The $35m in management fees are not received in cash until the...

The $35m in management fees are not received in cash until the asset has been sold. These are accrued as income and booked to "non-current" receivables. If you examine the BLA business model they rely upfront fees and capital raisings to fund their operating expenses until they receive the accrued management fees on the exit of the investment.

Eg "Blue Sky is "relatively reliant on raising new capital to support the current operating costs"

I would have thought that disclosing their current cash holdings and the rate of cash burn would be price sensitive information.