Asset Management Fees

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Asset Management Fees

Asset Management Fees

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

Asset Management Fees

	Third Quarter 2020		Nine Months 2020
	(in millions)
Management fees:
CLOs (1)	$	4	$	11
Opportunity funds and liquid strategies	1		5
Wind-down funds	6		21
Total management fees	11		37
Reimbursable fund expenses	6		23
Total asset management fees (2)	$	17	$	60

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(1)    To the extent that the Company's wind-down and/or opportunity funds are invested in AssuredIM managed CLOs, AssuredIM may rebate any management fees and/or performance compensation earned from the CLOs. Gross management fees from CLOs, before rebates, were $7 million for Third Quarter 2020 and $24 million for Nine Months 2020.

(2)    There were de minimis performance fees for Third Quarter 2020 and Nine Months 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 $4 million as of September 30, 2020 and management and performance fees receivable of $9 million as of December 31, 2019. The Company had no unearned revenues as of September 30, 2020 and December 31, 2019.