CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and Cash Equivalents ($2,211 and $4,190)	[1]	$ 49,235	$ 52,480
Restricted Cash		1,047	1,036
Due from Broker ($25 and $145)	[1]	120	149
Advisory Fees Receivable		29,507	32,887
Investments ($3,398 and $3,813)	[1]	26,701	55,934
Receivable from Related Parties		2,535	1,869
Other Receivables ($6 and $10)	[1]	584	599
Prepaid Expenses and Other Assets		2,148	2,408
Right-of-use Assets		12,143	13,860
Deferred Tax Asset		29,669	32,683
Property and Equipment, Net of Accumulated Depreciation of $5,679 and $4,765, respectively		4,667	5,547
TOTAL ASSETS		158,356	199,452
Liabilities:
Accounts Payable and Accrued Expenses ($40 and $19)	[1]	28,470	44,715
Due to Broker ($50 and $0)	[1]	163	40
Securities Sold Short, at Fair Value		690	0
Liability to Selling and Converting Shareholders		28,652	28,652
Lease Liabilities		12,482	14,235
Deferred Compensation Liability		2,940	3,600
TOTAL LIABILITIES		73,397	91,242
Commitments and Contingencies (see Note 12)
Equity:
Preferred Stock (Par Value $0.01; 200,000,000 Shares Authorized; None Outstanding)
Additional Paid-In Capital		3,405	4,829
Retained Earnings		22,103	26,439
Accumulated Other Comprehensive Income		19	(3)
Total Pzena Investment Management, Inc.'s Equity		25,695	31,444
Non-Controlling Interests		59,264	76,766
TOTAL EQUITY		84,959	108,210
TOTAL LIABILITIES AND EQUITY		158,356	199,452
Common Class A
Equity:
Common Stock		168	179
TOTAL EQUITY		168	179
Common Class B
Equity:
Common Stock		$ 0	$ 0

[1] Asset and liability amounts in parentheses represent the aggregated balances at September 30, 2020 and December 31, 2019 attributable to Pzena Investment Management Special Situations, LLC, Pzena U.S. Best Ideas (GP), LLC, and Pzena Global Best Ideas (GP), LLC which were variable interest entities as of September 30, 2020 and December 31, 2019, respectively. Asset and liability amounts in parentheses at September 30, 2020 are also attributable to Pzena Global Focus Value Fund. Asset and liability amounts in parentheses at December 31, 2019 are also attributable to Pzena International Value Service (a series of Pzena Investment Management International, LLC).