REVENUES (Tables)

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue Disaggregated by Fund Structure

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 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.