Asset Management Fees (Tables)

3 Months Ended

Mar. 31, 2023

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

	First Quarter
	2023		2022
	(in millions)
Management fees:
CLOs (1)	$	8	$	9
Opportunity funds and liquid strategies	3		4
Wind-down funds	—		1
Total management fees	11		14
Performance fees	12		14
Reimbursable fund expenses	3		6
Total asset management fees	$	26	$	34

_____________________

(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.