ASSET MANAGEMENT REVENUES

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

ASSET MANAGEMENT REVENUES

ASSET MANAGEMENT REVENUES

The following table presents the composition of asset management revenues:

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Management fees	$	66,177	$	59,859	$	125,163	$	116,989
Incentive income	28,831		49,574		57,517		63,395
Total Asset Management Revenues	$	95,008	$	109,433	$	182,680	$	180,384

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

	June 30, 2025		December 31, 2024
Management fees receivable	$	46,181	$	25,337
Incentive income receivable	28,476		183,335
Total Income and Fees Receivable	$	74,657	$	208,672

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 primarily through Sculptor:

	June 30, 2025		December 31, 2024
Unearned management fees	$	4	$	12
Unearned incentive income	14,231		17,268
Total Unearned Income and Fees	$	14,235	$	17,280

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 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 the Company on a quarterly basis in advance, based on the amount of AUM at the beginning of the quarter.