REVENUES

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

REVENUES

REVENUES

Prior to the 2022 Restructuring, the Company provided investment management services to funds and separate accounts. The Company earned revenues from the management fees generated by the funds that it managed and earns incentive income generated by the funds, for which it serves as general partner. Additionally, for acting as a sub-investment manager, or sub-advisor, to certain Oaktree funds, the Company earned sub-advisory fees. Under certain subsidiary services agreements the Company provided 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. As a result of the 2022 Restructuring, management fees and sub-advisory fees are no longer earned by the Company due to the deconsolidation of OCM Cayman. Revenues by fund structure and sub-advisory fees are set forth below.

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Management Fees
Closed-end	$	—	$	1,462	$	—	$	2,844
Open-end	—		1,339		—		2,709
Sub-advisory fees	—		60,278		—		117,957
Total	$	—	$	63,079	$	—	$	123,510
	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Incentive Income
Closed-end	$	1,864	$	53,345	$	60,963	$	55,600
Evergreen	208		159		510		503
Total	$	2,072	$	53,504	$	61,473	$	56,103

Contract Balances

Prior to the 2022 Restructuring the Company received 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
	June 30, 2023		December 31, 2022
Receivables	$	120	$	8,471
Contract assets (1)	—		194,707

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