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Revenues (Tables)
 12 Months Ended
Dec. 31, 2019
Revenue from Contract with Customer [Abstract]  
Management Fees and Incentive Income Recognized
The following table presents management fees and incentive income recognized as revenues for the years ended December 31, 2019, 2018, and 2017:
Year Ended December 31, 2019Year Ended December 31, 2018Year Ended December 31, 2017
Management FeesIncentive IncomeManagement FeesIncentive IncomeManagement FeesIncentive Income
(dollars in thousands)
Multi-strategy funds$134,404  $240,517  $168,902  $71,972  $214,116  $409,823  
Credit
    Opportunistic credit funds43,729  48,526  41,035  89,182  44,753  99,308  
    Institutional Credit Strategies57,877  —  50,212  —  35,381  —  
Real estate funds16,111  32,578  19,307  40,811  21,027  7,603  
Other890  —  2,406  931  4,181  11,266  
Total$253,011  $321,621  $281,862  $202,896  $319,458  $528,000  
Unearned Incentive Income Roll Forward
A liability for unearned incentive income is generally recognized when the Company receives incentive income distributions from its funds, primarily its real estate funds, whereby the distributions received have not yet met the recognition threshold of being probable that a significant reversal of cumulative revenue will not occur. The following table presents the activity in the Company’s unearned incentive income for the years ended December 31, 2019, 2018 and 2017:
Year Ended December 31,
201920182017
(dollars in thousands)
Beginning of Period$61,397  $143,710  $96,079  
Effects of adoption of ASU 2014-09—  (99,422) —  
Amounts collected during the period24,946  54,538  53,915  
Amounts recognized during the period(25,545) (37,429) (6,284) 
End of Period$60,798  $61,397  $143,710  
Income and Fees Receivable
The following table presents the composition of the Company’s income and fees receivable as of December 31, 2019 and 2018:
December 31, 2019December 31, 2018
(dollars in thousands)
Management fees$25,726  $20,368  
Incentive income189,669  62,475  
Income and Fees Receivable$215,395  $82,843