v3.25.2
Revenue
6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

Note 4. Revenue

The following presents revenues disaggregated by nature:

 

 

 

For the Three Months
Ended June 30,

 

 

For the Six Months
Ended June 30,

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Management fees

 

$

69,830

 

 

$

67,239

 

 

$

135,067

 

 

 

131,083

 

Advisory fees

 

 

1,686

 

 

 

1,236

 

 

 

3,184

 

 

 

2,514

 

Subscriptions

 

 

227

 

 

 

198

 

 

 

386

 

 

 

367

 

Other revenue

 

 

961

 

 

 

2,403

 

 

 

1,734

 

 

 

3,227

 

Total revenues

 

$

72,704

 

 

$

71,076

 

 

$

140,371

 

 

$

137,191

 

Contract Liabilities

Our contract liabilities represent deferred revenue. We record contract liabilities when cash payments are received in advance of our performance. We recognized $0.2 million and $11.7 million of revenue for the three and six months ended June 30, 2025, respectively, that was included in the contract liabilities balance as of December 31, 2024.