Annual report pursuant to Section 13 and 15(d)

REVENUE

v3.24.0.1
REVENUE
 12 Months Ended
Dec. 31, 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 years ended December 31, 2023, 2022, and 2021 (in thousands):
Year Ended December 31,
FUND MANAGEMENT FEES 2023 2022 2021
Funds $ 224,625  $ 214,816  $ 150,418 
Joint ventures and separately managed accounts 5,947  6,768  5,510 
Total fund management fees $ 230,572  $ 221,584  $ 155,928 
Year Ended December 31,
PROPERTY MANAGEMENT AND LEASING FEES 2023 2022 2021
Multifamily $ 28,053  $ 24,680  $ 17,955 
Seniors Housing 26,264  27,808  25,560 
Office 13,492  15,014  26,139 
Single-Family Rental 9,895  8,708  — 
Total property management and leasing fees $ 77,704  $ 76,210  $ 69,654 
Year Ended December 31,
CONSTRUCTION MANAGEMENT FEES 2023 2022 2021
Multifamily $ 7,568  $ 8,138  $ 4,925 
Office 2,949  2,157  2,969 
Seniors Housing 695  364  398 
Logistics 313  197  — 
Other 82  117  — 
Total construction management fees $ 11,607  $ 10,973  $ 8,292 
Year Ended December 31,
TRANSACTION FEES 2023 2022 2021
Acquisition fees $ 11,274  $ 41,833  $ 60,834 
Brokerage fees 9,192  14,372  14,239 
Total transaction fees $ 20,466  $ 56,205  $ 75,073 
For the years ended December 31, 2023, 2022, and 2021 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, 2023 and 2022, the Company had $19.4 million and $8.7 million, respectively, of deferred revenues, which is included in other liabilities in the consolidated balance sheets for the periods then ended. During the year ended December 31, 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.
As of and for the year ended December 31, 2023, the Company recognized a credit loss reserve of $8.7 million primarily related to receivables from Bridge Office Fund I LP (“BOF I”), and certain related joint ventures. Of the $8.7 million credit loss recognized during the year ended December 31, 2023, $6.6 million is presented as a contra revenue in fund management fees and $2.1 million is included in general and administrative expenses on the consolidated statement of operations for the period then ended. 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 these assets. There were no other material receivables considered not collectible as of December 31, 2022.