REVENUES

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

REVENUES

6. REVENUES

The following table presents a disaggregated view of the Company’s revenues:

	Year Ended December 31,
(dollars in thousands)	2022		2021		2020
Direct Lending Products
Diversified lending	$	480,874	$	348,363	$	140,153
Technology lending	114,876		66,089		42,052
First lien lending	16,029		15,185		12,335
Opportunistic lending	8,756		3,993		366
CLOs	19,440		—		—
Management Fees, Net	639,975		433,630		194,906
Administrative, transaction and other fees	112,003		131,461		54,909
Realized performance income	—		5,906		—
Total GAAP Revenues - Direct Lending Products	751,978		570,997		249,815
GP Capital Solutions Products
GP minority equity investments	513,613		233,505		—
GP debt financing	13,611		10,215		—
Professional sports minority investments	1,611		477		—
Strategic Revenue-Share Purchase consideration amortization	(37,383)		(9,892)		—
Management Fees, Net	491,452		234,305		—
Administrative, transaction and other fees	26,986		18,576		—
Total GAAP Revenues - GP Capital Solutions Products	518,438		252,881		—
Real Estate Products
Net lease	80,179		—		—
Management Fees, Net	80,179		—		—
Administrative, transaction and other fees	6,906		—		—
Realized performance income	12,221		—		—
Total GAAP Revenues - Real Estate Products	99,306		—		—
Total GAAP Revenues	$	1,369,722	$	823,878	$	249,815

The table below presents the beginning and ending balances of the Company’s management fees, realized performance income and administrative, transaction and other fees receivable and unearned management fees. Substantially all of the amounts receivable are collected during the following quarter. A liability for unearned management fees is generally recognized when management fees are paid to the Company in advance. The entire change in unearned management fees shown below relates to amounts recognized as revenues in the current year period. Management fees, realized performance income and administrative, transaction and other fees receivable are included within due from related parties and unearned management fees are included within accounts payable, accrued expenses and other liabilities in the Company’s consolidated and combined statements of financial condition.

	Year Ended December 31,
(dollars in thousands)	2022		2021
Management Fees Receivable
Beginning balance	$	168,057	$	78,586
Ending balance	$	262,059	$	168,057
Administrative, Transaction and Other Fees Receivable
Beginning balance	$	19,535	$	9,876
Ending balance	$	44,060	$	19,535
Realized Performance Income Receivable
Beginning balance	$	10,496	$	—
Ending balance	$	1,132	$	10,496
Unearned Management Fees
Beginning balance	$	10,299	$	11,846
Ending balance	$	9,389	$	10,299

The table below presents the changes in the Company’s Strategic Revenue-Share Purchase consideration. The consideration paid, which includes $455.0 million paid in Class A Shares and $50.2 million in cash, is being amortized as a reduction of management fees, net in the Company’s consolidated statements of operations over a weighted-average period of 12 years, which represents the average period over which the related customer revenues are expected to be recognized.

	Year Ended December 31,
(dollars in thousands)	2022		2021
Beginning Balance	$	495,322	$	—
Consideration paid	—		505,214
Amortization	(37,383)		(9,892)
Ending Balance	$	457,939	$	495,322