Annual report [Section 13 and 15(d), not S-K Item 405]

REVENUE

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REVENUE
 12 Months Ended
Dec. 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 years ended December 31, 2024, 2023, and 2022 (in thousands):
Year Ended December 31,
FUND MANAGEMENT FEES 2024 2023 2022
Funds $ 238,086  $ 224,625  $ 214,816 
Joint ventures and separately managed accounts 7,839  5,947  6,768 
Total fund management fees $ 245,925  $ 230,572  $ 221,584 
Year Ended December 31,
PROPERTY MANAGEMENT AND LEASING FEES 2024 2023 2022
Multifamily $ 30,927  $ 28,053  $ 24,680 
Seniors Housing 22,756  26,264  27,808 
Office 8,872  13,492  15,014 
Single-Family Rental 10,018  9,895  8,708 
Total property management and leasing fees $ 72,573  $ 77,704  $ 76,210 
Year Ended December 31,
CONSTRUCTION MANAGEMENT FEES 2024 2023 2022
Multifamily $ 5,307  $ 7,568  $ 8,138 
Office 641  2,949  2,157 
Seniors Housing 952  695  364 
Other 608  395  314 
Total construction management fees $ 7,508  $ 11,607  $ 10,973 
Year Ended December 31,
TRANSACTION FEES 2024 2023 2022
Acquisition fees $ 17,909  $ 11,274  $ 41,833 
Brokerage fees 9,598  9,192  14,372 
Total transaction fees $ 27,507  $ 20,466  $ 56,205 

For the years ended December 31, 2024, 2023, and 2022 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 December 31, 2024 and 2023, the Company had $17.3 million and $19.4 million, respectively, of deferred revenues, which is included in other liabilities on the consolidated balance sheets for the periods then ended. During the year ended December 31, 2024, the Company recognized $19.0 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.
As of and for the year ended December 31, 2024 and 2023, the Company recognized a credit loss of $4.2 million and $8.7 million, respectively, primarily related to receivables written off that were due from Bridge Office Fund LP (“BOF I”), and certain related joint ventures, as well as Bridge Office Fund II LP (“BOF II”). These credit losses were the result of unfavorable market conditions in the commercial office sector, including the lack of available debt and equity financing and illiquidity of the underlying assets. The majority of these credit losses were related to fund management fees and fund administration fees, of which $2.6 million and $6.6 million is presented as a contra revenue in fund management fees, $0.9 million and $0 is presented as a contra revenue in fund administration fees, and $0.7 million and $2.1 million is included in general and administrative expenses on the consolidated statement of operations for the years ended December 31, 2024 and 2023, respectively. The Company is no longer recognizing fund management or fund administration fees related to BOF I.