REVENUES

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

REVENUES

REVENUES

The Company provides investment management services through funds and separate accounts. The Company earns revenues from the management fees and incentive income generated by the funds that it manages. Additionally, for acting as a sub-investment manager, or sub-advisor, to certain Oaktree funds, the Company earns sub-advisory fees. Under certain subsidiary services agreements the Company provides certain investment and marketing related services to Oaktree affiliated entities. As a result of the Restructuring, which was effective October 1, 2019, sub-advisory fees are no longer eliminated in the consolidated operating results of the Company while management fees earned by OCM are no longer included in the Company's consolidated operating results. 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:

	Year Ended December 31,
	2019		2018		2017
Management Fees
Closed-end	$	345,026	$	466,319	$	504,727
Open-end	93,401		142,013		160,961
Evergreen	89,227		103,688		60,726
Sub-advisory	51,209		—		—
Total	$	578,863	$	712,020	$	726,414
Incentive Income
Closed-end	$	334,287	$	651,021	$	701,065
Evergreen	15,837		23,038		42,288
Total	$	350,124	$	674,059	$	743,353

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 December 31,
	2019		2018
Receivables (1)	$	65,346	$	74,795
Contract assets (1)	73,907		288,176
Contract liabilities (2)	—		26,549

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

(2)

Revenue recognized in the year ended December 31, 2019 from amounts included in the contract liability balance was $17.1 million.