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GOODWILL AND INTANGIBLE ASSETS
6 Months Ended
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
3. GOODWILL AND INTANGIBLE ASSETS
Finite Lived Intangible Assets, Net
The following table summarizes the carrying value, net of accumulated amortization, of the Company's intangible assets that are included within other assets in the Condensed Consolidated Statements of Financial Condition:
Weighted Average Amortization Period as of June 30, 2020As of June 30,As of December 31,
20202019
Management contracts6.1 years$42,547  $12,498  
Client relationships8.0 years6,341  6,341  
Trade name2.0 years378  378  
Intangible assets49,266  19,217  
Less: accumulated amortization(9,230) (11,242) 
Intangible assets, net$40,036  $7,975  

In connection with the acquisition of seven collateral management agreements during the first quarter of 2020, the Company allocated $34.7 million of the $35.8 million purchase price to the fair value of the collateral management contracts. The acquired management contracts had a weighted average amortization period of 6.6 years.

Amortization expense associated with intangible assets was $1.6 million and $1.2 million for the three months ended June 30, 2020 and 2019, respectively, and $2.6 million and $2.4 million for the six months ended June 30, 2020 and 2019, respectively, and is presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the first quarter of 2020, the Company removed $4.7 million of intangible assets that were fully amortized.

Goodwill
The following table summarizes the carrying value of the Company's goodwill assets that are included within other assets in the Condensed Consolidated Statements of Financial Condition:
Credit GroupPrivate
Equity Group
Real
Estate Group
Total
Balance as of December 31, 2019$32,196  $58,600  $53,059  $143,855  
Foreign currency translation—  —  (121) (121) 
Balance as of June 30, 2020$32,196  $58,600  $52,938  $143,734  
There was no impairment of goodwill recorded during the six months ended June 30, 2020 and 2019. The impact of foreign currency translation is reflected within other comprehensive income.