GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 In Years	As of March 31,		As of December 31,
		2022		2021
Management contracts	6.0	$	707,073	$	641,737
Client relationships	10.4	262,301		229,501
Trade name	8.2	11,079		11,079
Other	2.6	500		500
Finite-lived intangible assets		980,953		882,817
Foreign currency translation		987		1,792
Total finite-lived intangible assets		981,940		884,609
Less: accumulated amortization		(145,349)		(115,791)
Finite-lived intangible assets, net		836,591		768,818
Management contracts		567,800		567,800
Trade name		86,200		86,200
Indefinite-lived intangible assets		654,000		654,000
Intangible assets, net		$	1,490,591	$	1,422,818

In connection with the Infrastructure Debt Acquisition, the Company allocated $68.7 million and $32.8 million of the purchase price to the fair value of the acquired management contracts and client relationships, respectively. The acquired management contracts and client relationships had a weighted average amortization period from the date of acquisition of 5.2 years and 8.4 years, respectively.

Amortization expense associated with intangible assets was $33.2 million and $10.6 million for the three months ended March 31, 2022 and 2021, respectively and is presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the first quarter of 2022, the Company removed $3.4 million of intangible assets that were fully amortized.

Goodwill

The following table summarizes the carrying value of the Company’s goodwill:


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



Balance as of December 31, 2021	$	32,196	$	58,600	$	53,339	$	417,738	$	226,099	$	787,972
Acquisitions	—		—		213,313		(97)		—		213,216
Reallocation	—		(10,530)		10,530		—		—		—
Foreign currency translation	—		—		—		(7)		(892)		(899)
Balance as of March 31, 2022	$	32,196	$	48,070	$	277,182	$	417,634	$	225,207	$	1,000,289

In connection with the Infrastructure Debt Acquisition, the Company allocated $213.3 million of the purchase price to goodwill.

In connection with the establishment of the Real Assets Group described in “Note 15. Segment Reporting,” the Company had an associated change in its reporting units and reallocated goodwill of $10.5 million from the Private Equity Group to the Real Assets Group using a relative fair value allocation approach. The former Real Estate Group has been transferred in its entirety to the Real Assets Group and the total goodwill of $53.3 million has been reallocated from the former Real Estate Group to the Real Assets Group accordingly.

There was no impairment of goodwill recorded during the three months ended March 31, 2022 and 2021. The impact of foreign currency translation is reflected within other comprehensive income.