Quarterly report [Sections 13 or 15(d)]

REVENUE

v3.25.2
REVENUE
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
FUND MANAGEMENT FEES 2025 2024 2025 2024
Funds $ 56,875  $ 59,451  $ 114,495  $ 118,398 
Joint ventures and separately managed accounts 1,590  2,002  3,278  4,160 
Total fund management fees $ 58,465  $ 61,453  $ 117,773  $ 122,558 
Three Months Ended June 30, Six Months Ended June 30,
PROPERTY MANAGEMENT AND LEASING FEES 2025 2024 2025 2024
Multifamily $ 8,122  $ 7,785  $ 16,077  $ 15,274 
Seniors Housing 5,004  5,674  10,269  11,494 
Office 1,201  1,691  2,583  5,747 
Single-Family Rental 2,366  2,613  4,757  5,185 
Total property management and leasing fees $ 16,693  $ 17,763  $ 33,686  $ 37,700 
Three Months Ended June 30, Six Months Ended June 30,
CONSTRUCTION MANAGEMENT FEES 2025 2024 2025 2024
Multifamily $ 1,322  $ 1,462  $ 2,320  $ 2,558 
Office —  39  57  378 
Seniors Housing 154  207  280  421 
Other 229  106  337  154 
Total construction management fees $ 1,705  $ 1,814  $ 2,994  $ 3,511 
Three Months Ended June 30, Six Months Ended June 30,
TRANSACTION FEES 2025 2024 2025 2024
Acquisition fees $ 2,540  $ 4,075  $ 4,534  $ 9,796 
Brokerage fees 2,276  2,329  3,475  3,408 
Total transaction fees $ 4,816  $ 6,404  $ 8,009  $ 13,204 
For the three and six months ended June 30, 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 June 30, 2025 and December 31, 2024, the Company had $11.5 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 six months ended June 30, 2025, the Company recognized $15.7 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 and six months ended June 30, 2025, the Company recognized credit losses of $0.6 million and $1.9 million, respectively, primarily related to 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 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. Of the $0.6 million credit loss recognized during the three months ended June 30, 2025, $0.3 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 during the second quarter 2025. Of the $1.9 million credit loss recognized during the six months ended June 30, 2025, $0.9 million and $0.2 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 during the first and second quarters of 2025. Other BOF I and BOF II receivables written off during the three and six months ended June 30, 2025 amounted to $0.2 million and $0.8 million, respectively, and are included in general and administrative expenses on the consolidated statement of operations.