Quarterly report pursuant to Section 13 or 15(d)

REVENUE

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REVENUE
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2024 and 2023 (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
FUND MANAGEMENT FEES 2024 2023 2024 2023
Funds $ 59,451  $ 59,176  $ 118,398  $ 111,349 
Joint ventures and separately managed accounts 2,002  1,141  4,160  2,817 
Total fund management fees $ 61,453  $ 60,317  $ 122,558  $ 114,166 
Three Months Ended June 30, Six Months Ended June 30,
PROPERTY MANAGEMENT AND LEASING FEES 2024 2023 2024 2023
Multifamily $ 7,785  $ 6,871  $ 15,274  $ 13,587 
Seniors Housing 5,674  6,662  11,494  13,530 
Office 1,691  3,042  5,747  6,956 
Single-Family Rental 2,613  2,555  5,185  4,956 
Total property management and leasing fees $ 17,763  $ 19,130  $ 37,700  $ 39,029 
Three Months Ended June 30, Six Months Ended June 30,
CONSTRUCTION MANAGEMENT FEES 2024 2023 2024 2023
Multifamily $ 1,462  $ 1,791  $ 2,558  $ 4,029 
Seniors Housing 207  154  421  299 
Office 39  694  378  1,523 
Other 106  263  154  336 
Total construction management fees $ 1,814  $ 2,902  $ 3,511  $ 6,187 
Three Months Ended June 30, Six Months Ended June 30,
TRANSACTION FEES 2024 2023 2024 2023
Acquisition fees $ 4,075  $ 4,267  $ 9,796  $ 6,442 
Brokerage fees 2,329  415  3,408  617 
Total transaction fees $ 6,404  $ 4,682  $ 13,204  $ 7,059 
For the three and six months ended June 30, 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 June 30, 2024 and December 31, 2023, the Company had $12.5 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 six months ended June 30, 2024, the Company recognized $18.4 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 six months ended June 30, 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 was related to fund management fees recognized, 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. 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.