REVENUES

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenues disaggregated by fund structure is set forth below. Revenues are affected by economic factors related to the asset class composition of the holdings and the contractual terms such as the basis for calculating the management fees and investors’ ability to redeem.



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Management Fees
Closed-end	$	115,254	$	117,423	$	224,629	$	240,810
Open-end	28,949		36,557		60,490		74,109
Evergreen	30,900		24,116		59,918		48,592
Total	$	175,103	$	178,096	$	345,037	$	363,511

Incentive Income
Closed-end	$	135,962	$	31,880	$	232,443	$	183,786
Evergreen	2,418		3,307		2,418		3,307
Total	$	138,380	$	35,187	$	234,861	$	187,093

Contract Balances

The Company receives management fees monthly or quarterly in accordance with its contracts with customers. Incentive income is received when the fund makes a distribution. Contract assets relate to the Company’s conditional right to receive payment for its performance completed under the contract. Receivables are recorded when the right to consideration becomes unconditional (i.e., only requires the passage of time). Contract liabilities (i.e., deferred revenues) relate to payments received in advance of performance under the contract. Contract liabilities are recognized as revenues when the Company provides investment management services.

The table below sets forth contract balances for the periods indicated:



	As of
	June 30, 2019			December 31, 2018

Receivables ⁽¹⁾	$	64,354		$	74,795
Contract assets ⁽¹⁾	—			288,176
Contract liabilities ⁽²⁾	(29,889		)	(26,549		)


(1)	The changes in the balances primarily related to accruals, net of payments received.

(2)

Revenue recognized in the three months and six months ended June 30, 2019 from amounts included in the contract liability balance were $6.6 million and $13.1 million.