Asset Management Fees

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

The following table presents the sources of asset management fees on a consolidated basis.

Asset Management Fees



	First Quarter 2020
	(in millions)
Management fees:
CLOs(1)	$	4
Opportunity funds	2
Wind-down funds	9
Total management fees	15
Reimbursable fund expenses	8
Total asset management fees (2)	$	23

_____________________

(1)

To the extent that the Company's wind-down and/or opportunity funds are invested in BlueMountain managed CLOs, BlueMountain may rebate any management fees and/or performance compensation earned from the CLOs to the extent such fees are attributable to the wind-down and opportunity funds’ holdings of CLOs also managed by BlueMountain. Gross management fees from CLOs, before rebates, were $10 million.

(2)

There were no performance fees for First Quarter 2020. Performance fees are recorded when the contractual performance criteria have been met and when it is probable that a significant reversal of revenues will not occur in future reporting periods. For opportunity funds, these conditions are met typically close to the end of the fund’s life. The Company's current opportunity funds were not near the end of their harvest period during the quarter, when they would typically earn performance fee.

The Company had management fees receivable, which are included in other assets on the condensed consolidated balance sheets, of $5 million as of March 31, 2020 and management and performance fees receivable of $9 million as of December 31, 2019. The Company had no unearned revenues as of March 31, 2020 and December 31, 2019.