General form of registration statement for all companies including face-amount certificate companies

Revenues (Tables)

v3.21.2
Revenues (Tables)
6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents a disaggregated view of the Company’s revenues:
 
    
Three Months Ended
June 30,
    
Six Months Ended
June 30,
 
(dollars in thousands)
  
2021
    
2020
    
2021
    
2020
 
Direct Lending Products
           
Diversified lending
   $ 83,773      $ 23,577      $ 160,251      $ 48,476  
Technology lending
     16,727        10,212        30,584        19,379  
First lien lending
     3,817        3,048        7,632        5,829  
Opportunistic lending
     741        —          1,304        —    
  
 
 
    
 
 
    
 
 
    
 
 
 
Management Fees, Net
  
 
105,058
 
  
 
36,837
 
  
 
199,771
 
  
 
73,684
 
Administrative, transaction and other fees
     34,335        3,661        47,846        16,082  
  
 
 
    
 
 
    
 
 
    
 
 
 
Total GAAP Revenues—Direct Lending Products
  
 
139,393
 
  
 
40,498
 
  
 
247,617
 
  
 
89,766
 
  
 
 
    
 
 
    
 
 
    
 
 
 
GP Capital Solutions Products
           
GP minority equity investments
     36,341        —          36,341        —    
GP debt financing
     736        —          736        —    
  
 
 
    
 
 
    
 
 
    
 
 
 
Management Fees, Net
  
 
37,077
 
  
 
—  
 
  
 
37,077
 
  
 
—  
 
Administrative, transaction and other fees
     2,790        —          2,790        —    
  
 
 
    
 
 
    
 
 
    
 
 
 
Total GAAP Revenues—GP Capital Solutions Products
  
 
39,867
 
  
 
—  
 
  
 
39,867
 
  
 
—  
 
  
 
 
    
 
 
    
 
 
    
 
 
 
Total GAAP Revenues
  
$
179,260
 
  
$
40,498
 
  
$
287,484
 
  
$
89,766
 
  
 
 
    
 
 
    
 
 
    
 
 
 
Schedule of Company's Fees and Receivables The table below presents the beginning and ending balances of the Company’s management fees and administrative, transaction and other fees receivable and unearned management fees. Substantially all of these amounts receivable are generally 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 receivable 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 and combined statements of financial condition.
 
    
Six Months Ended June 30,
 
(dollars in thousands)
  
2021
    
2020
 
Management Fees Receivable
     
Beginning balance
   $ 78,586      $ 32,473  
Ending balance
   $ 113,104      $ 33,859  
Administrative, Transaction and Other Fees Receivable
     
Beginning balance
   $ 9,876      $ 8,667  
Ending balance
   $ 13,334      $ 5,257  
Unearned Management Fees
     
Beginning balance
   $ 11,846      $ —    
Ending balance
   $ 11,087      $ —