GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2025

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 (in years) as of December 31, 2025	As of December 31,

		2025		2024
Management contracts	4.7	$	1,023,893	$	590,675
Client relationships	6.8	317,920		210,720

Other	0.0	—		500
Finite-lived intangible assets		1,341,813		801,895
Foreign currency translation		6,884		(789)
Total finite-lived intangible assets		1,348,697		801,106
Less: accumulated amortization		(550,267)		(393,078)
Finite-lived intangible assets, net		798,430		408,028
Management contracts		1,317,400		567,800

Indefinite-lived management contracts		1,317,400		567,800
Intangible assets, net		$	2,115,830	$	975,828

During the year ended December 31, 2025, the Company recorded a non-cash impairment charge of $2.3 million to the fair value of management contracts of certain CLOs within the Credit Group. The primary indicator of impairment was the lower than expected future fee revenue resulting from the earlier than expected end to the useful lives of these CLOs. During the year ended December 31, 2024, the Company recorded a non-cash impairment charge of $8.9 million to the fair value of management contracts of certain funds within the Credit Group, Real Assets Group and Secondaries Group. The primary indicator of impairment was the lower than expected future fee revenue generated from these funds. During the year ended December 31, 2023, the Company recorded a non-cash impairment charge of $78.7 million primarily related to the value of client relationships from the acquisition of Landmark Partners, LLC (the “Landmark Acquisition”). The primary indicator of impairment was the lower than expected fee paying assets under management in a private equity secondaries fund from existing investors as of the date of the Landmark Acquisition.

Amortization expense associated with intangible assets, excluding the accelerated amortization described above, was $193.4 million, $116.3 million and $126.0 million for the years ended December 31, 2025, 2024 and 2023, respectively, and has been presented within general, administrative and other expenses within in the Consolidated Statements of Operations. During the year ended December 31, 2025, the Company removed $40.6 million of fully-amortized cost basis of intangible assets.

As of December 31, 2025, future annual amortization of finite-lived intangible assets for the years 2026 through 2030 and thereafter is estimated to be:


Year	Amortization
2026	$	184,898
2027	174,251
2028	143,234
2029	112,952
2030	70,396
Thereafter	112,699
Total	$	798,430

Goodwill

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


	Credit Group		Real Assets Group		Secondaries Group		Private Equity Group		Total
Balance as of December 31, 2023	$	256,679	$	277,205	$	417,630	$	172,462	$	1,123,976
Acquisitions	—		35,091		—		4,605		39,696
Reallocation	55,658		—		—		(55,658)		—
Foreign currency translation	(305)		(727)		(3)		(1)		(1,036)
Balance as of December 31, 2024	312,032		311,569		417,627		121,408		1,162,636
Acquisitions	—		2,285,242		—		—		2,285,242

Foreign currency translation	1,798		4,418		13		—		6,229
Balance as of December 31, 2025	$	313,830	$	2,601,229	$	417,640	$	121,408	$	3,454,107

In connection with the acquisition of the equity interests in Walton Street Capital Mexico S. de R.L. de C.V. and certain of its affiliates in the fourth quarter of 2024, the Company allocated $28.4 million of the purchase price to goodwill.

In the first quarter of 2024, the Company changed its segment composition. The special opportunities strategy, historically part of the Private Equity Group, was renamed to opportunistic credit and integrated into the Credit Group. In connection with this segment reorganization, the Company had an associated change in its reporting units and reallocated goodwill of $55.7 million from the Private Equity Group to the Credit Group using a relative fair value allocation approach.

There was no impairment of goodwill recorded during the years ended December 31, 2025 and 2024. The impact of foreign currency translation adjustments is reflected within the Consolidated Statements of Comprehensive Income.