REVENUES

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUES

REVENUES

The Company earns incentive income generated by the funds, for which it serves as general partner. 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 incentive income and investors’ ability to redeem. Revenues by fund structure are set forth below.

	Three months ended March 31,
	2024		2023
Incentive Income
Closed-end	$	112,497	$	59,099
Evergreen	2,832		302
Total	$	115,329	$	59,401

Contract Balances

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, 2024		December 31, 2023
Receivables	$	476	$	9,407
Contract assets (1)	—		192,645

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