Quarterly report pursuant to Section 13 or 15(d)

REVENUE

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REVENUE
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
The Company earns base management fees for the day-to-day operations and administration of its managed private funds and other investment vehicles. Other revenue sources include construction and development fees, insurance premiums, fund administration fees, and other asset management and property income, which includes property management and leasing fees, and are described in more detail in Note 2, “Significant Accounting Policies”. The following tables present revenues disaggregated by significant product offerings, which align with the Company’s performance obligations and the basis for calculating each amount for the three months ended March 31, 2024 and 2023 (in thousands):
Three Months Ended March 31,
FUND MANAGEMENT FEES 2024 2023
Funds $ 58,947  $ 52,135 
Joint ventures and separately managed accounts 2,158  1,714 
Total fund management fees $ 61,105  $ 53,849 
Three Months Ended March 31,
PROPERTY MANAGEMENT AND LEASING FEES 2024 2023
Multifamily $ 7,489  $ 6,736 
Seniors Housing 5,820  6,868 
Office 4,056  3,895 
Single-Family Rental 2,572  2,400 
Total property management and leasing fees $ 19,937  $ 19,899 
Three Months Ended March 31,
CONSTRUCTION MANAGEMENT FEES 2024 2023
Multifamily $ 1,096  $ 2,236 
Office 339  831 
Seniors Housing 214  145 
Other 48  73 
Total construction management fees $ 1,697  $ 3,285 
Three Months Ended March 31,
TRANSACTION FEES 2024 2023
Acquisition fees $ 5,721  $ 173 
Brokerage fees 1,079  2,204 
Total transaction fees $ 6,800  $ 2,377 
For the three months ended March 31, 2024 and 2023, no individual client represented 10% or more of the Company’s total reported revenues and substantially all of the Company’s revenue was derived from operations in the United States.
As of March 31, 2024 and December 31, 2023, the Company had $16.3 million and $19.4 million, respectively, of deferred revenues, which is included in other liabilities on the condensed consolidated balance sheets for the periods then ended. During the three months ended March 31, 2024, the Company recognized $15.2 million as revenue from amounts included in the deferred revenue balance as of December 31, 2023. The Company expects to recognize deferred revenues within a year of the balance sheet date.
For the three months ended March 31, 2024, the Company recognized a credit loss reserve of $1.8 million primarily related to receivables from Bridge Office Fund LP (“BOF I”), and certain related joint ventures. The majority of the $1.8 million credit loss recognized during the quarter was related to revenues recognized during the three months ended March 31, 2024, of which $1.7 million is presented as a contra revenue in fund management fees and $0.1 million is included in general and administrative expenses on the consolidated statement of operations for the period then ended. The credit loss reserve was the result of unfavorable market conditions in the office sector, including the lack of available debt and equity financing and illiquidity of the underlying assets.