REVENUES (Tables)

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue Disaggregated by Fund Structure

Revenues are affected by economic factors related to the asset class composition of the holdings and the contractual terms such as the basis for calculating the management fees and investors’ ability to redeem. For the three months ended March 31, 2020 and 2019, the Company recognized incentive income of $2.4 million and $96.5 million, respectively, substantially all of which related to closed-end funds. Management fees separated by fund structure and sub-advisory fees are set forth below.

	Three months ended March 31,
	2020		2019
Management Fees
Closed-end	$	316	$	109,375
Open-end	1,820		31,541
Evergreen	—		29,018
Sub-advisory fees	39,388		—
Total	$	41,524	$	169,934

Contract Balances

The table below sets forth contract balances for the periods indicated:

	As of
	March 31, 2020		December 31, 2019
Receivables	$	28,107	$	65,346
Contract assets (1)	11,297		73,907

(1) The changes in the balances primarily related to accruals, net of payments received.