ASSET MANAGEMENT REVENUES

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

ASSET MANAGEMENT REVENUES

ASSET MANAGEMENT REVENUES

The following table presents the composition of asset management revenues earned by Sculptor:

	Three Months Ended March 31,
	2024
Management fees	$	57,130
Incentive income	13,821
Other asset management revenue	4,909
Total asset management revenues	$	75,860

The following table presents the composition of the Company’s income and fees receivable through Sculptor:

	March 31, 2024		December 31, 2023
Management fees receivable	$	21,548	$	23,757
Incentive income receivable	28,281		35,377
Total income and fees receivable	$	49,829	$	59,134

The Company recognizes management fees over the period in which the performance obligation is satisfied, and such management fees are generally recognized at the end of each reporting period. The Company records incentive income when it is probable that a significant reversal of income will not occur. The majority of management fees and incentive income receivable at each balance sheet date is generally collected during the following quarter.

The following table presents the Company’s unearned income and fees through Sculptor:

	March 31, 2024		December 31, 2023
Unearned management fees	$	1	$	1
Unearned incentive income	38,992		37,467
Total unearned income and fees	$	38,993	$	37,468

A liability for unearned incentive income is generally recognized when Sculptor receives incentive income distributions from its funds, primarily its real estate funds, whereby the distributions received have not yet met the recognition threshold of it being probable that a significant reversal of cumulative revenue will not occur. A liability for unearned management fees is generally recognized when management fees are paid to Sculptor on a quarterly basis in advance, based on the amount of AUM at the beginning of the quarter.