REVENUES (Tables)

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue Disaggregated by Fund Structure

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 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.