

	Weighted Average Amortization Period (in years) as of March 31, 2026	As of March 31,		As of December 31,
		2026		2025
Management contracts	4.7	$	898,247	$	1,023,893
Client relationships	6.5	317,920		317,920

Other	4.8	12,054		—
Finite-lived intangible assets		1,228,221		1,341,813
Foreign currency translation		5,840		6,884
Total finite-lived intangible assets		1,234,061		1,348,697
Less: accumulated amortization		(456,661)		(550,267)
Finite-lived intangible assets, net		777,400		798,430
Management contracts		1,364,245		1,317,400

Indefinite-lived management contracts		1,364,245		1,317,400
Intangible assets, net		$	2,141,645	$	2,115,830

On February 1, 2026, the Company completed the acquisition of the remaining outstanding shares of BlueCove Limited (“BlueCove”) (the “BlueCove Acquisition”). Prior to completing the BlueCove Acquisition, the Company held a 15% ownership interest in BlueCove. BlueCove is a London-based systematic fixed income manager that leverages data and technology to deliver differentiated solutions to investors. BlueCove’s results are presented within the Credit Group. The Company allocated $60.8 million and $12.1 million of the purchase consideration to the fair value of the acquired management contracts and developed technology, respectively. Certain management contracts were determined to have indefinite useful lives at the time of the BlueCove Acquisition and are not subject to amortization. The remaining management contracts and developed technology had a weighted average amortization period from the date of acquisition of 10.0 years and 5.0 years, respectively.

Amortization expense associated with intangible assets was $47.1 million and $37.3 million for the three months ended March 31, 2026 and 2025, respectively, and has been presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the three months ended March 31, 2026, the Company removed $139.6 million of fully-amortized cost basis of intangible assets.


	Credit Group		Real Assets Group		Secondaries Group		Private Equity Group		Total




Balance as of December 31, 2025	$	313,830	$	2,601,229	$	417,640	$	121,408	$	3,454,107
Acquisitions	—		10,359		—		—		10,359

Foreign currency translation	(1,161)		115		(4)		—		(1,050)
Balance as of March 31, 2026	$	312,669	$	2,611,703	$	417,636	$	121,408	$	3,463,416

There was no impairment of goodwill recorded during the three months ended March 31, 2026 and 2025. The impact of foreign currency translation adjustments is reflected within the Condensed Consolidated Statements of Comprehensive Income.

In connection with the BlueCove Acquisition, the Company recorded a bargain purchase gain of $37.4 million that has been presented within other income (expense), net in the Condensed Consolidated Statements of Operations. The bargain purchase gain resulted from the fair value of the identifiable tangible and intangible assets acquired exceeding the purchase consideration. A portion of the purchase price payable to certain senior professionals is dependent upon the achievement of revenue targets and has been excluded from purchase consideration as it is subject to continued and future service. See “Note 7. Commitments and Contingencies” for further information.