Asset Management Fees (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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

Asset Management Fees

	Second Quarter				Six Months
	2022		2021		2022		2021
	(in millions)
Management fees:
CLOs (1)	$	8	$	11	$	17	$	22
Opportunity funds and liquid strategies	8		4		12		8
Wind-down funds	—		1		1		4
Total management fees	16		16		30		34
Performance fees	1		—		15		1
Reimbursable fund expenses	4		5		10		10
Total asset management fees	$	21	$	21	$	55	$	45

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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 fees earned from the CLOs. Gross management fees from CLOs, before rebates, were $8 million, $11 million, $17 million and $25 million for second quarter 2022, second quarter 2021, six months 2022 and six months 2021, respectively.