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REVENUES
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES
9. REVENUES
The following table presents a disaggregated view of the Company’s revenues:
Three Months Ended March 31,
(dollars in thousands)20252024
Credit Platform
Direct lending$299,089 $258,076 
Alternative credit21,185 — 
Investment grade credit16,687 — 
Liquid credit7,480 6,799 
Other9,933 5,926 
Management Fees, Net354,374 270,801 
Administrative, transaction and other fees51,610 47,421 
Performance revenues2,956 175 
Total GAAP Revenues - Credit Platform408,940 318,397 
GP Strategic Capital Platform
GP minority stakes148,443 139,786 
GP debt financing2,392 5,405 
Professional sports minority stakes643 1,232 
Strategic Revenue-Share Purchase consideration amortization(11,116)(10,660)
Management Fees, Net 140,362 135,763 
Administrative, transaction and other fees 10,872 10,800 
Total GAAP Revenues - GP Strategic Capital Platform151,234 146,563 
Real Assets Platform
Net lease46,836 41,334 
Real estate credit10,381 — 
Digital infrastructure52,233 — 
Management Fees, Net109,450 41,334 
Administrative, transaction and other fees10,506 5,176 
Performance revenues3,356 1,870 
Total GAAP Revenues - Real Assets Platform123,312 48,380 
Total GAAP Revenues$683,486 $513,340 
The table below presents the beginning and ending balances of the Company’s management fees, performance revenues and administrative, transaction and other fees receivable and unearned management fees. Substantially all of the amounts receivable are collected during the following quarter. A liability for unearned management fees is generally recognized when management fees are paid to the Company in advance. The entire change in unearned management fees shown below relates to amounts recognized as revenues in the current year period. Management fees are primarily included within due from related parties and a portion is also included within other assets in the Company’s consolidated statements of financial condition. Performance revenues and administrative, transaction and other fees receivable are included within due from related parties and unearned management fees are included within accounts payable, accrued expenses and other liabilities in the Company’s consolidated statements of financial condition.
Three Months Ended
March 31,
(dollars in thousands)20252024
Management Fees Receivable
Beginning balance$356,413 $243,203 
Ending balance$451,389 $270,139 
Administrative, Transaction and Other Fees Receivable
Beginning balance$67,920 $42,059 
Ending balance$66,434 $41,805 
Performance Revenues Receivable
Beginning balance$1,672 $2,975 
Ending balance$2,323 $1,184 
Unearned Management Fees
Beginning balance$7,613 $9,398 
Ending balance$6,918 $7,610 
The table below presents the changes in the Company’s Strategic Revenue-Share Purchase consideration. The consideration paid in 2021, which includes $455.0 million paid in Class A Shares and $50.2 million in cash, is being amortized as a reduction of management fees, net in the Company’s consolidated statements of operations over a weighted-average period of 12 years, which represents the average period over which the related customer revenues are expected to be recognized.
Three Months Ended
March 31,
(dollars in thousands)20252024
Beginning Balance$373,528 $417,081 
Amortization(11,116)(10,660)
Ending Balance$362,412 $406,421