Quarterly report [Sections 13 or 15(d)]

REVENUE

v3.25.1
REVENUE
 3 Months Ended
Mar. 31, 2025
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, 2025 and 2024 (in thousands):
Three Months Ended March 31,
FUND MANAGEMENT FEES 2025 2024
Funds $ 57,620  $ 58,947 
Joint ventures and separately managed accounts 1,688  2,158 
Total fund management fees $ 59,308  $ 61,105 
Three Months Ended March 31,
PROPERTY MANAGEMENT AND LEASING FEES 2025 2024
Multifamily $ 7,955  $ 7,489 
Seniors Housing 5,256  5,820 
Office 1,382  4,056 
Single-Family Rental 2,391  2,572 
Total property management and leasing fees $ 16,984  $ 19,937 
Three Months Ended March 31,
CONSTRUCTION MANAGEMENT FEES 2025 2024
Multifamily $ 998  $ 1,096 
Office 61  339 
Seniors Housing 126  214 
Other 104  48 
Total construction management fees $ 1,289  $ 1,697 
Three Months Ended March 31,
TRANSACTION FEES 2025 2024
Acquisition fees $ 1,994  $ 5,721 
Brokerage fees 1,199  1,079 
Total transaction fees $ 3,193  $ 6,800 
For the three months ended March 31, 2025 and 2024, 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, 2025 and December 31, 2024, the Company had $14.9 million and $17.3 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, 2025, the Company recognized $11.4 million as revenue from amounts included in the deferred revenue balance as of December 31, 2024. The Company expects to recognize deferred revenues within a year of the balance sheet date.
For the three months ended March 31, 2025, the Company recognized a credit loss of $1.4 million primarily related to Bridge Office Fund LP (“BOF I”), and certain related joint ventures, as well as Bridge Office Fund II LP (“BOF II”). Of the $1.4 million credit loss, $0.7 million and $0.1 million is presented as a contra revenue in fund management fees and fund administration fees, respectively, which was related to fees recognized for BOF II in the first quarter of 2025. The remaining $0.6 million was related to receivables written off related to BOF I and BOF II and is included in general and administrative expenses on the consolidated statement of operations. The credit losses were the result of sustained unfavorable market conditions in the commercial office sector, including the lack of available debt and equity financing and illiquidity of the underlying assets. The Company is no longer recognizing fund management fees or fund administration fees related to BOF I.