Asset Management Fees

9 Months Ended

Sep. 30, 2021

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				Nine Months
	2021		2020		2021		2020
	(in millions)
Management fees:
CLOs (1)	$	9	$	4	$	31	$	11
Opportunity funds and liquid strategies	4		1		12		5
Wind-down funds	2		6		6		21
Total management fees	15		11		49		37
Performance fees	—		—		1		—
Reimbursable fund expenses	5		6		15		23
Total asset management fees	$	20	$	17	$	65	$	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 $11 million, $7 million, $36 million and $24 million for Third Quarter 2021, Third Quarter 2020, Nine Months 2021 and Nine Months 2020, respectively.

    The Company had management and performance fees receivable, which are included in other assets on the condensed consolidated balance sheets, of $8 million as of September 30, 2021 and $5 million as of December 31, 2020. The Company had no unearned revenues as of September 30, 2021 and December 31, 2020.