

The following table summarizes the carrying value of goodwill that is included within other assets in the Condensed Consolidated Statements of Financial Condition:


	Credit Group		Private Equity Group		Real Estate Group		Secondary Solutions Group		Strategic Initiatives		Total



Balance as of December 31, 2020	$	32,196	$	58,600	$	53,120	$	—	$	227,131	$	371,047
Acquisitions	—		—		—		417,665		—		417,665
Foreign currency translation	—		—		219		(16)		(1,165)		(962)
Balance as of September 30, 2021	$	32,196	$	58,600	$	53,339	$	417,649	$	225,966	$	787,750

There was no impairment of goodwill recorded during the nine months ended September 30, 2021 and 2020. The impact of foreign currency translation is reflected within other comprehensive income.