REVENUES

3 Months Ended

Mar. 31, 2022

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. 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. Substantially all of our incentive income was generated by closed-end funds for the three months ended March 31, 2022 and 2021. For the three months ended March 31, 2021, the Company recorded $72.3 million of incentive income related to the deconsolidation of a SPAC.

Revenues by fund structure and sub-advisory fees are set forth below.

	Three months ended March 31,
	2022		2021
Management Fees
Closed-end	$	1,382	$	1,017
Open-end	1,370		1,344
Sub-advisory fees	57,679		53,965
Total	$	60,431	$	56,326
	Three months ended March 31,
	2022		2021
Incentive Income
Closed-end and Evergreen	$	2,599	$	551,424

Contract Balances

The Company receives management fees monthly or quarterly in accordance with its contracts with customers.Incentive income is received generally after all contributed capital and the preferred return on that

capital have been distributed to the fund’s investors.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
	March 31, 2022		December 31, 2021
Receivables	$	38,108	$	138,435
Contract assets (1)	344		151,360

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