Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Disaggregation of Revenue

Revenue from advisory fees is disaggregated into categories based on the composition of the Company's client base and advisory fee structure for the three and six months ended June 30, 2022 and 2021:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
Revenue	2022			2021			2022			2021
	(in thousands)
Separately Managed Accounts
Asset-Based Fees	$	23,756		$	26,525		$	49,940		$	51,072
Total Separately Managed Fees		23,756			26,525			49,940			51,072
Sub-Advised Accounts
Asset-Based Fees	$	19,819		$	20,350		$	41,285		$	37,973
Impact of Fulcrum Fees1		—			(958	)		(20	)		(1,953	)
Performance-Based Fees		738			8			1,231			8
Total Sub-Advised Fees		20,557			19,400			42,496			36,028
Pzena Funds
Asset-Based Fees	$	4,606		$	5,157		$	9,419		$	10,109
Expense Cap Reimbursements		(222	)		(205	)		(446	)		(461	)
Performance-Based Fees		—		—				48		—
Total Pzena Funds Fees		4,384			4,952			9,021			9,648
Total	$	48,697		$	50,877		$	101,457		$	96,748

1.Represents the net impact of fulcrum fee arrangements which require a reduction in the base fee or allow for an increase in the base fee if the relevant investment strategy underperforms or outperforms, respectively, the agreed-upon benchmark over the contract's measurement period.

Schedule of Cash and Cash Equivalents and Restricted Cash

The following table reconciles cash, cash equivalents, and restricted cash per the consolidated statements of cash flows to the consolidated statements of financial condition.

	June 30, 2022		March 31, 2022		December 31, 2021		June 30, 2021		March 31, 2021		December 31, 2020
	(in thousands)
Cash and Cash Equivalents	$	49,412	$	35,576	$	81,133	$	53,463	$	29,650	$	65,534
Restricted Cash		2,215		2,214		1,056		1,054		1,054		1,050
Total	$	51,627	$	37,790	$	82,189	$	54,517	$	30,704	$	66,584