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Revenues from Contracts with Customers
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer
15. Revenues from Contracts with Customers
The following table presents the Company’s total revenues from contracts with customers:
 

 
  
Three Months Ended

June 30,
 
  
Six Months Ended

June 30,
 
 
  
2023
 
  
2022
 
  
2023
 
  
2022
 
Revenues from contracts with customers:
  
  
  
  
Advisory fees
 
$
        82,004
 
 
$
        75,586
 
 
$
        159,641 
 
 
$
        152,103 
 
Other
 
 
3,720
 
 
 
1,667
 
 
 
8,127 
 
 
 
3,518 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total operating revenues
 
$
85,724
 
 
$
77,253
 
 
$
167,768 
 
 
$
155,621 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Company recognizes revenues from contracts with customers when the performance obligation is satisfied, which is when the promised services are transferred to the customer. A service is considered to be transferred when the customer obtains control, which is represented by the transfer of rights with regard to the service. Transfer of control happens either over time or at a point in time. When a performance obligation is satisfied over time, an entity is required to select a single method of measuring progress for each performance obligation that depicts the entity’s performance in transferring control of services to the customer.
Substantially all the Company’s revenues from contracts with customers are derived primarily from investment advisory agreements with related parties (Note 16). These advisory fees are recognized over time, are earned from the Company’s ETPs and are calculated based on a percentage of the ETPs’ average daily net assets. There is no significant judgment in calculating amounts due which are invoiced monthly in arrears and are not subject to any potential reversal. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice.
 
There
are no contract assets or liabilities that arise in connection with the recognition of advisory fee revenue. In addition, there are no costs incurred to obtain or fulfill the contracts with customers, all of which are investment advisory agreements with related parties.
Other income includes revenues the Company earns from swap providers associated with certain of the Company’s European listed ETPs, the nature of which are either based on a percentage of the ETPs’ average daily net assets or flows associated with certain products. There is no significant judgment in calculating amounts due, which are invoiced monthly or quarterly in arrears and are not subject to any potential reversal. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice.
Geographic Distribution of Revenues
The following table presents the Company’s total revenues geographically as determined by where the respective management companies reside:
 
 
  
Three Months Ended

June 30,
 
  
Six Months Ended

June 30,
 
 
  
2023
 
  
2022
 
  
2023
 
  
2022
 
Revenues from contracts with customers:
  
  
  
  
United States
   
$
        52,808
 
   
$
        45,807
 
   
$
        102,489
     
$
92,036
 
Jersey
   
 
29,158
 
   
 
27,811
 
   
 
58,211
     
 
56,409
 
Ireland
   
 
3,758
 
   
 
3,635
 
   
 
7,068
     
 
7,176
 
    
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Total operating revenues
   
$
85,724
 
   
$
77,253
 
   
$
167,768
     
$
        155,621