Quarterly report pursuant to Section 13 or 15(d)

REVENUE

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REVENUE
 9 Months Ended
Sep. 30, 2023
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 nine months ended September 30, 2023 and 2022 (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
FUND MANAGEMENT FEES 2023 2022 2023 2022
Funds $ 59,543  $ 62,642  $ 170,892  $ 161,468 
Joint ventures and separately managed accounts 1,907  1,454  4,724  4,708 
Total fund management fees $ 61,450  $ 64,096  $ 175,616  $ 166,176 
Three Months Ended September 30, Nine Months Ended September 30,
PROPERTY MANAGEMENT AND LEASING FEES 2023 2022 2023 2022
Multifamily $ 7,072  $ 6,564  $ 20,689  $ 17,841 
Seniors Housing 6,460  6,869  19,990  21,035 
Office 3,517  2,979  10,443  11,326 
Single-Family Rental 2,458  2,376  7,414  6,481 
Total property management and leasing fees $ 19,507  $ 18,788  $ 58,536  $ 56,683 
Three Months Ended September 30, Nine Months Ended September 30,
CONSTRUCTION MANAGEMENT FEES 2023 2022 2023 2022
Multifamily $ 1,913  $ 2,692  $ 5,943  $ 5,975 
Office 818  555  2,341  1,457 
Seniors Housing 194  100  492  228 
Logistics 143  —  425  — 
Other 18  67  72  67 
Total construction management fees $ 3,086  $ 3,414  $ 9,273  $ 7,727 
Three Months Ended September 30, Nine Months Ended September 30,
TRANSACTION FEES 2023 2022 2023 2022
Acquisition fees $ 7,310  $ 7,869  $ 10,441  $ 39,540 
Brokerage fees 2,369  3,663  6,297  11,632 
Total transaction fees $ 9,679  $ 11,532  $ 16,738  $ 51,172 
For the three and nine months ended September 30, 2023 and 2022, no individual client represented 10% or more of the Company’s total reported revenues and substantially all of revenue was derived from operations in the United States. As of September 30, 2023 and December 31, 2022, the Company had $21.4 million and $8.7 million, respectively, of deferred revenues, which is included in other liabilities on the condensed consolidated balance sheets for the periods then ended. During the nine months ended September 30, 2023, the Company recognized $7.9 million as revenue from amounts included in the deferred revenue balance as of December 31, 2022. The Company expects to recognize deferred revenues within a year of the balance sheet date.