REVENUES

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

REVENUES

REVENUES

The Company provides investment management services through funds and separate accounts. The Company earns revenues from the management fees and incentive income generated by the funds that it manages. Additionally, for acting as a sub-investment manager, or sub-advisor, to certain Oaktree funds, the Company earns sub-advisory fees. Under certain subsidiary services agreements the Company provides certain investment and marketing related services to Oaktree affiliated entities. As a result of the Restructuring, which was effective October 1, 2019, sub-advisory fees are no longer eliminated in the consolidated operating results of the Company while management fees earned by OCM are no longer included in the Company's consolidated operating results.

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. Revenues by fund structure and sub-advisory fees are set forth below.

	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Management Fees
Closed-end	$	765	$	120,462	$	1,404	$	345,091
Open-end	2,553		29,990		6,808		90,480
Evergreen	—		29,309		—		89,227
Sub-advisory fees	42,148		—		130,066		—
Total	$	45,466	$	179,761	$	138,278	$	524,798
	Three months ended September 30,				Nine months ended September 30,
	2020		2019		2020		2019
Incentive Income
Closed-end and Evergreen	$	116	$	25,429	$	43,532	$	260,290

Contract Balances

The Company receives management fees monthly or quarterly in accordance with its contracts with customers. Incentive income is received when the fund makes a distribution. Contract assets relate to the Company’s conditional right to receive payment for its performance completed under the contract. Receivables are recorded when the right to consideration becomes unconditional (i.e., only requires the passage of time). Contract liabilities (i.e., deferred revenues) relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenues when the Company provides investment management services.

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

	As of
	September 30, 2020		December 31, 2019
Receivables	$	59,184	$	65,346
Contract assets (1)	—		73,907
Contract liabilities	(100)		—

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