XML 54 R38.htm IDEA: XBRL DOCUMENT v3.24.2.u1
ASSET MANAGEMENT REVENUES
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
ASSET MANAGEMENT REVENUES ASSET MANAGEMENT REVENUES
Rithm Capital acquired Sculptor on November 17, 2023 as part of its strategy to expand its asset management capabilities (Note 4).

The following table presents the composition of asset management revenues:
Year Ended December 31,
2023(A)
20222021
Management fees$29,465 $— $— 
Incentive income50,804 — — 
Other asset management revenue2,412 — — 
Total asset management revenues$82,681 $— $— 
(A)Income recognized as revenues after acquisition of Sculptor for the period of November 17, 2023 to December 31, 2023.
The following table presents the composition of the Company’s income and fees receivable through Sculptor:
December 31, December 31,
20232022
Management fees receivable$23,757 $— 
Incentive income receivable35,377 — 
Total income and fees receivable$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:
December 31, December 31,
20232022
Unearned management fees$1 $— 
Unearned incentive income37,467 — 
Total unearned income and fees$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 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.