Note 4. Revenue

The following presents revenues disaggregated by nature:

 

 

For the Year
Ended December 31,

 

 

 

 

 

 

 

2025

 

 

2024

 

 

2023

 

Management fees

 

$

284,932

 

 

$

284,505

 

 

$

233,780

 

Advisory fees

 

 

7,557

 

 

 

5,713

 

 

 

4,949

 

Subscriptions

 

 

751

 

 

 

650

 

 

 

523

 

Other revenue

 

 

4,106

 

 

 

5,580

 

 

 

2,482

 

Total revenues

 

$

297,346

 

 

$

296,448

 

 

$

241,734

 

Contract Liabilities

Our contract liabilities represent deferred revenue. We record contract liabilities when cash payments are received in advance of our performance. We recognized $12.0 million of revenue in 2025 that was included in the contract liabilities balance as of December 31, 2024.

Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2024Feb 28, 2025
2023Mar 13, 2024
2022Mar 27, 2023
2021Mar 21, 2022

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.