Quarterly report pursuant to Section 13 or 15(d)

REVENUE

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REVENUE
 9 Months Ended
Sep. 30, 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 three and nine months ended September 30, 2024 and 2023 (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
FUND MANAGEMENT FEES 2024 2023 2024 2023
Funds $ 59,160  $ 59,543  $ 177,559  $ 170,892 
Joint ventures and separately managed accounts 1,909  1,907  6,068  4,724 
Total fund management fees $ 61,069  $ 61,450  $ 183,627  $ 175,616 
Three Months Ended September 30, Nine Months Ended September 30,
PROPERTY MANAGEMENT AND LEASING FEES 2024 2023 2024 2023
Multifamily $ 7,787  $ 7,072  $ 23,061  $ 20,689 
Seniors Housing 5,576  6,460  17,070  19,990 
Office 1,863  3,517  7,610  10,443 
Single-Family Rental 2,464  2,458  7,649  7,414 
Total property management and leasing fees $ 17,690  $ 19,507  $ 55,390  $ 58,536 
Three Months Ended September 30, Nine Months Ended September 30,
CONSTRUCTION MANAGEMENT FEES 2024 2023 2024 2023
Multifamily $ 1,473  $ 1,913  $ 4,032  $ 5,943 
Office 96  818  474  2,341 
Seniors Housing 269  194  690  492 
Other 7  161  161  497 
Total construction management fees $ 1,845  $ 3,086  $ 5,357  $ 9,273 
Three Months Ended September 30, Nine Months Ended September 30,
TRANSACTION FEES 2024 2023 2024 2023
Acquisition fees $ 3,178  $ 7,310  $ 12,974  $ 10,441 
Brokerage fees 3,101  2,369  6,509  6,297 
Total transaction fees $ 6,279  $ 9,679  $ 19,483  $ 16,738 
For the three and nine months ended September 30, 2024 and 2023, 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 September 30, 2024 and December 31, 2023, the Company had $21.4 million and $19.4 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, 2024, the Company recognized $18.8 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.
For the nine months ended September 30, 2024, the Company recognized a credit loss of $2.4 million primarily related to receivables written off that were due from Bridge Office Fund LP (“BOF I”), and certain related joint ventures. The majority of the $2.4 million credit loss was related to fund management fees and fund administration fees recognized in the first quarter of 2024, of which $1.7 million is presented as a contra revenue in fund management fees, $0.4 million is presented as a contra revenue in fund administration fees, and $0.3 million is included in general and administrative expenses on the consolidated statement of operations. The credit loss was 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 Company is no longer recognizing fund management fees or fund administration fees related to BOF I.