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Asset Management Fees (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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 Quarter												Six Months
			2023						2022						2023						2022
			(in millions)
Management fees:
CLOs (1)			$	9					$	8					$	17					$	17
Opportunity funds and liquid strategies			1						8						4						12
Wind-down funds			—						—						—						1
Total management fees			10						16						21						30
Performance fees			6						1						18						15
Reimbursable fund expenses			11						4						14						10
Total asset management fees			$	27					$	21					$	53					$	55

_____________________

(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.

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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

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- References

No definition available.

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