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Asset Management Fees
 6 Months Ended
Jun. 30, 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. Upon closing of the Sound Point Transaction and the AHP Transaction, the Company will account for its investment in Sound Point as an equity method investment rather than as a consolidated asset manager.
Asset Management Fees
Second QuarterSix Months
2023202220232022
 (in millions)
Management fees:
CLOs (1)$9 $8 $17 $17 
Opportunity funds and liquid strategies1 8 4 12 
Wind-down funds— — — 1 
Total management fees10 16 21 30 
Performance fees6 1 18 15 
Reimbursable fund expenses11 4 14 10 
Total asset management fees$27 $21 $53 $55 
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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 June 30, 2023 and December 31, 2022. These balances are in “assets held for sale” and “other assets” on the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022, respectively. Performance fees were attributable to the healthcare and asset-based funds.