Revenues (Tables)

3 Months Ended

Mar. 31, 2020

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 three months ended March 31, 2020 and 2019:

	Three Months Ended March 31, 2020				Three Months Ended March 31, 2019
	Management Fees		Incentive Income		Management Fees		Incentive Income
	(dollars in thousands)
Multi-strategy funds	$	32,373	$	1,824	$	34,381	$	14,984
Credit
Opportunistic credit funds	9,563		4,670		10,435		30,920
Institutional Credit Strategies	15,266		—		13,723		—
Real estate funds	9,743		2,828		4,832		7,294
Other	8		—		252		—
Total	$	66,953	$	9,322	$	63,623	$	53,198

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 three months ended March 31, 2020 and 2019:

	Three Months Ended March 31,
	2020		2019
	(dollars in thousands)
Beginning of Period	$	60,798	$	61,397
Amounts collected during the period	2,501		7,832
Amounts recognized during the period	(933)		(5,460)
End of Period	$	62,366	$	63,769

Income and Fees Receivable

The following table presents the composition of the Company’s income and fees receivable as of March 31, 2020 and December 31, 2019:

	March 31, 2020		December 31, 2019
	(dollars in thousands)
Management fees	$	28,622	$	25,726
Incentive income	15,160		189,669
Income and Fees Receivable	$	43,782	$	215,395