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Asset Management Fees
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Asset Management Fees Asset Management Fees
    The following table presents the sources of asset management fees and performance fees on a consolidated basis.

Asset Management Fees
First Quarter
20222021
 (in millions)
Management fees:
CLOs (1)
$9 $11 
Opportunity funds and liquid strategies4 4 
Wind-down funds1 3 
Total management fees14 18 
Performance fees14 1 
Reimbursable fund expenses6 5 
Total asset management fees$34 $24 
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(1)    To the extent that the Company’s wind-down and/or opportunity funds are invested in AssuredIM managed CLOs, AssuredIM may rebate any management fees and/or performance fees earned from the CLOs. Gross management fees from CLOs, before rebates, were $9 million and $14 million for First Quarter 2022 and First Quarter 2021, respectively.
    The Company had management and performance fees receivable, which are included in other assets on the condensed consolidated balance sheets, of $7 million as of March 31, 2022 and $8 million as of December 31, 2021. Performance fees in First Quarter 2022 were attributable to the healthcare and asset-based funds.