Fee Revenue

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Fee Revenue

12. Fee Revenue

The following table presents the Company's fee revenue by type.

	Year Ended December 31,
(In thousands)	2023		2022		2021
Management fees	$	258,288	$	169,922	$	168,618
Incentive fees	3,229		—		7,174
Other fees	2,600		2,751		5,034
Total fee revenue	$	264,117	$	172,673	$	180,826

Management Fees—Management fees for equity funds are calculated at contractual rates between 0.64% per annum to 1.60% per annum of investors' committed capital during the commitment period, and thereafter, contributed or invested capital (subject to certain reductions for NAV write-downs); at contractual rates between 0.25% per annum and 1.10% per annum of invested capital from inception for Credit and co-investment vehicles; and at contractual rates between 0.30% per annum and 1.25% per annum based upon NAV for vehicles in the Liquid Strategies and gross asset value for certain Infrabridge co-investment vehicles. Also, certain co-investment vehicles charge a one-time fee upfront at contractual rates between 0.15% and 2.00% of committed capital, generally to be paid in tranches, but with recognition of fee revenue over the life of the vehicle.

Incentive Fees—The Company is entitled to incentive fees from sub-advisory accounts in its liquid securities strategy. Incentive fees are determined based upon the performance of the respective accounts, subject to the achievement of specified return thresholds in accordance with the terms set out in their respective governing agreements. A portion of incentive fees earned by the Company is allocable to certain employees and former employees, included in carried interest and incentive fee compensation expense.

Other Fee Revenue—Other fees include primarily service fees for information technology, facilities and operational support provided to certain portfolio companies, and on a non-recurring basis, loan origination fees from co-investors.

Revenue Concentration

For the year ended December 31, 2023, revenues from three funds, including fee revenue, principal investment income and carried interest allocation, accounted for approximately 24%, 20%, and 15% of the Company's total revenues.