Asset Management Fees (Tables)

12 Months Ended

Dec. 31, 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

	Year Ended December 31,
	2022		2021		2020
	(in millions)
Management fees:
CLOs (1)	$	34	$	41	$	21
Opportunity funds and liquid strategies	17		17		8
Wind-down funds	2		7		25
Total management fees	53		65		54
Performance fees	19		1		—
Reimbursable fund expenses	21		22		35
Total asset management fees	$	93	$	88	$	89

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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 $34 million in 2022, $47 million in 2021 and $40 million in 2020.