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Asset Management Fees
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Asset Management Fees Asset Management Fees
    The following table presents the sources of asset management fees on a consolidated basis.

Asset Management Fees
First Quarter
20232022
 (in millions)
Management fees:
CLOs (1)$8 $9 
Opportunity funds and liquid strategies3 4 
Wind-down funds— 1 
Total management fees11 14 
Performance fees12 14 
Reimbursable fund expenses3 6 
Total asset management fees$26 $34 
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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.
The Company had management and performance fees receivable of $10 million as of both March 31, 2023 and December 31, 2022. These balances are in “assets held for sale” and “other assets” on the condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022, respectively. Performance fees were attributable to the healthcare and asset-based funds.