0001524223-20-000036.txt : 20200814 0001524223-20-000036.hdr.sgml : 20200814 20200814160415 ACCESSION NUMBER: 0001524223-20-000036 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 80 CONFORMED PERIOD OF REPORT: 20200630 FILED AS OF DATE: 20200814 DATE AS OF CHANGE: 20200814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Manning & Napier, Inc. CENTRAL INDEX KEY: 0001524223 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 452609100 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35355 FILM NUMBER: 201104970 BUSINESS ADDRESS: STREET 1: 290 WOODCLIFF DRIVE CITY: FAIRPORT STATE: NY ZIP: 14450 BUSINESS PHONE: (585) 325-6880 MAIL ADDRESS: STREET 1: 290 WOODCLIFF DRIVE CITY: FAIRPORT STATE: NY ZIP: 14450 10-Q 1 mn10-q_q22020.htm 10-Q Document

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________________
FORM 10-Q 
_____________________________________________________________
(Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR 
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to            

Commission file number: 001-35355
 _____________________________________________________________
MANNING & NAPIER, INC.
(Exact name of registrant as specified in its charter)
_____________________________________________________________
Delaware
 
45-2609100
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
290 Woodcliff Drive
Fairport, New York
 
14450
(Address of principal executive offices)
 
(Zip Code)

(585) 325-6880
(Registrant’s telephone number, including area code)
_____________________________________________________________ 

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A common stock, $0.01 par value per share
MN
New York Stock Exchange
Common Stock Purchase Rights
MN
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Large accelerated filer
 
¨
  
Accelerated filer
 
¨

 
 
 
 
Non-accelerated filer
 
x
  
Smaller reporting company
 
x
 
 
 
 
 
 
 
 
 
 
 
Emerging growth company
 
¨


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. 
Class
  
Outstanding at August 10, 2020
Class A common stock, $0.01 par value per share
  
16,275,359
 



TABLE OF CONTENTS
 
 
 
Page
Part I
 
Item 1.
 
 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
Part II
 
Item 1A.
Item 6.
 
 
 
 
In this Quarterly Report on Form 10-Q, “we”, “our”, “us”, the “Company”, “Manning & Napier” and the “Registrant” refers to Manning & Napier, Inc. and, unless the context otherwise requires, its consolidated direct and indirect subsidiaries and predecessors.
 
 


i

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
Manning & Napier, Inc.
Consolidated Statements of Financial Condition
(U.S. dollars in thousands, except share data)
 
 
 
June 30, 2020
 
December 31, 2019
 
 
(unaudited)
 
 
Assets
 
 
 
 
Cash and cash equivalents
 
$
40,577

 
$
67,088

Accounts receivable
 
11,373

 
10,182

Investment securities
 
24,169

 
90,467

Prepaid expenses and other assets
 
13,158

 
5,607

Total current assets
 
89,277

 
173,344

Property and equipment, net
 
3,658

 
4,565

Operating lease right-of-use assets
 
17,082

 
18,795

Net deferred tax assets, non-current
 
21,671

 
20,668

Goodwill
 
4,829

 
4,829

Other long-term assets
 
3,740

 
4,010

Total assets
 
$
140,257

 
$
226,211

 
 
 
 
 
Liabilities
 
 
 
 
Accounts payable
 
$
1,239

 
$
1,614

Accrued expenses and other liabilities
 
25,067

 
26,201

Deferred revenue
 
10,777

 
10,759

Total current liabilities
 
37,083

 
38,574

Operating lease liabilities, non-current
 
17,420

 
18,753

Amounts payable under tax receivable agreement, non-current
 
15,497

 
17,246

Other long-term liabilities
 
1,165

 
2,017

Total liabilities
 
71,165

 
76,590

Commitments and contingencies (Note 9)
 


 


Shareholders’ equity
 
 
 
 
Class A common stock, $0.01 par value; 300,000,000 shares authorized; and 16,275,359 and 15,956,526 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
 
163

 
160

Additional paid-in capital
 
112,300

 
198,516

Retained deficit
 
(36,407
)
 
(38,478
)
Accumulated other comprehensive loss
 
(112
)
 
(50
)
Total shareholders’ equity
 
75,944

 
160,148

Noncontrolling interests
 
(6,852
)
 
(10,527
)
Total shareholders’ equity and noncontrolling interests
 
69,092

 
149,621

Total liabilities, shareholders’ equity and noncontrolling interests
 
$
140,257

 
$
226,211

The accompanying notes are an integral part of these consolidated financial statements.


1

Manning & Napier, Inc.
Consolidated Statements of Operations
(U.S. dollars in thousands, except share data)
(Unaudited)
 
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Revenues
 
 
 
 
 
 
 
 
Management Fees
 
 
 
 
 
 
 
 
Wealth Management
 
$
13,740

 
$
16,209

 
$
28,040

 
$
32,678

Institutional and Intermediary
 
12,142

 
12,932

 
24,273

 
26,166

Distribution and shareholder servicing
 
2,303

 
2,566

 
4,693

 
5,190

Custodial services
 
1,463

 
1,750

 
3,062

 
3,495

Other revenue
 
698

 
837

 
1,387

 
1,562

Total revenue
 
30,346

 
34,294

 
61,455

 
69,091

Expenses
 
 
 
 
 
 
 
 
Compensation and related costs
 
17,379

 
20,161

 
36,642

 
41,609

Distribution, servicing and custody expenses
 
2,425

 
3,019

 
5,238

 
6,777

Other operating costs
 
7,489

 
8,639

 
14,586

 
16,946

Total operating expenses
 
27,293

 
31,819

 
56,466

 
65,332

Operating income
 
3,053

 
2,475

 
4,989

 
3,759

Non-operating income (loss)
 
 
 
 
 
 
 
 
Interest expense
 
(3
)
 
(10
)
 
(5
)
 
(13
)
Interest and dividend income
 
363

 
837

 
720

 
1,646

Change in liability under tax receivable agreement
 
914

 
—

 
(1,936
)
 
195

Net gains (losses) on investments
 
1,416

 
248

 
(416
)
 
1,122

Total non-operating income (loss)
 
2,690

 
1,075

 
(1,637
)
 
2,950

Income (loss) before provision for (benefit from) income taxes
 
5,743

 
3,550

 
3,352

 
6,709

Provision for (benefit from) income taxes
 
1,460

 
331

 
(1,766
)
 
573

Net income attributable to controlling and noncontrolling interests
 
4,283

 
3,219

 
5,118

 
6,136

Less: net income (loss) attributable to noncontrolling interests
 
2,737

 
2,805

 
2,714

 
5,161

Net income attributable to Manning & Napier, Inc.
 
$
1,546

 
$
414

 
$
2,404

 
$
975

 
 
 
 
 
 
 
 
 
Net income per share available to Class A common stock
 
 
 
 
 
 
 
 
Basic
 
$
0.09

 
$
0.03

 
$
0.15

 
$
0.07

Diluted
 
$
0.06

 
$
0.03

 
$
0.06

 
$
0.06

Weighted average shares of Class A common stock outstanding
 
 
 
 
 
 
 
 
Basic
 
16,132,667

 
15,267,762

 
15,972,809

 
15,098,454

Diluted
 
46,296,214

 
15,613,939

 
61,851,067

 
78,317,986

The accompanying notes are an integral part of these consolidated financial statements.


2

Manning & Napier, Inc.
Consolidated Statements of Comprehensive Income
(U.S. dollars in thousands)
(Unaudited)
 
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
Net income attributable to controlling and noncontrolling interests
 
$
4,283

 
$
3,219

 
$
5,118

 
$
6,136

Net unrealized holding gains (losses) on investment securities, net of tax
 
179

 
116

 
(249
)
 
232

Reclassification adjustment for net realized gains on investment securities included in net income
 
(141
)
 
8

 
(174
)
 
(6
)
Comprehensive income
 
$
4,321

 
$
3,343

 
$
4,695

 
$
6,362

Less: Comprehensive income attributable to noncontrolling interests
 
2,753

 
2,907

 
2,353

 
5,344

Comprehensive income attributable to Manning & Napier, Inc.
 
$
1,568

 
$
436

 
$
2,342

 
$
1,018


The accompanying notes are an integral part of these consolidated financial statements.


3

Manning & Napier, Inc.
Consolidated Statements of Shareholders’ Equity
(U.S. dollars in thousands, except share data)
(Unaudited) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock –  Class A
 
Additional
Paid in Capital
 
Retained
Deficit
 
Accumulated
Other
Comprehensive Income (Loss)
 
Non
Controlling
Interests
 
 
 
Shares
 
Amount
 
 
 
 
 
Total
Three months ended June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance—March 31, 2020
16,275,359

 
$
163

 
$
198,722

 
$
(37,953
)
 
$
(134
)
 
$
(9,819
)
 
$
150,979

Net income
—

 
—

 
—

 
1,546

 
—

 
2,737

 
4,283

Net changes in unrealized investment securities gains or losses
—

 
—

 
—

 
—

 
22

 
157

 
179

Equity-based compensation
—

 
—

 
271

 
—

 
—

 
559

 
830

Impact of changes in ownership of Manning & Napier Group, LLC
    (Note 4)
—

 
—

 
(90,299
)
 
—

 
—

 
(486
)
 
(90,785
)
Deferred tax impacts from transactions with shareholders (Note 12)
—

 
—

 
3,606

 
—

 
—

 
—

 
3,606

Balance—June 30, 2020
16,275,359

 
$
163

 
$
112,300

 
$
(36,407
)
 
$
(112
)
 
$
(6,852
)
 
$
69,092

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance—December 31, 2019
15,956,526

 
$
160

 
$
198,516

 
$
(38,478
)
 
$
(50
)
 
$
(10,527
)
 
$
149,621

Net income
—

 
—

 
—

 
2,404

 
—

 
2,714

 
5,118

Net changes in unrealized investment securities gains or losses
—

 
—

 
—

 
—

 
(62
)
 
(187
)
 
(249
)
Common stock issued under equity compensation plan, net of forfeitures
318,833

 
3

 
(3
)
 
—

 
—

 
—

 
—

Shares withheld to satisfy tax withholding requirements related to equity awards vested
—

 
—

 
—

 
—

 
—

 
(2
)
 
(2
)
Equity-based compensation
—

 
—

 
522

 
—

 
—

 
1,593

 
2,115

Dividends declared on Class A common stock - $0.02 per share
—

 
—

 
—

 
(333
)
 
—

 
—

 
(333
)
Impact of changes in ownership of Manning & Napier Group, LLC (Note 4)
—

 
—

 
(90,341
)
 
—

 
—

 
(443
)
 
(90,784
)
Deferred tax impacts from transactions with shareholders (Note 12)
—

 
—

 
3,606

 
—

 
—

 
—

 
3,606

Balance—June 30, 2020
16,275,359

 
$
163

 
$
112,300

 
$
(36,407
)
 
$
(112
)
 
$
(6,852
)
 
$
69,092


4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common Stock –  Class A
 
Additional
Paid in Capital
 
Retained
Deficit
 
Accumulated
Other
Comprehensive Income (Loss)
 
Non
Controlling
Interests
 
 
 
Shares
 
Amount
 
 
 
 
 
Total
Three months ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance—March 31, 2019
15,684,573

 
$
157

 
$
198,811

 
$
(38,516
)
 
$
(56
)
 
$
(11,488
)
 
$
148,908

Net income
—

 
—

 
—

 
414

 
—

 
2,805

 
3,219

Distributions to noncontrolling interests
—

 
—

 
—

 
—

 
—

 
(798
)
 
(798
)
Net changes in unrealized investment securities gains or losses
—

 
—

 
—

 
—

 
22

 
94

 
116

Common stock issued under equity compensation plan, net of forfeitures
(63,978
)
 
(1
)
 
1

 
—

 
—

 
—

 
—

Shares withheld to satisfy tax withholding requirements related to equity awards vested
—

 
—

 
(15
)
 
—

 
—

 
(63
)
 
(78
)
Equity-based compensation
—

 
—

 
130

 
—

 
—

 
555

 
685

Dividends declared on Class A common stock - $0.02 per share
—

 
—

 
—

 
(270
)
 
—

 
—

 
(270
)
Impact of changes in ownership of Manning & Napier Group, LLC
—

 
—

 
(623
)
 
—

 
—

 
(2,429
)
 
(3,052
)
Balance—June 30, 2019
15,620,595

 
$
156

 
$
198,304

 
$
(38,372
)
 
$
(34
)
 
$
(11,324
)
 
$
148,730

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance—December 31, 2018
15,310,958

 
$
153

 
$
198,604

 
$
(38,865
)
 
$
(77
)
 
$
(13,572
)
 
$
146,243

Net income
—

 
—

 
—

 
975

 
—

 
5,161

 
6,136

Distributions to noncontrolling interests
—

 
—

 
—

 
—

 
—

 
(2,419
)
 
(2,419
)
Net changes in unrealized investment securities gains or losses
—

 
—

 
—

 
—

 
43

 
189

 
232

Common stock issued under equity compensation plan, net of forfeitures
309,637

 
3

 
(3
)
 
—

 
—

 
—

 
—

Shares withheld to satisfy tax withholding requirements related to equity awards vested
—

 
—

 
(15
)
 
—

 
—

 
(63
)
 
(78
)
Equity-based compensation
—

 
—

 
402

 
—

 
—

 
1,748

 
2,150

Dividends declared on Class A common stock - $0.04 per share
—

 
—

 
—

 
(558
)
 
—

 
—

 
(558
)
Cumulative effect of change in accounting principle, net of taxes
—

 
—

 
—

 
76

 
—

 
—

 
76

Impact of changes in ownership of Manning & Napier Group, LLC
—

 
—

 
(684
)
 
—

 
—

 
(2,368
)
 
(3,052
)
Balance—June 30, 2019
15,620,595

 
$
156

 
$
198,304

 
$
(38,372
)
 
$
(34
)
 
$
(11,324
)
 
$
148,730






The accompanying notes are an integral part of these consolidated financial statements.

5

Manning & Napier, Inc.
Consolidated Statements of Cash Flows
(U.S. dollars in thousands)
(Unaudited)
 
 
 
Six months ended June 30,
 
 
2020
 
2019
Cash flows from operating activities:
 
 
 
 
Net income attributable to controlling and noncontrolling interests
 
$
5,118

 
$
6,136

Adjustment to reconcile net income to net cash provided by operating activities:
 
 
 
 
Equity-based compensation
 
2,115

 
2,150

Depreciation and amortization
 
796

 
796

Change in amounts payable under tax receivable agreement
 
1,936

 
(195
)
Impairment of long-lived assets
 
553

 
—

Gain on sale of intangible assets
 
(21
)

(116
)
Net (gains) losses on investment securities
 
416

 
(1,122
)
Deferred income taxes
 
(1,853
)
 
410

(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
 
 
 
 
Accounts receivable
 
(1,191
)
 
(788
)
Prepaid expenses and other assets
 
(2,708
)
 
(645
)
Other long-term assets
 
1,574


1,211

Accounts payable
 
(375
)
 
(121
)
Accrued expenses and other liabilities
 
(4,705
)
 
(5,535
)
Deferred revenue
 
18

 
1,198

Other long-term liabilities
 
(2,163
)
 
(1,327
)
Net cash provided by (used in) operating activities
 
(490
)
 
2,052

Cash flows from investing activities:
 
 
 
 
Purchase of property and equipment
 
(204
)
 
(1,084
)
Sale of investments
 
69,531

 
4,734

Purchase of investments
 
(20,298
)
 
(55,863
)
Sale of intangible assets
 
21


116

Proceeds from maturity of investments
 
16,400

 
54,054

Net cash provided by investing activities
 
65,450

 
1,957

Cash flows from financing activities:
 
 
 
 
Distributions to noncontrolling interests
 
—

 
(2,419
)
Dividends paid on Class A common stock
 
(645
)
 
(620
)
Payment of shares withheld to satisfy withholding requirements
 
(2
)
 
(78
)
Payment of capital lease obligations
 
(41
)
 
(61
)
Purchase of Class A units of Manning & Napier Group, LLC
 
(90,783
)
 
(3,052
)
Net cash used in financing activities
 
(91,471
)
 
(6,230
)
Net decrease in cash and cash equivalents, including cash classified within current assets held for sale
 
(26,511
)
 
(2,221
)
       Less: increase in cash classified within current assets held for sale
 
—

 
196

Net decrease in cash and cash equivalents
 
(26,511
)
 
(2,417
)
Cash and cash equivalents:
 
 
 
 
Beginning of period
 
67,088

 
59,586

End of period
 
$
40,577

 
$
57,169

The accompanying notes are an integral part of these consolidated financial statements.

6

Manning & Napier, Inc.
Notes to Consolidated Financial Statements

Note 1—Organization and Nature of the Business
Manning & Napier, Inc. ("Manning & Napier" or the "Company") provides a broad range of investment solutions through separately managed accounts, mutual funds, and collective investment trust funds, as well as a variety of consultative services that complement its investment process. Founded in 1970, the Company offers equity, fixed income and alternative strategies, as well as a range of blended asset portfolios, including life cycle funds. Headquartered in Fairport, New York, the Company serves a diversified client base of high-net-worth individuals and institutions, including 401(k) plans, pension plans, Taft-Hartley plans, endowments and foundations.
The Company was incorporated in 2011 as a Delaware corporation, and is the sole managing member of Manning & Napier Group, LLC and its subsidiaries (“Manning & Napier Group”), a holding company for the investment management businesses conducted by its operating subsidiaries. The diagram below depicts the Company's organizational structure as of June 30, 2020. Manning & Napier Group completed the redemption of 60,012,419 of its Class A units held by M&N Group Holdings, LLC ("M&N Group Holdings") and Manning & Napier Capital Company, LLC ("MNCC") on May 11, 2020 with payment made from its cash, cash equivalents and proceeds from the sale of investment securities. Subsequent to the redemption, the Class A units were retired and as a result, the Company's ownership of Manning & Napier Group increased from 19.5% to 88.2%. Refer to Note 4 for further discussion.
a63020ownershipgraphic.jpg 
(1)
The consolidated operating subsidiaries of Manning & Napier Group include Manning & Napier Advisors, LLC ("MNA"), Manning & Napier Investor Services, Inc., Exeter Trust Company and Rainier Investment Management, LLC ("Rainier").
Note 2—Summary of Significant Accounting Policies
Critical Accounting Policies
The Company's critical accounting policies and estimates are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2019. The Company believes that the disclosures herein are adequate so that the information presented is not misleading; however, these financial statements should be read in conjunction with the financial statements and the notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. The financial data for the interim periods may not necessarily be indicative of results for future interim periods or for the full year.
Basis of Presentation
The accompanying unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and related rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting and include all adjustments, consisting only of normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim period.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates or assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from these estimates or assumptions.

7
Manning & Napier, Inc.
Notes to Consolidated Financial Statements (Continued)

Summary of Presentation Changes
As of January 1, 2020, the Company revised its presentation of investment management revenue within its consolidated statements of operations. Investment management revenue, previously presented by investment vehicle, has been disaggregated to present investment management revenue by sales channel. Concurrently, the Company revised the presentation of assets under management ("AUM") activity previously reported by investment vehicle to present this activity by sales channel.
Amounts for the comparative prior periods have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported net income and do not represent a restatement of any previously published financial results.
Principles of Consolidation
The Company consolidates all majority-owned subsidiaries. In addition, as of June 30, 2020, Manning & Napier holds an economic interest of approximately 88.2% in Manning & Napier Group and, as managing member, controls all of the business and affairs of Manning & Napier Group. As a result, the Company consolidates the financial results of Manning & Napier Group and records a noncontrolling interest on its consolidated statements of financial condition with respect to the remaining economic interest in Manning & Napier Group held by Manning & Napier Group Holdings and MNCC.
All material intercompany transactions have been eliminated in consolidation.
In accordance with Accounting Standards Update ("ASU") 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis, the determination of whether a company is required to consolidate an entity is based on, among other things, an entity’s purpose and design, a company’s ability to direct the activities of the entity that most significantly impact the entity’s economic performance, and whether a company is obligated to absorb losses or receive benefits that could potentially be significant to the entity. The standard also requires ongoing assessments of whether a company is the primary beneficiary of a variable interest entity (“VIE”). When utilizing the voting interest entity ("VOE") model, controlling financial interest is generally defined as majority ownership of voting interests.
The Company provides seed capital to its investment teams to develop new strategies and services for its clients. The original seed investment may be held in a separately managed account, comprised solely of the Company's investments or within a mutual fund, where the Company's investments may represent all or only a portion of the total equity investment in the mutual fund. Pursuant to U.S. GAAP, the Company evaluates its investments in mutual funds on a regular basis and consolidates such mutual funds for which it holds a controlling financial interest. When no longer deemed to hold a controlling financial interest, the Company would deconsolidate the fund and classify the remaining investment as either an equity method investment, equity investments, at fair value, or as trading securities, as applicable. As of June 30, 2020 and December 31, 2019, the Company did not have investments classified as an equity method investment.
The Company serves as the investment adviser for Manning & Napier Fund, Inc. series of mutual funds (the “Fund”), Exeter Trust Company Collective Investment Trusts (“CIT”) and Rainier Multiple Investment Trust. The Fund, CIT and Rainier Multiple Investment Trust are legal entities, the business and affairs of which are managed by their respective boards of directors. As a result, each of these entities is a VOE. The Company holds, in limited cases, direct investments in a mutual fund (which are made on the same terms as are available to other investors) and consolidates each of these entities where it has a controlling financial interest or a majority voting interest. The Company's investments in the Fund amounted to approximately $1.9 million as of June 30, 2020 and $3.2 million as of December 31, 2019. As of June 30, 2020 and December 31, 2019, the Company did not have a controlling financial interest in any mutual fund.
Revenue
Investment Management: Investment management fees are computed as a percentage of AUM. The Company's performance obligation is a series of services that form part of a single performance obligation satisfied over time.
Separately managed accounts are paid in advance, typically for a semi-annual or quarterly period, or in arrears, typically for a monthly or quarterly period. When investment management fees are paid in advance, the Company defers the revenue as a contract liability and recognizes it over the applicable period. When investment management fees are paid in arrears, the Company estimates revenue and records a contract asset (accrued accounts receivable) based on AUM as of the most recent month end date.
Mutual funds and collective investment trust investment management revenue is calculated and earned daily based on AUM. Revenue is presented net of cash rebates and fees waived pursuant to contractual expense limitations of the funds. The Company also has agreements with third parties who provide recordkeeping and administrative services for employee benefit plans participating in the collective investment trusts. The Company is acting as an agent on behalf of the employee benefit plan sponsors, therefore, investment management revenue is recorded net of fees paid to third party service providers.

8
Manning & Napier, Inc.
Notes to Consolidated Financial Statements (Continued)

Distribution and shareholder servicing: The Company receives distribution and servicing fees for providing services to its affiliated mutual funds. Revenue is computed and earned daily based on a percentage of AUM. The performance obligation is a series of services that form part of a single performance obligation satisfied over time. The Company has agreements with third parties who provide distribution and administrative services for its mutual funds. The agreements are evaluated to determine whether revenue should be reported gross or net of payments to third-party service providers. The Company controls the services provided and acts as a principal in the relationship. Therefore, distribution and shareholder servicing revenue is recorded gross of fees paid to third parties.
Custodial services: Custodial service fees are calculated as a percentage of the client’s market value with additional fees charged for certain transactions. For the safeguarding and administrative services that are subject to a percentage of market value fee, the Company's performance obligation is a series of services that form part of a single performance obligation satisfied over time. Revenue for transactions assigned a stand-alone selling price is recognized in the period in which the transaction is executed. Custodial service fees are billed monthly in arrears. The Company has agreements with third parties who provide safeguarding, recordkeeping and administrative services for their clients. The Company controls the services provided and acts as a principal in the relationship. Therefore, custodial service revenue is recorded gross of fees paid to third parties.
Cash and Cash Equivalents
The Company generally considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are primarily held in operating accounts at major financial institutions and also in money market securities. Cash equivalents are stated at cost, which approximates market value due to the short-term maturity of these investments. The fair value of cash equivalents has been classified as Level 1 in accordance with the fair value hierarchy.
Investment Securities
Investment securities are classified as either trading, equity method investments or available-for-sale and are carried at fair value. Fair value is determined based on quoted market prices in active markets for identical or similar instruments.
Investment securities classified as equity investments, at fair value consist of equity securities and investments in mutual funds for which the Company provides advisory services. Realized and unrealized gains and losses on equity investments, at fair value or trading securities, as applicable, are recorded in net gains (losses) on investments in the consolidated statements of operations. At June 30, 2020, equity investments, at fair value consist of investments held by the Company to provide initial cash seeding for product development purposes and investments to hedge economic exposure to market movements on its deferred compensation plan.
Investment securities classified as available-for-sale consist of U.S. Treasury notes, corporate bonds and other short-term investments. Unrealized gains and losses on available-for-sale securities are excluded from earnings and are reported, net of deferred income tax, as a separate component of accumulated other comprehensive income in shareholders’ equity until realized. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other-than-temporary. If impairment is determined to be other-than-temporary, the carrying value of the security will be written down to fair value and the loss will be recognized in earnings. Realized gains and losses on sales of available-for-sale securities are computed on a specific identification basis and are recorded in net gains (losses) on investments in the consolidated statements of operations.
Property and Equipment
Property and equipment is presented net of accumulated depreciation of approximately $12.0 million and $11.4 million as of June 30, 2020 and December 31, 2019, respectively.
Goodwill and Intangible Assets
Goodwill represents the excess cost over the fair value of the identifiable net assets of acquired companies. Identifiable intangible assets generally represent the cost of client relationships and investment management agreements acquired as well as trademarks. Goodwill and indefinite-lived assets are tested for impairment annually or more frequently if events or circumstances indicate that the carrying value may not be recoverable. Intangible assets subject to amortization are tested for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. Goodwill and intangible assets require significant management estimate and judgment, including the valuation and expected life determination in connection with the initial purchase price allocation and the ongoing evaluation for impairment.
Leases
The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, accrued expenses and other liabilities and operating lease liabilities, non-current on its consolidated

9
Manning & Napier, Inc.
Notes to Consolidated Financial Statements (Continued)

statements of financial condition. Finance leases are included in other long-term assets, accrued expenses and other liabilities, and other long-term liabilities on its consolidated statements of financial condition.
ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate, for each identified lease, is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term. The operating lease ROU asset is reduced for any lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
The Company has lease agreements with lease and non-lease components, which are combined for all classes of underlying assets.
Impairment of Long-Lived Assets
The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. During the three months ended June 30, 2020, a downturn in the commercial real estate market indicated that an asset group, including previously vacated office space, may not be recoverable. The Company assessed recoverability of the asset group by comparing the undiscounted future net cash flows expected to result from the asset group to its carrying value. The carrying value exceeded the undiscounted future net cash flows of the asset, and an impairment loss of approximately $0.6 million was recognized during the three months ended June 30, 2020 as the difference between the net book value and the fair value of the asset group.
Operating Segments
The Company operates in one segment, the investment management industry.
Recent Accounting Pronouncements
In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements that currently exist in U.S. GAAP for capitalizing implementation costs incurred to develop or obtain internal-use software. Under the new standard, implementation costs are deferred and presented in the same financial statement caption on the consolidated statements of financial condition as a prepayment of related arrangement fees. The deferred costs are recognized over the term of the arrangement in the same financial statement caption in the consolidated statements of operations as the related fees of the arrangement. The Company adopted the provisions of this guidance using the prospective adoption approach, which does not require the restatement of prior years. The adoption of this ASU did not have a material impact on the Company's statement of operations as requirements under the standard are generally consistent with its previous accounting for cloud computing arrangements, with the primary difference being the classification of certain information in its statements of financial condition and related disclosures.
As of June 30, 2020, the Company had a total of approximately $3.5 million of capitalized implementation costs for hosting arrangements within prepaid expenses and other assets on its statements of financial condition, with no amounts in accumulated amortization and no amortization expense recognized during the six months ended June 30, 2020. At December 31, 2019, approximately $0.4 million of these costs were capitalized within property and equipment, net. The hosting arrangements that are service contracts include internal and external costs related to various technology additions in support of the Company's business. Amortization costs are recorded on a straight-line basis over the term of the hosting arrangement agreement.
In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. The ASU requires goodwill impairments to be measured on the basis of the fair value of the reporting unit relative to the reporting unit's carrying amount rather than on the basis of the implied amount of goodwill relative to the goodwill balance of the reporting unit. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.

10
Manning & Napier, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 3—Revenue
Disaggregated Revenue
The following table represents the Company’s wealth management and institutional and intermediary investment management revenue by investment portfolio during the three and six months ended June 30, 2020 and 2019:
 
 
Three months ended June 30, 2020
 
Three months ended June 30, 2019
 
 
Wealth Management
 
Institutional and Intermediary
 
Total
 
Wealth Management
 
Institutional and Intermediary
 
Total
 
 
(in thousands)
Blended Asset
 
$
12,148

 
$
7,486

 
$
19,634

 
$
13,186

 
$
7,607

 
$
20,793

Equity
 
1,470

 
4,345

 
5,815

 
2,819

 
4,894

 
7,713

Fixed Income
 
122

 
311

 
433

 
204

 
431

 
635

Total
 
$
13,740

 
$
12,142

 
$
25,882

 
$
16,209

 
$
12,932

 
$
29,141


 
 
Six months ended June 30, 2020
 
Six months ended June 30, 2019
 
 
Wealth Management
 
Institutional and Intermediary
 
Total
 
Wealth Management
 
Institutional and Intermediary
 
Total
 
 
(in thousands)
Blended Asset
 
$
24,090


$
15,672


$
39,762

 
$
26,684

 
$
15,435

 
$
42,119

Equity
 
3,635


7,964


11,599

 
5,580

 
9,851

 
15,431

Fixed Income
 
315


637


952

 
414

 
880

 
1,294

Total
 
$
28,040


$
24,273


$
52,313

 
$
32,678

 
$
26,166

 
$
58,844


Accounts Receivable
Accounts receivable as of June 30, 2020 and December 31, 2019 consisted of the following:
 
 
June 30, 2020
 
December 31, 2019
 
 
(in thousands)
Accounts receivable - third parties
 
$
6,163

 
$
5,778

Accounts receivable - affiliated mutual funds and collective investment trusts
 
5,210

 
4,404

Total accounts receivable
 
$
11,373

 
$
10,182

Accounts receivable represents the Company's unconditional rights to consideration arising from its performance under separately managed account, mutual fund and collective investment trust, distribution and shareholder servicing, and custodial service contracts. Accounts receivable balances do not include an allowance for doubtful accounts nor has any significant bad debt expense attributable to accounts receivable been recorded during the three and six months ended June 30, 2020 or 2019.
Advisory and Distribution Agreements
The Company earns investment advisory fees, distribution fees and administrative service fees under agreements with affiliated mutual funds and collective investment trusts. Fees earned for advisory and distribution services provided were approximately $8.5 million and $17.4 million for the three and six months ended June 30, 2020, and approximately $10.2 million and $21.3 million for the three and six months ended June 30, 2019, which represents greater than 25% of revenue in each period. The following provides amounts due from affiliated mutual funds and collective investment trusts reported within accounts receivable in the consolidated statements of financial condition as of June 30, 2020 and December 31, 2019:
 
 
June 30, 2020
 
December 31, 2019
 
 
(in thousands)
Affiliated mutual funds
 
$
4,020

 
$
3,164

Affiliated collective investment trusts
 
1,190

 
1,240

Accounts receivable - affiliated mutual funds and collective investment trusts
 
$
5,210

 
$
4,404


11
Manning & Napier, Inc.
Notes to Consolidated Financial Statements (Continued)


Contract assets and liabilities
Accrued accounts receivable: Accrued accounts receivable represents the Company's contract asset for revenue that has been recognized in advance of billing separately managed account contracts. Consideration for the period billed in arrears is dependent on the client’s AUM on a future billing date and therefore conditional as of the reporting period end. During the six months ended June 30, 2020, revenue was increased by less than $0.1 million for changes in transaction price. Accrued accounts receivable of approximately $0.3 million is reported within prepaid expenses and other assets in the consolidated statements of financial condition for both June 30, 2020 and December 31, 2019.
Deferred revenue: Deferred revenue is recorded when consideration is received or unconditionally due in advance of providing services to the Company's customer. Revenue recognized during the six months ended June 30, 2020 that was included in deferred revenue at the beginning of the period was approximately $10.6 million.
Costs to obtain a contract: Under compensation plans in effect for periods prior to January 1, 2020, certain incremental first year commissions directly associated with new customer contracts were capitalized and amortized on a straight-line basis over an estimated customer contract period of 3 to 7 years. The total net asset as of June 30, 2020 and December 31, 2019 was approximately $0.9 million and $1.0 million, respectively. The related amortization expense, which is included in compensation and related costs, totaled approximately $0.1 million and $0.2 million for three and six months ended June 30, 2020 and 2019, respectively. An impairment loss is recorded for contract acquisition costs related to client contracts that cancel during the period. These impairment losses totaled less than $0.1 million for both the three and six months ended June 30, 2020 and 2019.
Note 4—Noncontrolling Interests
Manning & Napier holds an economic interest of approximately 88.2% in Manning & Napier Group, and as managing member controls all of the business and affairs of Manning & Napier Group. As a result, the Company consolidates the financial results of Manning & Napier Group and records a noncontrolling interest on its consolidated statements of financial condition with respect to the remaining approximately 11.8% economic interest in Manning & Napier Group held by M&N Group Holdings and MNCC. Net income attributable to noncontrolling interests on the statements of operations represents the portion of earnings attributable to the economic interest in Manning & Napier Group held by the noncontrolling interests.
The following table provides a reconciliation from “Income (loss) before provision for (benefit from) income taxes” to “Net income attributable to Manning & Napier, Inc.”:
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands)
Income (loss) before provision for (benefit from) income taxes
 
$
5,743

 
$
3,550

 
$
3,352

 
$
6,709

Less: income (loss) before provision for (benefit from) income taxes of Manning & Napier, Inc. (1)
 
901

 
(10
)
 
(1,965
)
 
181

Income before provision for (benefit from) income taxes, as adjusted
 
4,842

 
3,560

 
5,317

 
6,528

Controlling interest percentage (2)
 
44.5
%
 
18.8
%
 
42.3
%
 
18.7
%
Net income attributable to controlling interest
 
2,154

 
669

 
2,247

 
1,221

Plus: income (loss) before provision for (benefit from) income taxes of Manning & Napier, Inc. (1)
 
901

 
(10
)
 
(1,965
)
 
181

Income (loss) before provision for (benefit from) income taxes attributable to Manning & Napier, Inc.
 
3,055

 
659

 
282

 
1,402

Less: provision for (benefit from) income taxes of Manning & Napier, Inc.(3)
 
1,509

 
245

 
(2,122
)
 
427

Net income attributable to Manning & Napier, Inc.
 
$
1,546

 
$
414

 
$
2,404

 
$
975

________________________
(1)
Manning & Napier, Inc. incurs certain income or expenses that are only attributable to it and are therefore excluded from the net income attributable to noncontrolling interests.
(2)
Income before provision for (benefit from) income taxes is allocated to the controlling interest based on the percentage of units of Manning & Napier Group held by Manning & Napier, Inc. The amount represents the Company's weighted ownership of Manning & Napier Group's income for the respective periods and anticipates a closing of the books pursuant to Internal Revenue Code Section 1377.

12
Manning & Napier, Inc.
Notes to Consolidated Financial Statements (Continued)

(3)
The consolidated provision for (benefit from) income taxes is equal to the sum of (i) the provision for (benefit from) income taxes for entities other than Manning & Napier, Inc. and (ii) the provision for (benefit from) income taxes of Manning & Napier, Inc. which includes all U.S. federal and state income taxes. The consolidated provision for (benefit from) income taxes was a provision of $1.5 million and $0.3 million for the three months ended June 30, 2020 and 2019, respectively, and a benefit of $1.8 million and provision of $0.6 million for the six months ended June 30, 2020 and 2019, respectively.

As of June 30, 2020, a total of 2,021,781 units of Manning & Napier Group were held by the noncontrolling interests. Pursuant to the terms of the exchange agreement entered into at the time of the Company's initial public offering ("Exchange Agreement"), such units may be tendered for exchange. For any units exchanged, the Company will (i) pay an amount of cash equal to the number of units exchanged multiplied by the value of one share of the Company's Class A common stock less a market discount and expected expenses, or, at the Company's election, (ii) issue shares of the Company's Class A common stock on a one-for-one basis, subject to customary adjustments. As the Company receives units of Manning & Napier Group that are exchanged, the Company's ownership of Manning & Napier Group will increase.
The Company received notice that a total of 60,012,419 Class A units, including 59,957,419 units held by William Manning, who was previously the Chairman of the Company's Board of Directors, were tendered for either cash or shares of the Company's Class A common stock pursuant to the terms of the Exchange Agreement. The independent directors, on behalf of the Company, decided to settle the exchange utilizing approximately $90.8 million in cash, including approximately $90.7 million paid to Mr. Manning, pursuant to the terms of the Exchange Agreement. Manning & Napier Group completed the redemption on May 11, 2020 with payment made from its cash, cash equivalents and proceeds from the sale of investment securities. Subsequent to the redemption the Class A units were retired and as a result, the Company's ownership of Manning & Napier Group increased from 19.5% to 88.2%.
During the six months ended June 30, 2020, Class A common stock was issued under the Company's 2011 Equity Compensation Plan (the "Equity Plan") for which Manning & Napier, Inc. acquired an equivalent number of Class A units of Manning & Napier Group.
The following is the impact to the Company's equity ownership interest in Manning & Napier Group for the six months ended June 30, 2020:
 
Manning & Napier Group Class A Units Held
 
 
 

Manning & Napier
 
 
Noncontrolling Interests
 
Total
 
Manning & Napier Ownership %
As of December 31, 2019
14,750,221

 
62,034,200

 
76,784,421

 
19.2%
Class A Units issued
318,833

 
—

 
318,833

 
0.3%
Class A Units exchanged
—

 
(60,012,419
)
 
(60,012,419
)
 
68.7%
As of June 30, 2020
15,069,054

 
2,021,781

 
17,090,835

 
88.2%
Manning & Napier, as managing member controls all of the business and affairs of Manning & Napier Group prior to and subsequent to the redemption that was completed during the second quarter of 2020. Since the Company continues to have a controlling interest in Manning & Napier Group, the aforementioned changes in ownership of Manning & Napier Group were accounted for as equity transactions under ASC 810, Consolidation. Additional paid-in capital and noncontrolling interests in the consolidated statements of financial position are adjusted to reallocate the Company's historical equity to reflect the change in ownership of Manning & Napier Group.
At June 30, 2020 and December 31, 2019, the Company had recorded a liability of $19.5 million and $17.5 million, respectively, representing the estimated payments due to the selling unit holders under the tax receivable agreement ("TRA") entered into between Manning & Napier and the other holders of Class A Units of Manning & Napier Group. Of these amounts, approximately $4.0 million and $0.3 million were included in accrued expenses and other liabilities at June 30, 2020 and December 31, 2019, respectively. The Company made no payments pursuant to the TRA during either of the six months ended June 30, 2020 and 2019. Refer to Note 12 for further discussion surrounding the amounts payable under the TRA.
Obligations pursuant to the TRA are obligations of Manning & Napier. They do not impact the noncontrolling interests. These obligations are not income tax obligations. Furthermore, the TRA has no impact on the allocation of the provision for income taxes to the Company’s net income.
Note 5—Investment Securities

13
Manning & Napier, Inc.
Notes to Consolidated Financial Statements (Continued)

The following represents the Company’s investment securities holdings as of June 30, 2020 and December 31, 2019:
 
 
June 30, 2020
 
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
 
(in thousands)
Available-for-sale securities
 
 
 
 
 
 
 
 
U.S. Treasury notes
 
$
8,538

 
$
11

 
$
(12
)
 
$
8,537

Fixed income securities
 
8,360

 
—

 
(145
)
 
8,215

 
 
 
 
 
 
 
 
16,752

Equity investments, at fair value
 
 
 
 
 
 
 
 
Equity securities
 
 
 
 
 
 
 
5,558

Mutual funds
 
 
 
 
 
 
 
1,859

 
 
 
 
 
 
 
 
7,417

Total investment securities
 
 
 
 
 
 
 
$
24,169

 
 
December 31, 2019
 
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
 
(in thousands)
Available-for-sale securities
 
 
 
 
 
 
 
 
U.S. Treasury notes
 
$
33,908

 
$
193

 
$
—

 
$
34,101

Fixed income securities
 
35,148

 
—

 
(91
)
 
35,057

Short-term investments
 
12,119

 
—

 
—

 
12,119

 
 
 
 
 
 
 
 
81,277

Equity investments, at fair value
 
 
 
 
 
 
 
 
Equity securities
 
 
 
 
 
 
 
6,038

Mutual funds
 
 
 
 
 
 
 
3,152

 
 
 
 
 
 
 
 
9,190

Total investment securities
 
 
 
 
 
 
 
$
90,467

Investment securities are classified as either equity investments or available-for-sale and are carried at fair value. Fair value is determined based on quoted market prices in active markets for identical or similar instruments.
Investment securities classified as equity investments, at fair value consist of equity securities and investments in mutual funds for which the Company provides advisory services. At June 30, 2020 and December 31, 2019, equity investments, at fair value consist of investments held by the Company to provide initial cash seeding for product development purposes and investments in mutual funds to hedge economic exposure to market movements on its deferred compensation plan. The Company recognized approximately $0.6 million of net unrealized losses and $1.1 million of net unrealized gains related to investments classified as equity investments, at fair value during the six months ended June 30, 2020 and 2019, respectively.
Investment securities classified as available-for-sale consist of U.S. Treasury notes, corporate bonds and other short-term investments to optimize cash management opportunities and for compliance with certain regulatory requirements. As of June 30, 2020 and December 31, 2019, approximately $0.6 million of these securities was considered restricted. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other-than-temporary. No other-than-temporary impairment charges have been recognized by the Company during the six months ended June 30, 2020 and 2019.
Note 6—Fair Value Measurements
Fair value is defined as the price that the Company would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A fair value hierarchy is applied that gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).
The following three-tier fair value hierarchy prioritizes the inputs used in measuring fair value:
•Level 1—observable inputs such as quoted prices in active markets for identical securities;

14
Manning & Napier, Inc.
Notes to Consolidated Financial Statements (Continued)

•
Level 2—other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, prepayment rates, credit risk, etc.); and
•
Level 3—significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments).
The following table summarizes the hierarchy of inputs used to derive the fair value of the Company’s assets as of June 30, 2020 and December 31, 2019: 
 
 
June 30, 2020
 
 
Level 1
 
Level 2
 
Level 3
 
Totals
 
 
(in thousands)
Equity securities
 
$
5,558

 
$
—

 
$
—

 
$
5,558

Fixed income securities
 
—

 
8,215

 
—

 
8,215

Mutual funds
 
1,859

 
—

 
—

 
1,859

U.S. Treasury notes
 
—

 
8,537

 
—

 
8,537

Total assets at fair value
 
$
7,417

 
$
16,752

 
$
—

 
$
24,169

 
 
December 31, 2019
 
 
Level 1
 
Level 2
 
Level 3
 
Totals
 
 
(in thousands)
Equity securities
 
$
6,038

 
$
—

 
$
—

 
$
6,038

Fixed income securities
 
—

 
35,057

 
—

 
35,057

Mutual funds
 
3,152

 
—

 
—

 
3,152

U.S. Treasury notes
 
—

 
34,101

 
—

 
34,101

Short-term investments
 
—

 
12,119

 
—

 
12,119

Total assets at fair value
 
$
9,190

 
$
81,277

 
$
—

 
$
90,467


Short-term investments consists of U.S. Treasury bills.
Valuations of investments in fixed income securities, U.S. Treasury notes and U.S. Treasury bills can generally be obtained through independent pricing services. For most bond types, the pricing service utilizes matrix pricing, which considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type and current day trade information, as well as dealer supplied prices. These valuations are categorized as Level 2 in the hierarchy.
The Company’s policy is to recognize transfers in and transfers out of the valuation levels as of the beginning of the reporting period. There were no transfers between valuation levels during the six months ended June 30, 2020.
Note 7—Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities as of June 30, 2020 and December 31, 2019 consisted of the following:
 
 
June 30, 2020
 
December 31, 2019
 
 
(in thousands)
Accrued bonus and sales commissions
 
$
11,699

 
$
14,825

Accrued payroll and benefits
 
2,333

 
4,415

Accrued sub-transfer agent fees
 
407

 
420

Dividends payable on Class A common stock
 
—

 
312

Amounts payable under tax receivable agreement
 
3,960

 
275

Short-term operating lease liabilities
 
2,899

 
2,682

Other accruals and liabilities
 
3,769

 
3,272

Total accrued expenses and other liabilities
 
$
25,067

 
$
26,201


15
Manning & Napier, Inc.
Notes to Consolidated Financial Statements (Continued)

Note 8—Leases
Leases
The Company has operating and finance leases for office space and certain equipment. For these leases, the office space or equipment is an explicitly identified asset within the contract. The Company has determined that it has obtained substantially all of the economic benefits from the use of the underlying asset and directs how and for what purpose the asset is used during the term of the contract.
The Company's leases have remaining lease terms ranging between approximately 1 year and 8 years. The Company's lease term on certain of its multi-year office space leases, including its headquarters, include options for the Company to extend those leases for periods ranging from an additional five to 10 years. In addition, the Company has the option to reduce a portion of its square footage at certain times throughout the term of the lease for its headquarters. The Company determined it is not reasonably certain at this time it will exercise the options to extend these leases or will exercise the options to reduce its square footage; therefore, the payment amounts related to these lease term extensions and contraction options have been excluded from determining its ROU asset and lease liability.
Certain of the Company's operating leases for office space include variable lease payments, including non-lease components (such as utilities and operating expenses) that vary based on actual expenses and are adjusted on an annual basis. The Company concluded that these variable lease payments are in substance fixed payments and included the estimated variable payments in its determination of ROU assets and lease liabilities.
Changes in the lease terms, including renewal options and options to reduce its square footage, incremental borrowing rates, and/or variable lease payments, and the corresponding impact to the ROU assets and lease liabilities, are recognized in the period incurred.
Certain of the Company's operating leases have been subleased for which the Company will receive cash totaling approximately $3.6 million over the remaining term of such leases. The lease terms for the three subleased operating leases end in 2021, 2027 and 2028.
The components of lease expense for the three and six months ended June 30, 2020 and 2019 were as follows:
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands)
Finance lease expense
 
 
 
 
 
 
 
 
Amortization of right-of-use assets
 
$
23

 
$
30

 
$
48

 
$
59

Interest on lease liabilities
 
2

 
2

 
4

 
5

Operating lease expense
 
1,428

 
934

 
2,220

 
1,857

Short-term lease expense
 
1

 
4

 
2

 
8

Variable lease expense
 
72

 
65

 
147

 
111

Sublease income
 
(161
)
 
(174
)
 
(327
)
 
(297
)
Total lease expense
 
$
1,365

 
$
861

 
$
2,094

 
$
1,743


Supplemental cash flow information related to leases for the three and six months ended June 30, 2020 and 2019 were as follows:

16
Manning & Napier, Inc.
Notes to Consolidated Financial Statements (Continued)

 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
 
 
 
 
 
 
 
 
Operating cash flows from finance leases
 
$
2

 
$
3

 
$
5

 
$
5

Finance cash flows from finance leases
 
$
24

 
$
33

 
$
51

 
61

Operating cash flows from operating leases
 
$
940

 
$
1,159

 
$
1,660

 
1,953

 
 
 
 
 
 
 
 
 
Right-of-use assets obtained in exchange for new lease obligations:
 
 
 
 
 
 
 
 
Finance leases
 
$
—

 
$
15

 
$
—

 
175

Operating leases
 
$
—

 
$
862

 
$
136

 
$
862

Supplemental balance sheet information related to leases as of June 30, 2020 was as follows:
(in thousands, except lease term and discount rate)
 
June 30, 2020
Finance Leases
 
 
Finance lease right-of-use assets (1)
 
$
156

 
 
 
Accrued expenses and other liabilities
 
$
71

Other long-term liabilities
 
94

Total finance lease liabilities
 
$
165

 
 
 
Operating Leases
 
 
Operating lease right-of-use assets
 
$
17,082

 
 
 
Accrued expenses and other liabilities
 
$
2,899

Operating lease liabilities, non-current
 
17,420

Total operating lease liabilities
 
$
20,319

 
 
 
Weighted average remaining lease term
 
 
Finance leases
 
2.62 years

Operating leases
 
6.96 years

Weighted average discount rate
 
 
Finance leases
 
4.92
%
Operating leases
 
5.13
%
_______________________
(1)
Amounts included in other long-term assets within the consolidated statements of financial condition.

17
Manning & Napier, Inc.
Notes to Consolidated Financial Statements (Continued)


Maturities of lease liabilities were as follows:
Twelve month period ending June 30,
 
Finance Leases
 
Operating Leases
 
 
(in thousands)
2021
 
$
80

 
$
3,868

2022
 
55

 
3,599

2023
 
28

 
3,389

2024
 
13

 
3,135

2025
 
—

 
2,986

Thereafter
 
—

 
7,188

Total lease payments
 
176

 
24,165

Less imputed interest
 
(11
)
 
(3,846
)
Total lease liabilities
 
$
165

 
$
20,319

Note 9—Commitments and Contingencies
The Company may from time to time enter into agreements that contain certain representations and warranties and which provide general indemnifications. The Company may also serve as a guarantor of such obligations. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Company expects any risk of liability associated with such guarantees to be remote.
Regulation
As an investment adviser to a variety of investment products, the Company and its affiliated broker-dealer are subject to routine reviews and inspections by the SEC and the Financial Industry Regulatory Authority, Inc. Additionally, the Company could be subject to non-routine reviews and inspections by the National Futures Association and U.S. Commodity Futures Trading Commission in regards to the Company’s de minimis exposure to commodity interest investments in the mutual funds and collective investment trust vehicles it operates. From time to time the Company may also be subject to claims, or be involved in various legal proceedings, arising in the ordinary course of its business and other contingencies. The Company does not believe that the outcome of any of these reviews, inspections or other legal proceedings will have a material impact on its consolidated financial statements; however, litigation is subject to many uncertainties, and the outcome of individual litigated matters is difficult to predict. The Company will establish accruals for matters that are probable, can be reasonably estimated, and may take into account any related insurance recoveries to the extent of such recoveries. As of June 30, 2020 and December 31, 2019, the Company has not accrued for any such claims, legal proceedings, or other contingencies.
Note 10—Earnings per Common Share
Basic earnings per share (“basic EPS”) is computed using the two-class method to determine net income available to Class A common stock. The two-class method includes an earnings allocation formula that determines earnings per share for each participating security according to dividends declared and undistributed earnings for the period. The Company's restricted Class A common shares granted under the Equity Plan have non-forfeitable dividend rights during their vesting period and are therefore considered participating securities under the two-class method. Under the two-class method, the Company's net income available to Class A common stock is reduced by the amount allocated to the unvested restricted Class A common stock. Basic EPS is calculated by dividing net income available to Class A common stock by the weighted average number of common shares outstanding during the period.
Diluted earnings per share (“diluted EPS”) is computed under the more dilutive of either the treasury method or the two-class method. For the diluted calculation, the weighted average number of common shares outstanding during the period is increased by the assumed conversion into Class A common stock of unvested restricted stock units, unvested restricted stock awards, and outstanding stock options (collectively, "outstanding equity awards"), as well as the exchangeable Class A units of Manning & Napier Group, to the extent that such conversion would dilute earnings per share.

18
Manning & Napier, Inc.
Notes to Consolidated Financial Statements (Continued)

The following is a reconciliation of the income and share data used in the basic and diluted EPS computations for the three and six months ended June 30, 2020 and 2019 under the two-class method:
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands, except share data)
Net income attributable to controlling and noncontrolling interests
 
$
4,283

 
$
3,219

 
$
5,118

 
$
6,136

Less: net income (loss) attributable to noncontrolling interests
 
2,737

 
2,805

 
2,714

 
5,161

Net income attributable to Manning & Napier, Inc.
 
$
1,546

 
$
414

 
$
2,404

 
$
975

Less: allocation to participating securities
 
13

 
(33
)
 
27

 
(43
)
Net income available to Class A common stock
 
$
1,533

 
$
447

 
$
2,377

 
$
1,018

 
 
 
 
 
 
 
 
 
Weighted average shares of Class A common stock outstanding - basic
 
16,132,667

 
15,267,762

 
15,972,809

 
15,098,454

Dilutive effect of outstanding equity awards
 
1,762,681

 
346,177

 
660,725

 
305,895

Dilutive effect of exchangeable Class A Units
 
28,400,866

 
—

 
45,217,533

 
62,913,637

Weighted average shares of Class A common stock outstanding - diluted
 
46,296,214

 
15,613,939

 
61,851,067

 
78,317,986

Net income available to Class A common stock per share - basic
 
$
0.09

 
$
0.03

 
$
0.15

 
$
0.07

Net income available to Class A common stock per share - diluted
 
$
0.06

 
$
0.03

 
$
0.06

 
$
0.06

For the three and six months ended June 30, 2020 and 2019, 3,000,000 unvested performance-based stock options were excluded from the calculation of diluted EPS because the associated market condition had not yet been achieved.
For the three and six months ended June 30, 2020, 179,133 and 408,481, respectively, unvested equity awards were excluded from the calculation of diluted EPS because the effect would have been anti-dilutive. For the three and six months ended June 30, 2019, 961,060 and 1,211,060, respectively, unvested equity awards were excluded from the calculation of diluted EPS because the effect would have been anti-dilutive.
Note 11—Equity-Based Compensation
The Equity Plan was adopted by the Company's board of directors and approved by shareholders prior to the consummation of the Company's 2011 initial public offering. Under the Equity Plan, a total of 13,142,813 equity interests are authorized for issuance, and may be issued in the form of Class A common stock, restricted stock units, stock options, units of Manning & Napier Group, or certain classes of membership interests in the Company which may convert into units of Manning & Napier Group. At June 30, 2020, a total of 3,098,104 equity interests were available for issuance pursuant to the Equity Plan.
The following table summarizes activity related to awards of restricted stock and restricted stock units (collectively, "stock awards") under the Equity Plan for the six months ended June 30, 2020:
 
 
Stock Awards
 
Weighted Average Grant Date Fair Value
Outstanding at January 1, 2020
 
1,037,901

 
$
4.30

Granted
 
2,997,940

 
$
1.58

Vested
 
(444,165
)
 
$
4.55

Forfeited
 
(2,667
)
 
$
1.67

Outstanding at June 30, 2020
 
3,589,009

 
$
2.00

The weighted average fair value of stock awards granted during the six months ended June 30, 2020 was $1.58, based on the closing sale price of the Company's Class A common stock as reported on the New York Stock Exchange on the date of grant, and, if not entitled to dividends or dividend equivalents during the vesting period, reduced by the present value of such amounts expected to be paid on the underlying shares during the requisite service period.

19
Manning & Napier, Inc.
Notes to Consolidated Financial Statements (Continued)

For the three and six months ended June 30, 2020, the Company recorded approximately $0.7 million and $1.8 million, respectively, of compensation expense related to stock awards under the Equity Plan. For the three and six months ended June 30, 2019, the Company recorded approximately $0.5 million and $1.9 million, respectively, of compensation expense related to stock awards under the Equity Plan. The aggregate intrinsic value of stock awards that vested during the six months ended June 30, 2020 and 2019 was approximately $0.9 million and $1.3 million, respectively. As of June 30, 2020, there was unrecognized compensation expense of approximately $5.6 million related to stock awards, which the Company expects to recognize over a weighted average period of approximately 3.4 years.
In connection with the vesting of restricted stock units during the six months ended June 30, 2020, the Company withheld a total of 2,832 shares of Class A common stock to satisfy less than $0.1 million of employee income tax withholding requirements. These net share settlements had the effect of shares repurchased and retired by the Company, as they reduced the total number of Class A common shares outstanding.
A summary of activity under the Equity Plan related to stock option awards during the six months ended June 30, 2020 is presented below:
 
 
Stock Option Awards
 
Weighted Average Exercise Price
 
Weighted Average Contractual Term
(years)
 
Aggregate
Intrinsic
 Value
 (in thousands)
Outstanding at January 1, 2020
 
3,500,000

 
$
2.01

 
 
 
 
Granted
 
—

 
$
—

 
 
 
 
Exercised
 
—

 
$
—

 
 
 
 
Forfeited
 
—

 
$
—

 
 
 
 
Outstanding at June 30, 2020
 
3,500,000

 
$
2.01

 
4.1
 
$
2,975

Exercisable at June 30, 2020
 
166,666

 
$
2.01

 
3.5
 
$
142

For the three and six month periods ended June 30, 2020, the Company recorded approximately $0.1 million and $0.3 million, respectively, of compensation expense related to stock options under the Equity Plan. For both of the three and six month periods ended June 30, 2019, the Company recorded approximately $0.2 million of compensation expense related to stock options under the Equity Plan. As of June 30, 2020, there was unrecognized compensation expense of approximately $0.6 million related to stock options, which the Company expects to recognize over a weighted average period of approximately 1.0 year.
Note 12—Income Taxes
The Company is comprised of entities that have elected to be treated as either a limited liability company ("LLC") or a “C-Corporation". As such, the entities functioning as LLCs are not liable for or able to benefit from U.S. federal and most state income taxes on their earnings, and earnings (losses) will be included in the personal income tax returns of each entity’s unit holders. The entities functioning as C-Corporations are liable for or able to benefit from U.S. federal and state and local income taxes on their earnings and losses, respectively.
On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") which includes, among other things, the ability to carryback net operating losses from 2018, 2019 and 2020 to prior years. As of December 31, 2019, the Company had approximately $12.1 million net operating losses available to offset future taxable income for federal income tax purposes and approximately $6.1 million for state income tax purposes. The Company expects to carryback net operating losses generated in 2018, 2019 and, if applicable, 2020 to prior years and claim refunds when the federal corporate tax rate was 34% compared to the current statutory rates of 21%. During the first quarter of 2020, the Company recognized an income tax benefit of approximately $3.3 million, related to the favorable rate applied to its net operating losses. During the second quarter of 2020, the Company reduced its benefit by approximately $1.2 million primarily due to a decrease in the Company's estimated 2020 net operating loss. As a result, the Company increased its deferred tax asset during the six months ended June 30, 2020 related to the TRA by approximately $2.3 million, resulting in a $1.9 million increase of the liability, representing 85% of the applicable cash savings.

20
Manning & Napier, Inc.
Notes to Consolidated Financial Statements (Continued)

During the three months ended June 30, 2020, the Company completed the redemption and subsequent retirement of 60,012,419 Class A units, resulting in the Company's ownership of Manning & Napier Group increasing from 19.5% to 88.2% (Refer to Note 4). The Company recognized a deferred tax asset of approximately $1.1 million, resulting from an increased share of Manning & Napier Group's deferred tax assets. Additionally, as a result of Manning & Napier Group's redemption of its Class A units during the three months ended June 30, 2020 and Manning & Napier Group's election under Section 754 of the Internal Revenue Code, the Company expects to benefit from depreciation and amortization deductions resulting from increases in the tax basis of tangible and intangible assets of Manning & Napier Group. Those deductions allocated to the Company will be taken into account in reporting the Company's taxable income resulting in the recognition of a deferred tax asset of approximately $2.5 million. The aggregate $3.6 million of deferred tax assets recognized during the three months ended June 30, 2020 resulting from the redemption were recorded within the Company's consolidated statements of shareholder's equity.
The Company’s income tax provision (benefit) and effective tax rate were as follows: 
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands)
Income before provision for (benefit from) income taxes
 
$
5,743

 
$
3,550

 
$
3,352

 
$
6,709

Effective tax rate
 
25.4
%
 
9.3
%
 
(52.7
)%
 
8.5
%
Provision for (benefit from) income taxes
 
1,460

 
331

 
(1,766
)
 
573

Provision for (benefit from) income taxes at statutory rate
 
1,206

 
746

 
704

 
1,409

Difference between tax at effective vs. statutory rate
 
$
254

 
$
(415
)
 
$
(2,470
)
 
$
(836
)
For both the three and six months ended June 30, 2020 and 2019, the difference between the Company’s recorded provision (benefit) and the provision that would result from applying the U.S. statutory rate of 21% includes the benefit resulting from the fact that a significant portion of the Company’s operations include a series of flow-through entities which are generally not subject to federal and most state income taxes. Accordingly, a portion of the Company’s earnings are not subject to corporate level taxes. For the six months ended June 30, 2020, the income tax benefit also includes the impact from the enactment of the CARES Act, which resulted in the recognition of an income tax benefit based on the ability to carry back net operating losses to prior years.
A state is currently auditing the Company's 2016, 2017 and 2018 corporate tax returns. The audit is expected to be completed in 2020. As of June 30, 2020, the audit is in process and the state is collecting and evaluating the data for which the Company has not recorded a liability for uncertain tax positions under ASC 740. The Company believes any potential increases to this liability, which could be up to approximately $1.3 million, would not result in a material change to its financial position.
Note 13—Related Party Transactions
Transactions with noncontrolling members
From time to time, the Company may be asked to provide certain services, including accounting, legal and other administrative functions for the noncontrolling members of Manning & Napier Group. While immaterial, the Company has not received any reimbursement for such services.
The Company manages the personal funds of certain of the Company's executive officers and directors and/or their affiliated entities. Pursuant to the respective investment management agreements, in some instances the Company may waive or reduce its regular advisory fees for these accounts. The aggregate value of the fees earned and the value of fees waived was less than $0.1 million for each of the six months ended June 30, 2020 and 2019.
Manning & Napier Group completed the redemption of 60,012,419 Class A units held by the noncontrolling members of Manning & Napier Group, including 59,957,419 units held by William Manning, who was previously the Chairman of the Company's Board of Directors on May 11, 2020. The independent directors, on behalf of the Company, decided to settle the exchange utilizing approximately $90.8 million in cash, including approximately $90.7 million paid to Mr. Manning with payment made from its cash, cash equivalents and proceeds from the sale of investment securities. See Note 4 for additional details.
Affiliated fund transactions
The Company earns investment advisory fees, distribution fees and administrative service fees under agreements with affiliated mutual funds and collective investment trusts. Fees earned for advisory and distribution services provided were approximately $8.5 million and $17.4 million for the three and six months ended June 30, 2020, and approximately $10.2 million and $21.3 million for the three and six months ended June 30, 2019. Fees earned for administrative services provided

21
Manning & Napier, Inc.
Notes to Consolidated Financial Statements (Continued)

were approximately $0.4 million and $0.8 million for the three and six months ended June 30, 2020, and approximately $0.5 million and $1.1 million for the three and six months ended June 30, 2019. See Note 3 for disclosure of amounts due from affiliated mutual funds and collective investment trusts.
The Company incurs certain expenses on behalf of the collective investment trusts and has contractually agreed to limit its fees and reimburse expenses to limit operating expenses incurred by certain affiliated fund series. The aggregate value of fees waived and expenses reimbursed to, or incurred for, affiliated mutual funds and collective investment trusts were approximately $1.3 million and $2.5 million for the three and six months ended June 30, 2020 and 2019. As of June 30, 2020 the Company had recorded a receivable of approximately $0.2 million for expenses paid on behalf of an affiliated mutual fund. These expenses are reimbursable to the Company under an agreement with the affiliated mutual fund, and are included within other long-term assets on the consolidated statements of financial condition.
Note 14—Subsequent Events
Distribution
Subsequent to June 30, 2020, the Board of Directors approved a $1.5 million distribution from Manning & Napier Group to Manning & Napier and the noncontrolling interests of Manning & Napier Group, of which approximately $0.2 million was paid to the noncontrolling members of Manning & Napier Group.

22

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This report contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which reflect the views of Manning & Napier, Inc. ("we," "our," or "us") with respect to, among other things, our future operations and financial performance. Words like "believes," "expects," "may," "estimates," "will," "should," "could," "intends," "likely," "plans," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, are used to identify forward-looking statements, although not all forward-looking statements contain these words. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, there can be no assurance that our actual results will not differ materially from what we expect or believe. Some of the factors that could cause our actual results to differ materially from our expectations or beliefs are disclosed in the “Risk Factors” section, as well as other sections, of our Annual Report on Form 10-K, which include, without limitation: changes in securities or financial markets or general economic conditions; the impact of COVID-19 on the U.S. and global economy; the impact of the settlement of the exchange pursuant to the exchange agreement (the “Exchange Agreement”) between the Company, M&N Group Holdings, LLC (“M&N Group Holdings”) and Manning & Napier Capital Company, LLC (“MNCC”); a decline in the performance of our products; client sales and redemption activity; any loss of an executive officer or key personnel; changes in our business related to strategic acquisitions and other transactions; our ability to successfully deploy new technology platforms and upgrades; and changes of government policy or regulations. All forward-looking statements speak only as of the date on which they are made and we undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Overview
Our Business
Manning & Napier, Inc. is an independent investment management firm that provides our clients with a broad range of financial solutions and investment strategies. Founded in 1970 and headquartered in Fairport, New York, we serve a diversified client base of high-net-worth individuals and institutions, including 401(k) plans, pension plans, Taft-Hartley plans, endowments and foundations. Our investment strategies offer equity, fixed income and a range of blended asset portfolios by employing traditional and quantitative approaches.
Impact of COVID-19
In March 2020, the World Health Organization categorized COVID-19 as a pandemic, and it continues to spread throughout the United States and other countries. To limit the spread of COVID-19, governments have taken various actions including the issuance of stay-at-home orders and social distancing guidelines, causing some businesses to suspend operations, disrupting the global supply chain, creating a reduction in demand for many products, and thus having a significant impact on the global economy. We are addressing the challenges of COVID-19 by protecting the health and well-being of our employees while servicing our clients and leveraging technology to fully support our business needs in a primarily digital manner.
The impact of COVID-19 on our investment performance, financial statements, capital and liquidity and our business operations are further discussed below:
•
Client Performance Impact: As a result of our ability to rapidly adapt to a remote work environment, we believe we were able to minimize the impact of COVID-19 on client performance. Additionally, due to the significant increase in volatility throughout the first half of the year, discussed in more detail in the next section, we were able to capitalize on the market environment by delivering strong results for clients year-to-date.
•
Financial Statement Impact: Our revenues consist primarily of investment management fees typically calculated as a percentage of the market value of our assets under management ("AUM"), and they are dependent on the value and composition of our AUM. As of June 30, 2020, AUM was $18.6 billion, an increase from $17.1 billion as of March 31, 2020. This 9% increase came on the heels of a market rebound during the second quarter, with approximately $2.2 billion of market appreciation offset by approximately $0.7 billion of net client outflows. While we anticipate the effects of the pandemic may negatively affect our results of operations, cash flows, and financial position, at this time we cannot reasonably estimate the full impact, given the uncertainty over the duration and severity of the economic crisis.
•
Capital and Liquidity Impact: Our financial condition is stable, allowing us to effectively manage the financial impacts of COVID-19. We believe our capital structure should provide us with sufficient resources and flexibility to meet present and future cash needs. During the first quarter of 2020, we suspended the quarterly cash dividend on our Class A common stock. Given the uncertainty surrounding the current economic environment, we will continue to assess our liquidity needs.

23

•
Business Operations Impact: For the health and well-being of our employees, we have modified our business practices in accordance with social distancing guidelines to encourage work-from-home arrangements and we have restricted business-related travel. Our technology capabilities have allowed us to maintain sales and client servicing activity through digital collaboration platforms and digital marketing efforts. We believe our second quarter 2020 results, with gross client inflows comparable to prior periods and gross client outflows reduced from historical levels, provide an indication that our sales strategy is gaining traction despite the COVID-19 disruption. Additionally, our technology has enabled us to support the majority of our employees’ remote working arrangements. Our ability to adequately maintain our operations, internal controls and client relationships has not been adversely affected by these modifications.
The extent of the impact of COVID-19 on our business, financial condition and results of operations also depends on future developments, including the duration of the pandemic and the volatility of the global financial markets, all of which are highly uncertain. We continue to assess the risks associated with COVID-19 and to mitigate them where possible. For further discussion regarding the potential future impacts of COVID-19 and related economic conditions on the Company's financial statements, capital and liquidity, and business operations, see "Part II-Item 1A-Risk Factors."
Market Developments
The second quarter was characterized by a massive rebound in capital markets all across the globe. However, this improvement came as the pandemic continued to worsen in the western and southern portions of the United States.  The continued uncertainty related to the spread of the virus and its long-term impacts on the economy is likely not fully known at this point and is something that investors must consider.
From bottoming out at near-term lows in mid- to late-March, equities rallied sharply, and in some cases, in a historic manner. Amid the broad-based strength, domestic equities again outperformed international peers. Within the US, small-cap stocks outperformed large-caps over the quarter, closing the performance gap year-to-date as investors became increasingly optimistic that a widespread reopening of business activity would aid the hard-hit group. Additionally, growth continued its multi-year run of outsized relative results versus value, and the style now holds a very substantial year-to-date performance edge.
Regarding fixed income, central bank policy measures helped stabilize credit markets, contributing to little movement in yield curves over the quarter. As a result, domestic and international sovereign debt performance regressed toward zero, a substantial decline from the exceptional performance last quarter. Moving out on the risk spectrum, credit spreads materially compressed throughout the quarter, significantly aiding performance for both investment grade and below investment grade securities. Falling spreads aided municipal bonds as well, leading to a bounce back in results for the sector.
We believe the stark juxtaposition in the behavior of financial markets, as well as in our investment performance over the past six months clearly demonstrates the value and power of a truly active investment approach. Uncertainty drives volatility, and it is specifically during those rare moments of great uncertainty when we believe a disciplined, selective investment process can make a meaningful difference.
Other Business Updates
During the first quarter of 2020, pursuant to the terms of the Exchange Agreement between the Company and the holders of its non-controlling interests, approximately 60.0 million Class A Units of Manning & Napier Group, LLC ("Manning & Napier Group") were tendered for cash or shares of the Company's Class A common stock. In early April 2020, the independent directors, on behalf of the Company, determined that the exchange would be settled in approximately $90.8 million cash. The settlement of the exchange occurred on May 11, 2020, with payment made from our cash, cash equivalents and proceeds from the sale of investment securities. The Class A Units were subsequently retired, and as a result, our ownership of Manning & Napier Group increased from 19.5% to 88.2%.
Our Solutions
We derive substantially all of our revenues from investment management fees earned from providing advisory services to separately managed accounts and to mutual funds and collective investment trusts—including those offered by Manning & Napier Advisors, LLC ("MNA"), the Manning & Napier Fund, Inc. (the "Fund"), Exeter Trust Company, and Rainier Investment Management, LLC ("Rainier").
Our separate accounts are primarily distributed through our wealth management sales channel, where our financial consultants form relationships with high-net-worth individuals, endowments, foundations, and retirement plans. To a lesser extent, we also obtain a portion of our separate account distribution via third parties, either through our intermediary sales channel where national brokerage firm representatives or independent financial advisors select our separate account strategies for their clients, or through our platform/sub-advisor relationships, where unaffiliated registered investment advisors approve our strategies for their product platforms. Our separate account strategies are a primary driver of our blended asset portfolios for

24

high-net-worth, middle market institutional clients and financial intermediaries. In contrast, larger institutions and unaffiliated registered investment advisor platforms are a driver of our separate account equity portfolios.
Our mutual funds and collective investment trusts are distributed through financial intermediaries, including brokers, financial advisors, retirement plan advisors and platform relationships. We also distribute our mutual fund and collective investment trusts through our institutional representatives, particularly within the defined contribution, Taft-Hartley, and institutional marketplace. Our mutual fund and collective investment trust strategies are an important driver of our blended asset class and single asset class portfolios.

Assets Under Management
During 2019, we changed our distribution strategy following a business review to better capitalize on our strengths. As part of this change, we have adjusted our sales efforts to more distinctly separate the clients to which we deliver holistic solutions, including high-net-worth families, endowments and foundations, and small and mid-sized business, from our Institutional and Intermediary clients, including third party advisors, platforms and consultants, as well as larger institutions and Taft-Hartley clients. Our AUM was $18.6 billion as of June 30, 2020. The composition of our AUM by sales channel and portfolio is illustrated in the table below:
 
 
June 30, 2020
 
 
Blended
Asset
 
Equity
 
Fixed Income
 
Total
 
 
(dollars in millions)
Total AUM
 
 
 
 
 
 
 
 
Wealth Management
 
$
7,280.4

 
$
798.1

 
$
255.9

 
$
8,334.4

Institutional and Intermediary
 
5,794.9

 
3,763.6

 
747.4

 
10,305.9

Total
 
$
13,075.3

 
$
4,561.7

 
$
1,003.3

 
$
18,640.3

Percentage of AUM
 
 
 
 
 
 
 
 
Wealth Management
 
40
%
 
4
%
 
1
%
 
45
%
Institutional and Intermediary
 
31
%
 
20
%
 
4
%
 
55
%
Total
 
71
%
 
24
%
 
5
%
 
100
%
Percentage of portfolio by channel
 
 
 
 
 
 
 
 
Wealth Management
 
56
%
 
17
%
 
26
%
 
45
%
Institutional and Intermediary
 
44
%
 
83
%
 
74
%
 
55
%
Total
 
100
%
 
100
%
 
100
%
 
100
%
Percentage of channel by portfolio
 
 
 
 
 
 
 
 
Wealth Management
 
87
%
 
10
%
 
3
%
 
100
%
Institutional and Intermediary
 
56
%
 
37
%
 
7
%
 
100
%
Our wealth management channel represented 45% of our total AUM as of June 30, 2020. Blended portfolios are the most significant portion of wealth management assets, representing 87% of wealth management AUM. Equity and fixed income portfolios represent 10% and 3%, respectively, of wealth management AUM.
Our institutional and intermediary channel represented 55% of our total AUM as of June 30, 2020. Blended portfolios are also the largest portion of institutional and intermediary assets at 56% of AUM, followed by equity and fixed income portfolios at 37% and 7%, respectively.
As of June 30, 2020, blended portfolios account for 71% of our total AUM at $13.1 billion, a 8% increase from March 31, 2020 when blended assets were $12.1 billion. Blended portfolio AUM is similar across both distribution channels, with 56% in wealth management and 44% in institutional and intermediary. Equity portfolios account for 24% of our total AUM, at $4.6 billion, a 16% increase from March 31, 2020 when equity portfolios were at $3.9 billion. Of equity portfolio AUM, 83% is in the institutional and intermediary channel, and 17% is in the wealth management channel. Fixed income portfolios account for 5% of total AUM at $1.0 billion, consistent with March 31, 2020. Consistent with equity portfolio AUM, the majority of fixed income assets come through the institutional and intermediary channel at 74%, and 26% of fixed income AUM is in the wealth management channel.

25

During the six months ended June 30, 2020, our wealth management sales channel contributed 32% of our total gross client inflows, while our institutional and intermediary channel contributed 68%. Of the $1,221.6 million in gross client inflows, blended asset portfolios represented 65%, while equity and fixed income portfolios represented 28% and 7%, respectively.
Results of Operations
Below is a discussion of our consolidated results of operations for the three and six months ended June 30, 2020 and 2019.
Components of Results of Operations
Overview
An important factor influencing inflows and outflows of our AUM is the investment performance of our various investment approaches. Our stock selection strategies, absolute pricing discipline and active asset allocation generally result in specific absolute and relative return characteristics in different market environments. For example, during a fundamental-driven bull market when prices are rising alongside improving fundamentals, we are likely to experience positive absolute returns and competitive relative returns. However, in a more momentum-driven bull market, when prices become disconnected from underlying fundamentals, or narrow market environment where a small handful of stocks outperform the average stock, we are likely to experience positive absolute returns but lagging relative returns. Similarly, during a valuation-driven bear market, when markets experience a period of price correction following a momentum-driven bull market, we are likely to experience negative absolute returns but strong relative returns. However, in a momentum-driven bear market, which is typically characterized by broad price declines in a highly correlated market, we are likely to experience negative absolute returns and potentially lagging relative returns. Essentially, our approach is likely to do well when markets are driven by fundamentals, but lag when markets are driven primarily by momentum.
Other components impacting our operating results include:
•
asset-based fee rates and changes in those rates;
•
the composition of our AUM among various portfolios, vehicles and client types;
•
changes in our variable costs, including incentive compensation and distribution, servicing and custody expenses, which are affected by our investment performance, level of our AUM and revenue; and
•
fixed costs, including changes to base compensation, vendor-related costs and investment spending on new products.

26

Assets Under Management and Investment Performance
The following table reflects the indicated components of our AUM for our sales channels for the three and six months ended June 30, 2020 and 2019:
 
Sales Channel (3)
 
Wealth Management
 
Institutional and Intermediary
 
Total
 
Wealth Management
 
Institutional and Intermediary
 
Total
 
 
 
(in millions)
 
 
 
 
 
 
 
 
As of March 31, 2020
$
7,732.9

 
$
9,327.6

 
$
17,060.5

 
45
%
 
55
%
 
100
%
Gross client inflows (1)
193.3

 
359.5

 
552.8

 
 
 
 
 
 
Gross client outflows (1)
(360.7
)
 
(850.9
)
 
(1,211.6
)
 
 
 
 
 
 
Market appreciation/(depreciation) & other (2)
768.9

 
1,469.7

 
2,238.6

 
 
 
 
 
 
As of June 30, 2020
$
8,334.4

 
$
10,305.9

 
$
18,640.3

 
45
%
 
55
%
 
100
%
Average AUM for period
$
8,164.0

 
$
9,930.2

 
$
18,094.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of March 31, 2019
$
9,362.6

 
$
11,775.2

 
$
21,137.8

 
44
%
 
56
%
 
100
%
Gross client inflows (1)
203.9

 
346.5

 
550.4

 
 
 
 
 
 
Gross client outflows (1)
(421.3
)
 
(701.5
)
 
(1,122.8
)
 
 
 
 
 
 
Market appreciation/(depreciation) & other (2)
252.7

 
432.7

 
685.4

 
 
 
 
 
 
As of June 30, 2019
$
9,397.9

 
$
11,852.9

 
$
21,250.8

 
44
%
 
56
%
 
100
%
Average AUM for period
$
9,327.6

 
$
11,702.9

 
$
21,030.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wealth Management
 
Institutional and Intermediary
 
Total
 
Wealth Management
 
Institutional and Intermediary
 
Total
 
 

 
(in millions)
 
 

 
 
 
 
 
 
As of December 31, 2019
$
8,716.4

 
$
10,763.7

 
$
19,480.1

 
45
%
 
55
%
 
100
%
Gross client inflows (1)
395.4

 
826.2

 
1,221.6

 
 
 
 
 
 
Gross client outflows (1)
(736.0
)
 
(1,604.8
)
 
(2,340.8
)
 
 
 
 
 
 
Market appreciation/(depreciation) & other (2)
(41.4
)
 
320.8

 
279.4

 
 
 
 
 
 
As of June 30, 2020
$
8,334.4

 
$
10,305.9

 
$
18,640.3

 
45
%
 
55
%
 
100
%
Average AUM for period
$
8,486.1

 
$
10,130.7

 
$
18,616.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2018
$
8,700.9

 
$
11,462.7

 
$
20,163.6

 
43
%
 
57
%
 
100
%
Gross client inflows (1)
390.1

 
881.0

 
1,271.1

 
 
 
 
 
 
Gross client outflows (1)
(886.0
)
 
(1,809.7
)
 
(2,695.7
)
 
 
 
 
 
 
Market appreciation/(depreciation) & other (2)
1,192.9

 
1,318.9

 
2,511.8

 
 
 
 
 
 
As of June 30, 2019
$
9,397.9

 
$
11,852.9

 
$
21,250.8

 
44
%
 
56
%
 
100
%
Average AUM for period
$
9,192.8

 
$
11,628.5

 
$
20,821.3

 
 
 
 
 
 
________________________
(1)
Transfers of client assets between portfolios are included in gross client inflows and gross client outflows.
(2)
Market appreciation/(depreciation) and other includes investment gains/(losses) on assets under management, the impact of changes in foreign exchange rates and net flows from non-sales related activities including net reinvested dividends.
(3)
AUM and gross client flows between sales channels have been estimated based upon preliminary data. For a limited portion of our mutual fund AUM, reporting by sales channel is not available at the time of this report. Such estimates have no impact on total AUM, total cash flows, or AUM by investment portfolio reported in the table above.

27


The following table reflects the indicated components of our AUM for our portfolios for the three and six months ended June 30, 2020 and 2019:

 
Blended
Asset
 
Equity
 
Fixed
Income
 
Total
 
Blended
Asset
 
Equity
 
Fixed
Income
 
Total
 
 
 
(in millions)
 
 
 
 
 
 
 
 
 
 
As of March 31, 2020
$
12,096.8

 
$
3,944.7

 
$
1,019.0

 
$
17,060.5

 
71
%
 
23
%
 
6
%
 
100
%
Gross client inflows (1)
426.5

 
99.4

 
26.9

 
552.8

 
 
 
 
 
 
 
 
Gross client outflows (1)
(851.8
)
 
(292.5
)
 
(67.3
)
 
(1,211.6
)
 
 
 
 
 
 
 
 
Market appreciation/(depreciation) & other (2)
1,403.8

 
810.1

 
24.7

 
2,238.6

 
 
 
 
 
 
 
 
As of June 30, 2020
$
13,075.3

 
$
4,561.7

 
$
1,003.3

 
$
18,640.3

 
71
%
 
24
%
 
5
%
 
100
%
Average AUM for period
$
12,729.7

 
$
4,353.7

 
$
1,010.8

 
$
18,094.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of March 31, 2019
$
13,834.7

 
$
6,227.2

 
$
1,075.9

 
$
21,137.8

 
66
%
 
29
%
 
5
%
 
100
%
Gross client inflows (1)
327.0

 
161.7

 
61.7

 
550.4

 
 
 
 
 
 
 
 
Gross client outflows (1)
(745.7
)
 
(308.2
)
 
(68.9
)
 
(1,122.8
)
 
 
 
 
 
 
 
 
Market appreciation/(depreciation) & other (2)
428.3

 
228.8

 
28.3

 
685.4

 
 
 
 
 
 
 
 
As of June 30, 2019
$
13,844.3

 
$
6,309.5

 
$
1,097.0

 
$
21,250.8

 
65
%
 
30
%
 
5
%
 
100
%
Average AUM for period
$
13,718.9

 
$
6,200.7

 
$
1,110.9

 
$
21,030.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Blended
Asset
 
Equity
 
Fixed
Income
 
Total
 
Blended
Asset
 
Equity
 
Fixed
Income
 
Total
 
 
 
(in millions)
 
 
 
 
 
 
 
 
 
 
As of December 31, 2019
$
13,473.3

 
$
4,988.8

 
$
1,018.0

 
$
19,480.1

 
69
%
 
26
%
 
5
%
 
100
%
Gross client inflows (1)
794.7

 
336.6

 
90.3

 
1,221.6

 
 
 
 
 
 
 
 
Gross client outflows (1)
(1,668.2
)
 
(524.2
)
 
(148.4
)
 
(2,340.8
)
 
 
 
 
 
 
 
 
Market appreciation/(depreciation) & other (2)
475.5

 
(239.5
)
 
43.4

 
279.4

 
 
 
 
 
 
 
 
As of June 30, 2020
$
13,075.3

 
$
4,561.7

 
$
1,003.3

 
$
18,640.3

 
70
%
 
25
%
 
5
%
 
100
%
Average AUM for period
$
12,974.6

 
$
4,619.6

 
$
1,022.6

 
$
18,616.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2018
$
13,532.2

 
$
5,501.9

 
$
1,129.5

 
$
20,163.6

 
67
%
 
27
%
 
6
%
 
100
%
Gross client inflows (1)
629.1

 
541.0

 
101.0

 
1,271.1

 
 
 
 
 
 
 
 
Gross client outflows (1)
(1,811.6
)
 
(690.9
)
 
(193.2
)
 
(2,695.7
)
 
 
 
 
 
 
 
 
Market appreciation/(depreciation) & other (2)
1,494.6

 
957.5

 
59.7

 
2,511.8

 
 
 
 
 
 
 
 
As of June 30, 2019
$
13,844.3

 
$
6,309.5

 
$
1,097.0

 
$
21,250.8

 
65
%
 
30
%
 
5
%
 
100
%
Average AUM for period
$
13,661.0

 
$
6,048.8

 
$
1,111.5

 
$
20,821.3

 
 
 
 
 
 
 
 
________________________
(1)
Transfers of client assets between portfolios are included in gross client inflows and gross client outflows.
(2)
Market appreciation/(depreciation) and other includes investment gains/(losses) on assets under management, the impact of changes in foreign exchange rates and net flows from non-sales related activities including net reinvested dividends.


28

The following table summarizes the annualized returns for several of our key investment strategies and relative benchmarks. Since inception and over long-term periods, we believe these strategies have earned attractive returns on both an absolute and relative basis. We recognize, however that some key strategies have mixed track records over the past several years. These strategies are used across separate account, mutual fund and collective investment trust vehicles, and represent approximately 75% of our AUM as of June 30, 2020.
Key Strategies
AUM as of
June 30, 2020 (in millions)
Inception Date
 
Annualized Returns as of June 30, 2020 (2)
 
One Year
 
Three Year
 
Five Year
 
Ten Year
 
Inception
Long-Term Growth (30%-80% Equity Exposure)
$
5,389.1

1/1/1973
 
11.5%
 
8.3%
 
6.7%
 
8.4%
 
9.5%
Blended Index (3)
 
 
 
6.4%
 
7.0%
 
6.6%
 
8.2%
 
8.7%
Core Non-U.S. Equity
$
570.1

10/1/1996
 
5.0%
 
3.7%
 
3.6%
 
5.2%
 
7.1%
Benchmark: ACWIxUS Index
 
 
 
(4.8)%
 
1.1%
 
2.3%
 
5.0%
 
4.6%
Growth with Reduced Volatility (20%-60% Equity Exposure)
$
2,552.6

1/1/1973
 
10.7%
 
7.2%
 
5.6%
 
6.9%
 
8.7%
Blended Index (4)
 
 
 
6.7%
 
6.4%
 
5.8%
 
6.9%
 
8.3%
Equity-Oriented (70%-100% Equity Exposure)
$
1,316.2

1/1/1993
 
11.5%
 
10.8%
 
8.7%
 
10.5%
 
10.0%
Blended Benchmark: 65% Russell 3000 / 20% ACWIxUS/ 15% Bloomberg Barclays U.S. Aggregate Bond
 
 
 
4.9%
 
7.8%
 
7.8%
 
10.6%
 
8.4%
Equity-Focused Blend (50%-90% Equity Exposure)
$
977.5

4/1/2000
 
12.1%
 
9.2%
 
7.4%
 
9.3%
 
7.2%
Blended Benchmark: 53% Russell 3000 / 17% ACWIxUS/ 30% Bloomberg Barclays U.S. Aggregate Bond
 
 
 
5.7%
 
7.4%
 
7.3%
 
9.5%
 
5.5%
Core Equity-Unrestricted (90%-100% Equity Exposure)
$
534.5

1/1/1995
 
10.4%
 
11.6%
 
9.6%
 
11.9%
 
11.1%
Blended Benchmark: 80% Russell 3000 / 20% ACWIxUS
 
 
 
4.2%
 
8.3%
 
8.5%
 
12.0%
 
8.9%
Core U.S. Equity
$
175.6

7/1/2000
 
13.2%
 
13.7%
 
11.5%
 
13.0%
 
8.3%
Benchmark: Russell 3000
 
 
 
6.5%
 
10.0%
 
10.0%
 
13.7%
 
6.2%
Conservative Growth (5%-35% Equity Exposure)
$
483.2

4/1/1992
 
8.4%
 
5.5%
 
4.2%
 
4.8%
 
6.0%
Blended Benchmark: 15% Russell 3000 / 5% ACWIxUS / 80% Bloomberg Barclays U.S. Intermediate Aggregate Bond
 
 
 
6.4%
 
5.2%
 
4.5%
 
4.9%
 
6.1%
Aggregate Fixed Income
$
183.0

1/1/1984
 
9.6%
 
5.4%
 
4.2%
 
3.8%
 
7.2%
Benchmark: Bloomberg Barclays U.S. Aggregate Bond
 
 
 
8.7%
 
5.3%
 
4.3%
 
3.8%
 
7.1%
Rainier International Small Cap
$
810.4

3/28/2012
 
8.2%
 
7.5%
 
6.9%
 
N/A (1)
 
11.3%
Benchmark: MSCI ACWIxUS Small Cap Index
 
 
 
(4.3)%
 
(0.2)%
 
2.5%
 
N/A (1)
 
4.7%
Disciplined Value US (5)
$
1,069.9

1/1/2013
 
(4.2)%
 
5.7%
 
8.1%
 
N/A (1)
 
11.9%
Benchmark: Russell 1000 Value
 
 
 
(8.8)%
 
1.8%
 
4.6%
 
N/A (1)
 
11.0%
__________________________
(1)
Performance not available given the product's inception date.
(2)
Key investment strategy returns are presented net of fees. Benchmark returns do not reflect any fees or expenses.
(3)
Benchmark shown uses the 55/45 Blended Index from 01/01/1973-12/31/1987 and the 40/15/45 Blended Index from 01/01/1988- 3/31/2020. The 55/45 Blended Index is represented by 55% S&P 500 Total Return Index ("S&P 500") and 45% Bloomberg Barclays U.S. Government/Credit Bond Index ("BGCB"). The 40/15/45 Blended Index is 40% Russell 3000 Index ("Russell 3000"), 15% MSCI ACWI ex USA Index ("ACWxUS"), and 45% Bloomberg Barclays U.S. Aggregate Bond Index ("BAB").
(4)
Benchmark shown uses the 40/60 Blended Index from 01/01/1973-12/31/1987, the 30/10/60 Blended Index from 01/01/1988-12/31/2019, and the 30/10/30/30 Blended Index from 01/01/2020 to 03/31/2020. The 40/60 Blended Index is represented by 40% S&P 500 and 60% BGCB. The 30/10/60 Blended Index is represented by 30% Russell 3000, 10% ACWxUS, and 60% BAB. The 30/10/30/30 Blended Index is represented by 30% Russell 3000, 10% ACWxUS, 30% BAB, and 30% Barclays Intermediate Aggregate Bond Index.
(5)
In our Annual Report, on Form 10-K for the year ended December 31, 2019, we began presenting the performance of Disciplined Value US in place of Disciplined Value Unrestricted.


29

Revenue
Our revenues primarily consist of investment management fees earned from managing our clients’ AUM. We earn our investment management fees as a percentage of our clients’ AUM either as of a specified date or on a daily basis. Our investment management fees can fluctuate based on the average fee rate for our investment management products, which are affected by the composition of our AUM among various portfolios and investment vehicles.
We serve as the investment adviser for Manning & Napier Fund, Inc., Exeter Trust Company Collective Investment Trusts and Rainier Multiple Investment Trust. The mutual funds are open-end mutual funds that primarily offer no-load share classes designed to meet the needs of a range of institutional and other investors. Exeter Trust Company, an affiliated New Hampshire-chartered trust company and Rainier Multiple Investment Trust sponsor collective investment trusts for qualified retirement plans, including 401(k) plans. These mutual funds and collective investment trusts comprised $5.5 billion, or 30%, of our AUM as of June 30, 2020. MNA and Rainier also serve as the investment advisor to all of our separately managed accounts, managing $13.1 billion, or 70%, of our AUM as of June 30, 2020, including assets managed as a sub-advisor to pooled investment vehicles. For the period ended June 30, 2020 approximately 99% of our revenue was earned from clients located in the United States.
We earn distribution and servicing fees for providing services to our affiliated mutual funds. Revenue is computed and earned daily based on a percentage of AUM.
We earn custodial service fees for administrative and safeguarding services performed by Exeter Trust Company. Fees are calculated as a percentage of the client's market value with additional fees for certain transactions.
During the first quarter of 2019, we completed the effort to restructure fees for many of our mutual fund and collective trust vehicles. The impacts on our overall revenue margins and operating expenses are described below in the discussion of results for the three and six months ended June 30, 2020.
Operating Expenses
Our largest operating expenses are employee compensation and related costs, and to a lesser degree, distribution, servicing and custody expenses, discussed further below, with a significant portion of these expenses varying in a direct relationship to our absolute and relative investment management performance, as well as AUM and revenues. We review our operating expenses in relation to the investment market environment and changes in our revenues. However, we are generally willing to make expenditures as necessary, even when faced with declining rates of growth in revenues, in order to support our investment products, our client service levels, strategic initiatives and our long-term value.
•
Compensation and related costs. Employee compensation and related costs represent our largest expense, including employee salaries and benefits, incentive compensation to investment and sales professionals, compensation issued under our long-term incentive plan as well as equity compensation. These costs are affected by changes in the employee headcount, the mix of existing job descriptions, competitive factors, the addition of new skill sets and variations in the level of our AUM and revenues. In addition, these costs are impacted by the amount of compensation granted under our equity plan and the amount of deferred cash awards granted under our long-term incentive plan. Incentive compensation for our research team considers the cumulative impact of both absolute and relative investment performance over historical time periods, with more weight placed on the recent periods. As such, incentive compensation paid to our research team will vary, in part, based on absolute and relative investment performance.
•
Distribution, servicing and custody expenses. Distribution, servicing and custody expenses represent amounts paid to various intermediaries for distribution, shareholder servicing, administrative servicing and custodial services. These expenses generally increase or decrease in line with changes in our mutual fund and collective investment trust AUM or services performed by these intermediaries. During the first quarter of 2019, we completed the effort, begun in 2017, of restructuring fees across our mutual funds. The financial impacts were a reduction in the management fees on existing business, as well as an offsetting reduction in related distribution, servicing and custody expenses. Given the overall pressure on fees that all active managers are facing, we felt bringing our fund fees to a more competitive level would enhance our ability to attract additional assets in the future.
•
Other operating costs. Other operating costs include technology costs, accounting, legal and other professional service fees, occupancy and facility costs, travel and entertainment expenses, insurance, market data service expenses and all other miscellaneous costs associated with managing the day-to-day operations of our business.
Non-Operating Income (Loss)
Non-operating income (loss) includes interest expense, interest and dividend income, changes in liability under the tax receivable agreement ("TRA") entered into between Manning & Napier and the other holders of Class A units of Manning &

30

Napier Group, LLC ("Manning & Napier Group"), gains (losses) related to investment securities sales as well as changes in values of those investment securities designated as equity securities, at fair value.
We expect the interest and investment components of non-operating income (loss) to fluctuate based on market conditions, the performance of our investments and the overall amount of our investments held by the Company to provide initial cash seeding for product development purposes and short-term investment for cash management opportunities.
Provision for Income Taxes
The Company is comprised of entities that have elected to be treated as either a limited liability company ("LLC") or a "C-Corporation". As such, the entities functioning as LLCs are not liable for or able to benefit from U.S. federal or most state and local income taxes on their earnings, and their earnings (losses) will be included in the personal income tax returns of each entity's unit holders. The entities functioning as C-Corporations are liable for or able to benefit from U.S. federal and state and local income taxes on their earnings and losses, respectively.
Noncontrolling Interests
Manning & Napier, Inc. holds an economic interest of approximately 88.2% in Manning & Napier Group as of June 30, 2020 and, as managing member, controls all of the business and affairs of Manning & Napier Group. As a result, the Company consolidates the financial results of Manning & Napier Group and records a noncontrolling interest in our consolidated financial statements. Net income attributable to noncontrolling interests on the consolidated statements of operations represents the portion of earnings attributable to the economic interest in Manning & Napier Group held by the noncontrolling interests.
Critical Accounting Policies and Estimates
Our critical accounting policies and estimates are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2019.
This management’s discussion and analysis should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 together with the consolidated financial statements and related notes and the other financial information that appear elsewhere in this report.
Recent Accounting Pronouncements
See Note 2, "Summary of Significant Accounting Policies - Recent Accounting Pronouncements" to the Consolidated Financial Statements included in Item 1 of Part I of this Quarterly Report on Form 10-Q for additional information.

31

Three Months Ended June 30, 2020 Compared to Three Months Ended June 30, 2019
Assets Under Management  
The following table reflects changes in our AUM for the three months ended June 30, 2020 and 2019: 
 
 
Three months ended June 30,
 
Period-to-Period
 
 
2020
 
2019
 
$
 
%
 
 
(in millions)
 
 
Wealth Management (3)
 
 
 
 
 
 
 
 
Beginning assets under management
 
$
7,732.9

 
$
9,362.6

 
$
(1,629.7
)
 
(17
)%
Gross client inflows (1)
 
193.3

 
203.9

 
(10.6
)
 
(5
)%
Gross client outflows (1)
 
(360.7
)
 
(421.3
)
 
60.6

 
(14
)%
Market appreciation (depreciation) & other (2)
 
768.9

 
252.7

 
516.2

 
204
 %
Ending assets under management
 
$
8,334.4

 
$
9,397.9

 
$
(1,063.5
)
 
(11
)%
Average AUM for period
 
$
8,164.0

 
$
9,327.6

 
 
 
 
Institutional and Intermediary (3)
 
 
 
 
 
 
 
 
Beginning assets under management
 
$
9,327.6

 
$
11,775.2

 
$
(2,447.6
)
 
(21
)%
Gross client inflows (1)
 
359.5

 
346.5

 
13.0

 
4
 %
Gross client outflows (1)
 
(850.9
)
 
(701.5
)
 
(149.4
)
 
21
 %
Market appreciation (depreciation) & other (2)
 
1,469.7

 
432.7

 
1,037.0

 
240
 %
Ending assets under management
 
$
10,305.9

 
$
11,852.9

 
$
(1,547.0
)
 
(13
)%
Average AUM for period
 
$
9,930.2

 
$
11,702.9

 
 
 
 
Total assets under management
 
 
 
 
 
 
 
 
Beginning assets under management
 
$
17,060.5

 
$
21,137.8

 
$
(4,077.3
)
 
(19
)%
Gross client inflows (1)
 
552.8

 
550.4

 
2.4

 
—
 %
Gross client outflows (1)
 
(1,211.6
)
 
(1,122.8
)
 
(88.8
)
 
8
 %
Market appreciation (depreciation) & other (2)
 
2,238.6

 
685.4

 
1,553.2

 
227
 %
Ending assets under management
 
$
18,640.3

 
$
21,250.8

 
$
(2,610.5
)
 
(12
)%
Average AUM for period
 
$
18,094.2

 
$
21,030.5

 
 
 
 
________________________
(1)
Transfers of client assets between portfolios are included in gross client inflows and gross client outflows.
(2)
Market appreciation/(depreciation) and other includes investment gains/(losses) on assets under management, the impact of changes in foreign exchange rates and net flows from non-sales related activities including net reinvested dividends.
(3)
AUM and gross client flows between sales channels have been estimated based upon preliminary data. For a limited portion of our mutual fund AUM, reporting by sales channel is not available at the time of this report. Such estimates have no impact on total AUM, total cash flows, or AUM by investment portfolio reported in the table above.

Our total AUM decreased by $2.6 billion from $21.3 billion at June 30, 2019 to $18.6 billion at June 30, 2020. The decrease was attributable to net client outflows of $4.2 billion, partially offset by market appreciation of $1.6 billion. Net client outflows consisted of approximately $1.2 billion of net outflows for wealth management and $3.0 billion for institutional and intermediary. By portfolio, the rates of change in AUM from June 30, 2019 to June 30, 2020 consisted of a $1.7 billion, or 28% decrease in our equity portfolio, a $0.8 billion, or 6% decrease in our blended asset portfolio, and a decrease of approximately $0.1 billion, or 9% in our fixed income portfolio.
We have experienced a slight increase in the overall rate of outflows with gross outflows of approximately $1.2 billion during the quarter ended June 30, 2020, a 8% increase from the quarter ended June 30, 2019. Gross outflows annualized as a percentage of our AUM, or turnover rate, for the three months ended June 30, 2020 was 28%.

32

The rate of gross client inflows was approximately $0.6 billion during the three months ended June 30, 2020, consistent with the quarter ended June 30, 2019. We believe that COVID related travel restrictions, coupled with the changes in our organization and macro trends towards passive investing have all played a role in this trend. We believe that by demonstrating stability in client AUM and in our organization, and modernizing our platform, we will provide a foundation from which we can grow.
The total AUM increase of approximately $1.6 billion, to $18.6 billion at June 30, 2020 from $17.1 billion at March 31, 2020 was attributable to market appreciation of $2.2 billion, partially offset by net client outflows of $0.7 billion. Net client outflows consisted of approximately $0.2 billion for wealth management while net client outflows in institutional and intermediary were $0.5 billion. The blended investment gain was 9.9% in wealth management accounts and 15.8% in institutional and intermediary. By portfolio in the period, our AUM increased by $1.0 billion in our blended asset portfolio, $0.6 billion in our equity portfolio, and decreased by $15.7 million in our fixed income portfolio.
As of June 30, 2020, the composition of our AUM was 45% in wealth management and 55% in institutional and intermediary, compared to 44% in wealth management and 56% in institutional and intermediary at June 30, 2019. The composition of our AUM across portfolios at June 30, 2020 was 71% in blended assets, 24% in equity, and 5% in fixed income, compared to 65% in blended assets, 30% in equity, 5% in fixed income at June 30, 2019.
For our wealth management channel, gross client inflows of approximately $0.2 billion were offset by $0.4 billion of gross client outflows during the three months ended June 30, 2020. The $0.2 billion gross client inflows include approximately $0.2 billion into our blended asset portfolio and less than $0.1 billion into both our equity and fixed income portfolios. Outflows during the quarter were $0.2 billion, or 58% from blended portfolios, $0.1 billion, or 29% from equity, and less than $0.1 billion, or 13% from fixed income portfolios, respectively. 
Gross client inflows of $0.4 billion were offset by gross client outflows of $0.9 billion within our institutional and intermediary channel during the three months ended June 30, 2020. Gross client inflows include approximately $0.3 billion into our blended asset portfolios and less than $0.1 billion into both our equity and fixed income portfolios. With regard to gross client outflows, $0.6 billion, or 75% was from our blended asset portfolios, $0.2 billion or 22% was from our equity portfolios, and less than $0.1 billion, or 3% was from our fixed income portfolios.

33

The following table sets forth our results of operations and related data for the three months ended June 30, 2020 and 2019: 
 
 
Three months ended June 30,
 
Period-to-Period
 
 
2020
 
2019
 
$
 
%
 
 
(in thousands, except share data)
 
 
Revenues
 
 
 
 
 
 
 
 
Management Fees
 
 
 
 
 
 
 
 
Wealth management
 
$
13,740

 
$
16,209

 
$
(2,469
)
 
(15
)%
Institutional and intermediary
 
12,142

 
12,932

 
(790
)
 
(6
)%
Distribution and shareholder servicing
 
2,303

 
2,566

 
(263
)
 
(10
)%
Custodial services
 
1,463

 
1,750

 
(287
)
 
(16
)%
Other revenue
 
698

 
837

 
(139
)
 
(17
)%
Total revenue
 
30,346

 
34,294

 
(3,948
)
 
(12
)%
Expenses
 
 
 
 
 
 
 
 
Compensation and related costs
 
17,379

 
20,161

 
(2,782
)
 
(14
)%
Distribution, servicing and custody expenses
 
2,425

 
3,019

 
(594
)
 
(20
)%
Other operating costs
 
7,489

 
8,639

 
(1,150
)
 
(13
)%
Total operating expenses
 
27,293

 
31,819

 
(4,526
)
 
(14
)%
Operating income
 
3,053

 
2,475

 
578

 
23
 %
Non-operating income (loss)
 
 
 
 
 
 
 
 
Non-operating income (loss), net
 
2,690

 
1,075

 
1,615

 
150
 %
Income before provision for income taxes
 
5,743

 
3,550

 
2,193

 
62
 %
Provision for income taxes
 
1,460

 
331

 
1,129

 
341
 %
Net income attributable to controlling and noncontrolling interests
 
4,283

 
3,219

 
1,064

 
33
 %
Less: net income attributable to noncontrolling interests
 
2,737

 
2,805

 
(68
)
 
(2
)%
Net income attributable to Manning & Napier, Inc.
 
$
1,546

 
$
414

 
$
1,132

 
273
 %
Per Share Data
 
 
 
 
 
 
 
 
Net income per share available to Class A common stock
 
 
 
 
 
 
 
 
Basic
 
$
0.09

 
$
0.03

 
 
 
 
Diluted
 
$
0.06

 
$
0.03

 
 
 
 
Weighted average shares of Class A common stock outstanding
 
 
 
 
 
 
 
 
Basic
 
16,132,667

 
15,267,762

 
 
 
 
Diluted
 
46,296,214

 
15,613,939

 
 
 
 
 
 
 
 
 
 
 
 
 
Other financial and operating data
 
 
 
 
 
 
 
 
Economic income (loss) (1)
 
$
6,701

 
$
4,224

 
$
2,477

 
59
 %
Economic net income (1)
 
$
3,971

 
$
2,999

 
$
972

 
32
 %
Economic net income per adjusted share (1)
 
$
0.08

 
$
0.04

 

 


Weighted average adjusted Class A common stock outstanding(1)
 
48,309,400

 
79,570,059

 
 
 
 
_______________________    
(1)
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Supplemental Non-GAAP Financial Information” for Manning & Napier’s reasons for including these measures not calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP") in this report in addition to a reconciliation of non-GAAP financial measures to GAAP measures for the periods indicated.


34

Revenues
Wealth management revenue decreased by $2.5 million, or 15%, to $13.7 million for the three months ended June 30, 2020 from $16.2 million for the three months ended June 30, 2019. This decrease is driven primarily by a 12%, or $1.2 billion, decrease in our average wealth management AUM for the three months ended June 30, 2020 compared to the three months ended June 30, 2019. At June 30, 2020 the concentration of investments in our wealth management assets were 87% blended assets, 10% equity and 3% fixed income, compared to 79% blended assets, 18% equity and 3% fixed income as of June 30, 2019.
Institutional and intermediary revenue decreased by $0.8 million, or 6%, to $12.1 million for the three months ended June 30, 2020 from $12.9 million for the three months ended June 30, 2019. This decrease is driven primarily by a 15%, or $1.8 billion, decrease in our average institutional and intermediary AUM for the three months ended June 30, 2020 compared to the three months ended June 30, 2019. As of June 30, 2020, the concentration of assets in our institutional and intermediary was 56% blended assets, 37% equity and 7% fixed income, compared to 54% blended assets, 39% equity and 7% fixed income as of June 30, 2019.
Distribution and shareholder servicing revenue decreased by $0.3 million, or 10%, to $2.3 million for the three months ended June 30, 2020 from $2.6 million for the three months ended June 30, 2019. This decrease was driven by a reduction in mutual fund and collective investment trust average AUM of 17% for the same period.
Custodial services revenue decreased by $0.3 million, or 16%, to $1.5 million for the three months ended June 30, 2020 from $1.8 million for the three months ended June 30, 2019. The decrease primarily relates to decreases in our collective investment trust AUM.
Operating Expenses
Our operating expenses decreased by $4.5 million, or 14%, to $27.3 million for the three months ended June 30, 2020 from $31.8 million for the three months ended June 30, 2019.
Compensation and related costs decreased by $2.8 million, or 14%, to $17.4 million for the three months ended June 30, 2020 from $20.2 million for the three months ended June 30, 2019. This decrease in the current quarter compared to the second quarter of 2019 was driven by a decrease in our workforce. When considered as a percentage of revenue, compensation and related costs for both the three months ended June 30, 2020 and 2019 was 57%. Given the declines in our revenue, we anticipate that our compensation ratio as a percentage of revenue will remain elevated in the near term compared to prior periods.
Distribution, servicing and custody expenses decreased by $0.6 million, or 20%, to $2.4 million for the three months ended June 30, 2020 from $3.0 million for the three months ended June 30, 2019. The decrease was generally driven by a 17% reduction in mutual fund and collective investment trust average AUM for the three months ended June 30, 2020 compared to the three months ended June 30, 2019. As a percentage of mutual fund and collective investment trust average AUM, distribution, servicing and custody expense was 0.18% for the three months ended June 30, 2020, compared to 0.19% for the three months ended June 30, 2019.
Other operating costs for the three months ended June 30, 2020 were $7.5 million, as compared to $8.6 million for the three months ended June 30, 2019. During the second quarter of 2020, we recognized an impairment charge of approximately $0.6 million in connection with a leased asset for which the carrying value was deemed not fully recoverable. As a percentage of revenue, other operating costs were 25% for both the three months ended June 30, 2020 and 2019.

35

Non-Operating Income (Loss)
Non-operating income for the three months ended June 30, 2020 was $2.7 million, an increase of $1.6 million, from non-operating income of $1.1 million for the three months ended June 30, 2019. The following table reflects the components of non-operating income (loss) for the three months ended June 30, 2020 and 2019:
 
Three months ended June 30,
 
Period-to-Period
 
2020
 
2019
 
$
 
%
 
(in thousands)
 
 
Non-operating income (loss)
 
 
 
 
 
 
 
Interest expense
$
(3
)
 
$
(10
)
 
$
7

 
(70
)%
Interest and dividend income (1)
363

 
837

 
(474
)
 
(57
)%
Change in liability under tax receivable agreement (2)
914

 
—

 
914

 
*

Net gains (losses) on investments (3)
1,416

 
248

 
1,168

 
471
 %
Total non-operating income (loss)
$
2,690

 
$
1,075

 
$
1,615

 
150
 %
__________________________
(*) Variance not calculable
(1)
The decrease in interest and dividend income for the three months ended June 30, 2020 compared to 2019 is attributable to a decrease in investments, including U.S. Treasury notes and bills, corporate bonds and other short-term investments to optimize cash management opportunities, coupled with a decrease in interest rates.
(2)
The change in the liability under the tax receivable agreement for the three months ended June 30, 2020 is driven by a decrease in the Company's expected tax benefits under the tax receivable agreement with the other holders of units of Manning & Napier Group and the corresponding changes in the payment of such benefits. The change during the three months ended June 30, 2020 is driven by a reduction in the Company's estimated 2020 net operating loss. This change will reduce the favorable rate of applying 2020 net operating losses to prior years with the enactment of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act").
(3)
The amount of net gain (loss) on investments held by us, to provide initial cash seeding for product development purposes and to hedge economic exposure to market movements on our deferred compensation plan, will vary depending on the performance and overall amount of our investments.
Provision for Income Taxes
Our provision for income taxes was $1.5 million for the three months ended June 30, 2020, compared to a provision of $0.3 million for the three months ended June 30, 2019. During the first quarter of 2020, we recognized a benefit from income taxes of $3.2 million, driven primarily from the enactment of the CARES Act which includes, among other things, the ability to carry back net operating losses from 2018, 2019 and 2020. As a result, we recognized an income tax benefit during the first quarter of 2020 related to the favorable rate applied to our net operating losses. During the second quarter of 2020, we reduced the benefit by approximately $1.2 million due to the decrease in our estimated 2020 net operating loss.

36


Six Months Ended June 30, 2020 Compared to Six Months Ended June 30, 2019
Assets Under Management
The following table reflects changes in our AUM for the six months ended June 30, 2020 and 2019:
 
 
Six months ended June 30,
 
Period-to-Period
 
 
2020
 
2019
 
$
 
%
 
 
(in millions)
 
 
Wealth Management (3)
 
 
 
 
 
 
 
 
Beginning assets under management
 
$
8,716.4

 
$
8,700.9

 
$
15.5

 
—
 %
Gross client inflows (1)
 
395.4

 
390.1

 
5.3

 
1
 %
Gross client outflows (1)
 
(736.0
)
 
(886.0
)
 
150.0

 
(17
)%
Market appreciation (depreciation) & other (2)
 
(41.4
)
 
1,192.9

 
(1,234.3
)
 
(103
)%
Ending assets under management
 
$
8,334.4

 
$
9,397.9

 
$
(1,063.5
)
 
(11
)%
Average AUM for period
 
$
8,486.1

 
$
9,192.8

 
 
 
 
Institutional and Intermediary (3)
 
 
 
 
 
 
 
 
Beginning assets under management
 
$
10,763.7

 
$
11,462.7

 
$
(699.0
)
 
(6
)%
Gross client inflows (1)
 
826.2

 
881.0

 
(54.8
)
 
(6
)%
Gross client outflows (1)
 
(1,604.8
)
 
(1,809.7
)
 
204.9

 
(11
)%
Market appreciation (depreciation) & other (2)
 
320.8

 
1,318.9

 
(998.1
)
 
(76
)%
Ending assets under management
 
$
10,305.9

 
$
11,852.9

 
$
(1,547.0
)
 
(13
)%
Average AUM for period
 
$
10,130.7

 
$
11,628.5

 
 
 
 
Total assets under management
 
 
 
 
 
 
 
 
Beginning assets under management
 
$
19,480.1

 
$
20,163.6

 
$
(683.5
)
 
(3
)%
Gross client inflows (1)
 
1,221.6

 
1,271.1

 
(49.5
)
 
(4
)%
Gross client outflows (1)
 
(2,340.8
)
 
(2,695.7
)
 
354.9

 
(13
)%
Market appreciation (depreciation) & other (2)
 
279.4

 
2,511.8

 
(2,232.4
)
 
(89
)%
Ending assets under management
 
$
18,640.3

 
$
21,250.8

 
$
(2,610.5
)
 
(12
)%
Average AUM for period
 
$
18,616.8

 
$
20,821.3

 
 
 
 
________________________
(1)
Transfers of client assets between portfolios are included in gross client inflows and gross client outflows.
(2)
Market appreciation/(depreciation) and other includes investment gains/(losses) on assets under management, the impact of changes in foreign exchange rates and net flows from non-sales related activities including net reinvested dividends.
(3)
AUM and gross client flows between sales channels have been estimated based upon preliminary data. For a limited portion of our mutual fund AUM, reporting by sales channel is not available at the time of this report. Such estimates have no impact on total AUM, total cash flows, or AUM by investment portfolio reported in the table above.


Our total AUM decreased by $2.6 billion from $21.3 billion at June 30, 2019 to $18.6 billion at June 30, 2020. The decrease was attributable to net client outflows of $4.2 billion, partially offset by market appreciation of $1.6 billion. Net client outflows consisted of approximately $1.2 billion of net outflows for wealth management and $3.0 billion for institutional and intermediary. By portfolio, the rates of change in AUM from June 30, 2019 to June 30, 2020 consisted of a $1.7 billion, or 28% decrease in our equity portfolio, a $0.8 billion, or 6% decrease in our blended asset portfolio, and a decrease of $0.1 billion, or 9% in our fixed income portfolio.
While many of our key strategies achieved recent competitive relative returns, we attribute our net cash outflows during the six months ended June 30, 2020 in part to challenging three and five year annualized returns in many of the strategies included in our blended asset and equity portfolios. We have experienced a decrease in the overall rate of outflows with gross outflows of approximately $2.3 billion during the six months ended June 30, 2020, a 13% improvement from the same period through June 30, 2019.

37

While we have experienced an improvement in the rate of outflows, the rate of gross client inflows has slowed to approximately $1.2 billion during the six months ended June 30, 2020, a 4% decrease compared to the same period in 2019. We believe that changes in our organization and macro trends towards passive investing have all played a role in this trend. We believe that by demonstrating stability in client AUM and in our organization, along with continuing to improve long-term track records and modernizing our platform, we will provide a foundation from which we can grow.
The total AUM decrease of $0.8 billion, or 4%, to $18.6 billion at June 30, 2020 from $19.5 billion at December 31, 2019 was attributable to net client cash outflows of $1.1 billion, partially offset by market appreciation of $0.3 billion. Included in net client flows during the six months ended June 30, 2020 were net client outflows in wealth management of approximately $0.3 billion and institutional and intermediary of approximately $0.8 billion. The blended investment loss was 0.5% in wealth management and the blended investment gain was 3.0% in institutional and intermediary. By portfolio, our net $0.8 billion AUM decrease was derived from decreases of $0.4 billion, or 9%, in our equity portfolio, $0.4 billion, or 3%, in our blended asset portfolio and $14.7 million, or 1%, in our fixed income portfolio.
As of June 30, 2020, the composition of our AUM was 45% in wealth management and 55% in institutional and intermediary, compared to 44% in wealth management and 56% in institutional and intermediary at June 30, 2019. The composition of our AUM across portfolios at June 30, 2020 was 71% in blended assets, 24% in equity, and 5% in fixed income, consistent with composition at June 30, 2019.
With regard to our wealth management channel, gross client inflows of $0.4 billion were offset by approximately $0.7 billion of gross client outflows during the six months ended June 30, 2020. The $0.4 billion of gross client inflows included $0.3 billion into our blended asset portfolios, and less than $0.1 billion into both our equity portfolios and fixed income portfolios. Outflows during the six months ended June 30, 2020 were $0.7 billion, with 66% from blended portfolios, 21% from equity, and 13% from fixed income portfolios, respectively. The annualized separate account retention rate was 94% for the six months ended June 30, 2020, up from 85% for the rolling twelve months ended June 30, 2020. We believe the improvement is further support that our overall servicing efforts, importantly including our value-added advisory services, are effective in supporting long-term relationships.
Net client outflows of $0.8 billion from our institutional and intermediary included gross client inflows of $0.8 billion offset by gross client outflows of $1.6 billion during the six months ended June 30, 2020. Gross client inflows into our blended asset portfolios, represented $0.5 billion, or 57%, of institutional and intermediary gross client inflows during the six months ended June 30, 2020. With regard to gross client outflows, $1.2 billion, or 74%, of institutional and intermediary gross client outflows were from blended asset institutional and intermediary products.

38

The following table sets forth our results of operations and other data for the six months ended June 30, 2020 and 2019:
 
 
Six months ended June 30,
 
Period-to-Period
 
 
2020
 
2019
 
$
 
%
 
 
(in thousands, except share data)
 
 
Revenues
 
 
 
 
 
 
 
 
Management Fees
 
 
 
 
 
 
 
 
Wealth management
 
$
28,040

 
$
32,678

 
$
(4,638
)
 
(14
)%
Institutional and intermediary
 
24,273

 
26,166

 
(1,893
)
 
(7
)%
Distribution and shareholder servicing
 
4,693

 
5,190

 
(497
)
 
(10
)%
Custodial services
 
3,062

 
3,495

 
(433
)
 
(12
)%
Other revenue
 
1,387

 
1,562

 
(175
)
 
(11
)%
Total revenue
 
61,455

 
69,091

 
(7,636
)
 
(11
)%
Expenses
 
 
 
 
 
 
 
 
Compensation and related costs
 
36,642

 
41,609

 
(4,967
)
 
(12
)%
Distribution, servicing and custody expenses
 
5,238

 
6,777

 
(1,539
)
 
(23
)%
Other operating costs
 
14,586

 
16,946

 
(2,360
)
 
(14
)%
Total operating expenses
 
56,466

 
65,332

 
(8,866
)
 
(14
)%
Operating income
 
4,989

 
3,759

 
1,230

 
33
 %
Non-operating income (loss)
 
 
 
 
 
 
 
 
Non-operating income (loss), net
 
(1,637
)
 
2,950

 
(4,587
)
 
(155
)%
Income before provision for income taxes
 
3,352

 
6,709

 
(3,357
)
 
(50
)%
Provision for income taxes
 
(1,766
)
 
573

 
(2,339
)
 
(408
)%
Net income attributable to controlling and noncontrolling interests
 
5,118

 
6,136

 
(1,018
)
 
(17
)%
Less: net income attributable to noncontrolling interests
 
2,714

 
5,161

 
(2,447
)
 
(47
)%
Net income attributable to Manning & Napier, Inc.
 
$
2,404

 
$
975

 
$
1,429

 
147
 %
Per Share Data
 
 
 
 
 
 
 
 
Net income per share available to Class A common stock
 
 
 
 
 
 
 
 
Basic
 
$
0.15

 
$
0.07

 
 
 
 
Diluted
 
$
0.06

 
$
0.06

 
 
 
 
Weighted average shares of Class A common stock outstanding
 
 
 
 
 
 
 
 
Basic
 
15,972,809

 
15,098,454

 
 
 
 
Diluted
 
61,851,067

 
78,317,986

 
 
 
 
 
 
 
 
 
 
 
 
 
Other financial and operating data
 
 
 
 
 
 
 
 
Economic income (1)
 
$
5,029

 
$
8,043

 
$
(3,014
)
 
(37
)%
Economic net income (1)
 
$
5,537

 
$
5,711

 
$
(174
)
 
(3
)%
Economic net income per adjusted share (1)
 
$
0.09

 
$
0.07

 
 
 
 
Weighted average adjusted Class A common stock outstanding (1)
 
64,534,522

 
79,817,987

 
 
 
 
________________________
(1)
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Supplemental Non-GAAP Financial Information” for Manning & Napier’s reasons for including these non-GAAP measures in this report in addition to a reconciliation of non-GAAP financial measures to GAAP measures for the periods indicated.
Revenues
Wealth management revenue decreased by $4.6 million, or 14%, to $28.0 million for the six months ended June 30, 2020 from $32.7 million for the six months ended June 30, 2019. This decrease is driven primarily by an 8% decrease in our average wealth management AUM for the six months ended June 30, 2020 compared to the six months ended June 30, 2019. As of

39

June 30, 2020, the concentration of assets in our wealth management channel was 87% blended assets, 10% equity and 3% fixed income, compared to 79% blended assets, 18% equity and 3% fixed income as of June 30, 2019.
Institutional and intermediary revenue decreased by $1.9 million, or 7%, to $24.3 million for the six months ended June 30, 2020 from $26.2 million for the six months ended June 30, 2019. This decrease is driven primarily by a 13%, or $1.5 billion, decrease in average institutional and intermediary AUM for the six months ended June 30, 2020 compared to the six months ended June 30, 2019. As of June 30, 2020 the concentration of assets in our institutional and intermediary channel was 56% blended assets, 37% equity and 7% fixed income, compared to 54% blended assets, 39% equity and 7% fixed income as of June 30, 2019.
Distribution and shareholder servicing revenue decreased by $0.5 million, or 10%, to $4.7 million for the six months ended June 30, 2020 from $5.2 million for the six months ended June 30, 2019. This decrease is driven by a reduction in mutual fund and collective investment trust average AUM of 13% for the same period.
Custodial services revenue decreased by $0.4 million, or 12%, to $3.1 million for the six months ended June 30, 2020 from $3.5 million for the six months ended June 30, 2019. The decrease primarily relates to decreases in our collective trust AUM.
Operating Expenses
Our operating expenses decreased by $8.9 million, or 14%, to $56.5 million for the six months ended June 30, 2020 from $65.3 million for the six months ended June 30, 2019.
Compensation and related costs decreased by $5.0 million, or 12%, to $36.6 million for the six months ended June 30, 2020 from $41.6 million for the six months ended June 30, 2019. The decrease was driven by a decrease in our workforce as well as lower variable incentive costs for our sales team as a result of the reduction in AUM and revenue, coupled with a reduction in employee severance costs and equity based compensation. When considered as a percentage of revenue, compensation and related costs was 60% for both the six months ended June 30, 2020 and 2019. Given the declines in our revenue, we anticipate that our compensation ratio as a percentage of revenue will remain elevated in the near term compared to prior periods.
Distribution, servicing and custody expenses decreased by $1.5 million, or 23%, to $5.2 million for the six months ended June 30, 2020 from $6.8 million for the six months ended June 30, 2019. The decrease was generally attributable to a 13% decrease in mutual fund and collective investment trust average AUM for the six months ended June 30, 2020 compared to the six months ended June 30, 2019, coupled with the completion of MNA's mutual fund fee restructure initiative during the first quarter of 2019, where a portion of these expenses are now borne by the mutual funds directly. As a percentage of mutual fund and collective investment trust average AUM, distribution, servicing and custody expense was 0.38% for the six months ended June 30, 2020, compared to 0.43% for the six months ended June 30, 2019.
Other operating costs decreased by $2.4 million, or 14%, to $14.6 million for the six months ended June 30, 2020 from $16.9 million for the six months ended June 30, 2019. During the second quarter of 2020, we recognized an impairment charge of approximately $0.6 million in connection with a leased asset for which the carrying value was deemed not fully recoverable. As a percentage of revenue, other operating costs for the six months ended June 30, 2020 was 24% compared to 25% for six months ended June 30, 2019.

40

Non-Operating Income (Loss)
Non-operating loss for the six months ended June 30, 2020 was $1.6 million, a decrease of $4.6 million, from non-operating income of $3.0 million for the six months ended June 30, 2019. The following table reflects the components of non-operating income (loss) for the six months ended June 30, 2020 and 2019:
 
Six months ended June 30,
 
Period-to-Period
 
2020
 
2019
 
$
 
%
 
(in thousands)
 
 
Non-operating income (loss)
 
 
 
 
 
 
 
Interest expense
$
(5
)
 
$
(13
)
 
$
8

 
(62
)%
Interest and dividend income (1)
720

 
1,646

 
(926
)
 
(56
)%
Change in liability under tax receivable agreement (2)
(1,936
)
 
195

 
(2,131
)
 
(1,093
)%
Net gains (losses) on investments (3)
(416
)
 
1,122

 
(1,538
)
 
(137
)%
Total non-operating income
$
(1,637
)
 
$
2,950

 
$
(4,587
)
 
(155
)%
__________________________
(*)
Variance not calculable.
(1)
The decrease in interest and dividend income for the six months ended June 30, 2020 compared to 2019 is attributable to a decrease in investments, including U.S. Treasury notes and bills, corporate bonds and other short-term investments to optimize cash management opportunities, coupled with a decrease in interest rates.
(2)
The change in the liability under the tax receivable agreement for the six months ended June 30, 2020 is driven by an increase in the Company's expected tax benefits under the tax receivable agreement with the other holders of units of Manning & Napier Group and the corresponding changes in the payment of such benefits. The change during the six months ended June 30, 2020 is driven by the tax benefits realized with the enactment of the CARES Act.
(3)
The amount of net gain (loss) on investments held by us, to provide initial cash seeding for product development purposes and to hedge economic exposure to market movements on our deferred compensation plan, will vary depending on the performance and overall amount of our investments.
Provision for Income Taxes
Our benefit from income taxes was $1.8 million for the six months ended June 30, 2020, compared to a provision for income taxes of $0.6 million for the six months ended June 30, 2019. The benefit recognized during the six months ended June 30, 2020 was attributable to the enactment of the CARES Act during the first quarter of 2020 which includes, among other things, the ability to carry back net operating losses from 2018, 2019 and 2020 to prior years. As a result, we recognized an income tax benefit related to the favorable rate applied to our net operating losses.
Supplemental Non-GAAP Financial Information
Beginning with the release of our operating results for the third quarter of 2019, as supplemental information we began providing a new non-GAAP measure, economic income. Management uses economic income, economic net income and economic net income per adjusted share as financial measures to evaluate the profitability and efficiency of our business as a whole in the ordinary, ongoing and customary course of its operations. Economic income, economic net income and economic net income per adjusted share are not presented in accordance with GAAP.
Economic income, for periods beginning in and subsequent to January 1, 2019, presents a non-GAAP financial measure of the controlling and non-controlling interests of Manning & Napier Group and excludes from income before provision for income taxes strategic restructuring and transaction costs, net. We define strategic restructuring and transaction costs, net, as items related to our ongoing strategic review focused on the evolution of our distribution strategy and technology initiatives. These costs include severance-related costs, certain consulting and other professional service fees, lease and other contract termination costs, and gain or loss on sale of a business. Non-GAAP measures for the first and second quarters of 2019 have been restated to conform to the current period presentation.

41

Economic net income is a non-GAAP measure of after-tax operating performance and equals the Company’s income before provision for income taxes less adjusted income taxes. Adjusted income taxes are estimated assuming the exchange of all outstanding units of Manning & Napier Group into Class A common stock on a one-to-one basis. Therefore, all income of Manning & Napier Group allocated to the units of Manning & Napier Group is treated as if it were allocated to us and represents an estimate of income tax expense (benefit) at an effective rate of 40.7% and 29.0% for the three months ended June 30, 2020 and 2019, respectively, and (10.1)% and 29.0% for the six months ended June 30, 2020 and 2019, respectively, reflecting assumed federal, state and local income taxes.
Economic net income per adjusted share is a non-GAAP measure and is equal to economic net income divided by the weighted average adjusted Class A common shares outstanding. The number of weighted average adjusted Class A common shares outstanding for all periods presented is determined by assuming the weighted average exchangeable units of Manning & Napier Group, weighted average unvested stock units, weighted average unvested restricted stock awards, and weighted average vested stock options are converted into our outstanding Class A common stock as of the respective reporting date, on a one-to-one basis. Our management uses economic net income, among other financial data, to determine the earnings available to distribute as dividends to holders of its Class A common stock and to the holders of the units of Manning & Napier Group.
Non-GAAP measures are not a substitute for financial measures prepared in accordance with GAAP and therefore should not be used in isolation of, but in conjunction with, GAAP measures. Additionally, our non-GAAP measures may differ from similar measures used by other companies, even if similar terms are used to identify such measures.
The following table sets forth, for the periods indicated, our other financial and operating data:
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands, except share data)
Economic income (loss) (Non-GAAP)
 
$
6,701

 
$
4,224

 
$
5,029


$
8,043

Economic net income (Non-GAAP)
 
$
3,971

 
$
2,999

 
$
5,537


$
5,711

Economic net income per adjusted share (Non-GAAP)
 
$
0.08

 
$
0.04

 
$
0.09


$
0.07

Weighted average adjusted Class A common stock outstanding (Non-GAAP)
 
48,309,400

 
79,570,059

 
64,534,522

 
79,817,987


42


The following table sets forth, for the periods indicated, a reconciliation of non-GAAP financial measures to GAAP measures:
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands, except share data)
Net income attributable to Manning & Napier, Inc.
 
$
1,546

 
$
414

 
$
2,404

 
$
975

Add back: Net income (loss) attributable to noncontrolling interests
 
2,737

 
2,805

 
2,714

 
5,161

Add back: Provision for (benefit from) income taxes
 
1,460

 
331

 
(1,766
)
 
573

Income (loss) before provision for (benefit from) income taxes
 
$
5,743

 
$
3,550

 
$
3,352

 
$
6,709

Add back: Strategic restructuring and transaction costs, net (1)
 
958

 
674

 
1,677

 
1,334

Economic income (loss) (Non-GAAP)
 
$
6,701

 
4,224

 
5,029

 
8,043

Adjusted income taxes (Non-GAAP)
 
2,730

 
1,225

 
(508
)
 
2,332

Economic net income (Non-GAAP)
 
$
3,971

 
$
2,999

 
$
5,537

 
$
5,711

 
 


 

 


 

Weighted average shares of Class A common stock outstanding - Basic
 
16,132,667

 
15,267,762

 
15,972,809

 
15,098,454

Assumed vesting, conversion or exchange of:
 


 

 
 
 
 
Weighted average Manning & Napier Group, LLC units outstanding (noncontrolling interest)
 
28,400,866

 
62,482,345

 
45,217,533

 
62,913,637

Weighted average unvested restricted stock units and share awards
 
3,609,201

 
1,819,952

 
3,177,514

 
1,805,896

Weighted average vested stock options
 
166,666

 
—

 
166,666

 
—

Weighted average adjusted shares (Non-GAAP)
 
48,309,400

 
79,570,059

 
64,534,522

 
79,817,987

 
 
 
 
 
 
 
 
 
Economic net income per adjusted share (Non-GAAP)
 
$
0.08

 
$
0.04

 
$
0.09

 
$
0.07

__________________________

(1) Strategic restructuring and transaction costs, net, are included in the following financial statement line items of our Consolidated Statements of Operations:
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands)
Compensation and related costs
 
$
154

 
$
566

 
$
840

 
$
1,110

Other operating costs
 
804

 
108

 
837

 
224

Total strategic restructuring and transaction costs
 
$
958

 
$
674

 
$
1,677

 
$
1,334


43

Liquidity and Capital Resources
Historically, our cash and liquidity needs have been met primarily through cash generated by our operations and cash and cash equivalents on hand. Our financial condition at June 30, 2020 was highly liquid, with a significant amount of our assets comprised of cash and cash equivalents, accounts receivable and investment securities held by us for the purpose of optimizing short-term cash management and providing initial cash seeding for product development purposes.
The following table sets forth certain key financial data relating to our liquidity and capital resources as of June 30, 2020 and December 31, 2019: 
 
 
June 30, 2020
 
December 31, 2019
 
 
(in thousands)
Cash and cash equivalents
 
$
40,577

 
$
67,088

Accounts receivable
 
$
11,373

 
$
10,182

Investment securities
 
$
24,169

 
$
90,467

Amounts payable under tax receivable agreement (1)
 
$
19,457

 
$
17,521

________________________
(1)
In light of numerous factors affecting our obligation to make such payments, the timing and amounts of any such actual payments are based on our best estimate as of June 30, 2020 and December 31, 2019, including our ability to realize the expected tax benefits. Actual payments may significantly differ from estimated payments.
We have no material assets other than our ownership of Class A units of Manning & Napier Group and, accordingly, will depend on distributions from Manning & Napier Group to pay taxes and operating expenses, as well as any dividends we may pay. As managing member of Manning & Napier Group, we will determine the timing and amount of any distributions to be paid to its members. We intend to cause Manning & Napier Group to distribute cash to its members, including us, in an amount sufficient to cover taxes and operating expenses, including dividends, if any, declared by us. If we do cause Manning & Napier Group to make such distributions, M&N Group Holdings, MNCC and any other holders of units of Manning & Napier Group will be entitled to receive equivalent distributions on a pari passu basis. On April 22, 2020 the Board of Directors determined to suspend our quarterly cash dividend on our Class A common stock due to the market volatility and ongoing uncertainty resulting from the COVID-19 pandemic.
In determining the sufficiency of liquidity and capital resources to fund our business, we regularly monitor our liquidity position, including among other things, cash, working capital, long-term liabilities, lease commitments and operating company distributions.
On March 27, 2020, the U.S. government enacted the CARES Act which includes, among other things, the ability to carryback net operating losses from 2018, 2019 and 2020 to prior years. We expect to carryback net operating losses generated in 2018, 2019 and 2020 to prior years and claim refunds when the federal corporate tax rate was 34% compared to the current statutory rates of 21%. During the six months ended June 30, 2020, we recognized an income tax benefit of approximately $2.2 million, related to the favorable rate applied to our net operating losses. As a result, we increased the amounts payable under the tax receivable agreement by $1.9 million, representing 85% of the applicable cash savings. As of June 30, 2020, we have recorded an estimated tax refund of approximately $4.5 million within our prepaid expenses and other assets and a corresponding amounts payable under tax receivable agreement of approximately $4.0 million within our accrued expenses and other liabilities. At this time, we do not anticipate the enactment of the CARES Act to have any other material impacts to our short- and long-term liquidity.
A state is currently auditing the Company's 2016, 2017 and 2018 corporate tax returns. The audit is expected to be completed in 2020. As of June 30, 2020, the audit is in process and the state is collecting and evaluating the data for which the Company has not recorded a liability for uncertain tax positions under ASC 740. The Company believes any potential increases to this liability, which could be up to approximately $1.3 million, would not result in a material change to its financial position.
As of June 30, 2020, a total of 2,021,781 units of Manning & Napier Group were held by the noncontrolling interests, including M&N Group Holdings and MNCC. Pursuant to the terms of the Exchange Agreement, such units may be tendered for exchange. On March 15, 2020, certain legacy shareholders and William Manning, the former Chairman of our Board of Directors, provided notice to us that they would tender a total of 60,012,419 Class A units, including 59,957,419 units held by William Manning, for cash or shares of our Class A common stock pursuant to the terms of the Exchange Agreement.
Subsequent to March 31, 2020, the independent directors, on behalf of the Company, decided to settle the exchange utilizing approximately $90.8 million in cash, including approximately $90.7 million paid to Mr. Manning. Manning & Napier Group completed the redemption on May 11, 2020, with payment made from its cash, cash equivalents and proceeds from the

44

sale of investment securities. Subsequent to the exchange, the Class A units were retired and as a result, Manning & Napier's ownership of Manning & Napier Group increased from 19.5% to 88.2%.
Following the settlement of the redemption of Class A units of Manning & Napier Group, we have significantly less cash and cash equivalents to meet working capital requirements and liquidity needs. With approximately $64.7 million in cash and investment securities on hand as of June 30, 2020, we expect that we have sufficient liquidity available to meet our needs for the foreseeable future. During the six months ended June 30, 2020 we did not generate net cash from operations, which was driven by implementation costs related to our technology enhancements and the timing of accrued incentive compensation payments during the first quarter. In the future, we will need to either generate cash from operations or seek additional financing to fund our operations. We believe cash on hand and cash generated from operations will be sufficient over the next twelve months to meet our working capital requirements.
Cash Flows
The following table sets forth our cash flows for the six months ended June 30, 2020 and 2019. Operating activities consist primarily of net income subject to adjustments for changes in operating assets and liabilities, equity-based compensation expense, changes in the liability under the TRA, deferred income tax expense, gain on sale of intangible assets and gains on sale of business and depreciation and amortization. Investing activities consist primarily of the purchase and sale of investments for the purpose of providing initial cash seeding for product development and cash management purposes, gain on sale of intangible assets, gain on sale business and purchases of property and equipment. Financing activities consist primarily of distributions to noncontrolling interests, dividends paid on our Class A common stock, and purchases of Class A units held by noncontrolling interests of Manning & Napier Group. 
 
 
Six months ended June 30,
 
 
2020
 
2019
 
 
(in thousands)
Net cash (used in) provided by operating activities
 
$
(490
)
 
$
2,052

Net cash provided by investing activities
 
65,450

 
1,957

Net cash used in financing activities
 
(91,471
)
 
(6,230
)
Net change in cash and cash equivalents
 
$
(26,511
)
 
$
(2,221
)

Six Months Ended June 30, 2020 Compared to Six Months Ended June 30, 2019
Operating Activities
Operating activities used $0.5 million and provided $2.1 million of net cash for the six months ended June 30, 2020 and 2019, respectively. This overall $2.5 million increase in net cash used in operating activities for the six months ended June 30, 2020 compared to 2019 was attributed to an increase in operating assets and operating liabilities of approximately $3.5 million driven by implementation costs during the six months ended June 30, 2020 related to our technology enhancements. This change was partially offset by an increase in net income after adjustment for non-cash items of approximately $1.0 million driven by net losses on investment securities during the six months ended June 30, 2020 compared to net gains in the same period of 2019.
Investing Activities
Investing activities provided $65.5 million and $2.0 million of net cash for the six months ended June 30, 2020 and 2019, respectively. This change was driven by an increase in cash from investing activities of $62.7 million due to our funding of and timing of activity within our investment securities, primarily related to the sale of investment securities in order help fund the redemption of Class A units during the six months ended June 30, 2020. During the six months ended June 30, 2020, we received approximately $64.4 million, net, from the purchase and sale of certain securities for cash management purposes compared to $3.0 million in the same period of 2019. In addition, we received approximately $1.2 million and less than $0.1 million, net from seeding and redemption activity of certain seeded portfolios in the six months ended June 30, 2020 and 2019, respectively. Our purchases of property and equipment was approximately $0.2 million during the six months ended June 30, 2020 compared to $1.1 million in the same period of 2019.
Financing Activities
Financing activities used $91.5 million and $6.2 million of net cash for the six months ended June 30, 2020 and 2019, respectively. This overall $85.2 million increase in net cash used in financing activities was primarily the result of an increase in cash used for the purchase of Class A units of Manning & Napier Group pursuant to the exchange agreement entered into at the time of our IPO of $90.8 million in 2020 compared to $3.1 million in 2019. This increase of $87.7 million in 2020

45

compared to the prior year was due to a high number of units exchanged in 2020. The overall increase in cash used for financing activities was partially offset by a reduction in distributions to noncontrolling interests of $2.4 million. This decrease was due to lower net income during the six months ended June 30, 2020 compared to the same period in 2019, coupled with the impact of the redemption of Class A units of Manning & Napier Group during 2020 that resulted in the increase in our ownership of Manning & Napier Group from 19.5% to 88.2%.
Dividends
On October 22, 2019, the Board of Directors declared a $0.02 per share dividend to the holders of Class A common stock. The dividend was paid on February 3, 2020 to shareholders of record as of January 15, 2020.
On March 3, 2020, the Board of Directors declared a $0.02 per share dividend to the holders of Class A common stock. The dividend was paid on May 1, 2020 to shareholders of record as of April 1, 2020.
We have funded our historical quarterly cash dividends on our Class A common stock, and we believe any future dividends would be funded from our portion of distributions made by Manning & Napier Group, from its available cash generated from operations. On April 22, 2020, the Board of Directors determined to suspend our quarterly cash dividend on our Class A common stock due to the market volatility and ongoing uncertainty resulting from the COVID-19 pandemic. Company management and the Board of Directors will continue to monitor our ability to declare and pay future dividends on a quarter-by-quarter basis.
The declaration and payment of all future dividends, if any, will be at the sole discretion of our Board of Directors. In determining the amount of any future dividends, our Board of Directors will take into account:
•
the financial results of Manning & Napier Group;
•
our available cash, as well as anticipated cash requirements, including any debt servicing and payments required under the tax receivable agreement or the Exchange Agreement;
•
our capital requirements and the capital requirements of our subsidiaries, including Manning & Napier Group;
•
contractual, legal, tax and regulatory restrictions on, and implications of, the payment of dividends by us to our shareholders or distributions by Manning & Napier Group to us, including the obligation of Manning & Napier Group to make tax distributions to its unitholders, including us;
•
general economic and business conditions, including the impact of the COVID-19 pandemic and state and regional stay-at-home orders; and
•
any other factors that our Board of Directors may deem relevant.
We have no material assets other than our ownership of Class A units of Manning & Napier Group and, accordingly, will depend on distributions from Manning & Napier Group to fund any dividends we may pay. As managing member of Manning & Napier Group, we will determine the timing and amount of any distributions to be paid to its members, other than mandatory tax distributions required under Manning & Napier Group's operating agreement. We intend to cause Manning & Napier Group to distribute cash to its members, including us, in an amount sufficient to cover dividends, if any, declared by us. If we do cause Manning & Napier Group to make such distributions, M&N Group Holdings, MNCC and any other holders of units of Manning & Napier Group will be entitled to receive equivalent distributions on a pari passu basis.
On March 2, 2020, the Company’s Board of Directors had declared a $2.0 million distribution from Manning & Napier Group to its unitholders. Subsequent to March 3, 2020, there was significant disruption to global commercial activity as a result of the spread of COVID-19, which contributed to significant volatility and a decline in the value of many securities in the financial markets. As a result, the Company’s Board of Directors determined on March 24, 2020 to withdraw its approval of that distribution from Manning & Napier Group. In July 2020, the Board of Directors approved a $1.5 million distribution from Manning & Napier Group to Manning & Napier Inc. and the noncontrolling interests of Manning & Napier Group, of which approximately $0.2 million was paid to the noncontrolling interests of Manning & Napier Group.
Off Balance Sheet Arrangements
We did not have any off-balance sheet arrangements as of June 30, 2020.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
As a "smaller reporting company," we are not required to provide this information.

46

Item 4. Controls and Procedures
Disclosure Controls and Procedures
Our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2020 pursuant to Rule 13a-15 under the Exchange Act. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of June 30, 2020, our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) were effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the quarter ended June 30, 2020 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

47

PART II—OTHER INFORMATION
Item 1A. Risk Factors
In addition to the other information contained in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed in Item 1A to our Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Form 10-K”) in evaluating our business, industry, structure, future results and Class A common stock.
The information presented below updates and supplements those risk factors for events, changes and developments since the filing of the 2019 Form 10-K and should be read in conjunction with the risks and other information contained in the 2019 Form 10-K. The risks described in our 2019 Form 10-K, as updated below, are not the only risks we face. Additional risks that we do not presently know or that we currently believe are not material could also materially adversely affect our business, financial position, future results and prospects.
Risks Related to our Business
Our revenues are dependent on the market value and composition of our AUM, which are subject to significant fluctuations and have been impacted by the novel coronavirus (COVID-19) pandemic and its effect on the U.S. and global economy.
We derive the majority of our revenue from investment management fees, typically calculated as a percentage of the market value of our AUM. As a result, our revenues are dependent on the value and composition of our AUM, all of which are subject to fluctuation due to many factors, including:
•
Declines in prices of securities in our portfolios. The prices of the securities held in the portfolios we manage may decline due to any number of factors beyond our control, including, among others, the impacts of the novel coronavirus (COVID-19) pandemic on the companies whose securities are held in the portfolios we manage, declining stock or commodities markets, changes in interest rates, a general economic downturn, including as a result of the COVID-19 pandemic, political uncertainty, pandemics or other health crises, or acts of terrorism. The U.S. and global financial markets continue to be subject to uncertainty and instability. Such factors could cause an unusual degree of volatility and price declines for securities in the portfolios we manage;
•
Redemptions and other withdrawals. Our clients generally may withdraw their funds at any time, on very short notice and without any significant penalty. A substantial portion of our revenue is derived from investment advisory agreements that are terminable by clients upon short notice or no notice and investors in the mutual funds we advise can redeem their investments in those funds at any time without prior notice. Also, new clients and portfolios may not have the same client retention characteristics as we have experienced in the past. In a declining stock market, the pace of redemptions could accelerate;
•
Investment performance. Our ability to deliver strong investment performance depends in large part on our ability to identify appropriate investment opportunities in which to invest client assets. If we are unable to identify sufficient appropriate investment opportunities for existing and new client assets on a timely basis, our investment performance could be adversely affected. The risk that sufficient appropriate investment opportunities may be unavailable is influenced by a number of factors including general market conditions. If our portfolios perform poorly, even over the short-term, as compared with our competitors or applicable third-party benchmarks, or the rankings of mutual funds we manage decline, we may lose existing AUM and have difficulty attracting new assets; and
•
Competition from passive strategies. There has been an increasing preference for passive investment products, such as index and exchange-traded funds ("ETFs") over active strategies managed by asset managers. If this market preference continues, existing and prospective clients may choose to invest in passive investment products, our growth strategy may be impaired and our AUM may be negatively impacted.
The market disruption caused by COVID-19 may continue for as long or longer than the restrictions on general business operations and in-person interactions imposed by federal, state and local governments. If this period of economic disruption and volatility continues or worsens, our AUM could be reduced, and if we are unable to reduce expenses, our net income will be reduced in the near term. Should the COVID-19 pandemic continue for an extended period of time, our business, financial condition, results of operations and cash flows may likewise be materially adversely impacted for an extended period of time.
If any of the factors described above cause a decline in our AUM, it would result in lower investment management revenues. If our revenues decline without a commensurate reduction in our expenses, our net income will be reduced and our business will be adversely affected.
We derive substantially all of our revenues from contracts and relationships that may be terminated upon short or no notice.
We derive substantially all of our revenues from investment advisory and sub-advisor agreements, all of which are terminable by clients upon short notice or no notice and without any significant penalty.

48

Our mutual fund and collective investment trust relationships may be terminated or not renewed for any number of reasons. Our investment management agreements with mutual funds, as required by law, are generally terminable by the funds’ board of directors or a vote of the majority of the funds’ outstanding voting securities on not more than 60 days’ written notice. After an initial term, each fund’s investment management agreement must be approved and renewed annually by such fund’s board, including by its independent members. Similarly, our investment management agreements with the collective investment trusts may be terminated at any time by Exeter Trust Company's board of directors, which includes independent members. As of June 30, 2020, mutual fund and collective investment trust relationships represent 30% of our AUM and 28% of our revenue for the quarter ended June 30, 2020.
Our clients will likely be impacted by the overall decline in the U.S. economy, which may cause them to terminate their relationships with us. The longer the economic results of the COVID-19 pandemic negatively impact our clients, clients may seek to withdraw their funds from our investment solutions. If a significant proportion of our clients withdraw their funds, our AUM and results of operations will be materially adversely impacted.
The decrease in revenues that could result from the termination of a material client relationship or group of client relationships could have an adverse effect on our business. During the fiscal year ended December 31, 2019 and the quarter ended June 30, 2020, other than our relationship with the Fund, there were no customers that provided over 10 percent of our total revenue.
We may not realize the expected benefits from our restructuring plan and other operational improvement initiatives relating
to our strategic review of our business.
We commenced a strategic review of our business upon the appointment of our new Chief Executive, Marc Mayer, in early 2019. Our comprehensive review resulted in changes to our overall distribution strategy, our suite of investment offerings, and our operational platform. The objective of this review was to improve financial results for stockholders and investment results for clients by more clearly prioritizing our strengths, eliminating distractions and sub-scale offerings, and increasing productivity across the firm through improved technology. As a result of this strategic review, we incurred approximately
$11.1 million of strategic restructuring and transaction costs during 2019 (excluding a $2.9 million gain on the sale of PPI). These charges consisted of $3.4 million of employee severance costs and $7.7 million of other operating costs, which included approximately $6.3 million of impairment charges stemming from the write-off of existing contracts that we will not be utilizing as we move forward with a new third-party service provider to leverage its platform in an effort to expand our digital capabilities. During the six months ended June 30, 2020, we recognized $1.7 million of strategic restructuring and transaction costs and we will likely incur additional costs in the future as a result of this strategic review. There can be no assurance that the costs of undertaking our operational improvement initiatives will be offset by future earnings that may result from the improvements, and it is possible that we will not realize the expected benefits from our operational improvement initiatives to the extent we anticipate or at all.
Our portfolios may not obtain attractive returns under certain market conditions or at all.
The goal of our investment process is to provide competitive absolute returns over full market cycles. Accordingly, our portfolios may not perform well compared to benchmarks or other investment managers’ strategies during certain periods of time, under certain market conditions, or after specific market shocks. Underperformance may negatively affect our ability to retain clients and attract new clients. We are likely to be most out of favor when the markets are running on positive or negative price momentum and market prices become disconnected from underlying investment fundamentals. During and shortly following such periods of relative under performance, we are likely to see our highest levels of client turnover, even if our absolute returns are positive. Loss of client assets and the failure to attract new clients could adversely affect our revenues and growth.
Difficult market conditions, like those during the current COVID-19 pandemic, can adversely affect our strategies in many ways, including by negatively impacting their performance and reducing their ability to raise or deploy capital, which could materially reduce our revenues and adversely affect our business, financial condition or results of operations.
Significant disruptions and volatility in the global financial markets and economies, like the current conditions caused by the COVID-19 pandemic, could impair the investment performance of our strategies. Although we seek to generate consistent, positive, absolute returns across all market cycles, our strategies have been and may be materially affected by conditions in the global financial markets and economic conditions. The global market and economic climate may become increasingly uncertain due to numerous factors beyond our control, including but not limited to, the duration of the COVID-19 pandemic and resulting limitations on business operations in the U.S., concerns related to unpredictable global market and economic factors, uncertainty in U.S. federal fiscal, tax, trade or regulatory policy and the fiscal, tax, trade or regulatory policy of foreign governments, rising interest rates, inflation or deflation, the availability of credit, performance of financial markets, terrorism, natural or biological catastrophes, public health emergencies, or political uncertainty.

49

A general market downturn, a specific market dislocation or deteriorating economic conditions may cause a material reduction in our revenues and adversely affect our business, financial condition or results of operations by causing:
•
A decline in AUM, resulting in lower management fees and incentive income.
•
An increase in the cost of financial instruments, executing transactions or otherwise doing business.
•
Lower or negative investment returns, which may reduce AUM and potential incentive income.
•
Reduced demand for assets held by our funds, which would negatively affect our funds’ ability to realize value from such assets.
•
Increased investor redemptions or greater demands for enhanced liquidity or other terms, resulting in a reduction in AUM, lower revenues and potential increased difficulty in raising new capital.

During the first quarter of 2020 when the COVID-19 pandemic began, there was a global market downturn which caused a decline in our AUM primarily due to market depreciation. While our AUM as of June 30, 2020 has since increased by $1.6 billion since March 31, 2020, our AUM has decreased by $0.8 billion, or 4%, since December 31, 2019. The decrease was driven by net client cash outflows of $1.1 billion, partially offset by market appreciation of $0.3 billion. If these conditions continue, our business, financial condition, results of operations and cash flows may be materially adversely impacted for an extended period of time.
Furthermore, while difficult market and economic conditions and other factors can potentially increase investment opportunities over the long term, such conditions and factors also increase the risk of increased investment losses and additional regulation, which may impair our business model and operations. Our strategies may also be adversely affected by difficult market conditions if we fail to assess the adverse effect of such conditions, which would likely result in significant reductions in the returns of those strategies. Moreover, challenging market conditions may prompt industry-wide reductions in fees. In response to competitive pressures or for any other reason, we may reduce or change our fee structures, which could reduce the amount of fees and income that we may earn relative to AUM.
An investment in our Class A common stock is not an alternative to investing in our strategies, and the returns of our strategies should not be considered as indicative of any returns expected on our Class A common stock, although if our strategies perform poorly, our revenue could be materially adversely impacted, which may in turn impact the returns on our Class A common stock.
The returns on our Class A common stock are not directly linked to the historical or future performance of our investment strategies. Even if our strategies experience positive performance and our AUM increases, holders of our Class A common stock may not experience a corresponding positive return on their Class A common stock.

However, poor performance of our strategies could cause a decline in our revenues, and may therefore have a negative effect on our performance and the returns on our Class A common stock. If we fail to meet the expectations of our clients or otherwise experience poor performance, whether due to difficult economic and financial conditions or otherwise, our ability to retain existing AUM and attract new clients could be materially adversely affected. In turn, the fees that we would earn would be reduced and our business, financial condition or results of operations would suffer, thus negatively impacting the price of our Class A common stock. Furthermore, even if the investment performance of our strategies is positive, our business, financial condition or results of operations and the price of our Class A common stock could be materially adversely affected if we are unable to attract and retain additional AUM consistent with our past experience, industry trends or investor and market expectations.
The loss of key investment and sales professionals, members of our senior management team, or difficulty integrating new executives, could have an adverse effect on our business.
We depend on the skills, expertise and institutional knowledge of our key employees, including qualified investment and sales professionals and members of our senior management team, and our success depends on our ability to retain such key employees. Our investment professionals possess substantial experience in investing and have been primarily responsible for the historically attractive investment performance we have achieved. We particularly depend on our executive officers as well as senior members of our research department. As part of our strategic review of our business, we have experienced a reduction in headcount from 366 at January 1, 2019 to 288 employees at June 30, 2020. This and any future reductions to headcount may result in the loss of expertise and institutional knowledge and could adversely affect our business.
We have had significant changes in executive leadership and more could occur. Changes to strategic or operating goals, which can occur with the appointment of new executives, can create uncertainty, and may ultimately be unsuccessful. In addition, executive leadership transition periods, including adding new personnel, could be difficult as new executives gain an understanding of our business and strategy. Difficulty integrating new executives, or the loss of key individuals could limit our ability to successfully execute our business strategy and could have an adverse effect on our overall financial condition.

50

Competition for qualified investment, sales and top level management professionals is intense. Attracting qualified personnel, including top level management, may take time and we may fail to attract and retain qualified personnel including top level management in the future. Our ability to attract and retain our executive officers and other key employees will depend heavily on our business strategy, corporate culture and the amount and structure of compensation. We have historically utilized a compensation structure that uses a combination of cash and equity-based incentives as appropriate. However, our compensation may not be effective to recruit and retain the personnel we need if our overall compensation packages are not competitive in the marketplace. Any cost-reduction initiative or adjustments or reductions to compensation could negatively impact our ability to retain key personnel, as could changes to our management structure, corporate culture and corporate governance arrangements.
We may be required to reduce the fees we charge, or our fees may decline due to changes in our AUM composition, which could have an adverse effect on our profit margins and results of operations.
Our current fee structure may be subject to downward pressure due to a variety of factors, including a trend in recent years toward lower fees in the investment management industry. We may be required to reduce fees with respect to both the separate accounts we manage and the mutual funds and collective trust funds we advise. We may charge lower fees in order to attract future new business, which may result in us having to also reduce our fees with respect to our existing business. During the first quarter of 2019, we completed the effort of restructuring fees for many of our mutual funds and collective trust vehicles. Given the overall pressure on fees that all active managers are facing, we believe that bringing our fund fees to a more competitive level will enhance our ability to attract additional business in the future. The fee restructuring reduced the management fees on our existing business, and may fail to attract additional business sufficient to offset any reduction in related operating expenses. Any further fee reductions on existing or future new business could have an adverse effect on our profit margins and results of operations.
Our AUM may be concentrated in certain strategies.
Client purchase and redemption activity may result in AUM concentrations with certain of our investment strategies. As a result, a substantial portion of our operating results may depend upon the performance of these strategies. If we sustain poor investment performance or adverse market conditions, clients may withdraw their investments or terminate their investment management agreements. To the extent any of these strategies is concentrated in an industry or geographic area that is disproportionately negatively impacted by the COVID-19 pandemic, the concentration of our AUM in those strategies will likely have a disproportionately negative impact on our revenues. These conditions would result in a reduction in our revenues from these strategies, which could have an adverse effect on our earnings and financial condition.
Our business is primarily focused in certain targeted geographic regions making us vulnerable to risks associated with having geographically concentrated operations.

Although our client base is national, we are primarily focused in certain targeted geographic regions, including the northeastern and southeastern regions of the United States. Furthermore, our review of our intermediary and institutional distribution strategy resulted in changes to our territory coverage and servicing efforts in order to more effectively service our existing clients with our team, while concentrating on geographies with the greatest chances for growth. This could have the effect of increasing the risks associated with having geographically concentrated operations, including increasing the risk that our business will be negatively impacted by the COVID-19 pandemic if its impacts are concentrated in any of these geographic areas. Our business, financial condition and results of operations may be susceptible to regional economic downturns and other regional factors.
Several of our portfolios involve investing principally in the securities of non-U.S. companies, which involve foreign currency exchange risk, and tax, political, social and economic uncertainties and risks.
As of June 30, 2020, approximately 20% of our AUM across all of our portfolios was invested in securities of non-U.S. companies. Fluctuations in foreign currency exchange rates could negatively affect the returns of our clients who are invested in these strategies. An increase in the value of the U.S. dollar relative to non-U.S. currencies is likely to result in a decrease in the U.S. dollar value of our AUM, which, in turn, could result in lower revenue since we report our financial results in U.S. dollars.
Investments in non-U.S. issuers may also be affected by tax positions taken in countries or regions in which we are invested as well as political, social and economic uncertainty. Declining tax revenues may cause governments to assert their ability to tax the local gains and/or income of foreign investors (including our clients), which could adversely affect clients’ interests in investing outside their home markets. Many financial markets are not as developed, or as efficient, as the U.S. financial markets, and as a result, those markets may have limited liquidity and higher price volatility and may lack established regulations. Liquidity may also be adversely affected by political or economic events, government policies, social or civil unrest within a particular country, and our ability to dispose of an investment may also be adversely affected if we increase the size of our investments in smaller non-U.S. issuers. Non-U.S. legal and regulatory environments, including financial

51

accounting standards and practices, may also be different, and there may be less publicly available information about such companies. These risks could adversely affect the performance of our strategies that are invested in securities of non-U.S. issuers and may be particularly acute in the emerging or less developed markets in which we invest.
The historical returns of our existing portfolios may not be indicative of their future results or of the portfolios we may develop in the future.
The historical returns of our portfolios and the ratings and rankings we or the mutual funds that we advise have earned in the past should not be considered indicative of the future results of these portfolios or of any other portfolios that we may develop in the future. The investment performance we achieve for our clients varies over time and the variance can be wide. The ratings and rankings we or the mutual funds we advise have earned are typically revised monthly. The historical performance and ratings and rankings included in this report are as of June 30, 2020 and for periods then ended except where otherwise stated. The performance we have achieved and the ratings and rankings earned at subsequent dates and for subsequent periods may be higher or lower and the difference could be material. Our portfolios’ returns have benefited during some periods from investment opportunities and positive economic and market conditions. In other periods, general economic and market conditions have negatively affected our portfolios’ returns. These negative conditions may occur again, and in the future we may not be able to identify and invest in profitable investment opportunities within our current or future portfolios.
Support provided to new products may reduce fee income, increase expenses and expose us to potential loss on invested capital.
We may support the development of new investment products by waiving all or a portion of the fees we receive for managing such products, by subsidizing expenses or by making seed capital investments. Seed investments in new products utilize Company capital that would otherwise be available for general corporate purposes and expose us to capital losses to the extent that realized investment losses are not offset by hedging gains. The risk of loss may be greater for seed capital investments that are not hedged, or if an intended hedge does not perform as expected. Failure to have or devote sufficient capital to support new products could have on adverse impact on our future growth.
Assets influenced by third-party intermediaries have a higher risk of redemption and are subject to changes in fee structures, which could reduce our revenues.
Investments in our mutual funds made through third-party intermediaries, as opposed to mutual fund investments resulting from sales by our own representatives can be more easily moved to investments in funds other than ours. Third-party intermediaries are attractive to investors because of the ease of accessibility to a variety of funds, but this causes the investments to be more sensitive to fluctuations in performance, especially in the short-term. If we were unable to retain the assets of our mutual funds held through third-party intermediaries, our AUM would be reduced. As a result, our revenues could decline and our business, results of operations and financial condition could be materially adversely affected.
We may elect to pursue growth in the United States and abroad through acquisitions or joint ventures, which would expose us to risks inherent in assimilating new operations, expanding into new jurisdictions, and making non-controlling minority investments in other entities.
In order to maintain and enhance our competitive position, we may review and pursue acquisition and joint venture opportunities. We cannot assure we will identify and consummate any such transactions on acceptable terms or have sufficient resources to accomplish such a strategy. Any strategic transaction can involve a number of risks, including:
•
additional demands on our staff;
•
unanticipated problems regarding integration of investor account and investment security recordkeeping, operating facilities and technologies, and new employees;
•
adverse effects in the event acquired intangible assets or goodwill become impaired;
•
the existence of liabilities or contingencies not disclosed to or otherwise known by us prior to closing such a transaction; and
•
dilution to our public stockholders if we issue shares of our Class A common stock, or units of Manning & Napier Group with exchange rights, in connection with future acquisitions.
A portion of our separate account business, mutual funds, and collective investment trusts are distributed through intermediaries, platforms, and consultants. Changes in key distribution relationships could reduce our revenues and adversely affect our profitability.
Given that a portion of our product offerings are distributed through intermediaries, platforms, and investment consultants, a share of our success is dependent on access to these various distribution systems. These distributors are not contractually required to distribute or consider our products for placement within advisory programs, on platforms’ approved

52

lists, or in active searches conducted by investment consultants. Additionally, these intermediaries typically offer their clients various investment products and services, in addition to and in competition with our products and services. If we are unable to cultivate and build strong relationships within these distribution channels, the sales of our products could lead to a decline in revenues and profitability. Additionally, increasing competition for these distribution channels could cause our distribution costs to rise, which could have an adverse effect on our profitability.
Our efforts to establish new portfolios or new products or services may be unsuccessful and could negatively impact our results of operations and our reputation.
As part of our growth strategy, we may seek to take advantage of opportunities to develop new portfolios consistent with our philosophy of managing portfolios to meet our clients’ objectives and using a team-based investment approach. The initial costs associated with establishing a new portfolio likely will exceed the revenues that the portfolio generates. If any such new portfolio performs poorly or fails to attract sufficient assets to manage, our results of operations could be negatively impacted. Further, a new portfolio’s poor performance may negatively impact our reputation and the reputation of our other portfolios within the investment community. We have developed and may seek from time to time to develop new products and services to take advantage of opportunities involving technology, insurance, participant and plan sponsor education and other products beyond investment management. The development of these products and services could involve investment of financial and management resources and may not be successful in developing client relationships, which could have an adverse effect on our business. The cost to develop these products initially will likely exceed the revenue they generate and additional investment in these products could negatively impact short term financial results. If establishing new portfolios or offering new products or services requires hiring new personnel, to the extent we are unable to recruit and retain sufficient personnel, we may not be successful in further diversifying our portfolios, client assets and business, which could have an adverse effect on our business and future prospects.
Our failure to comply with investment guidelines set by our clients and limitations imposed by applicable law, could result in damage awards against us and a loss of our AUM, either of which could adversely affect our reputation, results of operations or financial condition.
When clients retain us to manage assets on their behalf, they generally specify certain guidelines regarding investment allocation that we are required to follow in managing their portfolios. We are also required to invest the mutual funds’ assets in accordance with limitations under the 1940 Act, and applicable provisions of the IRC. Other clients, such as plans subject to ERISA, or non-U.S. funds, require us to invest their assets in accordance with applicable law. Our failure to comply with any of these guidelines and other limitations could result in losses to clients or investors in our products which, depending on the circumstances, could result in our obligation to make clients whole for such losses. If we believed that the circumstances did not justify a reimbursement, or clients believed the reimbursement we offered was insufficient, clients could seek to recover damages from us, withdraw assets from our products or terminate their investment management agreement with us. Any of these events could harm our reputation and adversely affect our business.
A change of control of our company could result in termination of our investment advisory agreements.
Under the 1940 Act, each of the investment advisory agreements for SEC registered mutual funds that our affiliate, MNA, advises automatically terminates in the event of its assignment, as defined under the 1940 Act. If such an assignment were to occur, MNA could continue to act as adviser to any such fund only if that fund’s board of directors and stockholders approved a new investment advisory agreement, except in the case of certain of the funds that we sub-advise for which only board approval would be necessary. Under the Advisers Act each of the investment advisory agreements for the separate accounts we manage may not be assigned without the consent of the client. An assignment may occur under the 1940 Act and the Advisers Act if, among other things, MNA undergoes a change of control. In certain other cases, the investment advisory agreements for the separate accounts we manage require the consent of the client for any assignment.
Due to the settlement of the Exchange Agreement that occurred on May 11, 2020 and the resulting increase in the Company’s ownership of Manning & Napier Group from 19.5% to 88.2%, there was a change of control of MNA, causing an assignment of the investment advisory agreements that MNA has with SEC registered mutual funds and separate account clients. We cannot be certain that MNA will be able to obtain the necessary approvals from the boards and stockholders of the mutual funds that it advises. If MNA is unable to obtain those approvals, our results of operations will be materially adversely impacted.
Operational risks may disrupt our business, result in losses or limit our growth.
We are heavily dependent on the capacity and reliability of the communications, information and technology systems supporting our operations, whether developed, owned and operated by us or by third parties. Operational risks such as trading or operational errors or interruption of our financial, accounting, trading, compliance and other data processing systems, whether caused by fire, natural disaster or pandemic, power or telecommunications failure, act of terrorism or war or otherwise, could result in a disruption of our business, liability to clients, regulatory intervention or reputational damage, and thus

53

adversely affect our business. Some types of operational risks, including, for example, trading errors, may be increased in periods of increased volatility, which can magnify the cost of an error. Although we have back-up systems in place, our back-up procedures and capabilities in the event of a failure or interruption may not be adequate, and the fact that we operate our business out of multiple physical locations may make such failures and interruptions difficult to address on a timely and adequate basis.
We depend on our headquarters in Fairport, New York, where a majority of our employees, administration and technology resources are located, for the continued operation of our business. During the COVID-19 pandemic almost all of our employees are working remotely, which may impact the level of service that is provided to our clients. Any significant disruption to our headquarters could have an adverse effect on our business.
A failure to effectively maintain, enhance and modernize our information technology systems, and effectively develop and deploy new technologies, could adversely affect our business.
Our success depends on our ability to maintain effective information technology systems, to enhance those systems to better support our business in an efficient and cost-effective manner and to develop new technologies and capabilities in pursuit of our long-term strategy. We recently selected InvestCloud to lead our digital transformation, and will utilize InvestCloud's full suite of applications in order to deliver what we believe will be the best possible experience for our clients and partners. The multi-phased conversion will focus on enhancing the digital client experience, streamlining back-office processes, and centralizing performance data and reporting. Additionally, as part of the InvestCloud implementation, we will substantially re-engineer many of our business processes.
Some technology development initiatives are long-term in nature, may negatively impact our financial results as we invest in the initiatives, may cost more than anticipated to complete, or may not be completed. Additionally, our technology initiatives may be more costly or time-consuming than anticipated, may not deliver the expected benefits upon completion, and may need to be replaced or become obsolete more quickly than expected, which could result in accelerated recognition of expenses. If we fail to maintain or enhance our existing information technology systems or if we were to experience failure in developing and implementing new technologies, our relationships, reputation, ability to do business with our clients and our competitive position may be adversely affected. We could also experience other adverse consequences, including additional costs or write-offs of capitalized costs, unfavorable underwriting and reserving decisions, internal control deficiencies, and information security breaches resulting in loss or inappropriate disclosure of data. We have been required to make significant capital expenditures to update our technology infrastructure, and we may incur the costs described above as we deploy this new technology.
Failure to implement effective information and cyber security policies, procedures and capabilities, or cybersecurity breaches of software applications and other technologies on which we rely, could disrupt operations and cause financial losses that could result in a decrease in earnings and reputational harm.
We are dependent on the effectiveness of our, and third party software vendors', information and cybersecurity policies, procedures and capabilities to protect our computer and telecommunications systems and the data that reside on or are transmitted through them. As part of our normal operations, we maintain and transmit confidential information about our clients and employees as well as proprietary information relating to our business operations. We maintain a system of internal controls designed to provide reasonable assurance that fraudulent activity, including misappropriation of assets, fraudulent financial reporting and unauthorized access to sensitive or confidential data is either prevented or detected on a timely basis. Nevertheless, all technology systems remain vulnerable to unauthorized access and may be corrupted by cyberattacks, computer viruses or other malicious software code, the nature of which threats are constantly evolving and becoming increasingly sophisticated. In addition, we are currently facing heightened operational risk, including heighted cybersecurity risk, because more of our employees are working remotely. Remote working environments may be less secure and more susceptible to cyber-attacks, including phishing and social engineering attempts that seek to exploit the COVID-19 pandemic.
Breach or other failure of our technology systems, including those of third parties with which we do business, or failure to timely and effectively identify and respond to any such breach or failure, could result in the loss of valuable information, liability for stolen assets or information, remediation costs to repair damage caused by the incident, additional security costs to mitigate against future incidents, increased insurance premiums, and litigation costs resulting from the incident. Moreover, loss of confidential customer information could harm our reputation, result in the termination of contracts by our existing customers and subject us to liability under laws that protect confidential personal data, resulting in increased costs or loss of revenues. Ultimately, a cyberattack can damage our competitiveness, stock price and long-term stockholder value. Recent well-publicized security breaches at other companies have led to enhanced government and regulatory scrutiny of the measures taken by companies to protect against cyberattacks, and may in the future result in heightened cybersecurity requirements, including additional regulatory expectations for oversight of vendors and service providers.

54

We depend on third-party service providers for services that are important to our business, and an interruption or cessation of such services by any such service providers could have an adverse effect on our business.
We depend on a number of service providers, including custodial and clearing firms, and vendors of communications and networking products and services. We cannot assure that these providers will be able to continue to provide these services in an efficient manner or that they will be able to adequately expand their services to meet our needs. An interruption or malfunction in or the cessation of an important service by any third-party and our inability to make alternative arrangements in a timely manner, or at all, could have an adverse impact on our business, financial condition and operating results.
Employee misconduct could expose us to significant legal liability and reputational harm.
We operate in an industry in which integrity and the confidence of our clients are of critical importance. Accordingly, if any of our employees engage in illegal or suspicious activities or other misconduct, we could be subject to regulatory sanctions and suffer serious harm to our reputation, financial condition, client relationships and ability to attract new clients. For example, our business often requires that we deal with confidential information. If our employees were to improperly use or disclose this information, even if inadvertently, we could suffer serious harm to our reputation, financial condition and current and future business relationships. It is not always possible to deter employee misconduct, and the precautions we take to detect and prevent this activity may not always be effective. Misconduct by our employees, or even unsubstantiated allegations of misconduct, could result in an adverse effect on our reputation and our business.
Failure to properly address conflicts of interest could harm our reputation, business and results of operations.
We must monitor and address any conflicts between our interests and those of our clients. The SEC and other regulators scrutinize potential conflicts of interest, and we have implemented procedures and controls that we believe are reasonably designed to address these issues. However, appropriately dealing with conflicts of interest is complex, and if we fail, or appear to fail, to deal appropriately with conflicts of interest, we could face reputational damage, litigation or regulatory proceedings or penalties, any of which could adversely affect our reputation, business and results of operations.
If our techniques for managing risk are ineffective, we may be exposed to material unanticipated losses.
In order to manage the significant risks inherent in our business, we must maintain effective policies, procedures and systems that enable us to identify, monitor and control our exposure to operational, legal and reputational risks. Our risk management methods may prove to be ineffective due to their design or implementation, or as a result of the lack of adequate, accurate or timely information or otherwise. If our risk management efforts are ineffective, we could suffer losses that could have an adverse effect on our financial condition or operating results. Additionally, we could be subject to litigation, particularly from our clients, and sanctions or fines from regulators. Our techniques for managing risks in client portfolios may not fully mitigate the risk exposure in all economic or market environments, or against all types of risk, including risks that we might fail to identify or anticipate.
The cost of insuring our business is substantial and may increase.
While we carry insurance in amounts and under terms that we believe are appropriate, we cannot guarantee that our insurance will cover all liabilities and losses to which we may be exposed or, if covered, that such liabilities and losses will not exceed the limits of available insurance coverage, or that our insurers will remain solvent and meet their obligations. We cannot guarantee that our insurance policies will continue to be available at current terms and fees.
We believe our insurance costs are reasonable but they could fluctuate significantly from year to year. Certain insurance coverage may not be available or may only be available at prohibitive costs. As we renew our insurance policies, we may be subject to additional costs resulting from rising premiums, the assumption of higher deductibles or co-insurance liability and, to the extent certain of our mutual funds purchase separate director and officer or errors and omissions liability coverage, an increased risk of insurance companies disputing responsibility for joint claims. Higher insurance costs and incurred deductibles, as with any expense, would reduce our net income.
Risks Related to our Industry
We are subject to extensive regulation.
We are subject to extensive regulation for our investment management business and operations, including regulation by the SEC under the 1940 Act and the Advisers Act, by the U.S. Department of Labor under ERISA, and by FINRA. The U.S. mutual funds we advise are registered with and regulated by the SEC as investment companies under the 1940 Act. The Advisers Act imposes numerous obligations on investment advisers including record keeping, advertising and operating requirements, disclosure obligations and prohibitions on fraudulent activities. The 1940 Act imposes similar obligations, as well as additional detailed operational requirements, on registered investment companies, which must be adhered to by their investment advisers. The U.S. mutual funds that we advise and our broker-dealer subsidiary are each subject to the USA PATRIOT Act of 2001, which requires them to know certain information about their clients and to monitor their transactions for

55

suspicious financial activities, including money laundering. The U.S. Office of Foreign Assets Control, ("OFAC"), has issued regulations requiring that we refrain from doing business, or allow our clients to do business through us, in certain countries or with certain organizations or individuals on a list maintained by the U.S. government.
Our failure to comply with applicable laws or regulations could result in fines, censure, suspensions of personnel or other sanctions, including revocation of our registration as an investment adviser. Even if a sanction imposed against us or our personnel is small in monetary amount, the adverse publicity arising from the imposition of sanctions against us by regulators could harm our reputation, result in withdrawal by our clients from our products and impede our ability to retain clients and develop new client relationships, which may reduce our revenues.
We face the risk of significant intervention by regulatory authorities, including extended investigation and surveillance activity, adoption of costly or restrictive new regulations and judicial or administrative proceedings that may result in substantial penalties. Among other things, we could be fined or be prohibited from engaging in some of our business activities. The requirements imposed by our regulators are designed to ensure the integrity of the financial markets and to protect customers and other third parties who deal with us, and are not designed to protect our stockholders. Accordingly, these regulations often serve to limit our activities, including through net capital, customer protection and market conduct requirements.
The regulatory environment in which we and our clients operate is subject to continual change, and regulatory developments designed to increase oversight could adversely affect our business.
The legislative and regulatory environment in which we operate undergoes continuous change, subjecting industry participants to additional, more costly and potentially more punitive regulation. New laws or regulations, or changes in the enforcement of existing laws or regulations, applicable to us and our clients could adversely affect our business subjecting us and other industry participants to additional costs. Any or all of the regulators who oversee us could adopt new rules or rule amendments that could substantially impact how we operate and may necessitate significant expenditures in order to adapt and comply.
Our ability to function in an uncertain and ever-changing regulatory environment will depend on our ability to constantly monitor and promptly react to legislative and regulatory changes, which inevitably result in intangible costs and resource drains. The compliance burden resulting from regulatory changes and uncertainty is likely to increase, particularly as regulators grow more technologically advanced and more reliant on data analytics. As a result, we may be forced to divert resources and expenditures to information technology in order to analyze data and risk in the same manner as regulators and to be able to provide regulators with the data output they may expect going forward.
Regulations may accelerate industry trends towards passive or lower cost investment options, centralized due diligence and shrinking platform ability, making access to intermediary decision-makers more challenging. Mutual fund intermediaries may be forced to eliminate or curtail the availability of certain mutual fund share classes, which may hamper our distribution efforts and reduce assets in the mutual fund. Similarly, platform consolidations may prevent our separate account intermediaries from supporting our products, which could result in AUM declines and fewer distribution channels.
There have been a number of highly publicized regulatory inquiries that have focused on the investment management industry. These inquiries have resulted in increased scrutiny of the industry and new rules and regulations for mutual funds and investment managers. This regulatory scrutiny may limit our ability to engage in certain activities that might be beneficial to our stockholders. Further, adverse results of regulatory investigations of mutual fund, investment advisory and financial services firms could tarnish the reputation of the financial services industry generally and mutual funds and investment advisers more specifically, causing investors to avoid further fund investments or redeem their account balances. Redemptions would decrease our AUM, which would reduce our advisory revenues and net income.
Further, due to acts of serious fraud in the investment management industry and perceived lapses in regulatory oversight, U.S. and non-U.S. governmental and regulatory authorities may continue to increase regulatory oversight of our business.
The investment management industry is intensely competitive.
The investment management industry is intensely competitive, with competition based on a variety of factors, including investment performance, investment management fee rates, recent trend towards favor for passive investment products, continuity of investment professionals and client relationships, the quality of services provided to clients, corporate positioning and business reputation, continuity of selling arrangements with intermediaries and differentiated products. A number of factors, including the following, serve to increase our competitive risks:
•
some competitors, including those with passive investment products and exchange traded funds, charge lower fees for their investment services than we do;
•
a number of our competitors have greater financial, technical, marketing and other resources, more comprehensive name recognition and more personnel than we do;

56

•
potential competitors have a relatively low cost of entering the investment management industry;
•
the recent trend toward consolidation in the investment management industry, and the securities business in general, has served to increase the size and strength of a number of our competitors;
•
some investors may prefer to invest with an investment manager that is not publicly traded based on the perception that a publicly traded asset manager may focus on the manager’s own growth to the detriment of investment performance for clients;
•
some competitors may invest according to different investment styles or in alternative asset classes that the markets may perceive as more attractive than the portfolios we offer;
•
some competitors may have more attractive investment returns;
•
some competitors may operate in a different regulatory environment than we do, which may give them certain competitive advantages in the investment products and portfolio structures that they offer; and
•
other industry participants, hedge funds and alternative asset managers may seek to recruit our investment professionals.
If we are unable to compete effectively, our revenues could be reduced and our business could be adversely affected.
Our industry is increasingly becoming subject to rapid changes in technology that may alter historical methods of doing business.
The financial industry continues to be impacted by innovation, technological changes, and changing customer preferences, including the emergence of “FinTech” companies and the deployment of new technologies based on artificial intelligence and machine learning that are becoming increasing competitive with and may disrupt more traditional business models. If we do not effectively anticipate and adapt to these changes it could limit our ability to compete, decrease the value of our products to clients, and adversely affect our business and results of operations.
Our business could also be affected by technological changes in the industries that represent our target markets, including tasks/roles that are currently performed by people being replaced by automation, artificial intelligence, or other advances outside of our control, which could impact national brokerage firm representatives or independent financial advisors, upon which a portion of our revenues are based, and adversely affect our business and results of operations.
The investment management industry faces substantial litigation risks, which could adversely affect our business, financial condition or results of operations or cause significant reputational harm to us.
We depend to a large extent on our network of relationships and on our reputation to attract and retain client assets. If a client is not satisfied with our services, its dissatisfaction may be more damaging to our business than client dissatisfaction would be to other types of businesses. We make investment decisions on behalf of our clients that could result in substantial losses to them. If our clients suffer significant losses, or are otherwise dissatisfied with our services, we could be subject to the risk of legal liabilities or actions alleging negligent misconduct, breach of fiduciary duty, breach of contract, unjust enrichment and/or fraud. These risks are often difficult to assess or quantify and their existence and magnitude often remain unknown for substantial periods of time, even after an action has been commenced. We may incur significant legal expenses in defending against litigation whether or not we engaged in conduct as a result of which we might be subject to legal liability. Substantial legal liability or significant regulatory action against us could adversely affect our business, financial condition or results of operations or cause significant reputational harm to us.
Catastrophic and unpredictable events, like the COVID-19 pandemic, could have an adverse effect on our business.
The COVID-19 pandemic and any terrorist attack, war, power failure, cyber-attack, natural disaster, public health emergency or pandemic or other catastrophic or unpredictable event could adversely affect our future revenues, expenses and earnings by:
•
decreasing investment valuations in, and returns on, the assets that we manage;
•
causing disruptions in national or global economies that decrease investor confidence and make investment products generally less attractive;
•
interrupting our normal business operations;
•
sustaining employee casualties, including loss of our key members of our senior management team or our investment team;
•
requiring substantial expenditures and expenses to repair, replace and restore normal business operations; and
•
reducing investor confidence.
We have a disaster recovery plan to address certain contingencies, but we cannot be assured that this plan will be sufficient in responding or ameliorating the effects of all disaster scenarios. If our employees or the vendors we rely upon for

57

support in a catastrophic event are unable to respond adequately or in a timely manner, we may lose clients resulting in a decrease in AUM which may have an adverse effect on revenues and net income.
Risks Related to Our Structure
We may not be able to resume paying dividends on our Class A common stock, and our ability to pay regular dividends to our stockholders is subject to the discretion of our board of directors and may be limited by our structure and applicable provisions of Delaware law.
On April 22, 2020, our board of directors determined to suspend our quarterly cash dividend on our Class A common stock due to the market volatility and ongoing uncertainty resulting from the COVID-19 pandemic. Although we had historically declared cash dividends on our Class A common stock, our board of directors has sole discretion over the amount or frequency of any dividends. Because of our structure, we will be dependent upon the ability of our subsidiaries to generate earnings and cash flows and distribute them to us so that we may pay dividends, if declared by the board of directors, to our stockholders. Manning & Napier Group’s ability to make distributions to its members, including us, in an amount sufficient for us to pay dividends, if any, will be subject to its and its subsidiaries’ operating results, cash requirements and financial condition, the applicable laws of the State of Delaware, which may limit the amount of funds available for distribution, and its compliance with covenants and financial ratios related to any indebtedness it may incur in the future. In addition, as described elsewhere, under the terms of its operating agreement, Manning & Napier Group is obligated to make tax distributions to holders of its units, including us. As a consequence of these various limitations and restrictions, we may have to reduce or eliminate the payment of dividends on our Class A common stock for an extended period of time, which could adversely affect the market price of our Class A common stock.
We depend on distributions from Manning & Napier Group to pay taxes and expenses, including payments under the tax receivable agreement, but Manning & Napier Group’s ability to make such distributions will be subject to various limitations and restrictions.
We have no material assets other than our ownership of Class A units of Manning & Napier Group and have no independent means of generating revenue. Manning & Napier Group is treated as a partnership for U.S. federal income tax purposes and, as such, is not subject to U.S. federal income tax. Instead, taxable income is allocated to holders of its units, including us. Accordingly, we incur income taxes on our allocable share of any net taxable income of Manning & Napier Group. Under the terms of its operating agreement, Manning & Napier Group is obligated to make tax distributions to holders of its units, including us. We also incur expenses related to our operations, including expenses under the tax receivable agreement, which we expect to be significant. We intend, as its managing member, to cause Manning & Napier Group to make distributions in an amount sufficient to allow us to pay our taxes and operating expenses, including any payments due under the tax receivable agreement. However, Manning & Napier Group’s ability to make such distributions is subject to various limitations and restrictions including, but not limited to, restrictions on distributions that would violate any contract or agreement to which Manning & Napier Group is then a party or any applicable law or that would have the effect of rendering Manning & Napier Group insolvent. If we do not have sufficient funds to pay tax or other liabilities to fund our operations, we may have to borrow funds, which could adversely affect our liquidity and financial condition and subject us to various restrictions imposed by any such lenders.
Furthermore, by paying cash distributions rather than investing in our business, we might not have sufficient cash to fund operations or new growth initiatives that will support the growth of our business.
We are required to pay holders of units of Manning & Napier Group for certain tax benefits we may claim as a result of the tax basis step up we realize in connection with the future purchases or exchanges of those units for shares of our Class A common stock, and the amounts we may pay could be significant.
Our current and former employee owners indirectly hold a minority ownership interest in Manning & Napier Group. Any future purchases or exchanges of their units of Manning & Napier Group for cash or, at our election, shares of our Class A common stock may produce favorable tax attributes for us. When we acquire such units, both the existing basis and the anticipated basis adjustments may increase, for tax purposes, depreciation and amortization deductions allocable to us from Manning & Napier Group and therefore reduce the amount of income tax we would otherwise be required to pay in the future. This increase in tax basis may also decrease gain, or increase loss, on future dispositions of certain capital assets to the extent the increased tax basis is allocated to those capital assets.
We entered into a tax receivable agreement with the other holders of Class A units of Manning & Napier Group, pursuant to which we are required to pay to holders of such Class A units 85% of the applicable cash savings, if any, in U.S. federal, state, local and foreign income tax that we actually realize, or are deemed to realize in certain circumstances, as a result of any step-up in tax basis in Manning & Napier Group’s assets as a result of (i) certain tax attributes of our purchase of such Class A units or exchanges (for shares of Class A common stock) and that are created as a result of the sales or exchanges and payments

58

under the tax receivable agreement and (ii) payments under the tax receivable agreement, including any tax benefits related to imputed interest deemed to be paid by us as a result of such agreement.
We expect that the payments we will be required to make under the tax receivable agreement will be substantial. We have recorded the estimated impacts of the Tax Cuts and Jobs Act and the CARES Act on the liability under the tax receivable agreement. Assuming no new material changes in the relevant tax law, the purchase or exchange of Class A units would result in depreciable or amortizable basis and that we earn sufficient taxable income to realize all tax benefits that are subject to the tax receivable agreement, we expect that the reduction in tax payments for us is approximately $22.9 million as of June 30, 2020. Under such scenario, we would be required to pay the holders of such Class A units 85% of such amount, or approximately $19.5 million. The actual amounts may materially differ from these estimated amounts, as potential future reductions in tax payments for us and tax receivable agreement payments by us will be calculated using the market value of our Class A common stock and the prevailing tax rates at the time of purchase or exchange and will be dependent on us generating sufficient future taxable income to realize the benefit. In general, increases in the market value of our shares or in prevailing tax rates will increase the amounts we pay under the tax receivable agreement.
The actual increase in tax basis, as well as the amount and timing of any payments under the tax receivable agreement, will vary depending upon a number of factors, including:
•
the timing of exchanges by the holders of units of Manning & Napier Group, the number of units purchased or exchanged, or the price of our Class A common stock, as the case may be, at the time of the purchase or exchange;
•
the amount and timing of the taxable income we generate in the future and the tax rate then applicable; and
•
the portion of our payments under the tax receivable agreement constituting imputed interest and whether the purchases or exchanges result in depreciable or amortizable basis.
There is a possibility that not all of the 85% of the applicable cash savings will be paid to the selling or exchanging holder of Class A units at the time described above. If we determine that all or a portion of such applicable tax savings is in doubt, we will pay to the holders of such Class A units the amount attributable to the portion of the applicable tax savings that we determine is not in doubt and pay the remainder at such time as we determine the actual tax savings or that the amount is no longer in doubt.
Payments under the tax receivable agreement, if any, will be made pro rata among all tax receivable agreement holders entitled to payments on an annual basis to the extent we have sufficient taxable income to utilize the increased depreciation and amortization expense. The availability of sufficient taxable income to utilize the increased depreciation and amortization expense will not be determined until such time as the financial results for the year in question are known and tax estimates prepared. To the extent that we are unable to make payments under the tax receivable agreement for any reason, such payments will be deferred and in some instances, will accrue interest until paid.
In certain cases, payments under the tax receivable agreement to holders of Manning & Napier Group units may be accelerated and/or significantly exceed the actual benefits we realize in respect of the tax attributes subject to the tax receivable agreement.
The tax receivable agreement provides that upon certain mergers, asset sales, other forms of business combinations or other changes of control, or if, at any time, we elect an early termination of the tax receivable agreement, our obligations under the tax receivable agreement with respect to all Class A units of Manning & Napier Group, whether or not such units have been purchased or exchanged before or after such transaction, would be based on certain assumptions, including that we would have sufficient taxable income to fully utilize the deductions arising from the increased tax deductions and tax basis and other benefits related to entering into the tax receivable agreement. As a result, (i) we could be required to make payments under the tax receivable agreement that are greater than or less than the specified percentage of the actual benefits we realize in respect of the tax attributes subject to the tax receivable agreement and (ii) if we elect to terminate the tax receivable agreement early, we would be required to make an immediate payment equal to the present value of the anticipated future tax benefits, which payment may be made significantly in advance of the actual realization of such future benefits. In these situations, our obligations under the tax receivable agreement could have a substantial negative impact on our liquidity and could have the effect of delaying, deferring or preventing certain mergers, asset sales, other forms of business combinations or other changes of control. There can be no assurance that we will be able to finance our obligations under the tax receivable agreement. If we were to elect to terminate the tax receivable agreement immediately as of June 30, 2020, we estimate that we would be required to pay up to approximately $20.0 million in the aggregate, which assumes the exchange of 2,021,781 units of Manning & Napier Group held by those other than us under the tax receivable agreement.

59

If we were deemed an investment company under the 1940 Act as a result of our ownership of Manning & Napier Group, applicable restrictions could make it impractical for us to continue our business as contemplated and could have an adverse effect on our business.
We do not believe that we are an “investment company” under the 1940 Act. Because we, as the sole managing member of Manning & Napier Group, control the management of and operations of Manning & Napier Group, we believe that our interest in Manning & Napier Group is not an “investment security” as such term is used in the 1940 Act. If we were to cease participation in the management of Manning & Napier Group or not be deemed to control Manning & Napier Group, our interest in Manning & Napier Group could be deemed an “investment security” for purposes of the 1940 Act. A person may be an “investment company” if it owns investment securities having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items). Our sole asset is our equity investment in Manning & Napier Group. A determination that such investment is an investment security could cause us to be deemed an investment company under the 1940 Act and to become subject to the registration and other requirements of the 1940 Act. We do not believe that we are an investment company under Section 3(b)(1) of the 1940 Act because we are not primarily engaged in a business that causes us to fall within the definition of “investment company.” The 1940 Act and the rules thereunder contain detailed prescriptions for the organization and operations of investment companies. Among other things, the 1940 Act and the rules thereunder limit or prohibit transactions with affiliates, impose limitations on the issuance of debt and equity securities, prohibit the issuance of stock options, and impose certain governance requirements. We and Manning & Napier Group intend to conduct our operations so that we will not be deemed an investment company. However, if we nevertheless were to be deemed an investment company, restrictions imposed by the 1940 Act, including limitations on our capital structure and our ability to transact with affiliates, could make it impractical for us to continue our business as contemplated and could have an adverse effect on our business, financial condition and results of operations.
Risks Related to Our Class A Common Stock
The market price and trading volume of our Class A common stock may be volatile, which could result in rapid and substantial losses for our stockholders.
The market price of our Class A common stock may be highly volatile and could be subject to wide fluctuations. The trading volume of our Class A common stock may fluctuate and cause significant price variations to occur. If the market price of our Class A common stock declines significantly, investors may be unable to sell shares of Class A common stock at or above their purchase price, if at all. The market price of our Class A common stock may fluctuate or decline significantly in the future. Some of the factors that could negatively affect the price of our Class A common stock, or result in fluctuations in the price or trading volume of our Class A common stock, include:
•
an extended period of U.S. economic hardship as a result of the COVID-19 pandemic;
•
actual or anticipated variations in our quarterly operating results, including the suspension of our quarterly dividend;
•
failure to meet the market’s earnings expectations;
•
publication of negative research reports about us or the investment management industry, or the failure of securities analysts to cover our Class A common stock;
•
a limited float and low average daily trading volume, which may result in illiquidity as investors try to buy and sell and thereby exacerbating positive or negative pressure on our stock;
•
departures of any members of our senior management team or additions or departures of other key personnel;
•
adverse market reaction to any indebtedness we may incur or securities we may issue in the future;
•
adverse market reaction to our stockholder rights, or "poison pill," plan;
•
changes in market valuations of similar companies;
•
actual or anticipated poor performance in one or more of the portfolios we offer;
•
changes or proposed changes in laws or regulations, or differing interpretations thereof, affecting our business, or enforcement of these laws and regulations, or announcements relating to these matters;
•
adverse publicity about the investment management industry generally, or particular scandals, specifically;
•
litigation and governmental investigations;
•
consummation by us or our competitors of significant acquisitions, strategic partnerships or divestitures;
•
actions by stockholders, including any activist stockholders;

60

•
exchange of units of Manning & Napier Group for shares of our Class A common stock or the expectation that such conversions or exchanges may occur; and
•
general market and economic conditions.
Our Class A common stockholders may experience dilution in the future as a result of future acquisitions, additional capital raising, exchanges pursuant to the Exchange Agreement and/or equity grants under our equity compensation plans.
If we issue shares of Class A common stock or units of Manning & Napier Group in future acquisitions or capital raising activity, the ownership interest of our Class A common stockholders will be diluted. If we grant exchange rights with respect to the issuance of the units of Manning & Napier Group that allow its holder to exchange such units for shares of our Class A common stock, stockholders will incur dilution in the percentage of the issued and outstanding shares of Class A common stock that are owned at such time. Our stockholders will also be diluted to the extent the current holders of Class A units of Manning & Napier Group exchange their units pursuant to the Exchange Agreement and we settle that exchange in shares of our Class A common stock. We also may issue shares of our Class A common stock or units of Manning & Napier Group in connection with grants under our equity compensation plans, which will dilute our Class A common stockholders. Any such future sales, issuances or exchanges of our Class A common stock or rights to purchase our Class A common stock could result in substantial dilution to our existing stockholders.
If we fail to comply with our public company financial reporting and other regulatory obligations, including the Continued Listing Criteria of the New York Stock Exchange, our business and stock price could be adversely affected.
We are subject to the Continued Listing Criteria of the New York Stock Exchange (“NYSE”). In order for our Class A common stock to continue trading on the NYSE, we must maintain certain share prices, numbers of stockholders and corporate governance standards, including obtaining the approval of our stockholders prior to issuing shares in excess of 20% of the voting power outstanding before that issuance. If we are unable to meet any of these standards, our Class A common stock may no longer trade on the NYSE, which would adversely impact the trading market for our shares and liquidity for our stockholders and may adversely impact our business. If our Class A common stock does not maintain an average closing price of $1.00 or more over any consecutive 30 trading-day period, the NYSE may delist our Class A common stock for failure to maintain compliance with the NYSE price criteria listing standards. Specifically, in the event that our stock price falls below the minimum share price, we may fall out of compliance with the NYSE listing standards and to regain compliance we may be forced to take corporate actions, such as a reverse stock split, which may adversely impact the trading market for our shares and liquidity. As a public company, we are subject to the reporting requirements of the Exchange Act, have implemented specific corporate governance practices and adhere to a variety of reporting requirements under the Sarbanes-Oxley Act of 2002 and the related rules and regulations of the SEC, as well as the rules of the NYSE.
Our management is required to conduct an annual assessment of the effectiveness of our internal controls over financial reporting and include a report on our internal controls in our annual reports on Form 10-K pursuant to Section 404 of the Sarbanes-Oxley Act of 2002. If our management identifies one or more material weaknesses in our internal control over financial reporting, we will be unable to assert that our internal control over financial reporting is effective. If we are unable to assert that our internal control over financial reporting is effective, market perception of our financial condition and the trading price of our stock may be adversely affected and customer perception of our business may suffer.
Our corporate documents, stockholder rights plan and Delaware law contain provisions that could discourage, delay or prevent a change in control of the Company that our stockholders might consider to be in their best interests.
Provisions in our amended and restated certificate of incorporation and amended and restated bylaws, as well as our stockholder rights, or “poison pill,” plan, could impede attempts by our stockholders to remove or replace our management and could discourage others from initiating a potential merger, takeover or other change of control transaction, including a potential transaction at a premium over the market price of our Class A common stock, that our stockholders might consider to be in their best interests. These provisions:
•
authorize the issuance of undesignated preferred stock, the terms of which may be established and the shares of which may be issued without stockholder approval, and which may include super voting, special approval, dividend, or other rights or preferences superior to the rights of the holders of our Class A common stock;
•
discourage any person or group that wishes to acquire 15% or more of our Class A common stock from doing so without obtaining our agreement because such an acquisition would cause the person or group to suffer substantial dilution;
•
prohibit stockholder action by written consent and instead require all stockholder actions to be taken at a meeting of our stockholders;
•
provide that the board of directors is expressly authorized to make, alter, or repeal our amended and restated bylaws; and

61

•
establish advance notice requirements for nominations for elections to our board of directors or for proposing matters that can be acted upon by stockholders at stockholder meetings.
These anti-takeover provisions and other provisions under Delaware law could discourage, delay or prevent a transaction involving a change in control of our company, even if doing so would benefit the holders of our Class A common stock.
A proxy contest for the election of directors at our annual meeting or proposals arising out of stockholder initiatives could cause us to incur substantial costs and negatively affect our business.
Due to the uncertainty in U.S. financial markets as a result of the COVID-19 pandemic in combination with the recent exchange pursuant to the Exchange Agreement, we may be subject to proxy contests and other forms of stockholder activism. In the event that any significant investor makes proposals concerning our operations, governance or other matters, or seeks to change our board of directors, our review and consideration of such proposals may require the devotion of a significant amount of time by our management and employees and could require us to expend significant resources. Further, if our board of directors, in exercising its fiduciary duties, disagrees with or determines not to pursue the strategic direction suggested by an activist stockholder, our business could be adversely affected by responding to a costly and time-consuming proxy contest or other actions from an activist stockholder that will divert the attention of our management and employees, interfere with our ability to execute our strategic plan, result in the loss of business opportunities and clients, and make it more difficult for us to attract and retain qualified personnel and business partners.
Any issuance of preferred stock could make it difficult for another company to acquire us or could otherwise adversely affect holders of our Class A common stock, which could depress the price of our Class A common stock.
Our board of directors has the authority to issue preferred stock and to determine the preferences, limitations and relative rights of shares of preferred stock and to fix the number of shares constituting any series and the designation of such series, without any further vote or action by our stockholders. Our preferred stock could be issued with voting, liquidation, dividend and other rights superior to the rights of our Class A common stock. The potential issuance of preferred stock may delay or prevent a change in control of us, discouraging bids for our Class A common stock at a premium over the market price, and adversely affect the market price and the voting and other rights of the holders of our Class A common stock.
If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.
The trading market for our Class A common stock depends in part on the research and reports that securities or industry analysts publish about us or our business. If one or more of the analysts who covers us downgrades our stock or publishes inaccurate or unfavorable research about our business, our stock price would likely decline. If one or more of these analysts ceases coverage of us or fails to publish reports on us regularly, demand for our stock could decrease, which could cause our stock price and trading volume to decline.

62

Item 6. Exhibits
Exhibit No.
 
Description
4.1
 
 
 
 
10.1
 
 
 
 
10.2
 
 
 
 
10.3
 
 
 
 
10.4
 
 
 
 
10.5
 
 
 
 
10.6
 
 
 
 
10.7
 
 
 
 
31.1
 
 
 
31.2
 
 
 
32.1
 
 
 
32.2
 
 
 
101
 
Materials from the Manning & Napier, Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, formatted in Extensible Business Reporting Language (XBRL): (i) Consolidated Statements of Financial Condition, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Shareholders’ Equity, (v) Consolidated Statements of Cash Flows, and (vi) related Notes to the Unaudited Consolidated Financial Statements.












63

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 
MANNING & NAPIER, INC.
 
 
 
Dated: August 14, 2020
 
By:
 
/s/ Marc Mayer
 
 
 
 
Marc Mayer
 
 
 
 
Chief Executive Officer
 
 
 
 
(principal executive officer)
 
 
 
 
 
 
 
/s/ Paul J. Battaglia
 
 
 
 
Paul J. Battaglia
 
 
 
 
Chief Financial Officer
 
 
 
 
(principal financial and accounting officer)

64
 EX-10.3 2 exhibit103_q22020form10-q.htm EXHIBIT 10.3 Exhibit

Exhibit 10.3

REDEMPTION AGREEMENT

REDEMPTION AGREEMENT (this “Agreement”), dated as of the 11th day of May, 2020, by and between M&N Group Holdings, LLC, a Delaware limited liability company with an address at 290 Woodcliff Drive, Fairport, New York 14450 (“Group Holdings”), and William Manning, an individual having an address at 11 Bristol View, Fairport, NY 14450 (the “Member”).

W I T N E S S E T H:

WHEREAS, the Member owns 17,718,992.0000 Class B Units of Group Holdings (the “Profits Interests”);
WHEREAS, the Profits Interests convert into 17,718,992.0000 Class A Units of Manning & Napier Group, LLC.
WHEREAS, the parties to this Agreement have agreed that the Member may annually redeem his or her Profits Interests under (a) that certain Amended and Restated Limited Liability Company Agreement of Group Holdings by and among the Member, the MNA Advisors, Inc. and the other parties thereto, dated as of October 1, 2011, as amended (the “Limited Liability Company Agreement”), and (b) that certain Amended and Restated Limited Liability Company Agreement of Manning & Napier Group, LLC, by and among MNCC, Manning & Napier, Inc. and M&N Group Holdings, LLC, dated October 1, 2011, as amended (together with the shareholder agreement, the “Ownership Agreements”); and that Group Holdings shall redeem 17,718,992.0000 Profits Interests held by the Member in connection with the annual redemption process subject to the application of the General Limit as defined in the Ownership Agreements;
NOW, THEREFORE, in consideration of the foregoing premises, the respective covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, hereby agree as follows:

ARTICLE I
REDEMPTION
SECTION 1.01.     Redemption of the Securities. Subject to the terms and conditions set forth in this Agreement, on the Closing Date (as defined below), the Member hereby irrevocably submits for redemption and transfers, assigns and delivers to Group Holdings and Group Holdings hereby redeems and accepts all right, title and interest in and to, the Profits Interests, free and clear of all liens and encumbrances of any kind, for the Redemption Price. On the Closing Date (or thereafter pursuant to Section 5.01), the Member shall deliver to Group Holdings all instruments necessary to effect the transfer of the redeemed Profits Interests from the Member.
SECTION 1.02.     Redemption Price. The Redemption Price for the redeemed Profits Interests shall be $1.56 per Group Unit, which is the 15 day average of Manning & Napier, Inc. (“MN”) Class A common stock NYSE closing price between February 24, 2020 and March 13,


2020. Group Holdings shall pay $27,641,627.52 in cash for the redeemed Profits Interests (the “Redemption Price”). On or as promptly after the Closing Date as is practicable, Group Holdings shall pay the Redemption Price by check or wire transfer of immediately available funds to an account specified in writing by the Member.
SECTION 1.03.     Closing. The closing of the Redemption of the redeemed Profits Interests (the “Closing”) shall take place immediately following the execution of this Agreement on the date hereof (the “Closing Date”). The Closing shall take place at the offices of Group Holdings, or at such other location as may be mutually agreed to by the parties hereto.
ARTICLE II    
REPRESENTATIONS AND WARRANTIES OF MEMBER
The Member hereby represents and warrants to Group Holdings as follows:
SECTION 2.01.     Authorization and Validity of Agreement. The Member has full legal capacity and authority to execute this Agreement and to carry out his or her obligations hereunder. To the extent applicable, the execution and delivery of this Agreement and the performance of the Member’s obligations hereunder have been duly authorized by all necessary action on behalf of Member. This Agreement has been duly executed by the Member, and, assuming due authorization, execution and delivery by Group Holdings, this Agreement constitutes the legal, valid and binding obligations of the Member, enforceable against the Member in accordance with its terms. Each document and instrument of transfer contemplated by this Agreement (including pursuant to Section 5.01 hereof) is valid and legally binding upon the Member in accordance with its terms.
SECTION 2.02.     Ownership of redeemed Profits Interests. The Member is the lawful owner of record and beneficially owns, and has good and marketable title to, the redeemed Profits Interests, free and clear of any security interest, pledge, mortgage, lien, call, option, charge, encumbrance, adverse claim, preferential arrangement or restriction of any kind, including, without limitation, any restriction on the use, voting, transfer, receipt of income or other exercise of any attributes of ownership (collectively, “Encumbrances”). Upon the consummation of the transaction contemplated by this Agreement and payment of the Redemption Price, Group Holdings will own the redeemed Profits Interests free and clear of any Encumbrance.
SECTION 2.03.     No Conflict or Violation. The execution and delivery of this Agreement by the Member and the consummation of the transactions contemplated hereby do not and will not (a) with or without the giving of notice or the passage of time or both, violate, conflict with, result in the breach or termination of, constitute a default under, or result in the right to accelerate or loss of rights under or the creation of any Encumbrance upon any assets or property of the Member, pursuant to the terms or provisions of any contract, agreement, commitment, indenture, mortgage, deed of trust, pledge, security agreement, note, lease, license, covenant, understanding or other instrument or obligation to which the Member is a party or by which he or she or any of his or her properties or assets may be bound or affected, or (b) violate any provision of law or any order, writ, injunction, judgment or decree of any court, administrative agency or governmental body binding upon the Member.
SECTION 2.04.     No Consent. No consent, approval or authorization of or declaration or filing with any governmental authority or other persons or entities on the part of the Member is


required in connection with execution or delivery of this Agreement or the consummation of the transactions contemplated hereby.
SECTION 2.05.     Sufficient Knowledge. The Member acknowledges that he or she has (a) been provided access to or been furnished with sufficient facts and information to evaluate and make an informed decision with respect to the redemption of the redeemed Profits Interests pursuant to the terms of this Agreement, (b) read and understands all of such information, (c) been provided sufficient opportunity to ask questions and all of such questions have been answered to his or her full satisfaction, (d) not relied on any oral or written representations made by or on behalf of Group Holdings or any of its affiliates (other than as set forth in this Agreement) and shall not construe or rely on any communication or documentation from or on behalf of Group Holdings or any of its affiliates as investment, legal or tax advice and (e) obtained such advice (including without limitation the advice of counsel of the Member’s choosing) as he or she deemed appropriate in order to make an informed decision with respect to the redemption of the redeemed Profits Interests pursuant to the terms of this Agreement. The Member acknowledges and agrees that the Redemption Price represents the fair market value of the redeemed Profits Interests.
ARTICLE III    
REPRESENTATIONS AND WARRANTIES OF GROUP HOLDINGS
Group Holdings hereby represents and warrants to the Member as follows:
SECTION 3.01.     Organization; Authorization and Validity of Agreement. Group Holdings is duly organized, validly existing and in good standing under the laws of the State of Delaware. Group Holdings has all requisite corporate power and authority to enter into this Agreement and to carry out its obligations hereunder. The execution and delivery of this Agreement and the performance of Group Holdings’ obligations hereunder have been duly authorized by all necessary corporate action, and no other corporate proceedings on the part of Group Holdings is necessary to authorize such execution, delivery and performance. This Agreement has been duly executed by Group Holdings and, assuming due execution by the Member, constitutes legal, valid and binding obligations of Group Holdings, enforceable against Group Holdings in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, moratorium or similar laws of general application relating to or affecting creditors’ rights generally and except for the limitations imposed by general principles of equity.
SECTION 3.02.     No Conflict or Violation. The execution, delivery and performance by Group Holdings of this Agreement does not and will not (i) violate or conflict with any provision of the organizational documents of Group Holdings or (ii) violate any provision of law, or any order, judgment or decree of any court or other governmental entity.
ARTICLE IV    
INDEMNIFICATION
SECTION 4.01.     Member Indemnity. The Member covenants and agrees to indemnify and hold Group Holdings and its officers, directors and stockholders, harmless from and against, and to reimburse such indemnitees for, any claim for any losses, damages, liabilities, deficiencies and expenses (including reasonable counsel fees and expenses) (a “Claim”) incurred by Group Holdings , or any such indemnitee after the date hereof by reason of, or arising from, (a) any


misrepresentation or breach of any representation or warranty contained in this Agreement or in any instrument or document executed by the Member and delivered to Group Holdings pursuant to the terms hereof or (b) any failure by the Member to perform any obligation or covenant required to be performed by it under any provision of this Agreement.
SECTION 4.02.     Company Indemnity. Group Holdings covenants and agrees to indemnify and hold the Member harmless from and against, and to reimburse the Member for any Claim, including reasonable counsel fees and expenses, incurred by the Member after the date hereof by reason of, or arising from, (a) any misrepresentation or breach of any representation or warranty contained in this Agreement or in any instrument or document executed by Group Holdings and delivered to the Member pursuant to the terms hereof or, (b) any failure by Group Holdings to perform any obligation or covenant required to be performed by it under any provision of this Agreement.
ARTICLE V    
MISCELLANEOUS
SECTION 5.01.     Further Assurances. Each party hereto shall execute, deliver, file and record, or cause to be executed, delivered, filed and recorded, such further agreements, instruments and other documents, and take, or cause to be taken, such further actions, as any other party hereto may reasonably request as being necessary or advisable to effect or evidence the transactions contemplated by this Agreement.
SECTION 5.02.     Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties with regard to the subject matter hereof.
SECTION 5.03.     Amendments; Waivers. This Agreement may be amended, modified or superseded, and any of the terms, covenants, representations, warranties or conditions hereof may be waived, only by a written instrument executed by parties hereto. No waiver of any provision of this Agreement shall be valid unless in writing and signed by the party against whom enforcement is sought. The failure of any party at any time or times to require performance of any provisions hereof will in no manner affect the right at a later time to enforce the same. No waiver by any party of any condition, or of any breach of any term, covenant, representation or warranty contained in this Agreement, in any one or more instances, will be deemed to be or construed as a further or continuing waiver of any such condition or breach or a waiver of any other condition or of any breach of any other term, covenant, representation or warranty.
SECTION 5.04.     Successors and Assigns. All of the terms, covenants, representations, warranties and conditions of this Agreement will be binding upon, and inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and assigns.
SECTION 5.05.     Governing Law. This Agreement shall be governed by and construed in accordance with the domestic laws of the State of New York, without giving effect to any choice of law or conflict of law provisions or rule that would cause the application of the laws of any jurisdiction other than the State of New York.
SECTION 5.06.     Severability. If any provision of this Agreement shall become illegal, invalid, unenforceable or against public policy for any reason, or shall be held by any court of


competent jurisdiction to be illegal, invalid, unenforceable or against public policy, then such provision shall be severed from this Agreement and the remaining provisions of this Agreement shall not be affected thereby and shall remain in full force and effect. In lieu of each provision that becomes or is held to be illegal, invalid, unenforceable or against public policy, there shall be automatically added to this Agreement a provision as similar in substance to the objectionable provision as may be possible and still be legal, valid, enforceable and in compliance with public policy.
SECTION 5.07.     Section and Paragraph Headings. The section and paragraph headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.
SECTION 5.08.     Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all parties hereto had executed the same document. All such counterparts shall be construed together and shall constitute one instrument.
SECTION 5.09.     Consent. By executing and delivering this Agreement, the Member hereby consents to and ratifies Group Holdings entering into a Redemption Agreement (the “Group Holdings Redemption Agreement”) with Manning & Napier Group, LLC, pursuant to which Manning & Napier Group, LLC agrees to redeem a number of its issued and outstanding Class A Units beneficially and of record owned by Group Holdings that corresponds to the ownership percentage of Group Holdings that is being redeemed pursuant to this Agreement.



IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
M&N GROUP HOLDINGS, LLC
By: /s/ Sarah Turner            
Name: Sarah Turner
Title: Authorized Signatory


MEMBER:

/s/ William Manning            
WILLIAM MANNING




 EX-10.4 3 exhibit104_q22020form10-q.htm EXHIBIT 10.4 Exhibit

Exhibit 10.4

REDEMPTION AGREEMENT

REDEMPTION AGREEMENT (this “Agreement”), dated as of the 11th day of May, 2020, by and between M&N Group Holdings, LLC, a Delaware limited liability company having an address at 290 Woodcliff Drive, Fairport, New York 14450 (“Group Holdings”), and Manning & Napier Associates, L.L.C., a New York LLC with an address at 370 Woodcliff Drive, Fairport, New York 14450 (the “Company”).

W I T N E S S E T H:

WHEREAS, the parties to this Agreement have agreed that Group Holdings shall redeem Class A Units held by the Company;
WHEREAS, in connection with an exchange transaction among affiliated companies including Manning & Napier, Inc., Manning & Napier Group, LLC (“MN Group”), Manning & Napier Capital Company, and Group Holdings, Group Holdings will in turn sell the corresponding units to Manning & Napier Group, LLC;
WHEREAS, subject to the terms and conditions set forth in those certain Redemption Agreements entered into concurrently with this Agreement between some of the members and the Company (collectively, the “Company Redemption Agreements”), the members are redeeming units of the Company in exchange for the redemption price specified in such Company Redemption Agreements; and

WHEREAS, subject to the terms and conditions set forth herein, the Company desires to irrevocably have redeemed by Group Holdings, and Group Holdings desires to redeem, 6,808,523.0000 of the Class A Units, which amount corresponds to the ownership percentage of the Company that is being redeemed pursuant to the Company Redemption Agreements (the “Redeemed Interests”), in exchange for the Redemption Price (as defined below).

NOW, THEREFORE, in consideration of the foregoing premises, the respective covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, hereby agree as follows:

ARTICLE I
REDEMPTION
SECTION 1.01.     Redemption of the Securities. Subject to the terms and conditions set forth in this Agreement, on the Closing Date (as defined below), the Company hereby irrevocably submits for redemption and transfers, assigns and delivers to Group Holdings, and Group Holdings hereby redeems and accepts all right, title and interest in and to, the Redeemed Interests, free and clear of all liens and encumbrances of any kind, for the Redemption Price. On the Closing Date (or


thereafter pursuant to Section 5.01), the Company shall deliver to Group Holdings all instruments necessary to effect the transfer of the Redeemed Interests from the Company to Group Holdings.
SECTION 1.02.     Redemption Price. The redemption price for the Redeemed Interests shall be $10,621,295.88 in cash (the “Redemption Price”). On or as promptly after the Closing Date as is practicable, Group Holdings shall pay the Redemption Price by check or wire transfer of immediately available funds to an account specified in writing by the Company.
SECTION 1.03.     Closing. The closing of the redemption of the Redeemed Interests (the “Closing”) shall take place immediately following the execution of this Agreement on the date hereof (the “Closing Date”). The Closing shall take place at the offices of Group Holdings, or at such other location as may be mutually agreed to by the parties hereto.
ARTICLE II    
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
The Company hereby represents and warrants to Group Holdings as follows:
SECTION 2.01.     Authorization and Validity of Agreement. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of New York. The Company has full legal capacity and authority to execute this Agreement and to carry out its obligations hereunder. To the extent applicable, the execution and delivery of this Agreement and the performance of the Company’s obligations hereunder have been duly authorized by all necessary action on behalf of the Company. This Agreement has been duly executed by the Company, and, assuming due authorization, execution and delivery by Group Holdings, this Agreement constitutes the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its terms. Each document and instrument of transfer contemplated by this Agreement (including pursuant to Section 5.01 hereof) is valid and legally binding upon the Company in accordance with its terms.
SECTION 2.02.     Ownership of Redeemed Interests. The Company is the lawful owner of record and beneficially owns, and has good and marketable title to, the Redeemed Interests, free and clear of any security interest, pledge, mortgage, lien, call, option, charge, encumbrance, adverse claim, preferential arrangement or restriction of any kind, including, without limitation, any restriction on the use, voting, transfer, receipt of income or other exercise of any attributes of ownership (collectively, “Encumbrances”). Upon the consummation of the transaction contemplated by this Agreement and payment of the Redemption Price, Group Holdings will own the Redeemed Interests free and clear of any Encumbrance.
SECTION 2.03.     No Conflict or Violation. The execution and delivery of this Agreement by the Company and the consummation of the transactions contemplated hereby do not and will not (a) with or without the giving of notice or the passage of time or both, violate, conflict with, result in the breach or termination of, constitute a default under, or result in the right to accelerate or loss of rights under or the creation of any Encumbrance upon any assets or property of the Company, pursuant to the terms or provisions of any contract, agreement, commitment, indenture, mortgage, deed of trust, pledge, security agreement, note, lease, license, covenant, understanding or other instrument or obligation to which the Company is a party or by which it or


any of its properties or assets may be bound or affected, (b) violate or conflict with any provision of the organizational documents of the Company or (c) violate any provision of law or any order, writ, injunction, judgment or decree of any court, administrative agency or governmental body binding upon the Company.
SECTION 2.04.     No Consent. No consent, approval or authorization of or declaration or filing with any governmental authority or other persons or entities on the part of the Company is required in connection with execution or delivery of this Agreement or the consummation of the transactions contemplated hereby.
SECTION 2.05.     Sufficient Knowledge. The Company acknowledges that it has (a) been provided access to or been furnished with sufficient facts and information to evaluate and make an informed decision with respect to the redemption of the Redeemed Interests pursuant to the terms of this Agreement, (b) read and understands all of such information, (c) been provided sufficient opportunity to ask questions and all of such questions have been answered to its full satisfaction, (d) not relied on any oral or written representations made by or on behalf of Group Holdings or any of its affiliates (other than as set forth in this Agreement) and shall not construe or rely on any communication or documentation from or on behalf of Group Holdings or any of its affiliates as investment, legal or tax advice and (e) obtained such advice (including without limitation the advice of counsel of the Company’s choosing) as it deemed appropriate in order to make an informed decision with respect to the redemption of the Redeemed Interests pursuant to the terms of this Agreement. The Company acknowledges and agrees that the Redemption Price represents the fair market value of the Redeemed Interests.
ARTICLE III    
REPRESENTATIONS AND WARRANTIES OF GROUP HOLDINGS
Group Holdings hereby represents and warrants to the Company as follows:
SECTION 3.01.     Organization; Authorization and Validity of Agreement. Group Holdings is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware. Group Holdings has all requisite power and authority to enter into this Agreement and to carry out its obligations hereunder. The execution and delivery of this Agreement and the performance of Group Holdings’ obligations hereunder have been duly authorized by all necessary action, and no other proceedings on the part of Group Holdings is necessary to authorize such execution, delivery and performance. This Agreement has been duly executed by Group Holdings and, assuming due execution by the Company, constitutes legal, valid and binding obligations of Group Holdings, enforceable against Group Holdings in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, moratorium or similar laws of general application relating to or affecting creditors’ rights generally and except for the limitations imposed by general principles of equity.
SECTION 3.02.     No Conflict or Violation. The execution, delivery and performance by Group Holdings of this Agreement does not and will not (i) violate or conflict with any provision of the organizational documents of Group Holdings or (ii) violate any provision of law, or any order, judgment or decree of any court or other governmental entity.


ARTICLE IV    
INDEMNIFICATION
SECTION 4.01.     Company Indemnity. The Company covenants and agrees to indemnify and hold Group Holdings and its officers, directors and members, harmless from and against, and to reimburse such indemnitees for, any claim for any losses, damages, liabilities, deficiencies and expenses (including reasonable counsel fees and expenses) (a “Claim”) incurred by Group Holdings or any such indemnitee after the date hereof by reason of, or arising from, (a) any misrepresentation or breach of any representation or warranty contained in this Agreement or in any instrument or document executed by the Company and delivered to Group Holdings pursuant to the terms hereof or (b) any failure by the Company to perform any obligation or covenant required to be performed by it under any provision of this Agreement.
SECTION 4.02.     Group Holdings Indemnity. Group Holdings covenants and agrees to indemnify and hold the Company and its officers, directors and members, harmless from and against, and to reimburse such indemnitees for, any claim for any losses, damages, liabilities, deficiencies and expenses (including reasonable counsel fees and expenses) incurred by the Company or any such indemnitee after the date hereof by reason of, or arising from, (a) any misrepresentation or breach of any representation or warranty contained in this Agreement or in any instrument or document executed by Group Holdings and delivered to the Company pursuant to the terms hereof or, (b) any failure by Group Holdings to perform any obligation or covenant required to be performed by it under any provision of this Agreement.
ARTICLE V    
MISCELLANEOUS
SECTION 5.01.     Further Assurances. Each party hereto shall execute, deliver, file and record, or cause to be executed, delivered, filed and recorded, such further agreements, instruments and other documents, and take, or cause to be taken, such further actions, as any other party hereto may reasonably request as being necessary or advisable to effect or evidence the transactions contemplated by this Agreement.
SECTION 5.02.     Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties with regard to the subject matter hereof.
SECTION 5.03.     Amendments; Waivers. This Agreement may be amended, modified or superseded, and any of the terms, covenants, representations, warranties or conditions hereof may be waived, only by a written instrument executed by parties hereto. No waiver of any provision of this Agreement shall be valid unless in writing and signed by the party against whom enforcement is sought. The failure of any party at any time or times to require performance of any provisions hereof will in no manner affect the right at a later time to enforce the same. No waiver by any party of any condition, or of any breach of any term, covenant, representation or warranty contained in this Agreement, in any one or more instances, will be deemed to be or construed as a further or continuing waiver of any such condition or breach or a waiver of any other condition or of any breach of any other term, covenant, representation or warranty.


SECTION 5.04.     Successors and Assigns. All of the terms, covenants, representations, warranties and conditions of this Agreement will be binding upon, and inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and assigns.
SECTION 5.05.     Governing Law. This Agreement shall be governed by and construed in accordance with the domestic laws of the State of New York, without giving effect to any choice of law or conflict of law provisions or rule that would cause the application of the laws of any jurisdiction other than the State of New York.
SECTION 5.06.     Severability. If any provision of this Agreement shall become illegal, invalid, unenforceable or against public policy for any reason, or shall be held by any court of competent jurisdiction to be illegal, invalid, unenforceable or against public policy, then such provision shall be severed from this Agreement and the remaining provisions of this Agreement shall not be affected thereby and shall remain in full force and effect. In lieu of each provision that becomes or is held to be illegal, invalid, unenforceable or against public policy, there shall be automatically added to this Agreement a provision as similar in substance to the objectionable provision as may be possible and still be legal, valid, enforceable and in compliance with public policy.
SECTION 5.07.     Section and Paragraph Headings. The section and paragraph headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.
SECTION 5.08.     Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all parties hereto had executed the same document. All such counterparts shall be construed together and shall constitute one instrument.
    




IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

M&N GROUP HOLDINGS, LLC
By: /s/ Sarah C. Turner            
Name: Sarah Turner
Title: Authorized Signatory

MANNING & NAPIER ASSOCIATES, L.L.C.


By: /s/ William Manning            
Name: William Manning
Title: Authorized Signatory











 EX-10.5 4 exhibit105_q22020form10-q.htm EXHIBIT 10.5 Exhibit

Exhibit 10.5

REDEMPTION AGREEMENT

REDEMPTION AGREEMENT (this “Agreement”), dated as of the 11th day of May, 2020, by and between M&N Group Holdings, LLC, a Delaware limited liability company having an address at 290 Woodcliff Drive, Fairport, New York 14450 (“Group Holdings”), and MNA Advisors, Inc., a New York corporation having an address at 290 Woodcliff Drive, Fairport, New York 14450 (the “Company”).

W I T N E S S E T H:

WHEREAS, the parties to this Agreement have agreed that Group Holdings shall redeem Class A Units held by the Company;
WHEREAS, certain shareholders of the Company are each eligible to have the Company redeem their shares in connection with an exchange transaction among affiliated companies including Manning & Napier, Inc., Manning & Napier Group, LLC (“MN Group”), Manning & Napier Capital Company, and Group Holdings, and the Company has agreed to sell such redeemed shares to Group Holdings who will in turn sell corresponding units to MN Group;
WHEREAS, subject to the terms and conditions set forth in those certain Redemption Agreements entered into concurrently with this Agreement between some or all of the shareholders of the Company and the Company (collectively, the “Company Redemption Agreements”), the Shareholders are redeeming common stock of the Company in exchange for the redemption price specified in such Company Redemption Agreements; and

WHEREAS, subject to the terms and conditions set forth herein, the Company desires to irrevocably have redeemed by Group Holdings, and Group Holdings desires to redeem, 34,757,162.0859 of the Class A Units, which amount corresponds to the ownership percentage of the Company that is being redeemed pursuant to the Company Redemption Agreements (the “Redeemed Interests”), in exchange for the Redemption Price (as defined below).

NOW, THEREFORE, in consideration of the foregoing premises, the respective covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, hereby agree as follows:

ARTICLE I
REDEMPTION
SECTION 1.01.     Redemption of the Securities. Subject to the terms and conditions set forth in this Agreement, on the Closing Date (as defined below), the Company hereby irrevocably submits for redemption and transfers, assigns and delivers to Group Holdings, and Group Holdings hereby redeems and accepts all right, title and interest in and to, the Redeemed Interests, free and

11

clear of all liens and encumbrances of any kind, for the Redemption Price. On the Closing Date (or thereafter pursuant to Section 5.01), the Company shall deliver to Group Holdings all instruments necessary to effect the transfer of the Redeemed Interests from the Company to Group Holdings.
SECTION 1.02.     Redemption Price. The redemption price for the Redeemed Interests shall be $51,350,737.12 in cash (the “Redemption Price”). On or as promptly after the Closing Date as is practicable, Group Holdings shall pay the Redemption Price by check or wire transfer of immediately available funds to an account specified in writing by the Company.
SECTION 1.03.     Closing. The closing of the redemption of the Redeemed Interests (the “Closing”) shall take place immediately following the execution of this Agreement on the date hereof (the “Closing Date”). The Closing shall take place at the offices of Group Holdings, or at such other location as may be mutually agreed to by the parties hereto.
ARTICLE II    
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
The Company hereby represents and warrants to Group Holdings as follows:
SECTION 2.01.     Authorization and Validity of Agreement. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of New York. The Company has full legal capacity and authority to execute this Agreement and to carry out its obligations hereunder. To the extent applicable, the execution and delivery of this Agreement and the performance of the Company’s obligations hereunder have been duly authorized by all necessary action on behalf of the Company. This Agreement has been duly executed by the Company, and, assuming due authorization, execution and delivery by Group Holdings, this Agreement constitutes the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its terms. Each document and instrument of transfer contemplated by this Agreement (including pursuant to Section 5.01 hereof) is valid and legally binding upon the Company in accordance with its terms.
SECTION 2.02.     Ownership of Redeemed Interests. The Company is the lawful owner of record and beneficially owns, and has good and marketable title to, the Redeemed Interests, free and clear of any security interest, pledge, mortgage, lien, call, option, charge, encumbrance, adverse claim, preferential arrangement or restriction of any kind, including, without limitation, any restriction on the use, voting, transfer, receipt of income or other exercise of any attributes of ownership (collectively, “Encumbrances”). Upon the consummation of the transaction contemplated by this Agreement and payment of the Redemption Price, Group Holdings will own the Redeemed Interests free and clear of any Encumbrance.
SECTION 2.03.     No Conflict or Violation. The execution and delivery of this Agreement by the Company and the consummation of the transactions contemplated hereby do not and will not (a) with or without the giving of notice or the passage of time or both, violate, conflict with, result in the breach or termination of, constitute a default under, or result in the right to accelerate or loss of rights under or the creation of any Encumbrance upon any assets or property of the Company, pursuant to the terms or provisions of any contract, agreement, commitment, indenture, mortgage, deed of trust, pledge, security agreement, note, lease, license, covenant,


understanding or other instrument or obligation to which the Company is a party or by which it or any of its properties or assets may be bound or affected, (b) violate or conflict with any provision of the organizational documents of the Company or (c) violate any provision of law or any order, writ, injunction, judgment or decree of any court, administrative agency or governmental body binding upon the Company.
SECTION 2.04.     No Consent. No consent, approval or authorization of or declaration or filing with any governmental authority or other persons or entities on the part of the Company is required in connection with execution or delivery of this Agreement or the consummation of the transactions contemplated hereby.
SECTION 2.05.     Sufficient Knowledge. The Company acknowledges that it has (a) been provided access to or been furnished with sufficient facts and information to evaluate and make an informed decision with respect to the redemption of the Redeemed Interests pursuant to the terms of this Agreement, (b) read and understands all of such information, (c) been provided sufficient opportunity to ask questions and all of such questions have been answered to its full satisfaction, (d) not relied on any oral or written representations made by or on behalf of Group Holdings or any of its affiliates (other than as set forth in this Agreement) and shall not construe or rely on any communication or documentation from or on behalf of Group Holdings or any of its affiliates as investment, legal or tax advice and (e) obtained such advice (including without limitation the advice of counsel of the Company’s choosing) as it deemed appropriate in order to make an informed decision with respect to the redemption of the Redeemed Interests pursuant to the terms of this Agreement. The Company acknowledges and agrees that the Redemption Price represents the fair market value of the Redeemed Interests.
ARTICLE III    
REPRESENTATIONS AND WARRANTIES OF GROUP HOLDINGS
Group Holdings hereby represents and warrants to the Company as follows:
SECTION 3.01.     Organization; Authorization and Validity of Agreement. Group Holdings is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware. Group Holdings has all requisite power and authority to enter into this Agreement and to carry out its obligations hereunder. The execution and delivery of this Agreement and the performance of Group Holdings’ obligations hereunder have been duly authorized by all necessary action, and no other proceedings on the part of Group Holdings is necessary to authorize such execution, delivery and performance. This Agreement has been duly executed by Group Holdings and, assuming due execution by the Company, constitutes legal, valid and binding obligations of Group Holdings, enforceable against Group Holdings in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, moratorium or similar laws of general application relating to or affecting creditors’ rights generally and except for the limitations imposed by general principles of equity.
SECTION 3.02.     No Conflict or Violation. The execution, delivery and performance by Group Holdings of this Agreement does not and will not (i) violate or conflict with any provision


of the organizational documents of Group Holdings or (ii) violate any provision of law, or any order, judgment or decree of any court or other governmental entity.
ARTICLE IV    
INDEMNIFICATION
SECTION 4.01.     Company Indemnity. The Company covenants and agrees to indemnify and hold Group Holdings and its officers, directors and stockholders, harmless from and against, and to reimburse such indemnitees for, any claim for any losses, damages, liabilities, deficiencies and expenses (including reasonable counsel fees and expenses) (a “Claim”) incurred by Group Holdings or any such indemnitee after the date hereof by reason of, or arising from, (a) any misrepresentation or breach of any representation or warranty contained in this Agreement or in any instrument or document executed by the Company and delivered to Group Holdings pursuant to the terms hereof or (b) any failure by the Company to perform any obligation or covenant required to be performed by it under any provision of this Agreement.
SECTION 4.02.     Group Holdings Indemnity. Group Holdings covenants and agrees to indemnify and hold the Company and its officers, directors and stockholders, harmless from and against, and to reimburse such indemnitees for, any claim for any losses, damages, liabilities, deficiencies and expenses (including reasonable counsel fees and expenses) incurred by the Company or any such indemnitee after the date hereof by reason of, or arising from, (a) any misrepresentation or breach of any representation or warranty contained in this Agreement or in any instrument or document executed by Group Holdings and delivered to the Company pursuant to the terms hereof or, (b) any failure by Group Holdings to perform any obligation or covenant required to be performed by it under any provision of this Agreement.
ARTICLE V    
MISCELLANEOUS
SECTION 5.01.     Further Assurances. Each party hereto shall execute, deliver, file and record, or cause to be executed, delivered, filed and recorded, such further agreements, instruments and other documents, and take, or cause to be taken, such further actions, as any other party hereto may reasonably request as being necessary or advisable to effect or evidence the transactions contemplated by this Agreement.
SECTION 5.02.     Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties with regard to the subject matter hereof.
SECTION 5.03.     Amendments; Waivers. This Agreement may be amended, modified or superseded, and any of the terms, covenants, representations, warranties or conditions hereof may be waived, only by a written instrument executed by parties hereto. No waiver of any provision of this Agreement shall be valid unless in writing and signed by the party against whom enforcement is sought. The failure of any party at any time or times to require performance of any provisions hereof will in no manner affect the right at a later time to enforce the same. No waiver by any party of any condition, or of any breach of any term, covenant, representation or warranty contained in this Agreement, in any one or more instances, will be deemed to be or construed as a further or


continuing waiver of any such condition or breach or a waiver of any other condition or of any breach of any other term, covenant, representation or warranty.
SECTION 5.04.     Successors and Assigns. All of the terms, covenants, representations, warranties and conditions of this Agreement will be binding upon, and inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and assigns.
SECTION 5.05.     Governing Law. This Agreement shall be governed by and construed in accordance with the domestic laws of the State of New York, without giving effect to any choice of law or conflict of law provisions or rule that would cause the application of the laws of any jurisdiction other than the State of New York.
SECTION 5.06.     Severability. If any provision of this Agreement shall become illegal, invalid, unenforceable or against public policy for any reason, or shall be held by any court of competent jurisdiction to be illegal, invalid, unenforceable or against public policy, then such provision shall be severed from this Agreement and the remaining provisions of this Agreement shall not be affected thereby and shall remain in full force and effect. In lieu of each provision that becomes or is held to be illegal, invalid, unenforceable or against public policy, there shall be automatically added to this Agreement a provision as similar in substance to the objectionable provision as may be possible and still be legal, valid, enforceable and in compliance with public policy.
SECTION 5.07.     Section and Paragraph Headings. The section and paragraph headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.
SECTION 5.08.     Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all parties hereto had executed the same document. All such counterparts shall be construed together and shall constitute one instrument.
    




IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

M&N GROUP HOLDINGS, LLC
By: /s/ Sarah Turner            
Name: Sarah Turner
Title: Authorized Signatory

MNA ADVISORS, INC.:


By: /s/ Michelle Thomas            
Name: Michelle Thomas
Title: Corporate Secretary











EX-10.6 5 exhibit106_q2202form10-q.htm EXHIBIT 10.6 Exhibit

Exhibit 10.6

REDEMPTION AGREEMENT

REDEMPTION AGREEMENT (this “Agreement”), dated as of the 11th day of May, 2020, by and between MNA Advisors, Inc., a New York corporation having an address at 290 Woodcliff Drive, Fairport, New York 14450 (the “Company”), and William Manning, an individual having an address at 11 Bristol View, Fairport, NY 14450 (the “Shareholder”).

W I T N E S S E T H:

WHEREAS, the Shareholder owns 4,834,557.0099 shares of the issued and outstanding common stock of the Company (the “Common Stock”);
WHEREAS, the Common Stock converts into 34,696,444.0000 units of Manning & Napier Group, LLC.
WHEREAS, the parties to this Agreement have agreed that the Shareholder may annually redeem his or her Common Stock under (a) that certain Shareholders Agreement among the Shareholder, the Company and the other parties thereto, dated as of November 23, 2011, as amended (the “Shareholders Agreement”), and (b) that certain Amended and Restated Limited Liability Company Agreement of M&N Group Holdings, LLC by and among the Shareholder, the Company and the other parties thereto, dated October 1, 2011, as amended (together with the Shareholders Agreement, the “Ownership Agreements”); and that the Company shall redeem 4,834,557.0099 Common Stock held by the Shareholder in connection with the annual redemption process subject to the application of the General Limit as defined in the Ownership Agreements;
NOW, THEREFORE, in consideration of the foregoing premises, the respective covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, hereby agree as follows:

ARTICLE I
REDEMPTION
SECTION 1.01.     Redemption of the Securities. Subject to the terms and conditions set forth in this Agreement, on the Closing Date (as defined below), the Shareholder hereby irrevocably submits for redemption and transfers, assigns and delivers to the Company and the Company hereby redeems and accepts all right, title and interest in and to, the Common Stock, free and clear of all liens and encumbrances of any kind, for the Redemption Price. On the Closing Date (or thereafter pursuant to Section 5.01), the Shareholder shall deliver to the Company all instruments necessary to effect the transfer of the redeemed Common Stock from the Shareholder.
SECTION 1.02.     Redemption Price. The Redemption Price for the redeemed Common Stock shall be $1.48 per Group Unit, which is the 15 day average of Manning & Napier, Inc. (“MN”) Class A common stock NYSE closing price between February 24, 2020 and March 13, 2020, less 5%. The Company shall pay $51,350,737.12 in cash for the redeemed Common Stock (the


“Redemption Price”). On or as promptly after the Closing Date as is practicable, the Company shall pay the Redemption Price by check or wire transfer of immediately available funds to an account specified in writing by the Shareholder.
SECTION 1.03.     Closing. The closing of the Redemption of the redeemed Common Stock (the “Closing”) shall take place immediately following the execution of this Agreement on the date hereof (the “Closing Date”). The Closing shall take place at the offices of the Company, or at such other location as may be mutually agreed to by the parties hereto.
ARTICLE II    
REPRESENTATIONS AND WARRANTIES OF SHAREHOLDER
The Shareholder hereby represents and warrants to the Company as follows:
SECTION 2.01.     Authorization and Validity of Agreement. The Shareholder has full legal capacity and authority to execute this Agreement and to carry out his or her obligations hereunder. To the extent applicable, the execution and delivery of this Agreement and the performance of the Shareholder’s obligations hereunder have been duly authorized by all necessary action on behalf of Shareholder. This Agreement has been duly executed by the Shareholder, and, assuming due authorization, execution and delivery by the Company, this Agreement constitutes the legal, valid and binding obligations of the Shareholder, enforceable against the Shareholder in accordance with its terms. Each document and instrument of transfer contemplated by this Agreement (including pursuant to Section 5.01 hereof) is valid and legally binding upon the Shareholder in accordance with its terms.
SECTION 2.02.     Ownership of Redeemed Common Stock. The Shareholder is the lawful owner of record and beneficially owns, and has good and marketable title to, the redeemed Common Stock, free and clear of any security interest, pledge, mortgage, lien, call, option, charge, encumbrance, adverse claim, preferential arrangement or restriction of any kind, including, without limitation, any restriction on the use, voting, transfer, receipt of income or other exercise of any attributes of ownership (collectively, “Encumbrances”). Upon the consummation of the transaction contemplated by this Agreement and payment of the Redemption Price, the Company will own the redeemed Common Stock free and clear of any Encumbrance.
SECTION 2.03.     No Conflict or Violation. The execution and delivery of this Agreement by the Shareholder and the consummation of the transactions contemplated hereby do not and will not (a) with or without the giving of notice or the passage of time or both, violate, conflict with, result in the breach or termination of, constitute a default under, or result in the right to accelerate or loss of rights under or the creation of any Encumbrance upon any assets or property of the Shareholder, pursuant to the terms or provisions of any contract, agreement, commitment, indenture, mortgage, deed of trust, pledge, security agreement, note, lease, license, covenant, understanding or other instrument or obligation to which the Shareholder is a party or by which he or she or any of his or her properties or assets may be bound or affected, or (b) violate any provision of law or any order, writ, injunction, judgment or decree of any court, administrative agency or governmental body binding upon the Shareholder.
SECTION 2.04.     No Consent. No consent, approval or authorization of or declaration or filing with any governmental authority or other persons or entities on the part of the Shareholder


is required in connection with execution or delivery of this Agreement or the consummation of the transactions contemplated hereby.
SECTION 2.05.     Sufficient Knowledge. The Shareholder acknowledges that he or she has (a) been provided access to or been furnished with sufficient facts and information to evaluate and make an informed decision with respect to the redemption of the redeemed Common Stock pursuant to the terms of this Agreement, (b) read and understands all of such information, (c) been provided sufficient opportunity to ask questions and all of such questions have been answered to his or her full satisfaction, (d) not relied on any oral or written representations made by or on behalf of the Company or any of its affiliates (other than as set forth in this Agreement) and shall not construe or rely on any communication or documentation from or on behalf of the Company or any of its affiliates as investment, legal or tax advice and (e) obtained such advice (including without limitation the advice of counsel of the Shareholder’s choosing) as he or she deemed appropriate in order to make an informed decision with respect to the redemption of the redeemed Common Stock pursuant to the terms of this Agreement. The Shareholder acknowledges and agrees that the Redemption Price represents the fair market value of the redeemed Common Stock.
ARTICLE III    
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
The Company hereby represents and warrants to the Shareholder as follows:
SECTION 3.01.     Organization; Authorization and Validity of Agreement. The Company is duly incorporated, validly existing and in good standing under the laws of the State of New York. The Company has all requisite corporate power and authority to enter into this Agreement and to carry out its obligations hereunder. The execution and delivery of this Agreement and the performance of the Company’s obligations hereunder have been duly authorized by all necessary corporate action, and no other corporate proceedings on the part of the Company is necessary to authorize such execution, delivery and performance. This Agreement has been duly executed by the Company and, assuming due execution by the Shareholder, constitutes legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, moratorium or similar laws of general application relating to or affecting creditors’ rights generally and except for the limitations imposed by general principles of equity.
SECTION 3.02.     No Conflict or Violation. The execution, delivery and performance by the Company of this Agreement does not and will not (i) violate or conflict with any provision of the organizational documents of the Company or (ii) violate any provision of law, or any order, judgment or decree of any court or other governmental entity.
ARTICLE IV    
INDEMNIFICATION
SECTION 4.01.     Shareholder Indemnity. The Shareholder covenants and agrees to indemnify and hold the Company and its officers, directors and stockholders, harmless from and against, and to reimburse such indemnitees for, any claim for any losses, damages, liabilities, deficiencies and expenses (including reasonable counsel fees and expenses) (a “Claim”) incurred by the Company, or any such indemnitee after the date hereof by reason of, or arising from, (a) any


misrepresentation or breach of any representation or warranty contained in this Agreement or in any instrument or document executed by the Shareholder and delivered to the Company pursuant to the terms hereof or (b) any failure by the Shareholder to perform any obligation or covenant required to be performed by it under any provision of this Agreement.
SECTION 4.02.     Company Indemnity. The Company covenants and agrees to indemnify and hold the Shareholder harmless from and against, and to reimburse the Shareholder for any Claim, including reasonable counsel fees and expenses, incurred by the Shareholder after the date hereof by reason of, or arising from, (a) any misrepresentation or breach of any representation or warranty contained in this Agreement or in any instrument or document executed by the Company and delivered to the Shareholder pursuant to the terms hereof or, (b) any failure by the Company to perform any obligation or covenant required to be performed by it under any provision of this Agreement.
ARTICLE V    
MISCELLANEOUS
SECTION 5.01.     Further Assurances. Each party hereto shall execute, deliver, file and record, or cause to be executed, delivered, filed and recorded, such further agreements, instruments and other documents, and take, or cause to be taken, such further actions, as any other party hereto may reasonably request as being necessary or advisable to effect or evidence the transactions contemplated by this Agreement.
SECTION 5.02.     Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties with regard to the subject matter hereof.
SECTION 5.03.     Amendments; Waivers. This Agreement may be amended, modified or superseded, and any of the terms, covenants, representations, warranties or conditions hereof may be waived, only by a written instrument executed by parties hereto. No waiver of any provision of this Agreement shall be valid unless in writing and signed by the party against whom enforcement is sought. The failure of any party at any time or times to require performance of any provisions hereof will in no manner affect the right at a later time to enforce the same. No waiver by any party of any condition, or of any breach of any term, covenant, representation or warranty contained in this Agreement, in any one or more instances, will be deemed to be or construed as a further or continuing waiver of any such condition or breach or a waiver of any other condition or of any breach of any other term, covenant, representation or warranty.
SECTION 5.04.     Successors and Assigns. All of the terms, covenants, representations, warranties and conditions of this Agreement will be binding upon, and inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and assigns.
SECTION 5.05.     Governing Law. This Agreement shall be governed by and construed in accordance with the domestic laws of the State of New York, without giving effect to any choice of law or conflict of law provisions or rule that would cause the application of the laws of any jurisdiction other than the State of New York.
SECTION 5.06.     Severability. If any provision of this Agreement shall become illegal, invalid, unenforceable or against public policy for any reason, or shall be held by any court of


competent jurisdiction to be illegal, invalid, unenforceable or against public policy, then such provision shall be severed from this Agreement and the remaining provisions of this Agreement shall not be affected thereby and shall remain in full force and effect. In lieu of each provision that becomes or is held to be illegal, invalid, unenforceable or against public policy, there shall be automatically added to this Agreement a provision as similar in substance to the objectionable provision as may be possible and still be legal, valid, enforceable and in compliance with public policy.
SECTION 5.07.     Section and Paragraph Headings. The section and paragraph headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.
SECTION 5.08.     Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all parties hereto had executed the same document. All such counterparts shall be construed together and shall constitute one instrument.
SECTION 5.09.     Consent. By executing and delivering this Agreement, the Shareholder hereby consents to and ratifies the Company entering into a Redemption Agreement (the “MNA Advisors, Inc. Redemption Agreement”) with Manning & Napier Group Holdings, LLC, pursuant to which the Manning & Napier Group Holdings, LLC agrees to redeem a number of its issued and outstanding Class A Units beneficially and of record owned by the Company that corresponds to the ownership percentage of the Company that is being redeemed pursuant to this Agreement.



IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
MNA ADVISORS, INC.
By: /s/ Michelle Thomas            
Name: Michelle Thomas
Title: Corporate Secretary


SHAREHOLDER:

/s/ William Manning            
WILLIAM MANNING




 EX-10.7 6 exhibit107_q22020form10-q.htm EXHIBIT 10.7 Exhibit

Exhibit 10.7

REDEMPTION AGREEMENT

REDEMPTION AGREEMENT (this “Agreement”), dated as of the 11th day of May, 2020, by and between Manning & Napier Capital Company, LLC, a New York limited liability company with an address at 290 Woodcliff Drive, Fairport, New York 14450 (“MNCC”), and William Manning, an individual having an address at 11 Bristol View, Fairport, NY 14450 (the “Member”).

W I T N E S S E T H:

WHEREAS, the Member owns 733,460.0000 units of MNCC (the “Units”);
WHEREAS, the Units convert into 733,460.0000 Class A Units of Manning & Napier Group, LLC.
WHEREAS, the parties to this Agreement have agreed that the Member may annually redeem his or her Units under (a) that certain Amended and Restated Operating Agreement of MNCC by and among the Member and the other parties thereto, dated as of November 23, 2011, as amended (the “Operating Agreement”), and (b) that certain Amended and Restated Limited Liability Company Agreement of Manning & Napier Group, LLC, by and among MNCC, Manning & Napier, Inc. and M&N Group Holdings, LLC, dated October 1, 2011, as amended (together with the Operating Agreement, the “Ownership Agreements”); and that MNCC shall redeem 733,460.0000 Units held by the Member in connection with the annual redemption process subject to the application of the General Limit as defined in the Ownership Agreements;
NOW, THEREFORE, in consideration of the foregoing premises, the respective covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, hereby agree as follows:

ARTICLE I
REDEMPTION
SECTION 1.01.     Redemption of the Securities. Subject to the terms and conditions set forth in this Agreement, on the Closing Date (as defined below), the Member hereby irrevocably submits for redemption and transfers, assigns and delivers to MNCC and MNCC hereby redeems and accepts all right, title and interest in and to, the Units, free and clear of all liens and encumbrances of any kind, for the Redemption Price. On the Closing Date (or thereafter pursuant to Section 5.01), the Member shall deliver to MNCC all instruments necessary to effect the transfer of the redeemed Units from the Member.
SECTION 1.02.     Redemption Price. The Redemption Price for the redeemed Units shall be $1.48 per Group Unit, which is the 15 day average of Manning & Napier, Inc. (“MN”) Class A common stock NYSE closing price between February 24, 2020 and March 13, 2020, less 5%. MNCC shall pay $1,085,520.80 in cash for the redeemed Units (the “Redemption Price”). On or as promptly after the Closing Date as is practicable, MNCC shall pay the Redemption Price by


check or wire transfer of immediately available funds to an account specified in writing by the Member.
SECTION 1.03.     Closing. The closing of the Redemption of the redeemed Units (the “Closing”) shall take place immediately following the execution of this Agreement on the date hereof (the “Closing Date”). The Closing shall take place at the offices of MNCC, or at such other location as may be mutually agreed to by the parties hereto.
ARTICLE II    
REPRESENTATIONS AND WARRANTIES OF MEMBER
The Member hereby represents and warrants to MNCC as follows:
SECTION 2.01.     Authorization and Validity of Agreement. The Member has full legal capacity and authority to execute this Agreement and to carry out his or her obligations hereunder. To the extent applicable, the execution and delivery of this Agreement and the performance of the Member’s obligations hereunder have been duly authorized by all necessary action on behalf of Member. This Agreement has been duly executed by the Member, and, assuming due authorization, execution and delivery by MNCC, this Agreement constitutes the legal, valid and binding obligations of the Member, enforceable against the Member in accordance with its terms. Each document and instrument of transfer contemplated by this Agreement (including pursuant to Section 5.01 hereof) is valid and legally binding upon the Member in accordance with its terms.
SECTION 2.02.     Ownership of Redeemed Units. The Member is the lawful owner of record and beneficially owns, and has good and marketable title to, the redeemed Units, free and clear of any security interest, pledge, mortgage, lien, call, option, charge, encumbrance, adverse claim, preferential arrangement or restriction of any kind, including, without limitation, any restriction on the use, voting, transfer, receipt of income or other exercise of any attributes of ownership (collectively, “Encumbrances”). Upon the consummation of the transaction contemplated by this Agreement and payment of the Redemption Price, MNCC will own the redeemed Units free and clear of any Encumbrance.
SECTION 2.03.     No Conflict or Violation. The execution and delivery of this Agreement by the Member and the consummation of the transactions contemplated hereby do not and will not (a) with or without the giving of notice or the passage of time or both, violate, conflict with, result in the breach or termination of, constitute a default under, or result in the right to accelerate or loss of rights under or the creation of any Encumbrance upon any assets or property of the Member, pursuant to the terms or provisions of any contract, agreement, commitment, indenture, mortgage, deed of trust, pledge, security agreement, note, lease, license, covenant, understanding or other instrument or obligation to which the Member is a party or by which he or she or any of his or her properties or assets may be bound or affected, or (b) violate any provision of law or any order, writ, injunction, judgment or decree of any court, administrative agency or governmental body binding upon the Member.
SECTION 2.04.     No Consent. No consent, approval or authorization of or declaration or filing with any governmental authority or other persons or entities on the part of the Member is required in connection with execution or delivery of this Agreement or the consummation of the transactions contemplated hereby.


SECTION 2.05.     Sufficient Knowledge. The Member acknowledges that he or she has (a) been provided access to or been furnished with sufficient facts and information to evaluate and make an informed decision with respect to the redemption of the redeemed Units pursuant to the terms of this Agreement, (b) read and understands all of such information, (c) been provided sufficient opportunity to ask questions and all of such questions have been answered to his or her full satisfaction, (d) not relied on any oral or written representations made by or on behalf of MNCC or any of its affiliates (other than as set forth in this Agreement) and shall not construe or rely on any communication or documentation from or on behalf of MNCC or any of its affiliates as investment, legal or tax advice and (e) obtained such advice (including without limitation the advice of counsel of the Member’s choosing) as he or she deemed appropriate in order to make an informed decision with respect to the redemption of the redeemed Units pursuant to the terms of this Agreement. The Member acknowledges and agrees that the Redemption Price represents the fair market value of the redeemed Units.
ARTICLE III    
REPRESENTATIONS AND WARRANTIES OF MNCC
MNCC hereby represents and warrants to the Member as follows:
SECTION 3.01.     Organization; Authorization and Validity of Agreement. MNCC is duly organized, validly existing and in good standing under the laws of the State of New York. MNCC has all requisite corporate power and authority to enter into this Agreement and to carry out its obligations hereunder. The execution and delivery of this Agreement and the performance of MNCC’s obligations hereunder have been duly authorized by all necessary corporate action, and no other corporate proceedings on the part of MNCC is necessary to authorize such execution, delivery and performance. This Agreement has been duly executed by MNCC and, assuming due execution by the Member, constitutes legal, valid and binding obligations of MNCC, enforceable against MNCC in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, moratorium or similar laws of general application relating to or affecting creditors’ rights generally and except for the limitations imposed by general principles of equity.
SECTION 3.02.     No Conflict or Violation. The execution, delivery and performance by MNCC of this Agreement does not and will not (i) violate or conflict with any provision of the organizational documents of MNCC or (ii) violate any provision of law, or any order, judgment or decree of any court or other governmental entity.
ARTICLE IV    
INDEMNIFICATION
SECTION 4.01.     Member Indemnity. The Member covenants and agrees to indemnify and hold MNCC and its officers, directors and stockholders, harmless from and against, and to reimburse such indemnitees for, any claim for any losses, damages, liabilities, deficiencies and expenses (including reasonable counsel fees and expenses) (a “Claim”) incurred by MNCC, or any such indemnitee after the date hereof by reason of, or arising from, (a) any misrepresentation or breach of any representation or warranty contained in this Agreement or in any instrument or document executed by the Member and delivered to MNCC pursuant to the terms hereof or (b) any failure by the Member to perform any obligation or covenant required to be performed by it under any provision of this Agreement.


SECTION 4.02.     Company Indemnity. MNCC covenants and agrees to indemnify and hold the Member harmless from and against, and to reimburse the Member for any Claim, including reasonable counsel fees and expenses, incurred by the Member after the date hereof by reason of, or arising from, (a) any misrepresentation or breach of any representation or warranty contained in this Agreement or in any instrument or document executed by MNCC and delivered to the Member pursuant to the terms hereof or, (b) any failure by MNCC to perform any obligation or covenant required to be performed by it under any provision of this Agreement.
ARTICLE V    
MISCELLANEOUS
SECTION 5.01.     Further Assurances. Each party hereto shall execute, deliver, file and record, or cause to be executed, delivered, filed and recorded, such further agreements, instruments and other documents, and take, or cause to be taken, such further actions, as any other party hereto may reasonably request as being necessary or advisable to effect or evidence the transactions contemplated by this Agreement.
SECTION 5.02.     Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties with regard to the subject matter hereof.
SECTION 5.03.     Amendments; Waivers. This Agreement may be amended, modified or superseded, and any of the terms, covenants, representations, warranties or conditions hereof may be waived, only by a written instrument executed by parties hereto. No waiver of any provision of this Agreement shall be valid unless in writing and signed by the party against whom enforcement is sought. The failure of any party at any time or times to require performance of any provisions hereof will in no manner affect the right at a later time to enforce the same. No waiver by any party of any condition, or of any breach of any term, covenant, representation or warranty contained in this Agreement, in any one or more instances, will be deemed to be or construed as a further or continuing waiver of any such condition or breach or a waiver of any other condition or of any breach of any other term, covenant, representation or warranty.
SECTION 5.04.     Successors and Assigns. All of the terms, covenants, representations, warranties and conditions of this Agreement will be binding upon, and inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and assigns.
SECTION 5.05.     Governing Law. This Agreement shall be governed by and construed in accordance with the domestic laws of the State of New York, without giving effect to any choice of law or conflict of law provisions or rule that would cause the application of the laws of any jurisdiction other than the State of New York.
SECTION 5.06.     Severability. If any provision of this Agreement shall become illegal, invalid, unenforceable or against public policy for any reason, or shall be held by any court of competent jurisdiction to be illegal, invalid, unenforceable or against public policy, then such provision shall be severed from this Agreement and the remaining provisions of this Agreement shall not be affected thereby and shall remain in full force and effect. In lieu of each provision that becomes or is held to be illegal, invalid, unenforceable or against public policy, there shall be automatically added to this Agreement a provision as similar in substance to the objectionable


provision as may be possible and still be legal, valid, enforceable and in compliance with public policy.
SECTION 5.07.     Section and Paragraph Headings. The section and paragraph headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.
SECTION 5.08.     Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all parties hereto had executed the same document. All such counterparts shall be construed together and shall constitute one instrument.
SECTION 5.09.     Consent. By executing and delivering this Agreement, the Member hereby consents to and ratifies MNCC entering into a Redemption Agreement (the “MNCC Redemption Agreement”) with Manning & Napier Group, LLC, pursuant to which Manning & Napier Group, LLC agrees to redeem a number of its issued and outstanding Class A Units beneficially and of record owned by MNCC that corresponds to the ownership percentage of MNCC that is being redeemed pursuant to this Agreement.



IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
MANNING & NAPIER CAPITAL COMPANY, LLC
By: /s/ Sarah Turner            
Name: Sarah Turner
Title: Authorized Signatory


MEMBER:

/s/ William Manning            
WILLIAM MANNING




 EX-31.1 7 exhibit311_q22020form10-q.htm EXHIBIT 31.1 Exhibit


Exhibit 31.1
Certification
Pursuant to Section 302
of the Sarbanes-Oxley Act of 2002
I, Marc Mayer, certify that:
1. I have reviewed this report on Form 10-Q of Manning & Napier, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
 
/s/ Marc Mayer

 
 
Marc Mayer
 
 
Chief Executive Officer
 
 
(principal executive officer)
Date: August 14, 2020


EX-31.2 8 exhibit312_q22020form10-q.htm EXHIBIT 31.2 Exhibit


Exhibit 31.2
Certification
Pursuant to Section 302
of the Sarbanes-Oxley Act of 2002
I, Paul J. Battaglia, certify that:
1. I have reviewed this report on Form 10-Q of Manning & Napier, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
 
/s/ Paul J. Battaglia
 
 
Paul J. Battaglia
 
 
Chief Financial Officer
 
 
(principal financial and accounting officer)
Date: August 14, 2020


EX-32.1 9 exhibit321_q22020form10-q.htm EXHIBIT 32.1 Exhibit


Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Marc Mayer, the Chief Executive Officer of Manning & Napier, Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
• The Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Form 10-Q”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
• The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
 
 
/s/ Marc Mayer
 
 
Marc Mayer
 
 
Chief Executive Officer
 
 
(principal executive officer)
Date: August 14, 2020


EX-32.2 10 exhibit322_q22020form10-q.htm EXHIBIT 32.2 Exhibit


Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Paul J. Battaglia, the Chief Financial Officer of Manning & Napier, Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
• The Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Form 10-Q”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
• The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
 
 
/s/ Paul J. Battaglia
 
 
Paul J. Battaglia
 
 
Chief Financial Officer
 
 
(principal financial and accounting officer)
Date: August 14, 2020


EX-101.INS 11 mn-20200630.xml XBRL INSTANCE DOCUMENT 0001524223 2020-01-01 2020-06-30 0001524223 2020-08-10 0001524223 2020-06-30 0001524223 2019-12-31 0001524223 2019-01-01 2019-06-30 0001524223 2019-04-01 2019-06-30 0001524223 2020-04-01 2020-06-30 0001524223 mn:DistributionAndshareholderServicingMember 2020-04-01 2020-06-30 0001524223 mn:SeparatelyManagedAccountsMember 2020-04-01 2020-06-30 0001524223 mn:CustodialServicesMember 2020-01-01 2020-06-30 0001524223 mn:ServicesOtherMember 2019-01-01 2019-06-30 0001524223 mn:ServicesOtherMember 2020-04-01 2020-06-30 0001524223 mn:ServicesOtherMember 2019-04-01 2019-06-30 0001524223 mn:SeparatelyManagedAccountsMember 2019-04-01 2019-06-30 0001524223 mn:DistributionAndshareholderServicingMember 2019-04-01 2019-06-30 0001524223 mn:MutualFundsAndCollectiveInvestmentTrustsMember 2020-01-01 2020-06-30 0001524223 mn:MutualFundsAndCollectiveInvestmentTrustsMember 2020-04-01 2020-06-30 0001524223 mn:MutualFundsAndCollectiveInvestmentTrustsMember 2019-01-01 2019-06-30 0001524223 mn:SeparatelyManagedAccountsMember 2019-01-01 2019-06-30 0001524223 mn:DistributionAndshareholderServicingMember 2020-01-01 2020-06-30 0001524223 mn:ServicesOtherMember 2020-01-01 2020-06-30 0001524223 mn:DistributionAndshareholderServicingMember 2019-01-01 2019-06-30 0001524223 mn:MutualFundsAndCollectiveInvestmentTrustsMember 2019-04-01 2019-06-30 0001524223 mn:CustodialServicesMember 2020-04-01 2020-06-30 0001524223 mn:SeparatelyManagedAccountsMember 2020-01-01 2020-06-30 0001524223 mn:CustodialServicesMember 2019-04-01 2019-06-30 0001524223 mn:CustodialServicesMember 2019-01-01 2019-06-30 0001524223 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-06-30 0001524223 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0001524223 us-gaap:NoncontrollingInterestMember 2020-06-30 0001524223 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001524223 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001524223 2020-03-31 0001524223 us-gaap:NoncontrollingInterestMember 2020-04-01 2020-06-30 0001524223 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-06-30 0001524223 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001524223 us-gaap:RetainedEarningsMember 2020-03-31 0001524223 us-gaap:RetainedEarningsMember 2020-01-01 2020-06-30 0001524223 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2020-03-31 0001524223 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001524223 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2020-06-30 0001524223 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2020-01-01 2020-06-30 0001524223 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-12-31 0001524223 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0001524223 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001524223 us-gaap:NoncontrollingInterestMember 2020-03-31 0001524223 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001524223 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001524223 us-gaap:RetainedEarningsMember 2020-06-30 0001524223 us-gaap:NoncontrollingInterestMember 2019-12-31 0001524223 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-06-30 0001524223 us-gaap:RetainedEarningsMember 2019-12-31 0001524223 2018-12-31 0001524223 us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0001524223 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001524223 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-06-30 0001524223 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001524223 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-04-01 2019-06-30 0001524223 us-gaap:RetainedEarningsMember 2019-06-30 0001524223 us-gaap:RetainedEarningsMember 2018-12-31 0001524223 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-06-30 0001524223 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001524223 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-01-01 2019-06-30 0001524223 us-gaap:NoncontrollingInterestMember 2019-01-01 0001524223 us-gaap:NoncontrollingInterestMember 2019-03-31 0001524223 2019-06-30 0001524223 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001524223 us-gaap:RetainedEarningsMember 2019-01-01 2019-06-30 0001524223 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001524223 us-gaap:NoncontrollingInterestMember 2018-12-31 0001524223 us-gaap:RetainedEarningsMember 2019-01-01 0001524223 us-gaap:NoncontrollingInterestMember 2019-06-30 0001524223 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-06-30 0001524223 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-06-30 0001524223 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2018-12-31 0001524223 us-gaap:RetainedEarningsMember 2019-03-31 0001524223 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001524223 2019-03-31 0001524223 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0001524223 2019-01-01 0001524223 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001524223 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001524223 us-gaap:CommonClassAMember us-gaap:CommonStockMember 2019-03-31 0001524223 us-gaap:CommonClassAMember 2020-01-01 2020-06-30 0001524223 us-gaap:CommonClassAMember 2019-01-01 2019-06-30 0001524223 us-gaap:CommonClassAMember 2019-04-01 2019-06-30 0001524223 mn:ManningNapierInc.Member 2020-01-01 2020-06-30 0001524223 mn:ManningNapierInc.Member 2020-01-01 2020-03-31 0001524223 mn:ManningAndNapierGroupHoldingLlcMember mn:ClassAUnitsMember 2020-01-01 2020-06-30 0001524223 us-gaap:PropertyPlantAndEquipmentMember 2019-12-31 0001524223 mn:ManagedMutualFundsandManagedMutualConsolidatedFundsMember mn:ManningNapierFundMember 2020-06-30 0001524223 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2020-06-30 0001524223 mn:ManagedMutualFundsandManagedMutualConsolidatedFundsMember mn:ManningNapierFundMember 2019-12-31 0001524223 mn:AffiliatedMutualFundsMember 2020-06-30 0001524223 mn:AffiliatedMutualFundsMember 2019-12-31 0001524223 mn:AffiliatedMutualFundsandCollectiveTrustsMember 2019-12-31 0001524223 mn:AffiliatedCollectiveInvestmentTrustsMember 2019-12-31 0001524223 mn:AffiliatedCollectiveInvestmentTrustsMember 2020-06-30 0001524223 mn:AffiliatedMutualFundsandCollectiveTrustsMember 2020-06-30 0001524223 mn:ThirdPartiesMember 2019-12-31 0001524223 mn:ThirdPartiesMember 2020-06-30 0001524223 mn:SeparatelyManagedAccountsMember mn:BlendedAssetMember 2020-01-01 2020-06-30 0001524223 mn:MutualFundsAndCollectiveInvestmentTrustsMember us-gaap:EquityFundsMember 2019-01-01 2019-06-30 0001524223 mn:ManagementFeesMember mn:BlendedAssetMember 2020-01-01 2020-06-30 0001524223 mn:ManagementFeesMember us-gaap:EquityFundsMember 2020-01-01 2020-06-30 0001524223 mn:ManagementFeesMember mn:BlendedAssetMember 2019-01-01 2019-06-30 0001524223 mn:ManagementFeesMember us-gaap:FixedIncomeInvestmentsMember 2019-01-01 2019-06-30 0001524223 mn:MutualFundsAndCollectiveInvestmentTrustsMember us-gaap:FixedIncomeInvestmentsMember 2020-01-01 2020-06-30 0001524223 mn:ManagementFeesMember 2019-01-01 2019-06-30 0001524223 mn:SeparatelyManagedAccountsMember us-gaap:FixedIncomeInvestmentsMember 2020-01-01 2020-06-30 0001524223 mn:ManagementFeesMember us-gaap:EquityFundsMember 2019-01-01 2019-06-30 0001524223 mn:ManagementFeesMember 2020-01-01 2020-06-30 0001524223 mn:SeparatelyManagedAccountsMember us-gaap:FixedIncomeInvestmentsMember 2019-01-01 2019-06-30 0001524223 mn:MutualFundsAndCollectiveInvestmentTrustsMember mn:BlendedAssetMember 2019-01-01 2019-06-30 0001524223 mn:MutualFundsAndCollectiveInvestmentTrustsMember us-gaap:EquityFundsMember 2020-01-01 2020-06-30 0001524223 mn:MutualFundsAndCollectiveInvestmentTrustsMember us-gaap:FixedIncomeInvestmentsMember 2019-01-01 2019-06-30 0001524223 mn:SeparatelyManagedAccountsMember us-gaap:EquityFundsMember 2020-01-01 2020-06-30 0001524223 mn:SeparatelyManagedAccountsMember us-gaap:EquityFundsMember 2019-01-01 2019-06-30 0001524223 mn:ManagementFeesMember us-gaap:FixedIncomeInvestmentsMember 2020-01-01 2020-06-30 0001524223 mn:MutualFundsAndCollectiveInvestmentTrustsMember mn:BlendedAssetMember 2020-01-01 2020-06-30 0001524223 mn:SeparatelyManagedAccountsMember mn:BlendedAssetMember 2019-01-01 2019-06-30 0001524223 mn:ManagementFeesMember us-gaap:EquityFundsMember 2019-04-01 2019-06-30 0001524223 mn:MutualFundsAndCollectiveInvestmentTrustsMember us-gaap:FixedIncomeInvestmentsMember 2019-04-01 2019-06-30 0001524223 mn:MutualFundsAndCollectiveInvestmentTrustsMember mn:BlendedAssetMember 2019-04-01 2019-06-30 0001524223 mn:ManagementFeesMember mn:BlendedAssetMember 2020-04-01 2020-06-30 0001524223 mn:MutualFundsAndCollectiveInvestmentTrustsMember mn:BlendedAssetMember 2020-04-01 2020-06-30 0001524223 mn:SeparatelyManagedAccountsMember us-gaap:EquityFundsMember 2019-04-01 2019-06-30 0001524223 mn:SeparatelyManagedAccountsMember us-gaap:FixedIncomeInvestmentsMember 2020-04-01 2020-06-30 0001524223 mn:ManagementFeesMember mn:BlendedAssetMember 2019-04-01 2019-06-30 0001524223 mn:MutualFundsAndCollectiveInvestmentTrustsMember us-gaap:EquityFundsMember 2020-04-01 2020-06-30 0001524223 mn:SeparatelyManagedAccountsMember us-gaap:EquityFundsMember 2020-04-01 2020-06-30 0001524223 mn:ManagementFeesMember 2020-04-01 2020-06-30 0001524223 mn:MutualFundsAndCollectiveInvestmentTrustsMember us-gaap:EquityFundsMember 2019-04-01 2019-06-30 0001524223 mn:ManagementFeesMember us-gaap:FixedIncomeInvestmentsMember 2020-04-01 2020-06-30 0001524223 mn:SeparatelyManagedAccountsMember mn:BlendedAssetMember 2020-04-01 2020-06-30 0001524223 mn:MutualFundsAndCollectiveInvestmentTrustsMember us-gaap:FixedIncomeInvestmentsMember 2020-04-01 2020-06-30 0001524223 mn:ManagementFeesMember us-gaap:FixedIncomeInvestmentsMember 2019-04-01 2019-06-30 0001524223 mn:ManagementFeesMember us-gaap:EquityFundsMember 2020-04-01 2020-06-30 0001524223 mn:SeparatelyManagedAccountsMember mn:BlendedAssetMember 2019-04-01 2019-06-30 0001524223 mn:ManagementFeesMember 2019-04-01 2019-06-30 0001524223 mn:SeparatelyManagedAccountsMember us-gaap:FixedIncomeInvestmentsMember 2019-04-01 2019-06-30 0001524223 mn:SeparatelyManagedAccountsMember srt:MaximumMember 2020-01-01 2020-06-30 0001524223 mn:AdvisoryRelatedServicesMember 2019-04-01 2019-06-30 0001524223 mn:AdvisoryRelatedServicesMember 2019-01-01 2019-06-30 0001524223 mn:SeparatelyManagedAccountsMember srt:MinimumMember 2020-01-01 2020-06-30 0001524223 mn:AdvisoryRelatedServicesMember 2020-04-01 2020-06-30 0001524223 mn:AdvisoryRelatedServicesMember srt:MinimumMember us-gaap:SalesRevenueNetMember 2020-01-01 2020-06-30 0001524223 mn:AdvisoryRelatedServicesMember 2020-01-01 2020-06-30 0001524223 srt:MaximumMember 2020-04-01 2020-06-30 0001524223 mn:AdvisoryRelatedServicesMember srt:MinimumMember us-gaap:SalesRevenueNetMember 2019-01-01 2019-06-30 0001524223 mn:AdvisoryRelatedServicesMember srt:MinimumMember us-gaap:SalesRevenueNetMember 2020-04-01 2020-06-30 0001524223 srt:MaximumMember 2019-04-01 2019-06-30 0001524223 srt:MaximumMember 2019-01-01 2019-06-30 0001524223 mn:AdvisoryRelatedServicesMember srt:MinimumMember us-gaap:SalesRevenueNetMember 2019-04-01 2019-06-30 0001524223 srt:MaximumMember 2020-01-01 2020-06-30 0001524223 mn:ManningAndNapierGroupLlcMember mn:ClassAUnitsMember 2020-01-01 2020-06-30 0001524223 mn:ManningAndNapierGroupLlcMember mn:ClassAUnitsMember 2020-06-30 0001524223 mn:ManningAndNapierGroupLlcMember mn:ClassAUnitsMember 2019-12-31 0001524223 mn:ManningNapierInc.Member mn:ClassAUnitsMember 2020-06-30 0001524223 mn:ManningNapierInc.Member mn:ClassAUnitsMember 2020-01-01 2020-06-30 0001524223 mn:ManningNapierInc.Member mn:ClassAUnitsMember 2019-12-31 0001524223 mn:ManningAndNapierGroupHoldingLlcMember us-gaap:MajorityShareholderMember mn:ClassAUnitsMember 2020-05-11 2020-05-11 0001524223 mn:ManningAndNapierGroupHoldingLlcMember 2020-06-30 0001524223 mn:ManningAndNapierGroupLlcMember 2020-05-11 2020-05-11 0001524223 mn:ManningAndNapierGroupLlcMember mn:ClassAUnitsMember 2020-05-11 0001524223 mn:AccruedExpensesAndOtherLiabilitiesMember 2019-12-31 0001524223 mn:ManningAndNapierGroupLlcMember us-gaap:MajorityShareholderMember 2020-05-11 2020-05-11 0001524223 us-gaap:ShortTermInvestmentsMember 2019-12-31 0001524223 us-gaap:USTreasuryNotesSecuritiesMember 2019-12-31 0001524223 us-gaap:FixedIncomeSecuritiesMember 2019-12-31 0001524223 us-gaap:EquitySecuritiesMember 2019-12-31 0001524223 mn:ManagedMutualFundsMember mn:ManningNapierFundMember 2019-12-31 0001524223 us-gaap:USTreasuryNotesSecuritiesMember 2020-06-30 0001524223 us-gaap:EquitySecuritiesMember 2020-06-30 0001524223 mn:ManagedMutualFundsMember mn:ManningNapierFundMember 2020-06-30 0001524223 us-gaap:FixedIncomeSecuritiesMember 2020-06-30 0001524223 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasuryNotesSecuritiesMember 2020-06-30 0001524223 us-gaap:FairValueInputsLevel2Member us-gaap:EquitySecuritiesMember 2020-06-30 0001524223 us-gaap:FairValueInputsLevel1Member mn:ManagedMutualFundsMember 2020-06-30 0001524223 us-gaap:FairValueInputsLevel3Member 2020-06-30 0001524223 us-gaap:FairValueInputsLevel3Member mn:ManagedMutualFundsMember 2020-06-30 0001524223 us-gaap:FairValueInputsLevel3Member us-gaap:EquitySecuritiesMember 2020-06-30 0001524223 us-gaap:FairValueInputsLevel1Member us-gaap:EquitySecuritiesMember 2020-06-30 0001524223 us-gaap:FairValueInputsLevel1Member 2020-06-30 0001524223 us-gaap:FairValueInputsLevel2Member 2020-06-30 0001524223 us-gaap:FairValueInputsLevel3Member us-gaap:USTreasuryNotesSecuritiesMember 2020-06-30 0001524223 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryNotesSecuritiesMember 2020-06-30 0001524223 us-gaap:FairValueInputsLevel2Member mn:ManagedMutualFundsMember 2020-06-30 0001524223 us-gaap:FairValueInputsLevel1Member us-gaap:FixedIncomeSecuritiesMember 2020-06-30 0001524223 us-gaap:FairValueInputsLevel2Member us-gaap:FixedIncomeSecuritiesMember 2020-06-30 0001524223 us-gaap:FairValueInputsLevel3Member us-gaap:FixedIncomeSecuritiesMember 2020-06-30 0001524223 mn:ManagedMutualFundsMember 2020-06-30 0001524223 us-gaap:FairValueInputsLevel3Member us-gaap:USTreasuryNotesSecuritiesMember 2019-12-31 0001524223 mn:ManagedMutualFundsMember 2019-12-31 0001524223 us-gaap:FairValueInputsLevel3Member us-gaap:EquitySecuritiesMember 2019-12-31 0001524223 us-gaap:FairValueInputsLevel1Member mn:ManagedMutualFundsMember 2019-12-31 0001524223 us-gaap:FairValueInputsLevel2Member 2019-12-31 0001524223 us-gaap:FairValueInputsLevel2Member us-gaap:EquitySecuritiesMember 2019-12-31 0001524223 us-gaap:FairValueInputsLevel2Member mn:ManagedMutualFundsMember 2019-12-31 0001524223 us-gaap:FairValueInputsLevel2Member us-gaap:ShortTermInvestmentsMember 2019-12-31 0001524223 us-gaap:FairValueInputsLevel1Member us-gaap:EquitySecuritiesMember 2019-12-31 0001524223 us-gaap:FairValueInputsLevel3Member mn:ManagedMutualFundsMember 2019-12-31 0001524223 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasuryNotesSecuritiesMember 2019-12-31 0001524223 us-gaap:FairValueInputsLevel1Member us-gaap:FixedIncomeSecuritiesMember 2019-12-31 0001524223 us-gaap:FairValueInputsLevel3Member us-gaap:FixedIncomeSecuritiesMember 2019-12-31 0001524223 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryNotesSecuritiesMember 2019-12-31 0001524223 us-gaap:FairValueInputsLevel3Member 2019-12-31 0001524223 us-gaap:FairValueInputsLevel3Member us-gaap:ShortTermInvestmentsMember 2019-12-31 0001524223 us-gaap:FairValueInputsLevel1Member 2019-12-31 0001524223 us-gaap:FairValueInputsLevel1Member us-gaap:ShortTermInvestmentsMember 2019-12-31 0001524223 us-gaap:FairValueInputsLevel2Member us-gaap:FixedIncomeSecuritiesMember 2019-12-31 0001524223 srt:MinimumMember 2020-01-01 2020-06-30 0001524223 srt:MinimumMember 2020-06-30 0001524223 srt:MaximumMember 2020-06-30 0001524223 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-06-30 0001524223 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-06-30 0001524223 us-gaap:EmployeeStockOptionMember 2020-04-01 2020-06-30 0001524223 us-gaap:EmployeeStockOptionMember 2019-04-01 2019-06-30 0001524223 mn:EquityCompensationPlan2011Member 2020-01-01 2020-06-30 0001524223 mn:EquityCompensationPlan2011Member 2019-04-01 2019-06-30 0001524223 us-gaap:EmployeeStockOptionMember 2019-04-01 2019-06-30 0001524223 mn:EquityCompensationPlan2011Member 2019-01-01 2019-06-30 0001524223 mn:EquityCompensationPlan2011Member 2020-06-30 0001524223 us-gaap:EmployeeStockOptionMember 2020-04-01 2020-06-30 0001524223 mn:EquityCompensationPlan2011Member 2020-04-01 2020-06-30 0001524223 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-06-30 0001524223 us-gaap:EmployeeStockOptionMember 2020-06-30 0001524223 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-06-30 0001524223 us-gaap:DomesticCountryMember 2019-12-31 0001524223 us-gaap:StateAndLocalJurisdictionMember 2019-12-31 0001524223 2020-01-01 2020-03-31 0001524223 mn:AffiliatedMutualFundsandCollectiveTrustsMember us-gaap:AdministrativeServiceMember srt:AffiliatedEntityMember 2019-04-01 2019-06-30 0001524223 mn:AffiliatedMutualFundsandCollectiveTrustsMember us-gaap:AdministrativeServiceMember srt:AffiliatedEntityMember 2020-04-01 2020-06-30 0001524223 mn:AffiliatedMutualFundsandCollectiveTrustsMember us-gaap:AdministrativeServiceMember srt:AffiliatedEntityMember 2019-01-01 2019-06-30 0001524223 srt:ExecutiveOfficerMember 2020-01-01 2020-06-30 0001524223 mn:AffiliatedCollectiveInvestmentTrustsMember 2020-04-01 2020-06-30 0001524223 mn:AffiliatedMutualFundsandCollectiveTrustsMember mn:AdvisoryAndDistributionServicesMember srt:AffiliatedEntityMember 2019-01-01 2019-06-30 0001524223 mn:AffiliatedCollectiveInvestmentTrustsMember 2020-01-01 2020-06-30 0001524223 mn:AffiliatedMutualFundsandCollectiveTrustsMember us-gaap:AdministrativeServiceMember srt:AffiliatedEntityMember 2020-01-01 2020-06-30 0001524223 srt:ExecutiveOfficerMember 2019-01-01 2019-06-30 0001524223 us-gaap:SubsequentEventMember 2020-07-01 2020-08-14 iso4217:USD xbrli:shares xbrli:shares xbrli:pure iso4217:USD mn:Segment false --12-31 Q2 2020 2020-06-30 10-Q 0001524223 16275359 Yes false Non-accelerated Filer Yes Manning & Napier, Inc. false true 300000 14825000 11699000 420000 407000 3606000 3600000 3606000 3606000 3606000 100000 1300000 2500000 100000 17246000 15497000 17500000 4000000 19500000 -2221000 -26511000 0 -195000 -914000 1936000 P7Y P3Y 2500000 3560000 6528000 4842000 5317000 10000 -181000 -901000 1965000 2300000 275000 3960000 659000 1402000 3055000 282000 862000 862000 0 136000 196000 0 0 62913637 28400866 45217533 P8Y P1Y 0.118 0.117 0.001 10000 -181000 -901000 1965000 -59957419 -60012419 60012419 0.687 0.003 62034200 2021781 60012419 14750221 15069054 0 318833 76784421 17090835 60012419 318833 0.188 0.187 0.445 0.423 3272000 3769000 669000 1221000 2154000 2247000 0 0 245000 427000 1509000 -2122000 3600000 1614000 1239000 10182000 1240000 3164000 4404000 5778000 11373000 1190000 4020000 5210000 6163000 11400000 12000000 -50000 -112000 198516000 112300000 -78000 -15000 -63000 -78000 -15000 -63000 -2000 0 -2000 685000 130000 555000 2150000 402000 1748000 830000 271000 559000 2115000 522000 1593000 200000 500000 200000 1900000 100000 700000 300000 1800000 961060 3000000 1211060 3000000 179133 3000000 408481 3000000 0 600000 553000 226211000 140257000 173344000 89277000 90467000 9190000 81277000 0 24169000 7417000 16752000 0 0 0 193000 0 11000 91000 0 0 145000 12000 35148000 12119000 33908000 8360000 8538000 81277000 0 0 0 35057000 12119000 34101000 0 0 0 35057000 12119000 34101000 16752000 0 0 8215000 8537000 0 0 8215000 8537000 600000 600000 0 0 400000 3500000 100000 200000 100000 200000 100000 100000 100000 100000 1000000 900000 67088000 40577000 59586000 57169000 67088000 40577000 -2417000 -26511000 0.02 0.04 0.02 0.01 0.01 300000000 300000000 15956526 16275359 15956526 16275359 160000 163000 436000 1018000 1568000 2342000 2907000 5344000 2753000 2353000 3343000 6362000 4321000 4695000 0.25 0.25 0.25 0.25 100000 10600000 3019000 6777000 2425000 5238000 31819000 65332000 27293000 56466000 76000 0 76000 20668000 21671000 410000 -1853000 10759000 10777000 1100000 796000 796000 270000 270000 558000 558000 333000 333000 312000 0 200000 0.03 0.07 0.09 0.15 0.03 0.06 0.06 0.06 0.093 0.085 0.254 -0.527 4415000 2333000 5600000 P1Y0M P3Y5M 600000 9190000 3152000 6038000 7417000 1859000 5558000 2000 5000 2000 4000 3000 5000 2000 5000 165000 71000 94000 176000 80000 0 0 13000 28000 55000 11000 33000 61000 24000 51000 156000 30000 59000 23000 48000 0.0492 P2Y7M12D 116000 21000 248000 1122000 1416000 -416000 4829000 4829000 3550000 6709000 5743000 3352000 331000 573000 1460000 -1766000 3300000 -1200000 746000 1409000 1206000 704000 -415000 -836000 254000 -2470000 -121000 -375000 788000 1191000 -5535000 -4705000 1198000 18000 -1211000 -1574000 -1327000 -2163000 645000 2708000 1300000 346177 305895 1762681 660725 10000 13000 3000 5000 837000 1646000 363000 720000 90467000 24169000 20161000 41609000 17379000 36642000 861000 1743000 1365000 2094000 24165000 7188000 2986000 3135000 3389000 3599000 3868000 3846000 P10Y P5Y 76590000 71165000 226211000 140257000 38574000 37083000 0.195 0.882 90467000 24169000 -10527000 -6852000 1500000 798000 798000 2419000 2419000 3052000 623000 2429000 3052000 684000 2368000 90785000 90299000 486000 90784000 90341000 443000 0.192 0.882 -6230000 -91471000 1957000 65450000 2052000 -490000 414000 975000 1546000 2404000 2805000 5161000 2737000 2714000 447000 1018000 1533000 2377000 1075000 2950000 2690000 -1637000 1 2475000 3759000 3053000 4989000 934000 1857000 1428000 2220000 20319000 2682000 2899000 18753000 17420000 1159000 1953000 940000 1660000 18795000 17082000 0.0513 P6Y11M15D 12100000 6100000 4010000 3740000 116000 22000 94000 232000 43000 189000 179000 22000 157000 -249000 -62000 -187000 -8000 6000 141000 174000 116000 232000 179000 -249000 8639000 16946000 7489000 14586000 26201000 25067000 2017000 1165000 0 0 90800000 90700000 3052000 90783000 2419000 0 620000 645000 78000 2000 100000 55863000 20298000 1084000 204000 200000 -33000 -43000 13000 27000 5607000 13158000 54054000 16400000 4734000 69531000 116000 21000 3219000 2805000 414000 6136000 5161000 975000 4283000 2737000 1546000 5118000 2714000 2404000 4565000 3658000 61000 41000 -38478000 -36407000 34294000 10200000 1750000 2566000 29141000 20793000 7713000 635000 12932000 7607000 4894000 431000 16209000 13186000 2819000 204000 837000 69091000 21300000 3495000 5190000 58844000 42119000 15431000 1294000 26166000 15435000 9851000 880000 32678000 26684000 5580000 414000 1562000 30346000 8500000 1463000 2303000 25882000 19634000 5815000 433000 12142000 7486000 4345000 311000 13740000 12148000 1470000 122000 698000 61455000 17400000 3062000 4693000 52313000 39762000 11599000 952000 24273000 15672000 7964000 637000 28040000 24090000 3635000 315000 1387000 500000 21300000 1100000 100000 400000 800000 100000 15000 175000 0 0 2150000 2115000 2667 1.67 2997940 1.58 1037901 3589009 4.30 2.00 444165 4.55 13142813 3098104 166666 2.01 0 3500000 3500000 2.01 2.01 142000 2975000 0.00 0.00 0.00 1300000 900000 P3Y6M1D 0 P4Y1M6D 0 15310958 15684573 15620595 15956526 16275359 16275359 2832 4000 8000 1000 2000 -63978 309637 318833 0 -1000 1000 0 3000 -3000 0 3000 -3000 160148000 75944000 146243000 153000 -77000 198604000 -13572000 -38865000 148908000 157000 -56000 198811000 -11488000 -38516000 148730000 156000 -34000 198304000 -11324000 -38372000 149621000 160000 -50000 198516000 -10527000 -38478000 150979000 163000 -134000 198722000 -9819000 -37953000 69092000 163000 -112000 112300000 -6852000 -36407000 174000 297000 161000 327000 3152000 6038000 0 0 0 0 3152000 3200000 6038000 1859000 5558000 0 0 0 0 1859000 1900000 5558000 1100000 -600000 65000 111000 72000 147000 15613939 78317986 46296214 61851067 15267762 15098454 16132667 15972809 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplemental balance sheet information related to leases as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> was as follows:</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5" rowspan="1"></td></tr><tr><td style="width:80%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands, except lease term and discount rate)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June&#160;30, 2020</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Finance Leases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Finance lease right-of-use assets </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">156</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued expenses and other liabilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other long-term liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">94</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total finance lease liabilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">165</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Operating Leases</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating lease right-of-use assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">17,082</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued expenses and other liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,899</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating lease liabilities, non-current</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">17,420</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total operating lease liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20,319</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Weighted average remaining lease term</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Finance leases</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.62 years</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating leases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.96 years</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Weighted average discount rate</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Finance leases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.92</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating leases</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.13</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;">_______________________</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:40px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:16px;"><font style="font-family:inherit;font-size:10pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amounts included in other long-term assets within the consolidated statements of financial condition.</font></div></td></tr></table></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table provides a reconciliation from &#8220;Income (loss) before provision for (benefit from) income taxes&#8221; to &#8220;Net income attributable to Manning&#160;&amp; Napier, Inc.&#8221;: </font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended June 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six months ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income (loss) before provision for (benefit from) income taxes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,743</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,550</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,352</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,709</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: income (loss) before provision for (benefit from) income taxes of Manning&#160;&amp; Napier, Inc. </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">901</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(10</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,965</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">181</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income before provision for (benefit from) income taxes, as adjusted</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,842</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,560</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,317</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,528</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Controlling interest percentage </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">44.5</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18.8</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">42.3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18.7</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to controlling interest</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,154</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">669</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,247</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,221</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Plus: income (loss) before provision for (benefit from) income taxes of Manning&#160;&amp; Napier, Inc. </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">901</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(10</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,965</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">181</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income (loss) before provision for (benefit from) income taxes attributable to Manning&#160;&amp; Napier, Inc.</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,055</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">659</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">282</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,402</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: provision for (benefit from) income taxes of Manning&#160;&amp; Napier, Inc.</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,509</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">245</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,122</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">427</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to Manning&#160;&amp; Napier, Inc.</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,546</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">414</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,404</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">975</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;">________________________</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:40px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:16px;"><font style="font-family:inherit;font-size:10pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Manning&#160;&amp; Napier, Inc. incurs certain income or expenses that are only attributable to it and are therefore excluded from the net income attributable to noncontrolling interests.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:40px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:16px;"><font style="font-family:inherit;font-size:10pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income before provision for (benefit from) income taxes is allocated to the controlling interest based on the percentage of units of Manning&#160;&amp; Napier Group held by Manning&#160;&amp; Napier, Inc. The amount represents the Company's weighted ownership of Manning &amp; Napier Group's income for the respective periods and anticipates a closing of the books pursuant to Internal Revenue Code Section 1377.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:40px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:16px;"><font style="font-family:inherit;font-size:10pt;">(3)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The consolidated provision for (benefit from) income taxes is equal to the sum of (i)&#160;the provision for (benefit from) income taxes for entities other than Manning&#160;&amp; Napier, Inc. and (ii)&#160;the provision for (benefit from) income taxes of Manning&#160;&amp; Napier, Inc. which includes all U.S. federal and state income taxes. The consolidated provision for (benefit from) income taxes was a provision of </font><font style="font-family:inherit;font-size:10pt;">$1.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;"> for the three months ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">, respectively, and a benefit of </font><font style="font-family:inherit;font-size:10pt;">$1.8 million</font><font style="font-family:inherit;font-size:10pt;"> and provision of </font><font style="font-family:inherit;font-size:10pt;">$0.6 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">, respectively</font></div></td></tr></table></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Accrued Expenses and Other Liabilities</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued expenses and other liabilities as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> consisted of the following:</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:70%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June&#160;30, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued bonus and sales commissions</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,699</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,825</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued payroll and benefits</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,333</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,415</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued sub-transfer agent fees</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">407</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">420</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dividends payable on Class A common stock</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">312</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amounts payable under tax receivable agreement</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,960</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">275</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Short-term operating lease liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,899</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,682</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other accruals and liabilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,769</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,272</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total accrued expenses and other liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,067</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,201</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Basis of Presentation </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) and related rules and regulations of the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) for interim financial reporting and include all adjustments, consisting only of normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim period.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates or assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from these estimates or assumptions.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Summary of Presentation Changes</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of January 1, 2020, the Company revised its presentation of investment management revenue within its consolidated statements of operations. Investment management revenue, previously presented by investment vehicle, has been disaggregated to present investment management revenue by sales channel. Concurrently, the Company revised the presentation of assets under management ("AUM") activity previously reported by investment vehicle to present this activity by sales channel. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amounts for the comparative prior periods have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported net income and do not represent a restatement of any previously published financial results. </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Summary of Significant Accounting Policies</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Critical Accounting Policies</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's critical accounting policies and estimates are disclosed in its Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">. The Company believes that the disclosures herein are adequate so that the information presented is not misleading; however, these financial statements should be read in conjunction with the financial statements and the notes thereto in the Company's Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">. The financial data for the interim periods may not necessarily be indicative of results for future interim periods or for the full year.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Basis of Presentation </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) and related rules and regulations of the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) for interim financial reporting and include all adjustments, consisting only of normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim period.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates or assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from these estimates or assumptions.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Summary of Presentation Changes</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of January 1, 2020, the Company revised its presentation of investment management revenue within its consolidated statements of operations. Investment management revenue, previously presented by investment vehicle, has been disaggregated to present investment management revenue by sales channel. Concurrently, the Company revised the presentation of assets under management ("AUM") activity previously reported by investment vehicle to present this activity by sales channel. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amounts for the comparative prior periods have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported net income and do not represent a restatement of any previously published financial results. </font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Principles of Consolidation</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company consolidates all majority-owned subsidiaries. In addition, as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">, Manning&#160;&amp; Napier holds an economic interest of approximately </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">88.2%</font><font style="font-family:inherit;font-size:10pt;"> in Manning&#160;&amp; Napier Group and, as managing member, controls all of the business and affairs of Manning&#160;&amp; Napier Group. As a result, the Company consolidates the financial results of Manning&#160;&amp; Napier Group and records a noncontrolling interest on its consolidated statements of financial condition with respect to the remaining economic interest in Manning&#160;&amp; Napier Group held by Manning&#160;&amp; Napier Group Holdings and MNCC.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">All material intercompany transactions have been eliminated in consolidation.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with Accounting Standards Update ("ASU") 2015-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Consolidation (Topic 810) &#8211; Amendments to the Consolidation Analysis</font><font style="font-family:inherit;font-size:10pt;">, the determination of whether a company is required to consolidate an entity is based on, among other things, an entity&#8217;s purpose and design, a company&#8217;s ability to direct the activities of the entity that most significantly impact the entity&#8217;s economic performance, and whether a company is obligated to absorb losses or receive benefits that could potentially be significant to the entity. The standard also requires ongoing assessments of whether a company is the primary beneficiary of a variable interest entity (&#8220;VIE&#8221;). When utilizing the voting interest entity ("VOE") model, controlling financial interest is generally defined as majority ownership of voting interests. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company provides seed capital to its investment teams to develop new strategies and services for its clients. The original seed investment may be held in a separately managed account, comprised solely of the Company's investments or within a mutual fund, where the Company's investments may represent all or only a portion of the total equity investment in the mutual fund. Pursuant to U.S. GAAP, the Company evaluates its investments in mutual funds on a regular basis and consolidates such mutual funds for which it holds a controlling financial interest. When no longer deemed to hold a controlling financial interest, the Company would deconsolidate the fund and classify the remaining investment as either an equity method investment, equity investments, at fair value, or as trading securities, as applicable. As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, the Company did not have investments classified as an equity method investment. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company serves as the investment adviser for Manning &amp; Napier Fund, Inc. series of mutual funds (the &#8220;Fund&#8221;), Exeter Trust Company Collective Investment Trusts (&#8220;CIT&#8221;) and Rainier Multiple Investment Trust. The Fund, CIT and Rainier Multiple Investment Trust are legal entities, the business and affairs of which are managed by their respective boards of directors. As a result, each of these entities is a VOE. The Company holds, in limited cases, direct investments in a mutual fund (which are made on the same terms as are available to other investors) and consolidates each of these entities where it has a controlling financial interest or a majority voting interest. The Company's investments in the Fund amounted to approximately </font><font style="font-family:inherit;font-size:10pt;">$1.9 million</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$3.2 million</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">. As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, the Company did not have a controlling financial interest in any mutual fund.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Revenue </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Investment Management:</font><font style="font-family:inherit;font-size:10pt;"> Investment management fees are computed as a percentage of AUM. The Company's performance obligation is a series of services that form part of a single performance obligation satisfied over time. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Separately managed accounts are paid in advance, typically for a semi-annual or quarterly period, or in arrears, typically for a monthly or quarterly period. When investment management fees are paid in advance, the Company defers the revenue as a contract liability and recognizes it over the applicable period. When investment management fees are paid in arrears, the Company estimates revenue and records a contract asset (accrued accounts receivable) based on AUM as of the most recent month end date. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mutual funds and collective investment trust investment management revenue is calculated and earned daily based on AUM. Revenue is presented net of cash rebates and fees waived pursuant to contractual expense limitations of the funds. The Company also has agreements with third parties who provide recordkeeping and administrative services for employee benefit plans participating in the collective investment trusts. The Company is acting as an agent on behalf of the employee benefit plan sponsors, therefore, investment management revenue is recorded net of fees paid to third party service providers. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Distribution and shareholder servicing: </font><font style="font-family:inherit;font-size:10pt;">The Company receives distribution and servicing fees for providing services to its affiliated mutual funds. Revenue is computed and earned daily based on a percentage of AUM. The performance obligation is a series of services that form part of a single performance obligation satisfied over time. The Company has agreements with third parties who provide distribution and administrative services for its mutual funds. The agreements are evaluated to determine whether revenue should be reported gross or net of payments to third-party service providers. The Company controls the services provided and acts as a principal in the relationship. Therefore, distribution and shareholder servicing revenue is recorded gross of fees paid to third parties.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Custodial services: </font><font style="font-family:inherit;font-size:10pt;">Custodial service fees are calculated as a percentage of the client&#8217;s market value with additional fees charged for certain transactions. For the safeguarding and administrative services that are subject to a percentage of market value fee, the Company's performance obligation is a series of services that form part of a single performance obligation satisfied over time. Revenue for transactions assigned a stand-alone selling price is recognized in the period in which the transaction is executed. Custodial service fees are billed monthly in arrears. The Company has agreements with third parties who provide safeguarding, recordkeeping and administrative services for their clients. The Company controls the services provided and acts as a principal in the relationship. Therefore, custodial service revenue is recorded gross of fees paid to third parties. </font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Cash and Cash Equivalents</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company generally considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are primarily held in operating accounts at major financial institutions and also in money market securities. Cash equivalents are stated at cost, which approximates market value due to the short-term maturity of these investments. The fair value of cash equivalents has been classified as Level 1 in accordance with the fair value hierarchy.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Investment Securities</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment securities are classified as either trading, equity method investments or available-for-sale and are carried at fair value. Fair value is determined based on quoted market prices in active markets for identical or similar instruments.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment securities classified as equity investments, at fair value consist of equity securities and investments in mutual funds for which the Company provides advisory services. Realized and unrealized gains and losses on equity investments, at fair value or trading securities, as applicable, are recorded in net gains (losses) on investments in the consolidated statements of operations. At </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">, equity investments, at fair value consist of investments held by the Company to provide initial cash seeding for product development purposes and investments to hedge economic exposure to market movements on its deferred compensation plan. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment securities classified as available-for-sale consist of U.S. Treasury notes, corporate bonds and other short-term investments. Unrealized gains and losses on available-for-sale securities are excluded from earnings and are reported, net of deferred income tax, as a separate component of accumulated other comprehensive income in shareholders&#8217; equity until realized. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other-than-temporary. If impairment is determined to be other-than-temporary, the carrying value of the security will be written down to fair value and the loss will be recognized in earnings. Realized gains and losses on sales of available-for-sale securities are computed on a specific identification basis and are recorded in net gains (losses) on investments in the consolidated statements of operations. </font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Property and Equipment</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Property and equipment is presented net of accumulated depreciation of approximately </font><font style="font-family:inherit;font-size:10pt;">$12.0 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$11.4 million</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Goodwill and Intangible Assets</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Goodwill represents the excess cost over the fair value of the identifiable net assets of acquired companies. Identifiable intangible assets generally represent the cost of client relationships and investment management agreements acquired as well as trademarks. Goodwill and indefinite-lived assets are tested for impairment annually or more frequently if events or circumstances indicate that the carrying value may not be recoverable. Intangible assets subject to amortization are tested for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. Goodwill and intangible assets require significant management estimate and judgment, including the valuation and expected life determination in connection with the initial purchase price allocation and the ongoing evaluation for impairment.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Leases</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, accrued expenses and other liabilities and operating lease liabilities, non-current on its consolidated statements of financial condition. Finance leases are included in other long-term assets, accrued expenses and other liabilities, and other long-term liabilities on its consolidated statements of financial condition. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate, for each identified lease, is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term. The operating lease ROU asset is reduced for any lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has lease agreements with lease and non-lease components, which are combined for all classes of underlying assets.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Impairment of Long-Lived Assets</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. During the three months ended June 30, 2020, a downturn in the commercial real estate market indicated that an asset group, including previously vacated office space, may not be recoverable. The Company assessed recoverability of the asset group by comparing the undiscounted future net cash flows expected to result from the asset group to its carrying value. The carrying value exceeded the undiscounted future net cash flows of the asset, and an&#160;impairment&#160;loss of approximately </font><font style="font-family:inherit;font-size:10pt;">$0.6 million</font><font style="font-family:inherit;font-size:10pt;"> was recognized during the three months ended June 30, 2020 as the difference between the net book value and the fair value of the asset group.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Operating Segments</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates in </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">one</font><font style="font-family:inherit;font-size:10pt;"> segment, the investment management industry. </font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2018, the Financial Accounting Standards Board ("FASB") issued&#160;ASU&#160;2018-15,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#160;Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract</font><font style="font-family:inherit;font-size:10pt;">.&#160;The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements that currently exist in U.S. GAAP for capitalizing implementation costs incurred to develop or obtain internal-use software. Under the new standard, implementation costs are deferred and presented in the same financial statement caption on the consolidated statements of financial condition as a prepayment of related arrangement fees. The deferred costs are recognized over the term of the arrangement in the same financial statement caption in the consolidated statements of operations as the related fees of the arrangement. The Company adopted the provisions of this guidance using the prospective adoption approach, which does not require the restatement of prior years. The adoption of this ASU did not have a material impact on the Company's statement of operations as requirements under the standard are generally consistent with its previous accounting for cloud computing arrangements, with the primary difference being the classification of certain information in its statements of financial condition and related disclosures.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">, the Company had a total of approximately </font><font style="font-family:inherit;font-size:10pt;">$3.5 million</font><font style="font-family:inherit;font-size:10pt;"> of capitalized implementation costs for hosting arrangements within prepaid expenses and other assets on its statements of financial condition, with </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> amounts in accumulated amortization and </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> amortization expense recognized during the six months ended June 30, 2020. At December 31, 2019, approximately </font><font style="font-family:inherit;font-size:10pt;">$0.4 million</font><font style="font-family:inherit;font-size:10pt;"> of these costs were capitalized within property and equipment, net. The hosting arrangements that are service contracts include internal and external costs related to various technology additions in support of the Company's business. Amortization costs are recorded on a straight-line basis over the term of the hosting arrangement agreement.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU 2017-04, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment</font><font style="font-family:inherit;font-size:10pt;">, which simplifies the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. The ASU requires goodwill impairments to be measured on the basis of the fair value of the reporting unit relative to the reporting unit's carrying amount rather than on the basis of the implied amount of goodwill relative to the goodwill balance of the reporting unit. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Cash and Cash Equivalents</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company generally considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are primarily held in operating accounts at major financial institutions and also in money market securities. Cash equivalents are stated at cost, which approximates market value due to the short-term maturity of these investments. The fair value of cash equivalents has been classified as Level 1 in accordance with the fair value hierarchy.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Commitments and Contingencies</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company may from time to time enter into agreements that contain certain representations and warranties and which provide general indemnifications. The Company may also serve as a guarantor of such obligations. The Company&#8217;s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Company expects any risk of liability associated with such guarantees to be remote.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;padding-left:48px;text-indent:-48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Regulation </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As an investment adviser to a variety of investment products, the Company and its affiliated broker-dealer are subject to routine reviews and inspections by the SEC and the Financial Industry Regulatory Authority, Inc. Additionally, the Company could be subject to non-routine reviews and inspections by the National Futures Association and U.S. Commodity Futures Trading Commission in regards to the Company&#8217;s de minimis exposure to commodity interest investments in the mutual funds and collective investment trust vehicles it operates. From time to time the Company may also be subject to claims, or be involved in various legal proceedings, arising in the ordinary course of its business and other contingencies. The Company does not believe that the outcome of any of these reviews, inspections or other legal proceedings will have a material impact on its consolidated financial statements; however, litigation is subject to many uncertainties, and the outcome of individual litigated matters is difficult to predict. The Company will establish accruals for matters that are probable, can be reasonably estimated, and may take into account any related insurance recoveries to the extent of such recoveries. As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, the Company has not accrued for any such claims, legal proceedings, or other contingencies.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following is the impact to the Company's equity ownership interest in Manning &amp; Napier Group for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2020</font><font style="font-family:inherit;font-size:10pt;">: </font></div><div style="line-height:120%;padding-bottom:8px;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:44%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="8" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Manning &amp; Napier Group Class A Units Held </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Manning &amp; Napier</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;<br clear="none"/>Noncontrolling Interests</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Manning &amp; Napier Ownership %</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of December 31, 2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,750,221</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62,034,200</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">76,784,421</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19.2%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Class A Units issued</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">318,833</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">318,833</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.3%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Class A Units exchanged</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(60,012,419</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(60,012,419</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">68.7%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of June 30, 2020</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,069,054</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,021,781</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">17,090,835</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">88.2%</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Principles of Consolidation</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company consolidates all majority-owned subsidiaries. In addition, as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">, Manning&#160;&amp; Napier holds an economic interest of approximately </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">88.2%</font><font style="font-family:inherit;font-size:10pt;"> in Manning&#160;&amp; Napier Group and, as managing member, controls all of the business and affairs of Manning&#160;&amp; Napier Group. As a result, the Company consolidates the financial results of Manning&#160;&amp; Napier Group and records a noncontrolling interest on its consolidated statements of financial condition with respect to the remaining economic interest in Manning&#160;&amp; Napier Group held by Manning&#160;&amp; Napier Group Holdings and MNCC.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">All material intercompany transactions have been eliminated in consolidation.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with Accounting Standards Update ("ASU") 2015-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Consolidation (Topic 810) &#8211; Amendments to the Consolidation Analysis</font><font style="font-family:inherit;font-size:10pt;">, the determination of whether a company is required to consolidate an entity is based on, among other things, an entity&#8217;s purpose and design, a company&#8217;s ability to direct the activities of the entity that most significantly impact the entity&#8217;s economic performance, and whether a company is obligated to absorb losses or receive benefits that could potentially be significant to the entity. The standard also requires ongoing assessments of whether a company is the primary beneficiary of a variable interest entity (&#8220;VIE&#8221;). When utilizing the voting interest entity ("VOE") model, controlling financial interest is generally defined as majority ownership of voting interests. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company provides seed capital to its investment teams to develop new strategies and services for its clients. The original seed investment may be held in a separately managed account, comprised solely of the Company's investments or within a mutual fund, where the Company's investments may represent all or only a portion of the total equity investment in the mutual fund. Pursuant to U.S. GAAP, the Company evaluates its investments in mutual funds on a regular basis and consolidates such mutual funds for which it holds a controlling financial interest. When no longer deemed to hold a controlling financial interest, the Company would deconsolidate the fund and classify the remaining investment as either an equity method investment, equity investments, at fair value, or as trading securities, as applicable. As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, the Company did not have investments classified as an equity method investment. </font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company serves as the investment adviser for Manning &amp; Napier Fund, Inc. series of mutual funds (the &#8220;Fund&#8221;), Exeter Trust Company Collective Investment Trusts (&#8220;CIT&#8221;) and Rainier Multiple Investment Trust. The Fund, CIT and Rainier Multiple Investment Trust are legal entities, the business and affairs of which are managed by their respective boards of directors. As a result, each of these entities is a VOE. The Company holds, in limited cases, direct investments in a mutual fund (which are made on the same terms as are available to other investors) and consolidates each of these entities where it has a controlling financial interest or a majority voting interest. The Company's investments in the Fund amounted to approximately </font><font style="font-family:inherit;font-size:10pt;">$1.9 million</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$3.2 million</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">. As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, the Company did not have a controlling financial interest in any mutual fund.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table represents the Company&#8217;s wealth management and institutional and intermediary investment management revenue by investment portfolio during the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="25" rowspan="1"></td></tr><tr><td style="width:22%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended June 30, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended June 30, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Wealth Management</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Institutional and Intermediary</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Wealth Management</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Institutional and Intermediary</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="23" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Blended Asset</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,148</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,486</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,634</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,186</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,607</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20,793</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,470</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,345</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,815</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,819</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,894</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,713</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fixed Income</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">122</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">311</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">433</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">204</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">431</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">635</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,740</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,142</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,882</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,209</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,932</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29,141</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="25" rowspan="1"></td></tr><tr><td style="width:22%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six months ended June 30, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six months ended June 30, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Wealth Management</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Institutional and Intermediary</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Wealth Management</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Institutional and Intermediary</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="23" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Blended Asset</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,090</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,672</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">39,762</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,684</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,435</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">42,119</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,635</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,964</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,599</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,580</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,851</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,431</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fixed Income</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">315</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">637</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">952</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">414</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">880</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,294</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,040</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,273</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,313</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">32,678</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,166</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">58,844</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Equity-Based Compensation </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Equity Plan was adopted by the Company's board of directors and approved by shareholders prior to the consummation of the Company's 2011 initial public offering. Under the Equity Plan, a total of </font><font style="font-family:inherit;font-size:10pt;">13,142,813</font><font style="font-family:inherit;font-size:10pt;"> equity interests are authorized for issuance, and may be issued in the form of Class A common stock, restricted stock units, stock options, units of Manning &amp; Napier Group, or certain classes of membership interests in the Company which may convert into units of Manning &amp; Napier Group. At </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">, a total of </font><font style="font-family:inherit;font-size:10pt;">3,098,104</font><font style="font-family:inherit;font-size:10pt;"> equity interests were available for issuance pursuant to the Equity Plan.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table summarizes activity related to awards of restricted stock and restricted stock units (collectively, "stock awards") under the Equity Plan for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">six months ended June 30, 2020</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.90243902439025%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:66%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Stock Awards</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Weighted Average Grant Date Fair Value</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding at January&#160;1, 2020</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,037,901</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.30</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Granted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,997,940</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.58</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vested</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(444,165</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.55</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Forfeited</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,667</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.67</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding&#160;at&#160;June 30, 2020</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,589,009</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The weighted average fair value of stock awards granted during the </font><font style="font-family:inherit;font-size:10pt;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> was </font><font style="font-family:inherit;font-size:10pt;">$1.58</font><font style="font-family:inherit;font-size:10pt;">, based on the closing sale price of the Company's Class A common stock as reported on the New York Stock Exchange on the date of grant, and, if not entitled to dividends or dividend equivalents during the vesting period, reduced by the present value of such amounts expected to be paid on the underlying shares during the requisite service period. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">, the Company recorded approximately </font><font style="font-family:inherit;font-size:10pt;">$0.7 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.8 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of compensation expense related to stock awards under the Equity Plan. For the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2019</font><font style="font-family:inherit;font-size:10pt;">, the Company recorded approximately </font><font style="font-family:inherit;font-size:10pt;">$0.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.9 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of compensation expense related to stock awards under the Equity Plan. The aggregate intrinsic value of stock awards that vested during the </font><font style="font-family:inherit;font-size:10pt;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;"> was approximately </font><font style="font-family:inherit;font-size:10pt;">$0.9 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.3 million</font><font style="font-family:inherit;font-size:10pt;">, respectively. As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">, there was unrecognized compensation expense of approximately </font><font style="font-family:inherit;font-size:10pt;">$5.6 million</font><font style="font-family:inherit;font-size:10pt;"> related to stock awards, which the Company expects to recognize over a weighted average period of approximately </font><font style="font-family:inherit;font-size:10pt;">3.4 years</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In connection with the vesting of restricted stock units during the </font><font style="font-family:inherit;font-size:10pt;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">, the Company withheld a total of </font><font style="font-family:inherit;font-size:10pt;text-align:right;vertical-align:bottom;">2,832</font><font style="font-family:inherit;font-size:10pt;"> shares of Class A common stock to satisfy less than </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> of employee income tax withholding requirements. These net share settlements had the effect of shares repurchased and retired by the Company, as they reduced the total number of Class A common shares outstanding.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A summary of activity under the Equity Plan related to stock option awards during the </font><font style="font-family:inherit;font-size:10pt;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> is presented below: </font></div><div style="line-height:120%;padding-bottom:8px;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.90243902439025%;border-collapse:collapse;text-align:left;"><tr><td colspan="14" rowspan="1"></td></tr><tr><td style="width:44%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Stock Option Awards</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Weighted Average Exercise Price</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Weighted Average Contractual Term </font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(years)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Aggregate </font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Intrinsic</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;Value</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding at January&#160;1, 2020</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,500,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.01</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Granted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exercised</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Forfeited</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding&#160;at&#160;June 30, 2020</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,500,000</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.01</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,975</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exercisable&#160;at&#160;June 30, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">166,666</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.01</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">142</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the three and six month periods ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">, the Company recorded approximately </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, of compensation expense related to stock options under the Equity Plan. For both of the three and six month periods ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2019</font><font style="font-family:inherit;font-size:10pt;">, the Company recorded approximately </font><font style="font-family:inherit;font-size:10pt;">$0.2 million</font><font style="font-family:inherit;font-size:10pt;"> of compensation expense related to stock options under the Equity Plan. As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">, there was unrecognized compensation expense of approximately </font><font style="font-family:inherit;font-size:10pt;">$0.6 million</font><font style="font-family:inherit;font-size:10pt;"> related to stock options, which the Company expects to recognize over a weighted average period of approximately </font><font style="font-family:inherit;font-size:10pt;">1.0 year</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Earnings&#160;per Common Share </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basic earnings per share (&#8220;basic EPS&#8221;) is computed using the two-class method to determine net income available to Class A common stock.&#160;The two-class method includes an earnings allocation formula that determines earnings per share for each participating security according to dividends declared and undistributed earnings for the period. The Company's restricted Class A common shares granted under the Equity Plan have non-forfeitable dividend rights during their vesting period and are therefore considered participating securities under the two-class method. Under the two-class method, the Company's net income available to Class A common stock is reduced by the amount allocated to the unvested restricted Class A common stock. Basic EPS is calculated by dividing net income available to Class A common stock by the weighted average number of common shares outstanding during the period. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Diluted earnings per share (&#8220;diluted EPS&#8221;) is computed under the more dilutive of either the treasury method or the two-class method. For the diluted calculation, the weighted average number of common shares outstanding during the period is increased by the assumed conversion into Class A common stock of unvested restricted stock units, unvested restricted stock awards, and outstanding stock options (collectively, "outstanding equity awards"), as well as the exchangeable Class A units of Manning &amp; Napier Group, to the extent that such conversion would dilute earnings per share.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following is a reconciliation of the income and share data used in the basic and diluted EPS computations for the three and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2019</font><font style="font-family:inherit;font-size:10pt;"> under the two-class method:</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended June 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six months ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in&#160;thousands,&#160;except&#160;share&#160;data)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to controlling and noncontrolling interests</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,283</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,219</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,118</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,136</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: net income (loss) attributable to noncontrolling interests</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,737</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,805</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,714</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,161</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to Manning&#160;&amp; Napier, Inc.</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,546</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">414</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,404</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">975</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: allocation to participating securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(33</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">27</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(43</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income available to Class A common stock</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,533</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">447</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,377</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,018</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted average shares of Class&#160;A common stock outstanding - basic</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,132,667</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,267,762</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,972,809</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,098,454</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dilutive effect of outstanding equity awards</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,762,681</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">346,177</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">660,725</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">305,895</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dilutive effect of exchangeable Class A Units</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,400,866</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45,217,533</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62,913,637</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted average shares of Class&#160;A common stock outstanding - diluted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">46,296,214</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,613,939</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">61,851,067</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">78,317,986</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income available to Class&#160;A common stock per share - basic</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.09</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.03</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.15</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.07</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income available to Class&#160;A common stock per share - diluted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.06</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.03</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.06</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.06</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">3,000,000</font><font style="font-family:inherit;font-size:10pt;"> unvested performance-based stock options were excluded from the calculation of diluted EPS because the associated market condition had not yet been achieved.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">179,133</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">408,481</font><font style="font-family:inherit;font-size:10pt;">, respectively, unvested equity awards were excluded from the calculation of diluted EPS because the effect would have been anti-dilutive. For the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2019</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">961,060</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">1,211,060</font><font style="font-family:inherit;font-size:10pt;">, respectively, unvested equity awards were excluded from the calculation of diluted EPS because the effect would have been anti-dilutive.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Fair Value Measurements</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fair value is defined as the price that the Company would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A fair value hierarchy is applied that gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following three-tier fair value hierarchy prioritizes the inputs used in measuring fair value:</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:8px;text-indent:30px;"><font style="padding-bottom:8px;font-family:inherit;font-size:10pt;padding-right:18px;">&#8226;</font><font style="font-family:inherit;font-size:10pt;">Level 1&#8212;observable inputs such as quoted prices in active markets for identical securities;</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:30px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 2&#8212;other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, prepayment rates, credit risk, etc.); and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:30px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 3&#8212;significant unobservable inputs (including the Company&#8217;s own assumptions in determining the fair value of investments).</font></div></td></tr></table><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table summarizes the hierarchy of inputs used to derive the fair value of the Company&#8217;s assets as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">:</font><font style="font-family:inherit;font-size:9pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:44%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June&#160;30, 2020</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level&#160;2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level&#160;3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Totals</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity securities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,558</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,558</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fixed income securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,215</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,215</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mutual funds</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,859</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,859</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">U.S. Treasury notes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,537</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,537</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total assets at fair value</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,417</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,752</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,169</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:44%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level&#160;2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level&#160;3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Totals</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity securities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,038</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,038</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fixed income securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,057</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,057</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mutual funds</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,152</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,152</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">U.S. Treasury notes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">34,101</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">34,101</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Short-term investments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,119</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,119</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total assets at fair value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,190</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">81,277</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">90,467</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Short-term investments consists of U.S. Treasury bills.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Valuations of investments in fixed income securities, U.S. Treasury notes and U.S. Treasury bills can generally be obtained through independent pricing services. For most bond types, the pricing service utilizes matrix pricing, which considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type and current day trade information, as well as dealer supplied prices. These valuations are categorized as Level 2 in the hierarchy.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s policy is to recognize transfers in and transfers out of the valuation levels as of the beginning of the reporting period. There were no transfers between valuation levels during the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">six months ended June 30, 2020</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Maturities of lease liabilities were as follows:</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:72%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Twelve month period ending June 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Finance Leases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Operating Leases</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2021</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">80</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,868</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2022</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">55</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,599</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,389</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2024</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,135</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2025</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,986</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Thereafter</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,188</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total lease payments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">176</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,165</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less imputed interest</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,846</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total lease liabilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">165</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20,319</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Goodwill and Intangible Assets</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Goodwill represents the excess cost over the fair value of the identifiable net assets of acquired companies. Identifiable intangible assets generally represent the cost of client relationships and investment management agreements acquired as well as trademarks. Goodwill and indefinite-lived assets are tested for impairment annually or more frequently if events or circumstances indicate that the carrying value may not be recoverable. Intangible assets subject to amortization are tested for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. Goodwill and intangible assets require significant management estimate and judgment, including the valuation and expected life determination in connection with the initial purchase price allocation and the ongoing evaluation for impairment.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Income Taxes</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is comprised of entities that have elected to be treated as either a limited liability company ("LLC") or a &#8220;C-Corporation". As such, the entities functioning as LLCs are not liable for or able to benefit from U.S. federal and most state income taxes on their earnings, and earnings (losses) will be included in the personal income tax returns of each entity&#8217;s unit holders. The entities functioning as C-Corporations are liable for or able to benefit from U.S. federal and state and local income taxes on their earnings and losses, respectively.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") which includes, among other things, the ability to carryback net operating losses from 2018, 2019 and 2020 to prior years. As of December&#160;31, 2019, the Company had approximately </font><font style="font-family:inherit;font-size:10pt;">$12.1 million</font><font style="font-family:inherit;font-size:10pt;"> net operating losses available to offset future taxable income for federal income tax purposes and approximately </font><font style="font-family:inherit;font-size:10pt;">$6.1 million</font><font style="font-family:inherit;font-size:10pt;"> for state income tax purposes. The Company expects to carryback net operating losses generated in 2018, 2019 and, if applicable, 2020 to prior years and claim refunds when the federal corporate tax rate was 34% compared to the current statutory rates of 21%. During the first quarter of 2020, the Company recognized an income tax benefit of approximately </font><font style="font-family:inherit;font-size:10pt;">$3.3 million</font><font style="font-family:inherit;font-size:10pt;">, related to the favorable rate applied to its net operating losses. During the second quarter of 2020, the Company reduced its benefit by approximately </font><font style="font-family:inherit;font-size:10pt;">$1.2 million</font><font style="font-family:inherit;font-size:10pt;"> primarily due to a decrease in the Company's estimated 2020 net operating loss. As a result, the Company increased its deferred tax asset during the six months ended June 30, 2020 related to the TRA by approximately </font><font style="font-family:inherit;font-size:10pt;">$2.3 million</font><font style="font-family:inherit;font-size:10pt;">, resulting in a </font><font style="font-family:inherit;font-size:10pt;">$1.9 million</font><font style="font-family:inherit;font-size:10pt;"> increase of the liability, representing 85% of the applicable cash savings. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the three months ended June 30, 2020, the Company completed the redemption and subsequent retirement of </font><font style="font-family:inherit;font-size:10pt;">60,012,419</font><font style="font-family:inherit;font-size:10pt;"> Class A units, resulting in the Company's ownership of Manning &amp; Napier Group increasing from </font><font style="font-family:inherit;font-size:10pt;">19.5%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">88.2%</font><font style="font-family:inherit;font-size:10pt;"> (Refer to Note 4). The Company recognized a deferred tax asset of approximately </font><font style="font-family:inherit;font-size:10pt;">$1.1 million</font><font style="font-family:inherit;font-size:10pt;">, resulting from an increased share of Manning &amp; Napier Group's deferred tax assets. Additionally, as a result of Manning &amp; Napier Group's redemption of its Class A units during the three months ended June 30, 2020 and Manning &amp; Napier Group's election under Section 754 of the Internal Revenue Code, the Company expects to benefit from depreciation and amortization deductions resulting from increases in the tax basis of tangible and intangible assets of Manning &amp; Napier Group. Those deductions allocated to the Company will be taken into account in reporting the Company's taxable income resulting in the recognition of a deferred tax asset of approximately </font><font style="font-family:inherit;font-size:10pt;">$2.5 million</font><font style="font-family:inherit;font-size:10pt;">. The aggregate </font><font style="font-family:inherit;font-size:10pt;">$3.6 million</font><font style="font-family:inherit;font-size:10pt;"> of deferred tax assets recognized during the three months ended June 30, 2020 resulting from the redemption were recorded within the Company's consolidated statements of shareholder's equity.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s income tax provision (benefit) and effective tax rate were as follows:</font><font style="font-family:inherit;font-size:9pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended June 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six months ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income before provision for (benefit from) income taxes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,743</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,550</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,352</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,709</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective tax rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25.4</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9.3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(52.7</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.5</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Provision for (benefit from) income taxes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,460</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">331</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,766</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">573</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Provision for (benefit from) income taxes at statutory rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,206</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">746</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">704</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,409</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Difference between tax at effective vs. statutory rate</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">254</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(415</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,470</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(836</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For both the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">, the difference between the Company&#8217;s recorded provision (benefit) and the provision that would result from applying the U.S. statutory rate of </font><font style="font-family:inherit;font-size:10pt;">21%</font><font style="font-family:inherit;font-size:10pt;"> includes the benefit resulting from the fact that a significant portion of the Company&#8217;s operations include a series of flow-through entities which are generally not subject to federal and most state income taxes. Accordingly, a portion of the Company&#8217;s earnings are not subject to corporate level taxes. For the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2020</font><font style="font-family:inherit;font-size:10pt;">, the income tax benefit also includes the impact from the enactment of the CARES Act, which resulted in the recognition of an income tax benefit based on the ability to carry back net operating losses to prior years.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A state is currently auditing the Company's 2016, 2017 and 2018 corporate tax returns. The audit is expected to be completed in 2020. As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">, the audit is in process and the state is collecting and evaluating the data for which the Company has not recorded a liability for uncertain tax positions under ASC 740. The Company believes any potential increases to this liability, which could be up to approximately </font><font style="font-family:inherit;font-size:10pt;">$1.3 million</font><font style="font-family:inherit;font-size:10pt;">, would not result in a material change to its financial position.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-left:0px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following represents the Company&#8217;s investment securities holdings as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June&#160;30, 2020</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unrealized</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Gains</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unrealized</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Losses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Value</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in&#160;thousands)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Available-for-sale securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">U.S. Treasury notes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,538</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,537</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fixed income securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,360</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(145</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,215</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,752</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Equity investments, at fair value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity securities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,558</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mutual funds</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,859</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,417</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total investment securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,169</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unrealized</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Gains</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unrealized</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Losses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Value</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in&#160;thousands)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Available-for-sale securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">U.S. Treasury notes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,908</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">193</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">34,101</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fixed income securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,148</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(91</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,057</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Short-term investments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,119</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,119</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">81,277</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Equity investments, at fair value</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,038</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mutual funds</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,152</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,190</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total investment securities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">90,467</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Investment Securities</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment securities are classified as either trading, equity method investments or available-for-sale and are carried at fair value. Fair value is determined based on quoted market prices in active markets for identical or similar instruments.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment securities classified as equity investments, at fair value consist of equity securities and investments in mutual funds for which the Company provides advisory services. Realized and unrealized gains and losses on equity investments, at fair value or trading securities, as applicable, are recorded in net gains (losses) on investments in the consolidated statements of operations. At </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">, equity investments, at fair value consist of investments held by the Company to provide initial cash seeding for product development purposes and investments to hedge economic exposure to market movements on its deferred compensation plan. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment securities classified as available-for-sale consist of U.S. Treasury notes, corporate bonds and other short-term investments. Unrealized gains and losses on available-for-sale securities are excluded from earnings and are reported, net of deferred income tax, as a separate component of accumulated other comprehensive income in shareholders&#8217; equity until realized. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other-than-temporary. If impairment is determined to be other-than-temporary, the carrying value of the security will be written down to fair value and the loss will be recognized in earnings. Realized gains and losses on sales of available-for-sale securities are computed on a specific identification basis and are recorded in net gains (losses) on investments in the consolidated statements of operations. </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Investment Securities</font></div><div style="line-height:120%;padding-bottom:8px;padding-left:0px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following represents the Company&#8217;s investment securities holdings as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">:</font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June&#160;30, 2020</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unrealized</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Gains</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unrealized</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Losses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Value</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in&#160;thousands)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Available-for-sale securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">U.S. Treasury notes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,538</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(12</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,537</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fixed income securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,360</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(145</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,215</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,752</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Equity investments, at fair value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity securities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,558</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mutual funds</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,859</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,417</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total investment securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,169</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unrealized</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Gains</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Unrealized</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Losses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fair</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Value</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in&#160;thousands)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Available-for-sale securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">U.S. Treasury notes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33,908</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">193</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">34,101</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fixed income securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,148</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(91</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,057</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Short-term investments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,119</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,119</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">81,277</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Equity investments, at fair value</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,038</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mutual funds</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,152</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,190</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total investment securities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">90,467</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment securities are classified as either equity investments or available-for-sale and are carried at fair value. Fair value is determined based on quoted market prices in active markets for identical or similar instruments.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment securities classified as equity investments, at fair value consist of equity securities and investments in mutual funds for which the Company provides advisory services. At </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, equity investments, at fair value consist of investments held by the Company to provide initial cash seeding for product development purposes and investments in mutual funds to hedge economic exposure to market movements on its deferred compensation plan. The Company recognized approximately </font><font style="font-family:inherit;font-size:10pt;">$0.6 million</font><font style="font-family:inherit;font-size:10pt;"> of net unrealized </font><font style="font-family:inherit;font-size:10pt;">losses</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.1 million</font><font style="font-family:inherit;font-size:10pt;"> of net unrealized </font><font style="font-family:inherit;font-size:10pt;">gains</font><font style="font-family:inherit;font-size:10pt;"> related to investments classified as equity investments, at fair value during the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">six months ended June 30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2019</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Investment securities classified as available-for-sale consist of U.S. Treasury notes, corporate bonds and other short-term investments to optimize cash management opportunities and for compliance with certain regulatory requirements. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, approximately </font><font style="font-family:inherit;font-size:10pt;">$0.6 million</font><font style="font-family:inherit;font-size:10pt;"> of these securities was considered restricted. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other-than-temporary. No other-than-temporary impairment charges have been recognized by the Company during the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2019</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The components of lease expense for the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;"> were as follows: </font></div><div style="line-height:120%;padding-bottom:8px;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended June 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six months ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Finance lease expense</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amortization of right-of-use assets</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">48</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">59</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest on lease liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating lease expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,428</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">934</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,220</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,857</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Short-term lease expense</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Variable lease expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">72</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">147</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">111</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sublease income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(161</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(174</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(327</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(297</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total lease expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,365</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">861</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,094</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,743</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplemental cash flow information related to leases for the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;"> were as follows:</font></div><div style="line-height:120%;padding-bottom:8px;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended June 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six months ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash paid for amounts included in the measurement of lease liabilities:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating cash flows from finance leases</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Finance cash flows from finance leases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">51</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">61</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating cash flows from operating leases</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">940</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,159</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,660</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,953</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Right-of-use assets obtained in exchange for new lease obligations:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Finance leases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">175</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating leases</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">862</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">136</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">862</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Leases</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, accrued expenses and other liabilities and operating lease liabilities, non-current on its consolidated statements of financial condition. Finance leases are included in other long-term assets, accrued expenses and other liabilities, and other long-term liabilities on its consolidated statements of financial condition. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate, for each identified lease, is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term. The operating lease ROU asset is reduced for any lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has lease agreements with lease and non-lease components, which are combined for all classes of underlying assets.</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Impairment of Long-Lived Assets</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. During the three months ended June 30, 2020, a downturn in the commercial real estate market indicated that an asset group, including previously vacated office space, may not be recoverable. The Company assessed recoverability of the asset group by comparing the undiscounted future net cash flows expected to result from the asset group to its carrying value. The carrying value exceeded the undiscounted future net cash flows of the asset, and an&#160;impairment&#160;loss of approximately </font><font style="font-family:inherit;font-size:10pt;">$0.6 million</font><font style="font-family:inherit;font-size:10pt;"> was recognized during the three months ended June 30, 2020 as the difference between the net book value and the fair value of the asset group.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Maturities of lease liabilities were as follows:</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:72%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Twelve month period ending June 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Finance Leases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Operating Leases</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2021</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">80</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,868</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2022</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">55</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,599</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,389</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2024</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,135</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2025</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,986</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Thereafter</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,188</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total lease payments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">176</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,165</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less imputed interest</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,846</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total lease liabilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">165</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20,319</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Leases</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Leases</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has operating and finance leases for office space and certain equipment. For these leases, the office space or equipment is an explicitly identified asset within the contract. The Company has determined that it has obtained substantially all of the economic benefits from the use of the underlying asset and directs how and for what purpose the asset is used during the term of the contract.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's leases have remaining lease terms ranging between approximately </font><font style="font-family:inherit;font-size:10pt;">1</font><font style="font-family:inherit;font-size:10pt;"> year and </font><font style="font-family:inherit;font-size:10pt;">8</font><font style="font-family:inherit;font-size:10pt;"> years. The Company's lease term on certain of its multi-year office space leases, including its headquarters, include options for the Company to extend those leases for periods ranging from an additional </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">10 years</font><font style="font-family:inherit;font-size:10pt;">. In addition, the Company has the option to reduce a portion of its square footage at certain times throughout the term of the lease for its headquarters. The Company determined it is not reasonably certain at this time it will exercise the options to extend these leases or will exercise the options to reduce its square footage; therefore, the payment amounts related to these lease term extensions and contraction options have been excluded from determining its ROU asset and lease liability. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain of the Company's operating leases for office space include variable lease payments, including non-lease components (such as utilities and operating expenses) that vary based on actual expenses and are adjusted on an annual basis. The Company concluded that these variable lease payments are in substance fixed payments and included the estimated variable payments in its determination of ROU assets and lease liabilities. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Changes in the lease terms, including renewal options and options to reduce its square footage, incremental borrowing rates, and/or variable lease payments, and the corresponding impact to the ROU assets and lease liabilities, are recognized in the period incurred.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">Certain of the Company's operating leases have been subleased for which the Company will receive cash totaling approximately</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">$3.6 million</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">over the remaining term of such leases. The lease terms for the three subleased operating leases end in 2021, 2027 and 2028.</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The components of lease expense for the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;"> were as follows: </font></div><div style="line-height:120%;padding-bottom:8px;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended June 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six months ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Finance lease expense</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amortization of right-of-use assets</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">30</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">48</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">59</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest on lease liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating lease expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,428</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">934</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,220</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,857</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Short-term lease expense</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Variable lease expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">72</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">65</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">147</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">111</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sublease income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(161</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(174</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(327</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(297</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total lease expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,365</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">861</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,094</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,743</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplemental cash flow information related to leases for the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;"> were as follows:</font></div><div style="line-height:120%;padding-bottom:8px;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended June 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six months ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash paid for amounts included in the measurement of lease liabilities:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating cash flows from finance leases</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Finance cash flows from finance leases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">33</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">51</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">61</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating cash flows from operating leases</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">940</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,159</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,660</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,953</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Right-of-use assets obtained in exchange for new lease obligations:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Finance leases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">175</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating leases</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">862</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">136</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">862</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Supplemental balance sheet information related to leases as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> was as follows:</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5" rowspan="1"></td></tr><tr><td style="width:80%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands, except lease term and discount rate)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June&#160;30, 2020</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Finance Leases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Finance lease right-of-use assets </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">156</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued expenses and other liabilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other long-term liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">94</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total finance lease liabilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">165</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Operating Leases</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating lease right-of-use assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">17,082</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued expenses and other liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,899</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating lease liabilities, non-current</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">17,420</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total operating lease liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20,319</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Weighted average remaining lease term</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Finance leases</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.62 years</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating leases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6.96 years</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Weighted average discount rate</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Finance leases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.92</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Operating leases</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.13</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;">_______________________</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:40px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:16px;"><font style="font-family:inherit;font-size:10pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amounts included in other long-term assets within the consolidated statements of financial condition.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Maturities of lease liabilities were as follows:</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:72%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Twelve month period ending June 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Finance Leases</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Operating Leases</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2021</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">80</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,868</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2022</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">55</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,599</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2023</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,389</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2024</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,135</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2025</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,986</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Thereafter</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,188</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total lease payments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">176</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,165</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less imputed interest</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(11</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(3,846</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total lease liabilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">165</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20,319</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Noncontrolling Interests</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Manning&#160;&amp; Napier holds an economic interest of approximately </font><font style="font-family:inherit;font-size:10pt;">88.2%</font><font style="font-family:inherit;font-size:10pt;"> in Manning&#160;&amp; Napier Group, and as managing member controls all of the business and affairs of Manning&#160;&amp; Napier Group. As a result, the Company consolidates the financial results of Manning&#160;&amp; Napier Group and records a noncontrolling interest on its consolidated statements of financial condition with respect to the remaining approximately </font><font style="font-family:inherit;font-size:10pt;">11.8%</font><font style="font-family:inherit;font-size:10pt;"> economic interest in Manning&#160;&amp; Napier Group held by M&amp;N Group Holdings and MNCC. Net income attributable to noncontrolling interests on the statements of operations represents the portion of earnings attributable to the economic interest in Manning&#160;&amp; Napier Group held by the noncontrolling interests.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table provides a reconciliation from &#8220;Income (loss) before provision for (benefit from) income taxes&#8221; to &#8220;Net income attributable to Manning&#160;&amp; Napier, Inc.&#8221;: </font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended June 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six months ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income (loss) before provision for (benefit from) income taxes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,743</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,550</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,352</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,709</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: income (loss) before provision for (benefit from) income taxes of Manning&#160;&amp; Napier, Inc. </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">901</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(10</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,965</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">181</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income before provision for (benefit from) income taxes, as adjusted</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,842</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,560</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,317</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,528</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Controlling interest percentage </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">44.5</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18.8</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">42.3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18.7</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to controlling interest</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,154</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">669</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,247</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,221</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Plus: income (loss) before provision for (benefit from) income taxes of Manning&#160;&amp; Napier, Inc. </font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">901</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(10</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,965</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">181</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income (loss) before provision for (benefit from) income taxes attributable to Manning&#160;&amp; Napier, Inc.</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,055</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">659</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">282</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,402</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: provision for (benefit from) income taxes of Manning&#160;&amp; Napier, Inc.</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,509</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">245</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,122</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">427</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to Manning&#160;&amp; Napier, Inc.</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,546</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">414</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,404</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">975</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;">________________________</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:40px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:16px;"><font style="font-family:inherit;font-size:10pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Manning&#160;&amp; Napier, Inc. incurs certain income or expenses that are only attributable to it and are therefore excluded from the net income attributable to noncontrolling interests.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:40px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:16px;"><font style="font-family:inherit;font-size:10pt;">(2)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income before provision for (benefit from) income taxes is allocated to the controlling interest based on the percentage of units of Manning&#160;&amp; Napier Group held by Manning&#160;&amp; Napier, Inc. The amount represents the Company's weighted ownership of Manning &amp; Napier Group's income for the respective periods and anticipates a closing of the books pursuant to Internal Revenue Code Section 1377.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:40px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:16px;"><font style="font-family:inherit;font-size:10pt;">(3)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The consolidated provision for (benefit from) income taxes is equal to the sum of (i)&#160;the provision for (benefit from) income taxes for entities other than Manning&#160;&amp; Napier, Inc. and (ii)&#160;the provision for (benefit from) income taxes of Manning&#160;&amp; Napier, Inc. which includes all U.S. federal and state income taxes. The consolidated provision for (benefit from) income taxes was a provision of </font><font style="font-family:inherit;font-size:10pt;">$1.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;"> for the three months ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">, respectively, and a benefit of </font><font style="font-family:inherit;font-size:10pt;">$1.8 million</font><font style="font-family:inherit;font-size:10pt;"> and provision of </font><font style="font-family:inherit;font-size:10pt;">$0.6 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">, a total of </font><font style="font-family:inherit;font-size:10pt;">2,021,781</font><font style="font-family:inherit;font-size:10pt;"> units of Manning &amp; Napier Group were held by the noncontrolling interests. Pursuant to the terms of the exchange agreement entered into at the time of the Company's initial public offering ("Exchange Agreement"), such units may be tendered for exchange. For any units exchanged, the Company will (i) pay an amount of cash equal to the number of units exchanged multiplied by the value of one share of the Company's Class A common stock less a market discount and expected expenses, or, at the Company's election, (ii) issue shares of the Company's Class A common stock on a one-for-one basis, subject to customary adjustments. As the Company receives units of Manning &amp; Napier Group that are exchanged, the Company's ownership of Manning &amp; Napier Group will increase. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company received notice that a total of </font><font style="font-family:inherit;font-size:10pt;">60,012,419</font><font style="font-family:inherit;font-size:10pt;"> Class A units, including </font><font style="font-family:inherit;font-size:10pt;">59,957,419</font><font style="font-family:inherit;font-size:10pt;"> units held by William Manning, who was previously the Chairman of the Company's Board of Directors, were tendered for either cash or shares of the Company's Class A common stock pursuant to the terms of the Exchange Agreement. The independent directors, on behalf of the Company, decided to settle the exchange utilizing approximately </font><font style="font-family:inherit;font-size:10pt;">$90.8 million</font><font style="font-family:inherit;font-size:10pt;"> in cash, including approximately </font><font style="font-family:inherit;font-size:10pt;">$90.7 million</font><font style="font-family:inherit;font-size:10pt;"> paid to Mr.&#160;Manning, pursuant to the terms of the Exchange Agreement. Manning &amp; Napier Group completed the redemption on </font><font style="font-family:inherit;font-size:10pt;">May&#160;11, 2020</font><font style="font-family:inherit;font-size:10pt;"> with payment made from its cash, cash equivalents and proceeds from the sale of investment securities. Subsequent to the redemption the Class A units were retired and as a result, the Company's ownership of Manning &amp; Napier Group increased from </font><font style="font-family:inherit;font-size:10pt;">19.5%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">88.2%</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">During the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2020</font><font style="font-family:inherit;font-size:10pt;">, Class A common stock was issued under the Company's 2011 Equity Compensation Plan (the "Equity Plan") for which Manning &amp; Napier, Inc. acquired an equivalent number of Class A units of Manning &amp; Napier Group. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following is the impact to the Company's equity ownership interest in Manning &amp; Napier Group for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2020</font><font style="font-family:inherit;font-size:10pt;">: </font></div><div style="line-height:120%;padding-bottom:8px;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:44%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="8" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Manning &amp; Napier Group Class A Units Held </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Manning &amp; Napier</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;<br clear="none"/>Noncontrolling Interests</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Manning &amp; Napier Ownership %</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of December 31, 2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,750,221</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62,034,200</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">76,784,421</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19.2%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Class A Units issued</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">318,833</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">318,833</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.3%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Class A Units exchanged</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(60,012,419</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(60,012,419</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">68.7%</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">As of June 30, 2020</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,069,054</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,021,781</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">17,090,835</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">88.2%</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Manning&#160;&amp; Napier, as managing member controls all of the business and affairs of Manning&#160;&amp; Napier Group prior to and subsequent to the redemption that was completed during the second quarter of 2020. Since the Company continues to have a controlling interest in Manning &amp; Napier Group, the aforementioned changes in ownership of Manning &amp; Napier Group were accounted for as equity transactions under ASC 810, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Consolidation</font><font style="font-family:inherit;font-size:10pt;">. Additional paid-in capital and noncontrolling interests in the consolidated statements of financial position are adjusted to reallocate the Company's historical equity to reflect the change in ownership of Manning &amp; Napier Group.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, the Company had recorded a liability of </font><font style="font-family:inherit;font-size:10pt;">$19.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$17.5 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, representing the estimated payments due to the selling unit holders under the tax receivable agreement ("TRA") entered into between Manning &amp; Napier and the other holders of Class A Units of Manning &amp; Napier Group. Of these amounts, approximately </font><font style="font-family:inherit;font-size:10pt;">$4.0 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;"> were included in accrued expenses and other liabilities at </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, respectively. The Company made </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> payments pursuant to the TRA during either of the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and 2019. Refer to Note 12 for further discussion surrounding the amounts payable under the TRA.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Obligations pursuant to the TRA are obligations of Manning&#160;&amp; Napier. They do not impact the noncontrolling interests. These obligations are not income tax obligations. Furthermore, the TRA has no impact on the allocation of the provision for income taxes to the Company&#8217;s net income.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization and Nature of the Business</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Manning&#160;&amp; Napier, Inc. ("Manning &amp; Napier" or the "Company") provides a broad range of investment solutions through separately managed accounts, mutual funds, and collective investment trust funds, as well as a variety of consultative services that complement its investment process. Founded in 1970, the Company offers equity, fixed income and alternative strategies, as well as a range of blended asset portfolios, including life cycle funds. Headquartered in Fairport, New York, the Company serves a diversified client base of high-net-worth individuals and institutions, including 401(k) plans, pension plans, Taft-Hartley plans, endowments and foundations.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company was incorporated in 2011 as a Delaware corporation, and is the sole managing member of Manning&#160;&amp; Napier Group, LLC and its subsidiaries (&#8220;Manning&#160;&amp; Napier Group&#8221;), a holding company for the investment management businesses conducted by its operating subsidiaries. The diagram below depicts the Company's organizational structure as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">. Manning &amp; Napier Group completed the redemption of </font><font style="font-family:inherit;font-size:10pt;">60,012,419</font><font style="font-family:inherit;font-size:10pt;"> of its Class A units held by M&amp;N Group Holdings, LLC ("M&amp;N Group Holdings") and Manning &amp; Napier Capital Company, LLC ("MNCC") on </font><font style="font-family:inherit;font-size:10pt;">May&#160;11, 2020</font><font style="font-family:inherit;font-size:10pt;"> with payment made from its cash, cash equivalents and proceeds from the sale of investment securities. Subsequent to the redemption, the Class A units were retired and as a result, the Company's ownership of Manning &amp; Napier Group increased from </font><font style="font-family:inherit;font-size:10pt;">19.5%</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">88.2%</font><font style="font-family:inherit;font-size:10pt;">. Refer to Note 4 for further discussion.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;text-indent:18px;font-size:10pt;"><img src="a63020ownershipgraphic.jpg" alt="a63020ownershipgraphic.jpg" style="height:270px;width:682px;"></img><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:40px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:16px;"><font style="font-family:inherit;font-size:10pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The consolidated operating subsidiaries of Manning&#160;&amp; Napier Group include Manning&#160;&amp; Napier Advisors, LLC ("MNA"), Manning&#160;&amp; Napier Investor Services, Inc., Exeter Trust Company and Rainier Investment Management, LLC ("Rainier").</font></div></td></tr></table></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2018, the Financial Accounting Standards Board ("FASB") issued&#160;ASU&#160;2018-15,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#160;Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract</font><font style="font-family:inherit;font-size:10pt;">.&#160;The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements that currently exist in U.S. GAAP for capitalizing implementation costs incurred to develop or obtain internal-use software. Under the new standard, implementation costs are deferred and presented in the same financial statement caption on the consolidated statements of financial condition as a prepayment of related arrangement fees. The deferred costs are recognized over the term of the arrangement in the same financial statement caption in the consolidated statements of operations as the related fees of the arrangement. The Company adopted the provisions of this guidance using the prospective adoption approach, which does not require the restatement of prior years. The adoption of this ASU did not have a material impact on the Company's statement of operations as requirements under the standard are generally consistent with its previous accounting for cloud computing arrangements, with the primary difference being the classification of certain information in its statements of financial condition and related disclosures.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">, the Company had a total of approximately </font><font style="font-family:inherit;font-size:10pt;">$3.5 million</font><font style="font-family:inherit;font-size:10pt;"> of capitalized implementation costs for hosting arrangements within prepaid expenses and other assets on its statements of financial condition, with </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> amounts in accumulated amortization and </font><font style="font-family:inherit;font-size:10pt;">no</font><font style="font-family:inherit;font-size:10pt;"> amortization expense recognized during the six months ended June 30, 2020. At December 31, 2019, approximately </font><font style="font-family:inherit;font-size:10pt;">$0.4 million</font><font style="font-family:inherit;font-size:10pt;"> of these costs were capitalized within property and equipment, net. The hosting arrangements that are service contracts include internal and external costs related to various technology additions in support of the Company's business. Amortization costs are recorded on a straight-line basis over the term of the hosting arrangement agreement.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU 2017-04, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment</font><font style="font-family:inherit;font-size:10pt;">, which simplifies the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. The ASU requires goodwill impairments to be measured on the basis of the fair value of the reporting unit relative to the reporting unit's carrying amount rather than on the basis of the implied amount of goodwill relative to the goodwill balance of the reporting unit. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Property and Equipment</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Property and equipment is presented net of accumulated depreciation of approximately </font><font style="font-family:inherit;font-size:10pt;">$12.0 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$11.4 million</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Related Party Transactions</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Transactions with noncontrolling members</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">From time to time, the Company may be asked to provide certain services, including accounting, legal and other administrative functions for the noncontrolling members of Manning&#160;&amp; Napier Group. While immaterial, the Company has not received any reimbursement for such services.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company manages the personal funds of certain of the Company's executive officers and directors and/or their affiliated entities. Pursuant to the respective investment management agreements, in some instances the Company may waive or reduce its regular advisory fees for these accounts. The aggregate value of the fees earned and the value of fees waived was less than </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> for each of the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Manning &amp; Napier Group completed the redemption of </font><font style="font-family:inherit;font-size:10pt;">60,012,419</font><font style="font-family:inherit;font-size:10pt;"> Class A units held by the noncontrolling members of Manning &amp; Napier Group, including </font><font style="font-family:inherit;font-size:10pt;">59,957,419</font><font style="font-family:inherit;font-size:10pt;"> units held by William Manning, who was previously the Chairman of the Company's Board of Directors on </font><font style="font-family:inherit;font-size:10pt;">May&#160;11, 2020</font><font style="font-family:inherit;font-size:10pt;">. The independent directors, on behalf of the Company, decided to settle the exchange utilizing approximately </font><font style="font-family:inherit;font-size:10pt;">$90.8 million</font><font style="font-family:inherit;font-size:10pt;"> in cash, including approximately </font><font style="font-family:inherit;font-size:10pt;">$90.7 million</font><font style="font-family:inherit;font-size:10pt;"> paid to Mr.&#160;Manning with payment made from its cash, cash equivalents and proceeds from the sale of investment securities. See Note 4 for additional details. </font></div><div style="line-height:120%;padding-bottom:8px;text-indent:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Affiliated fund transactions</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns investment advisory fees, distribution fees and administrative service fees under agreements with affiliated mutual funds and collective investment trusts. Fees earned for advisory and distribution services provided were approximately </font><font style="font-family:inherit;font-size:10pt;">$8.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$17.4 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">, and approximately </font><font style="font-family:inherit;font-size:10pt;">$10.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$21.3 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2019</font><font style="font-family:inherit;font-size:10pt;">. Fees earned for administrative services provided were approximately </font><font style="font-family:inherit;font-size:10pt;">$0.4 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.8 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">, and approximately </font><font style="font-family:inherit;font-size:10pt;">$0.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.1 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2019</font><font style="font-family:inherit;font-size:10pt;">. See Note 3 for disclosure of amounts due from affiliated mutual funds and collective investment trusts.</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> The Company incurs certain expenses on behalf of the collective investment trusts and has contractually agreed to limit its fees and reimburse expenses to limit operating expenses incurred by certain affiliated fund series. The aggregate value of fees waived and expenses reimbursed to, or incurred for, affiliated mutual funds and collective investment trusts were approximately </font><font style="font-family:inherit;font-size:10pt;">$1.3 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$2.5 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">. As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> the Company had recorded a receivable of approximately </font><font style="font-family:inherit;font-size:10pt;">$0.2 million</font><font style="font-family:inherit;font-size:10pt;"> for expenses paid on behalf of an affiliated mutual fund. These expenses are reimbursable to the Company under an agreement with the affiliated mutual fund, and are included within other long-term assets on the consolidated statements of financial condition.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Revenue</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Disaggregated Revenue</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table represents the Company&#8217;s wealth management and institutional and intermediary investment management revenue by investment portfolio during the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="25" rowspan="1"></td></tr><tr><td style="width:22%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended June 30, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended June 30, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Wealth Management</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Institutional and Intermediary</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Wealth Management</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Institutional and Intermediary</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="23" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Blended Asset</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,148</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,486</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,634</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,186</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,607</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20,793</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,470</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,345</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,815</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,819</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,894</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,713</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fixed Income</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">122</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">311</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">433</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">204</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">431</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">635</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,740</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,142</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,882</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,209</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,932</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29,141</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="25" rowspan="1"></td></tr><tr><td style="width:22%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six months ended June 30, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six months ended June 30, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Wealth Management</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Institutional and Intermediary</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Wealth Management</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Institutional and Intermediary</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="23" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Blended Asset</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,090</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,672</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">39,762</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,684</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,435</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">42,119</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,635</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,964</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,599</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,580</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,851</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,431</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fixed Income</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">315</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">637</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">952</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">414</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">880</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,294</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,040</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,273</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">52,313</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">32,678</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,166</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">58,844</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;padding-left:40px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Accounts Receivable</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts receivable as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> consisted of the following: </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:66%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June&#160;30, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts receivable - third parties</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,163</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,778</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts receivable - affiliated mutual funds and collective investment trusts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,210</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,404</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total accounts receivable</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,373</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,182</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts receivable represents the Company's unconditional rights to consideration arising from its performance under separately managed account, mutual fund and collective investment trust, distribution and shareholder servicing, and custodial service contracts. Accounts receivable balances do not include an allowance for doubtful accounts nor has any significant bad debt expense attributable to accounts receivable been recorded during the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> or </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Advisory and Distribution Agreements</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company earns investment advisory fees, distribution fees and administrative service fees under agreements with affiliated mutual funds and collective investment trusts. Fees earned for advisory and distribution services provided were approximately </font><font style="font-family:inherit;font-size:10pt;">$8.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$17.4 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">, and approximately </font><font style="font-family:inherit;font-size:10pt;">$10.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$21.3 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2019</font><font style="font-family:inherit;font-size:10pt;">, which represents greater than </font><font style="font-family:inherit;font-size:10pt;">25%</font><font style="font-family:inherit;font-size:10pt;"> of revenue in each period. The following provides amounts due from affiliated mutual funds and collective investment trusts reported within accounts receivable in the consolidated statements of financial condition as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:68%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June&#160;30, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Affiliated mutual funds </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,020</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,164</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Affiliated collective investment trusts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,190</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,240</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts receivable - affiliated mutual funds and collective investment trusts</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,210</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,404</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Contract assets and liabilities</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Accrued accounts receivable</font><font style="font-family:inherit;font-size:10pt;">: Accrued accounts receivable represents the Company's contract asset for revenue that has been recognized in advance of billing separately managed account contracts. Consideration for the period billed in arrears is dependent on the client&#8217;s AUM on a future billing date and therefore conditional as of the reporting period end. During the </font><font style="font-family:inherit;font-size:10pt;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;">, revenue was </font><font style="font-family:inherit;font-size:10pt;">increased</font><font style="font-family:inherit;font-size:10pt;"> by less than </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> for changes in transaction price. Accrued accounts receivable of approximately </font><font style="font-family:inherit;font-size:10pt;">$0.3 million</font><font style="font-family:inherit;font-size:10pt;"> is reported within prepaid expenses and other assets in the consolidated statements of financial condition for both </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Deferred revenue:</font><font style="font-family:inherit;font-size:10pt;"> Deferred revenue is recorded when consideration is received or unconditionally due in advance of providing services to the Company's customer. Revenue recognized during the </font><font style="font-family:inherit;font-size:10pt;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> that was included in deferred revenue at the beginning of the period was approximately </font><font style="font-family:inherit;font-size:10pt;">$10.6 million</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Costs to obtain a contract: </font><font style="font-family:inherit;font-size:10pt;">Under compensation plans in effect for periods prior to January 1, 2020, certain incremental first year commissions directly associated with new customer contracts were capitalized and amortized on a straight-line basis over an estimated customer contract period of </font><font style="font-family:inherit;font-size:10pt;">3</font><font style="font-family:inherit;font-size:10pt;"> to </font><font style="font-family:inherit;font-size:10pt;">7 years</font><font style="font-family:inherit;font-size:10pt;">. The total net asset as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and December 31, 2019 was approximately </font><font style="font-family:inherit;font-size:10pt;">$0.9 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.0 million</font><font style="font-family:inherit;font-size:10pt;">, respectively. The related amortization expense, which is included in compensation and related costs, totaled approximately </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.2 million</font><font style="font-family:inherit;font-size:10pt;"> for </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and 2019, respectively. An impairment loss is recorded for contract acquisition costs related to client contracts that cancel during the period. These impairment losses totaled less than </font><font style="font-family:inherit;font-size:10pt;">$0.1 million</font><font style="font-family:inherit;font-size:10pt;"> for both the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and 2019.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Revenue </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Investment Management:</font><font style="font-family:inherit;font-size:10pt;"> Investment management fees are computed as a percentage of AUM. The Company's performance obligation is a series of services that form part of a single performance obligation satisfied over time. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Separately managed accounts are paid in advance, typically for a semi-annual or quarterly period, or in arrears, typically for a monthly or quarterly period. When investment management fees are paid in advance, the Company defers the revenue as a contract liability and recognizes it over the applicable period. When investment management fees are paid in arrears, the Company estimates revenue and records a contract asset (accrued accounts receivable) based on AUM as of the most recent month end date. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mutual funds and collective investment trust investment management revenue is calculated and earned daily based on AUM. Revenue is presented net of cash rebates and fees waived pursuant to contractual expense limitations of the funds. The Company also has agreements with third parties who provide recordkeeping and administrative services for employee benefit plans participating in the collective investment trusts. The Company is acting as an agent on behalf of the employee benefit plan sponsors, therefore, investment management revenue is recorded net of fees paid to third party service providers. </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Distribution and shareholder servicing: </font><font style="font-family:inherit;font-size:10pt;">The Company receives distribution and servicing fees for providing services to its affiliated mutual funds. Revenue is computed and earned daily based on a percentage of AUM. The performance obligation is a series of services that form part of a single performance obligation satisfied over time. The Company has agreements with third parties who provide distribution and administrative services for its mutual funds. The agreements are evaluated to determine whether revenue should be reported gross or net of payments to third-party service providers. The Company controls the services provided and acts as a principal in the relationship. Therefore, distribution and shareholder servicing revenue is recorded gross of fees paid to third parties.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Custodial services: </font><font style="font-family:inherit;font-size:10pt;">Custodial service fees are calculated as a percentage of the client&#8217;s market value with additional fees charged for certain transactions. For the safeguarding and administrative services that are subject to a percentage of market value fee, the Company's performance obligation is a series of services that form part of a single performance obligation satisfied over time. Revenue for transactions assigned a stand-alone selling price is recognized in the period in which the transaction is executed. Custodial service fees are billed monthly in arrears. The Company has agreements with third parties who provide safeguarding, recordkeeping and administrative services for their clients. The Company controls the services provided and acts as a principal in the relationship. Therefore, custodial service revenue is recorded gross of fees paid to third parties. </font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"></font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts receivable as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> consisted of the following: </font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:66%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June&#160;30, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts receivable - third parties</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,163</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,778</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts receivable - affiliated mutual funds and collective investment trusts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,210</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,404</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total accounts receivable</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,373</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,182</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following provides amounts due from affiliated mutual funds and collective investment trusts reported within accounts receivable in the consolidated statements of financial condition as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:68%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June&#160;30, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Affiliated mutual funds </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,020</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,164</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Affiliated collective investment trusts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,190</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,240</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts receivable - affiliated mutual funds and collective investment trusts</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,210</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,404</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued expenses and other liabilities as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> consisted of the following:</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:70%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June&#160;30, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued bonus and sales commissions</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,699</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,825</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued payroll and benefits</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,333</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,415</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued sub-transfer agent fees</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">407</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">420</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dividends payable on Class A common stock</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">312</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amounts payable under tax receivable agreement</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,960</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">275</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Short-term operating lease liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,899</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,682</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other accruals and liabilities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,769</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,272</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total accrued expenses and other liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25,067</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">26,201</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following is a reconciliation of the income and share data used in the basic and diluted EPS computations for the three and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2019</font><font style="font-family:inherit;font-size:10pt;"> under the two-class method:</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended June 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six months ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in&#160;thousands,&#160;except&#160;share&#160;data)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to controlling and noncontrolling interests</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,283</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,219</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,118</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,136</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: net income (loss) attributable to noncontrolling interests</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,737</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,805</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,714</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,161</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income attributable to Manning&#160;&amp; Napier, Inc.</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,546</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">414</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,404</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">975</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less: allocation to participating securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(33</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">27</font></div></td><td style="vertical-align:bottom;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(43</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income available to Class A common stock</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,533</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">447</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,377</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,018</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted average shares of Class&#160;A common stock outstanding - basic</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,132,667</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,267,762</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,972,809</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,098,454</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dilutive effect of outstanding equity awards</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,762,681</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">346,177</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">660,725</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">305,895</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dilutive effect of exchangeable Class A Units</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,400,866</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">45,217,533</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">62,913,637</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Weighted average shares of Class&#160;A common stock outstanding - diluted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">46,296,214</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,613,939</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">61,851,067</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">78,317,986</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income available to Class&#160;A common stock per share - basic</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.09</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.03</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.15</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.07</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net income available to Class&#160;A common stock per share - diluted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.06</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.03</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.06</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.06</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s income tax provision (benefit) and effective tax rate were as follows:</font><font style="font-family:inherit;font-size:9pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:48%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Three months ended June 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Six months ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;padding-left:12px;text-indent:-12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income before provision for (benefit from) income taxes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,743</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,550</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,352</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,709</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective tax rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">25.4</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9.3</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(52.7</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8.5</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Provision for (benefit from) income taxes</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,460</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">331</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,766</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">573</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Provision for (benefit from) income taxes at statutory rate</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,206</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">746</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">704</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,409</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Difference between tax at effective vs. statutory rate</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">254</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(415</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,470</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(836</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table summarizes the hierarchy of inputs used to derive the fair value of the Company&#8217;s assets as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">:</font><font style="font-family:inherit;font-size:9pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:44%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June&#160;30, 2020</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level&#160;2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level&#160;3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Totals</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity securities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,558</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,558</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fixed income securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,215</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,215</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mutual funds</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,859</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,859</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">U.S. Treasury notes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,537</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">8,537</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total assets at fair value</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,417</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,752</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24,169</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:44%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December&#160;31, 2019</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level 1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level&#160;2</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Level&#160;3</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Totals</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="15" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Equity securities</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,038</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,038</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Fixed income securities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,057</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">35,057</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Mutual funds</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,152</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,152</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">U.S. Treasury notes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">34,101</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">34,101</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Short-term investments</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,119</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12,119</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total assets at fair value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,190</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">81,277</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">90,467</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A summary of activity under the Equity Plan related to stock option awards during the </font><font style="font-family:inherit;font-size:10pt;">six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2020</font><font style="font-family:inherit;font-size:10pt;"> is presented below: </font></div><div style="line-height:120%;padding-bottom:8px;padding-left:0px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.90243902439025%;border-collapse:collapse;text-align:left;"><tr><td colspan="14" rowspan="1"></td></tr><tr><td style="width:44%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Stock Option Awards</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Weighted Average Exercise Price</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Weighted Average Contractual Term </font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(years)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Aggregate </font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Intrinsic</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;Value</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">&#160;(in thousands)</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding at January&#160;1, 2020</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,500,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.01</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Granted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exercised</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Forfeited</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding&#160;at&#160;June 30, 2020</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,500,000</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.01</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.1</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,975</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exercisable&#160;at&#160;June 30, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">166,666</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.01</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.5</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">142</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table summarizes activity related to awards of restricted stock and restricted stock units (collectively, "stock awards") under the Equity Plan for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">six months ended June 30, 2020</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:0px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.90243902439025%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:66%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Stock Awards</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Weighted Average Grant Date Fair Value</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding at January&#160;1, 2020</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,037,901</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.30</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Granted</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,997,940</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.58</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vested</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(444,165</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.55</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Forfeited</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(2,667</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.67</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Outstanding&#160;at&#160;June 30, 2020</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,589,009</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.00</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Operating Segments</font></div><div style="line-height:120%;padding-bottom:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates in </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">one</font><font style="font-family:inherit;font-size:10pt;"> segment, the investment management industry. </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Subsequent Events</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Distribution</font></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subsequent to June 30, 2020, the Board of Directors approved a </font><font style="font-family:inherit;font-size:10pt;">$1.5 million</font><font style="font-family:inherit;font-size:10pt;"> distribution from Manning &amp; Napier Group to Manning &amp; Napier and the noncontrolling interests of Manning &amp; Napier Group, of which approximately </font><font style="font-family:inherit;font-size:10pt;">$0.2 million</font><font style="font-family:inherit;font-size:10pt;"> was paid to the noncontrolling members of Manning &amp; Napier Group.</font></div></div> EX-101.SCH 12 mn-20200630.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2108100 - Disclosure - Accrued Expenses and Other Liabilities link:presentationLink link:calculationLink link:definitionLink 2408402 - Disclosure - Accrued Expenses and Other Liabilities (Details) link:presentationLink link:calculationLink link:definitionLink 2308301 - Disclosure - Accrued Expenses and Other Liabilities (Tables) link:presentationLink link:calculationLink link:definitionLink 2110100 - Disclosure - Commitments and Contingencies link:presentationLink link:calculationLink link:definitionLink 1005000 - Statement - Consolidated Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 1003000 - Statement - Consolidated Statements of Comprehensive Income link:presentationLink link:calculationLink link:definitionLink 1001000 - Statement - Consolidated Statements of Financial Condition link:presentationLink link:calculationLink link:definitionLink 1001501 - Statement - Consolidated Statements of Financial Condition (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 1002000 - Statement - Consolidated Statements of Operations link:presentationLink link:calculationLink link:definitionLink 1004000 - Statement - Consolidated Statements of Shareholders' Equity link:presentationLink link:calculationLink link:definitionLink 1004001 - Statement - Consolidated Statements of Shareholders' Equity (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 0001000 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 2111100 - Disclosure - Earnings per Common Share link:presentationLink link:calculationLink link:definitionLink 2411402 - Disclosure - Earnings per Common Share (Details) link:presentationLink link:calculationLink link:definitionLink 2311301 - Disclosure - Earnings per Common Share (Tables) link:presentationLink link:calculationLink link:definitionLink 2112100 - Disclosure - Equity Based Compensation link:presentationLink link:calculationLink link:definitionLink 2412403 - Disclosure - Equity Based Compensation (Restricted Stock Awards) (Details) link:presentationLink link:calculationLink link:definitionLink 2412404 - Disclosure - Equity Based Compensation (Stock Option Activity) (Details) link:presentationLink link:calculationLink link:definitionLink 2312301 - Disclosure - Equity Based Compensation (Tables) link:presentationLink link:calculationLink link:definitionLink 2412402 - Disclosure - Equity Based Compensation (Textual) (Details) link:presentationLink link:calculationLink link:definitionLink 2107100 - Disclosure - Fair Value Measurements link:presentationLink link:calculationLink link:definitionLink 2407402 - Disclosure - Fair Value Measurements (Details) link:presentationLink link:calculationLink link:definitionLink 2307301 - Disclosure - Fair Value Measurements (Tables) link:presentationLink link:calculationLink link:definitionLink 2113100 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 2413403 - Disclosure - Income Taxes (Details) link:presentationLink link:calculationLink link:definitionLink 2413402 - Disclosure - Income Taxes - Narrative (Details) link:presentationLink link:calculationLink link:definitionLink 2313301 - Disclosure - Income Taxes (Tables) link:presentationLink link:calculationLink link:definitionLink 2105100 - Disclosure - Investment Securities link:presentationLink link:calculationLink link:definitionLink 2405402 - Disclosure - Investment Securities (Company's Investment Securities Holdings) (Details) link:presentationLink link:calculationLink link:definitionLink 2305301 - Disclosure - Investment Securities (Tables) link:presentationLink link:calculationLink link:definitionLink 2405403 - Disclosure - Investment Securities (Textual) (Details) link:presentationLink link:calculationLink link:definitionLink 2108100 - Disclosure - Leases link:presentationLink link:calculationLink link:definitionLink 2408402 - Disclosure - Leases (Additional Information) (Details) link:presentationLink link:calculationLink link:definitionLink 2408403 - Disclosure - Leases (Components of Lease Expense) (Details) link:presentationLink link:calculationLink link:definitionLink 2408406 - Disclosure - Leases (Maturities of Lease Liabilities) (Details) link:presentationLink link:calculationLink link:definitionLink 2408406 - Disclosure - Leases (Maturities of Lease Liabilities) (Details) link:presentationLink link:calculationLink link:definitionLink 2408405 - Disclosure - Leases (Supplemental Balance Sheet Information Related to Leases) (Details) link:presentationLink link:calculationLink link:definitionLink 2408404 - Disclosure - Leases (Supplemental Cash Flow Information related to Leases) (Details) link:presentationLink link:calculationLink link:definitionLink 2308301 - Disclosure - Leases (Tables) link:presentationLink link:calculationLink link:definitionLink 2104100 - Disclosure - Noncontrolling Interests link:presentationLink link:calculationLink link:definitionLink 2404403 - Disclosure - Noncontrolling Interests (Reconciliation of Income) (Details) link:presentationLink link:calculationLink link:definitionLink 2404404 - Disclosure - Noncontrolling Interests (Summary of Equity Ownership Interest) (Details) link:presentationLink link:calculationLink link:definitionLink 2304301 - Disclosure - Noncontrolling Interests (Tables) link:presentationLink link:calculationLink link:definitionLink 2404402 - Disclosure - Noncontrolling Interests (Textual) (Detail) link:presentationLink link:calculationLink link:definitionLink 2101100 - Disclosure - Organization and Nature of the Business link:presentationLink link:calculationLink link:definitionLink 2401401 - Disclosure - Organization and Nature of the Business (Details) link:presentationLink link:calculationLink link:definitionLink 2114100 - Disclosure - Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 2414401 - Disclosure - Related Party Transactions (Details) link:presentationLink link:calculationLink link:definitionLink 2103100 - Disclosure - Revenue link:presentationLink link:calculationLink link:definitionLink 2403404 - Disclosure - Revenue (Additional Information) (Details) link:presentationLink link:calculationLink link:definitionLink 2403402 - Disclosure - Revenue (Disaggregation of Revenue) (Details) link:presentationLink link:calculationLink link:definitionLink 2403403 - Disclosure - Revenue (Schedule of Accounts Receivable) (Details) link:presentationLink link:calculationLink link:definitionLink 2303301 - Disclosure - Revenue (Tables) link:presentationLink link:calculationLink link:definitionLink 2115100 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 2415401 - Disclosure - Subsequent Events (Details) link:presentationLink link:calculationLink link:definitionLink 2102100 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 2402402 - Disclosure - Summary of Significant Accounting Policies (Details) link:presentationLink link:calculationLink link:definitionLink 2202201 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 13 mn-20200630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 14 mn-20200630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 15 mn-20200630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Statement of Stockholders' Equity [Abstract] Statement [Table] Statement [Table] Class of Stock [Axis] Class of Stock [Axis] Class of Stock [Domain] Class of Stock [Domain] Class A common stock Common Class A [Member] Statement [Line Items] Statement [Line Items] Cash dividends declared per share of Class A common stock Common Stock, Dividends, Per Share, Declared Noncontrolling Interest [Abstract] Reconciliation from Income Before Provision for Income Taxes to Net Income Attributable to Manning & Napier, Inc. Noncontrolling Interest [Table Text Block] Noncontrolling interest. Impact to the Company's ownership interest in Manning & Napier Group Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] Equity Components [Axis] Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] Common Stock Common Stock [Member] Additional Paid in Capital Additional Paid-in Capital [Member] Retained Deficit Retained Earnings [Member] Accumulated Other Comprehensive Income (Loss) AOCI Attributable to Parent [Member] Non Controlling Interests Noncontrolling Interest [Member] Increase (Decrease) in Stockholders' Equity [Roll Forward] Increase (Decrease) in Stockholders' Equity [Roll Forward] Beginning balance, Shares Shares, Outstanding Beginning balance Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Net income Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Distributions to noncontrolling interests Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders Net changes in unrealized investment securities gains or losses Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax Common stock issued under equity compensation plan, net of forfeitures (in shares) Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures Common stock issued under equity compensation plan, net of forfeitures Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures Shares withheld to satisfy tax withholding requirements related to equity awards vested Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net Equity-based compensation APIC, Share-based Payment Arrangement, Increase for Cost Recognition Dividends declared on Class A common stock Dividends, Common Stock, Cash Cumulative effect of change in accounting principle, net of taxes Cumulative Effect of New Accounting Principle in Period of Adoption Impact of changes in ownership of Manning & Napier Group, LLC Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests Deferred tax impacts from transactions with shareholders (Note 12) Adjustments to Additional Paid in Capital, Deferred Taxes Adjustments to Additional Paid in Capital, Deferred Taxes Ending balance, Shares Ending balance Statement of Cash Flows [Abstract] Cash flows from operating activities: Net Cash Provided by (Used in) Operating Activities [Abstract] Net income attributable to controlling and noncontrolling interests Adjustment to reconcile net income to net cash provided by operating activities: Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Equity-based compensation Share-based Payment Arrangement, Noncash Expense Depreciation and amortization Depreciation, Depletion and Amortization Change in amounts payable under tax receivable agreement Change in Amounts Payable under Tax Receivable Agreement Change in amounts payable under tax receivable agreement (TRA). Impairment of long-lived assets Asset Impairment Charges Gain on sale of intangible assets Gain (Loss) on Disposition of Intangible Assets Net (gains) losses on investment securities Gain (Loss) on Investments Deferred income taxes Deferred Income Tax Expense (Benefit) (Increase) decrease in operating assets and increase (decrease) in operating liabilities: Increase (Decrease) in Operating Capital [Abstract] Accounts receivable Increase (Decrease) in Accounts Receivable Prepaid expenses and other assets Increase (Decrease) in Prepaid Expense and Other Assets Other long-term assets Increase (Decrease) in Other Noncurrent Assets Accounts payable Increase (Decrease) in Accounts Payable Accrued expenses and other liabilities Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities Deferred revenue Increase (Decrease) in Deferred Revenue Other long-term liabilities Increase (Decrease) in Other Noncurrent Liabilities Net cash provided by (used) in operating activities Net Cash Provided by (Used in) Operating Activities Cash flows from investing activities: Net Cash Provided by (Used in) Investing Activities [Abstract] Purchase of property and equipment Payments to Acquire Property, Plant, and Equipment Sale of investments Proceeds from Sale of Debt Securities, Available-for-sale Purchase of investments Payments to Acquire Investments Sale of intangible assets Proceeds from Sale of Intangible Assets Proceeds from maturity of investments Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale Net cash provided by investing activities Net Cash Provided by (Used in) Investing Activities Cash flows from financing activities: Net Cash Provided by (Used in) Financing Activities [Abstract] Distributions to noncontrolling interests Payments of Capital Distribution Dividends paid on Class A common stock Payments of Ordinary Dividends, Common Stock Payment of shares withheld to satisfy withholding requirements Payment, Tax Withholding, Share-based Payment Arrangement Payment of capital lease obligations Repayments of Long-term Capital Lease Obligations Purchase of Class A units of Manning & Napier Group, LLC Payments for Repurchase of Redeemable Noncontrolling Interest Net cash used in financing activities Net Cash Provided by (Used in) Financing Activities Net decrease in cash and cash equivalents, including cash classified within current assets held for sale Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease) Including Exchange Rate Effect And Cash Classified Within Current Assets Held For Sale Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease) Including Exchange Rate Effect And Cash Classified Within Current Assets Held For Sale Less: increase in cash classified within current assets held for sale Increase (Decrease) in Cash Held-for-Sale on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations Increase (Decrease) in Cash Held-for-Sale on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations Net decrease in cash and cash equivalents, including cash classified within current assets held for sale Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Cash and cash equivalents: Cash and Cash Equivalents, at Carrying Value [Abstract] Beginning of period Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents End of period Share-based Payment Arrangement [Abstract] Stock Option Awards Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] Outstanding at January 1, 2020 (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number Granted (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross Vested (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares Forfeited (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares Outstanding at June 30, 2020 (in shares) Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] Outstanding at January 1, 2020 (in USD per share) Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price Granted (in USD per share) Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price Vested (in USD per share) Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price Forfeited (in USD per share) Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price Outstanding at March, 31, 2020 (in USD per share) Weighted Average Contractual Term (years) Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value Exercisable at June 30, 2020 (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number Exercisable at June 30, 2020 (in USD per share) Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value Noncontrolling Interest [Table] Noncontrolling Interest [Table] Related Party [Axis] Related Party [Axis] Related Party [Domain] Related Party [Domain] Majority Shareholder Majority Shareholder [Member] Ownership [Axis] Ownership [Axis] Ownership [Domain] Ownership [Domain] Manning & Napier, Inc. Manning & Napier, Inc. [Member] Manning & Napier, Inc. [Member] Balance Sheet Location [Axis] Balance Sheet Location [Axis] Balance Sheet Location [Domain] Balance Sheet Location [Domain] Accrued expenses and other liabilities Accrued Expenses And Other Liabilities [Member] Accrued Expenses And Other Liabilities [Member] Class A Units Class A Units [Member] Class A Units [Member] Legal Entity [Axis] Legal Entity [Axis] Entity [Domain] Entity [Domain] Manning & Napier Group, LLC Manning And Napier Group Llc [Member] Manning and Napier Group Llc. Manning And Napier Group Holding LLC Manning And Napier Group Holding Llc [Member] Manning and Napier Group Holding Llc. Noncontrolling Interest [Line Items] Noncontrolling Interest [Line Items] Noncontrolling Interest, Shares Held by Noncontrolling Owners Noncontrolling Interest, Shares Held by Noncontrolling Owners Noncontrolling Interest, Shares Held by Noncontrolling Owners Percentage of economic interest in Manning & Napier Group held by Manning & Napier, Inc (percent) Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest Percentage of economic interest in Manning & Napier Group held by Manning & Napier, Inc (percent) Noncontrolling Interest, Ownership Percentage by Parent Percentage of economic interest in Manning & Napier Group held by MN Group Holdings, MNCC and the other members of Manning & Napier Group (percent) Limited Liability Company LLC or Limited Partnership LP Remaining Ownership Interest Limited Liability Company LLC or Limited Partnership LP Remaining Ownership Interest Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Shares Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Shares Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Shares Payments for Repurchase of Redeemable Noncontrolling Interest Estimated payments due to selling unit holders Amounts Payable Under Tax Receivable Agreement Current And Noncurrent Amounts payable under tax receivable agreement (TRA), current and noncurrent portions. Amounts payable under tax receivable agreement Expected Tra Payments Current Expected amounts to be paid under tax receivable agreement (TRA) during the next twelve months. Payment pursuant to tax receivable agreement Payment Pursuant To Tax Receivable Agreement Payment Pursuant To Tax Receivable Agreement Schedule of Accounts Receivables [Abstract] Schedule of Accounts Receivables [Abstract] Disaggregation of Revenue [Table] Disaggregation of Revenue [Table] Counterparty Name [Axis] Counterparty Name [Axis] Counterparty Name [Domain] Counterparty Name [Domain] Accounts receivable - third parties Third Parties [Member] Third Parties [Member] Accounts receivable - affiliated mutual funds and collective investment trusts Affiliated Mutual Funds and Collective Trusts [Member] Affiliated Mutual Funds and Collective Trusts [Member] Affiliated mutual funds Affiliated Mutual Funds [Member] Affiliated Mutual Funds [Member] Affiliated collective investment trusts Affiliated Collective Investment Trusts [Member] Affiliated Collective Investment Trusts [Member] Disaggregation of Revenue [Line Items] Disaggregation of Revenue [Line Items] Accounts receivable Accounts Receivable, after Allowance for Credit Loss, Current Accounts Payable and Accrued Liabilities [Abstract] Accrued expenses, liabilities and severance costs Schedule of Accrued Liabilities [Table Text Block] Share-based Payment Arrangement, Noncash Expense [Abstract] Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] Share-based Compensation, Stock Options, Activity Share-based Payment Arrangement, Option, Activity [Table Text Block] Investments [Abstract] Investment Securities Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] Accounting Policies [Abstract] Summary of Significant Accounting Policies Basis of Presentation and Significant Accounting Policies [Text Block] Fair Value Disclosures [Abstract] Hierarchy of Inputs Used to Derive the Fair Value of Company's Financial Instruments Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] Organization, Consolidation and Presentation of Financial Statements [Abstract] Schedule of Other Ownership Interests [Table] Schedule of Other Ownership Interests [Table] Other Ownership Interests [Line Items] Other Ownership Interests [Line Items] Outside ownership interest in limited liability and limited partnership companies Limited Liability Company Llc Or Limited Partnership Lp Outside Ownership Interest Limited liability company LLC or limited partnership LP outside ownership interest. Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest Majority Outside Ownership Interest in limited liability and limited partnership companies Limited Liability Company Llc Or Limited Partnership Lp Majority Outside Ownership Interest Limited liability company LLC or limited partnership LP majority outside ownership interest. Income (loss) before provision for (benefit from) income taxes Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Less: gain (loss) before provision for income taxes of Manning & Napier, Inc. Earnings Before Income Taxes Parent Entity Only Earnings before income taxes of Parent Entity only. Income before provision for (benefit from) income taxes, as adjusted Earnings Before Income Taxes Entities Other Than Parent Earnings before income taxes of entities other than Parent Entity. Controlling interest percentage Noncontrolling Interest, Weighted Average Ownership Percentage by Parent Noncontrolling Interest, Weighted Average Ownership Percentage by Parent Net income attributable to controlling interest Parent Entity Interest In Earnings Before Income Taxes Entities Other Than Parent Parent entity's interest in earnings before income taxes of entities other than parent. Plus: gain (loss) before provision for income taxes of Manning & Napier, Inc. Loss Before Income Taxes Parent Entity Only Loss before income taxes parent entity only. Income (loss) before provision for (benefit from) income taxes attributable to Manning & Napier, Inc. Income Parent Entity Before Income Taxes Income parent entity before income taxes. Less: provision for income taxes of Manning & Napier, Inc. Provision For Income Taxes Parent Entity Provision for income taxes parent entity. Net income attributable to Manning & Napier, Inc. Net Income (Loss) Attributable to Parent Provision for (benefit from) income taxes Income Tax Expense (Benefit) Recognized net unrealized gains (loss) on equity securities at fair value Trading Securities, Change in Unrealized Holding Gain (Loss) Available-for-sale Securities, Restricted Available-for-sale Securities, Restricted Other than temporary impairment losses Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities Related Party Transactions [Abstract] Related Party Transactions Related Party Transactions Disclosure [Text Block] Schedule of Related Party Transactions, by Related Party [Table] Schedule of Related Party Transactions, by Related Party [Table] Product and Service [Axis] Product and Service [Axis] Product and Service [Domain] Product and Service [Domain] Advisory Related Services Advisory Related Services [Member] Advisory Related Services [Member] Advisory And Distribution Services Advisory And Distribution Services [Member] Advisory And Distribution Services [Member] Administrative Service Administrative Service [Member] Executive Officer Executive Officer [Member] Affiliated Entity Affiliated Entity [Member] Related Party Transaction [Line Items] Related Party Transaction [Line Items] Fees earned from related parties Revenue from Related Parties Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Shares Revenues Revenue from Contract with Customer, Excluding Assessed Tax Advisory fees waived Advisory Fees Waived Advisory Fees Waived Due from affiliate, current Due from Affiliate, Current Company's Investment Securities Holdings Investment Holdings, Schedule of Investments [Table Text Block] Earnings Per Share [Abstract] Calculation of basic and diluted earnings per share Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Investment Holdings [Table] Investment Holdings [Table] Investment Type [Axis] Investment Type [Axis] Investment Type Categorization [Domain] Investments [Domain] Manning & Napier Fund Manning & Napier Fund [Member] Manning & Napier Fund [Member] Financial Instrument [Axis] Financial Instrument [Axis] Financial Instruments [Domain] Financial Instruments [Domain] U.S. Treasury notes US Treasury Notes Securities [Member] Fixed income securities Fixed Income Securities [Member] Short-term investments Short-term Investments [Member] Equity securities Equity Securities [Member] Mutual funds Managed Mutual Funds [Member] Managed mutual funds. Investment Holdings [Line Items] Investment Holdings [Line Items] Cost Debt Securities, Available-for-sale, Amortized Cost Unrealized Gains Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax Unrealized Losses Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax Fair Value Available-for-sale Securities Equity investments, at fair value Equity Securities, FV-NI Total investment securities Investments, Fair Value Disclosure Leases [Abstract] Lessee, Lease, Description [Table] Lessee, Lease, Description [Table] Statistical Measurement [Axis] Statistical Measurement [Axis] Statistical Measurement [Domain] Statistical Measurement [Domain] Minimum Minimum [Member] Maximum Maximum [Member] Lessee, Lease, Description [Line Items] Lessee, Lease, Description [Line Items] Lessee remaining lease term Lessee, Operating Lease, Remaining Lease Term Lessee, Operating Lease, Remaining Lease Term Extension term Lessee, Operating Lease, Renewal Term Sublease income expected Sublease Income Expected Sublease Income Expected Statement of Financial Position [Abstract] Common stock, par value (dollars per share) Common Stock, Par or Stated Value Per Share Common stock, shares authorized (shares) Common Stock, Shares Authorized Common stock, shares issued (shares) Common Stock, Shares, Issued Common stock, shares outstanding (shares) Common Stock, Shares, Outstanding Income Tax Disclosure [Abstract] Income Tax Provision and Effective Tax Rate Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] Revenue from Contract with Customer [Abstract] Disaggregation of Revenue Disaggregation of Revenue [Table Text Block] Schedule of Accounts Receivable Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] Revenue Table [Table] New Accounting Pronouncements or Change in Accounting Principle [Table] Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Domain] Concentration Risk Benchmark [Domain] Revenue Benchmark Revenue Benchmark [Member] Wealth Management Separately Managed Accounts [Member] Separately Managed Accounts [Member] Revenue [Line Items] New Accounting Pronouncements or Change in Accounting Principle [Line Items] Concentration Risk, Percentage Concentration Risk, Percentage Contract with Customer, Asset, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price Contract with Customer, Asset, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price Accrued Accounts Receivable Accrued Accounts Receivable Accrued Accounts Receivable Contract with Customer, Liability, Revenue Recognized Contract with Customer, Liability, Revenue Recognized Customer Contract Period Customer Contract Period Customer Contract Period Capitalized Contract Cost, Net Capitalized Contract Cost, Net Capitalized Contract Cost, Amortization Capitalized Contract Cost, Amortization Capitalized Contract Cost, Impairment Loss Capitalized Contract Cost, Impairment Loss Equity Based Compensation Share-based Payment Arrangement [Text Block] Stock Units Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] Stock unit awards, beginning balance (shares) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number Granted (shares) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period Vested (shares) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period Forfeited (shares) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period Stock unit awards, ending balance (shares) Weighted Average Grant Date Fair Value Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] Stock unit awards, beginning balance, weighted average grant date fair value (dollars per share) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Granted, weighted average grant date fair value (dollars per share) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value Vested, weighted average grant date fair value (dollars per share) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value Forfeited, weighted average grant date fair value (dollars per share) Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value Stock unit awards, ending balance, weighted average grant date fair value (dollars per share) Basis of Presentation Basis of Accounting, Policy [Policy Text Block] Principles of Consolidation Consolidation, Policy [Policy Text Block] Revenue Revenue [Policy Text Block] Cash and Cash Equivalents Cash and Cash Equivalents, Policy [Policy Text Block] Investment Securities Investment, Policy [Policy Text Block] Property and Equipment Property, Plant and Equipment, Policy [Policy Text Block] Goodwill and Intangible Assets Goodwill and Intangible Assets, Policy [Policy Text Block] Leases Lessee, Leases [Policy Text Block] Operating Segments Segment Reporting, Policy [Policy Text Block] Recently Adopted Accounting Pronouncements New Accounting Pronouncements, Policy [Policy Text Block] Operating cash flows from finance leases Finance Lease, Interest Payment on Liability Finance cash flows from finance leases Finance Lease, Principal Payments Operating cash flows from operating leases Operating Lease, Payments Right-of-use assets obtained in exchange for finance lease obligations Right-of-Use Asset Obtained in Exchange for Finance Lease Liability Right-of-use assets obtained in exchange for operating lease obligations Increase (Decrease) In Right-of-Use Asset Obtained In Exchange For Operating Lease Liability Increase (Decrease) In Right-of-Use Asset Obtained In Exchange For Operating Lease Liability Noncontrolling Interests Noncontrolling Interest Disclosure [Text Block] Finance lease expense Lease, Cost [Abstract] Amortization of right-of-use assets Finance Lease, Right-of-Use Asset, Amortization Interest on lease liabilities Finance Lease, Interest Expense Operating lease expense Operating Lease, Cost Short-term lease expense Short-term Lease, Cost Variable lease expense Variable Lease, Cost Sublease income Sublease Income Total lease expense Lease, Cost Earnings per Common Share Earnings Per Share [Text Block] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Commitments and Contingencies Disclosure [Text Block] Noncontrolling Interest, Shares Held by Parent, beginning balance Noncontrolling Interest, Shares Held by Parent Noncontrolling Interest, Shares Held by Parent Noncontrolling Interest, Shares Held by Parent, Issued Noncontrolling Interest, Shares Held by Parent, Issued Noncontrolling Interest, Shares Held by Parent, Issued Noncontrolling Interest, Shares Held by Parent, Exchanged Noncontrolling Interest, Shares Held by Parent, Exchanged Noncontrolling Interest, Shares Held by Parent, Exchanged Noncontrolling Interest, Shares Held by Parent, ending balance Noncontrolling Interest, Shared Held by Noncontrolling Owners, beginning balance Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Shares Noncontrolling Interest, Shared Held by Noncontrolling Owners, ending balance Noncontrolling Interest, Shares, Beginning Balance Noncontrolling Interest, Shares, Total Noncontrolling Interest, Shares, Total Noncontrolling Interest, Shares Total, Issued Noncontrolling Interest, Shares Total, Issued Noncontrolling Interest, Shares Total, Issued Noncontrolling Interest, Shares Total, Exchanged Noncontrolling Interest, Shares Total, Exchanged Noncontrolling Interest, Shares Total, Exchanged Noncontrolling Interest, Shares, Ending Balance Noncontrolling interest ownership percentage by Parent, beginning balance Noncontrolling Interest, Ownership Percentage by Parent, Issued Noncontrolling Interest, Ownership Percentage by Parent, Issued Noncontrolling Interest, Ownership Percentage by Parent, Issued Noncontrolling Interest, Ownership Percentage by Parent, Exchanged Noncontrolling Interest, Ownership Percentage by Parent, Exchanged Noncontrolling Interest, Ownership Percentage by Parent, Exchanged Noncontrolling interest ownership percentage by Parent, ending balance Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Antidilutive Securities [Axis] Antidilutive Securities [Axis] Antidilutive Securities, Name [Domain] Antidilutive Securities, Name [Domain] Employee Stock Option Share-based Payment Arrangement, Option [Member] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Less: net income (loss) attributable to noncontrolling interests Net Income (Loss) Attributable to Noncontrolling Interest Less: allocation to participating securities Preferred Stock Dividends and Other Adjustments Net income available to Class A common stock Net Income (Loss) Available to Common Stockholders, Basic Weighted average shares of Class A common stock outstanding - basic (in shares) Weighted Average Number of Shares Outstanding, Basic Dilutive effect from unvested equity awards (in shares) Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements Dilutive effect of exchangeable Class A Units (in shares) Incremental Common Shares Attributable To Dilutive Effect Of Exchangeable Units Incremental Common Shares Attributable To Dilutive Effect Of Exchangeable Units Weighted average shares of Class A common stock outstanding - diluted (in shares) Weighted Average Number of Shares Outstanding, Diluted Net income available to Class A common stock per share - basic (in dollars per share) Earnings Per Share, Basic Net income available to Class A common stock per share - diluted (in dollars per share) Earnings Per Share, Diluted Antidilutive securities excluded from computation of earnings per share (in shares) Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Statement of Comprehensive Income [Abstract] Net unrealized holding gains (losses) on investment securities, net of tax Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax Reclassification adjustment for net realized gains on investment securities included in net income Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax Comprehensive income Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Less: Comprehensive income attributable to noncontrolling interests Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest Comprehensive income attributable to Manning & Napier, Inc. Comprehensive Income (Loss), Net of Tax, Attributable to Parent Revenue Revenue from Contract with Customer [Text Block] Assets Assets [Abstract] Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value Investment securities Marketable Securities, Current Prepaid expenses and other assets Prepaid Expense and Other Assets, Current Total current assets Assets, Current Property and equipment, net Property, Plant and Equipment, Net Operating lease right-of-use assets Operating Lease, Right-of-Use Asset Net deferred tax assets, non-current Deferred Income Tax Assets, Net Goodwill Goodwill Other long-term assets Other Assets, Noncurrent Total assets Assets Liabilities Liabilities [Abstract] Accounts payable Accounts Payable, Current Accrued expenses and other liabilities Other Liabilities, Current Deferred revenue Deferred Revenue, Current Total current liabilities Liabilities, Current Operating lease liabilities, non-current Operating Lease, Liability, Noncurrent Amounts payable under tax receivable agreement, non-current Amounts Payable under Tax Receivable Agreement Amounts payable under tax receivable agreement (TRA), noncurrent portion. Other long-term liabilities Other Liabilities, Noncurrent Total liabilities Liabilities Commitments and contingencies (Note 9) Commitments and Contingencies Shareholders’ equity Stockholders' Equity Attributable to Parent [Abstract] Class A common stock, $0.01 par value; 300,000,000 shares authorized; and 16,275,359 and 15,956,526 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively Common Stock, Value, Issued Additional paid-in capital Additional Paid in Capital, Common Stock Retained deficit Retained Earnings (Accumulated Deficit) Accumulated other comprehensive loss Accumulated Other Comprehensive Income (Loss), Net of Tax Total shareholders’ equity Stockholders' Equity Attributable to Parent Noncontrolling interests Stockholders' Equity Attributable to Noncontrolling Interest Total shareholders’ equity and noncontrolling interests Total liabilities, shareholders’ equity and noncontrolling interests Liabilities and Equity Income Statement [Abstract] Institutional and Intermediary Mutual Funds And Collective Investment Trusts [Member] Mutual Funds And Collective Investment Trusts [Member] Distribution and shareholder servicing Distribution And shareholder Servicing [Member] Distribution And shareholder Servicing [Member] Custodial services Custodial Services [Member] Custodial Services [Member] Other revenue Services, Other [Member] Services, Other [Member] Revenues Revenues [Abstract] Expenses Costs and Expenses [Abstract] Compensation and related costs Labor and Related Expense Distribution, servicing and custody expenses Cost of Goods and Services Sold Other operating costs Other Cost and Expense, Operating Total operating expenses Costs and Expenses Operating income Operating Income (Loss) Non-operating income (loss) Nonoperating Income (Expense) [Abstract] Interest expense Interest Expense Interest and dividend income Investment Income, Interest and Dividend Change in liability under tax receivable agreement Net gains (losses) on investments Total non-operating income (loss) Nonoperating Income (Expense) Net income attributable to controlling and noncontrolling interests Net income per share available to Class A common stock Basic (in dollars per share) Diluted (in dollars per share) Weighted average shares of Class A common stock outstanding Weighted Average Number of Shares Outstanding, Diluted [Abstract] Basic (in shares) Diluted (in shares) Leases Lessee, Operating Leases [Text Block] Income before provision for (benefit from) income taxes Effective tax rate Effective Income Tax Rate Reconciliation, Percent Provision for (benefit from) income taxes Provision for (benefit from) income taxes at statutory rate Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount Difference between tax at effective vs. statutory rate Effective Income Tax Rate Reconciliation, Other Adjustments, Amount Accrued Expenses and Other Liabilities Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] Management Fees Management Fees [Member] Management Fees [Member] Blended Asset Blended Asset [Member] Blended Asset [Member] Equity Equity Funds [Member] Fixed Income Fixed Income Investments [Member] Components of Lease Expense, and Supplemental Cash Flow Information Related to Leases Lease, Cost [Table Text Block] Supplemental Balance Sheet Information Related to Leases Leases, Assets And Liabilities [Table Text Block] Leases, Assets And Liabilities [Table Text Block] Lessee, Operating Lease, Liability, Maturity Lessee, Operating Lease, Liability, Maturity [Table Text Block] Finance Lease, Liability, Maturity Finance Lease, Liability, Maturity [Table Text Block] Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Plan Name [Axis] Plan Name [Axis] Plan Name [Domain] Plan Name [Domain] 2011 Plan Equity Compensation Plan 2011 [Member] Equity Compensation Plan 2011 [Member] Award Type [Axis] Award Type [Axis] Award Type [Domain] Award Type [Domain] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Number of shares authorized Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized Shares available for issuance (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant Share-based compensation expense Share-based Payment Arrangement, Expense Aggregate intrinsic value vested Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested Unrecognized compensation expense related to unvested awards Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount Weighted average period of unrecognized compensation expense (years) Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition Tax withholding (in shares) Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation Compensation not yet recognized Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount Fair Value, Recurring and Nonrecurring [Table] Fair Value, Recurring and Nonrecurring [Table] Fair Value Hierarchy and NAV [Axis] Fair Value Hierarchy and NAV [Axis] Fair Value Hierarchy and NAV [Domain] Fair Value Hierarchy and NAV [Domain] Level 1 Fair Value, Inputs, Level 1 [Member] Level 2 Fair Value, Inputs, Level 2 [Member] Level 3 Fair Value, Inputs, Level 3 [Member] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Mutual Funds, at fair value Debt Securities, Trading, and Equity Securities, FV-NI Available-for-sale securities, at fair value Total assets at fair value Assets, Fair Value Disclosure Organization and Nature of the Business Nature of Operations [Text Block] Document and Entity Information [Abstract] Document and Entity Information [Abstract] Document Type Document Type Amendment Flag Amendment Flag Document Period End Date Document Period End Date Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Period Focus Document Fiscal Period Focus Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Current Fiscal Year End Date Current Fiscal Year End Date Entity Filer Category Entity Filer Category Entity Small Business Entity Small Business Entity Emerging Growth Company Entity Emerging Growth Company Entity Current Reporting Status Entity Current Reporting Status Entity Interactive Data Current Entity Interactive Data Current Entity Shell Company Entity Shell Company Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Accrued bonus and sales commissions Accrued Bonuses and Sales Commission Accrued Bonuses and Sales Commission Accrued payroll and benefits Employee-related Liabilities Accrued sub-transfer agent fees Accrued Sub Transfer Agent Fees Accrued sub-transfer agent fees. Dividends payable on Class A common stock Dividends Payable, Current Short-term operating lease liabilities Operating Lease, Liability, Current Other accruals and liabilities Other Accruals And Liabilities Current Other accruals and liabilities current. Total accrued expenses and other liabilities Subsequent Events [Abstract] Subsequent Event [Table] Subsequent Event [Table] Subsequent Event Type [Axis] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Subsequent Event Type [Domain] Subsequent Event Subsequent Event [Member] Subsequent Event [Line Items] Subsequent Event [Line Items] Distributions to noncontrolling interests Payments to noncontrolling interests Payments to Noncontrolling Interests Finance Leases Finance Lease, Liability, Payment, Due, Rolling Maturity [Abstract] 2021 Finance Lease, Liability, Payments, Due in Next Rolling Twelve Months 2022 Finance Lease, Liability, Payments, Due in Rolling Year Two 2023 Finance Lease, Liability, Payments, Due in Rolling Year Three 2024 Finance Lease, Liability, Payments, Due in Rolling Year Four 2025 Finance Lease, Liability, Payments, Due in Rolling Year Five Thereafter Finance Lease, Liability, Payments, Due in Rolling after Year Five Total lease payments Finance Lease, Liability, Payment, Due Less imputed interest Finance Lease, Liability, Undiscounted Excess Amount Total lease liabilities Finance Lease, Liability Operating Leases Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract] 2021 Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months 2022 Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two 2023 Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three 2024 Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four 2025 Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Five Thereafter Lessee, Operating Lease, Liability, Payments, Due after Rolling Year Five Total lease payments Lessee, Operating Lease, Liability, Payments, Due Less imputed interest Lessee, Operating Lease, Liability, Undiscounted Excess Amount Total lease liabilities Operating Lease, Liability Basis Of Presentation And Summary Of Significant Accounting Policies [Table] Basis Of Presentation And Summary Of Significant Accounting Policies [Table] Basis Of Presentation And Summary Of Significant Accounting Policies [Table] Prepaid Expenses and Other Current Assets Prepaid Expenses and Other Current Assets [Member] Property, Plant and Equipment Property, Plant and Equipment [Member] Managed Mutual Funds and Managed Mutual Consolidated Funds Managed Mutual Funds and Managed Mutual Consolidated Funds [Member] Managed Mutual Funds and Managed Mutual Consolidated Funds [Member] Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] Accumulated depreciation Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Number of segments Number of Operating Segments Capitalized computer software, gross Capitalized Computer Software, Gross Capitalized computer software, accumulated amortization Capitalized Computer Software, Accumulated Amortization Capitalized computer software amortization Capitalized Computer Software, Amortization Finance lease right-of-use assets Finance Lease, Right-of-Use Asset Accrued expenses and other liabilities Finance Lease, Liability, Current Other long-term liabilities Finance Lease, Liability, Noncurrent Total finance lease liabilities Accrued expenses and other liabilities Total operating lease liabilities Finance Lease, Weighted Average Remaining Lease Term Finance Lease, Weighted Average Remaining Lease Term Operating Lease, Weighted Average Remaining Lease Term Operating Lease, Weighted Average Remaining Lease Term Finance Lease, Weighted Average Discount Rate, Percent Finance Lease, Weighted Average Discount Rate, Percent Operating Lease, Weighted Average Discount Rate, Percent Operating Lease, Weighted Average Discount Rate, Percent Fair Value Measurements Fair Value Disclosures [Text Block] Income Taxes Income Tax Disclosure [Text Block] Subsequent Events Subsequent Events [Text Block] Operating Loss Carryforwards [Table] Operating Loss Carryforwards [Table] Income Tax Authority [Axis] Income Tax Authority [Axis] Income Tax Authority [Domain] Income Tax Authority [Domain] Domestic Tax Authority Domestic Tax Authority [Member] State and Local Jurisdiction State and Local Jurisdiction [Member] Operating Loss Carryforwards [Line Items] Operating Loss Carryforwards [Line Items] Operating loss carryforwards Operating Loss Carryforwards Effect of change in enacted tax rate Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount Deferred tax asset period increase (decrease) Effective Income Tax Rate Reconciliation, Deferred Tax Asset Period Increase (Decrease) Effective Income Tax Rate Reconciliation, Deferred Tax Asset Period Increase (Decrease) Increase in unrecognized tax benefits is reasonably possible Increase in Unrecognized Tax Benefits is Reasonably Possible Deferred tax assets investment in subsidiaries Deferred Tax Assets, Investment in Subsidiaries Deferred tax assets, accelerated deprecation Deferred Tax Assets, Accelerated Deprecation Deferred Tax Assets, Accelerated Deprecation Initial establishment of deferred tax balances EX-101.PRE 16 mn-20200630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT GRAPHIC 17 a63020ownershipgraphic.jpg begin 644 a63020ownershipgraphic.jpg M_]C_X 02D9)1@ ! 0$ D "0 #_X1#T17AI9@ 34T *@ @ ! $[ ( M . (2H=I 0 ! (6)R= $ < 0T.H< < @, /@ M 2!7 M:6QS;VX 60 P " % $*:0! " % $+J2D0 " S X "2 MD@ " S X #J' ' (# ")H '.H ( M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M R,#(P.C W.C$W(#$R.C Y.C4T #(P,C Z,#0 @ %< :0!L ', ;P!N _^$+ M(&AT=' Z+R]N&%P+S$N,"\ /#]X<&%C:V5T(&)E9VEN M/2?ON[\G(&ED/2=7-4TP37!#96AI2'IR95-Z3E1C>FMC.60G/SX-"CQX.GAM M<&UE=&$@>&UL;G,Z>#TB861O8F4Z;G,Z;65T82\B/CQR9&8Z4D1&('AM;&YS M.G)D9CTB:'1T<#HO+W=W=RYW,RYO&UL;G,Z M#IX;7!M971A/@T*(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" * M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" \/WAP86-K M970@96YD/2=W)S\^_]L 0P '!04&!00'!@4&" <'" H1"PH)"0H5#Q ,$1@5 M&AD8%1@7&QXG(1L=)1T7&"(N(B4H*2LL*QH@+S,O*C(G*BLJ_]L 0P$'" @* M"0H4"PL4*AP8'"HJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ M*BHJ*BHJ*BHJ*BHJ*BHJ_\ $0@!0 ,I P$B (1 0,1 ?_$ !\ $% 0$! M 0$! ! @,$!08'" D*"__$ +40 (! P,"! ,%!00$ !?0$" M P $$042(3%!!A-180'EZ@X2% MAH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R;GZ.GJ\?+S]/7V]_CY^O_$ !\! ,! 0$! 0$! 0$ M ! @,$!08'" D*"__$ +41 (! @0$ P0'!00$ $"=P ! @,1! 4A,082 M05$'87$3(C*!"!1"D:&QP0DC,U+P%6)RT0H6)#3A)?$7&!D:)BH*#A(6&AXB)BI*3 ME)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+C MY.7FY^CIZO+S]/7V]_CY^O_: P# 0 "$0,1 #\ ^D:*** "BBB@ HHHH ** M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** " MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ** M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** " MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ** M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ M HHHH **** /.]3\3>+KCQIK6EZ%<:-;6NFM"J_;+*65W+Q*Y.5E4=2>U-_M M/XA_]!3PU_X*I_\ Y(J*W_Y*9XP_ZZVG_I,M;- C+_M/XA_]!3PU_P""J?\ M^2*/[3^(?_04\-?^"J?_ .2*U** ,O\ M/XA_P#04\-?^"J?_P"2*/[3^(?_ M $%/#7_@JG_^2*U** ,O^T_B'_T%/#7_ (*I_P#Y(H_M/XA_]!3PU_X*I_\ MY(K4HH R_P"T_B'_ -!3PU_X*I__ )(H_M/XA_\ 04\-?^"J?_Y(K4HH R_[ M3^(?_04\-?\ @JG_ /DBC^T_B'_T%/#7_@JG_P#DBM2B@#+_ +3^(?\ T%/# M7_@JG_\ DBC^T_B'_P!!3PU_X*I__DBM2B@#+_M/XA_]!3PU_P""J?\ ^2*/ M[3^(?_04\-?^"J?_ .2*U** ,O\ M/XA_P#04\-?^"J?_P"2*/[3^(?_ $%/ M#7_@JG_^2*U** ,O^T_B'_T%/#7_ (*I_P#Y(H_M/XA_]!3PU_X*I_\ Y(K4 MHH R_P"T_B'_ -!3PU_X*I__ )(H_M/XA_\ 04\-?^"J?_Y(K4HH R_[3^(? M_04\-?\ @JG_ /DBC^T_B'_T%/#7_@JG_P#DBM2B@#+_ +3^(?\ T%/#7_@J MG_\ DBC^T_B'_P!!3PU_X*I__DBM2B@#+_M/XA_]!3PU_P""J?\ ^2*/[3^( M?_04\-?^"J?_ .2*U** ,O\ M/XA_P#04\-?^"J?_P"2*/[3^(?_ $%/#7_@ MJG_^2*U** ,O^T_B'_T%/#7_ (*I_P#Y(H_M/XA_]!3PU_X*I_\ Y(K4HH R M_P"T_B'_ -!3PU_X*I__ )(H_M/XA_\ 04\-?^"J?_Y(K4HH R_[3^(?_04\ M-?\ @JG_ /DBC^T_B'_T%/#7_@JG_P#DBM2B@"UX!U[5-?T:]DUPVC7=IJ$U MH6M(FCC8(0,[69B.OK745Q/PO_Y!>N_]AV[_ /0A7;4#"BBB@ HHHH **** M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH * M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH MHH **** "BBB@ HHHH **** "BBB@ HHHH \TM_^2F>,/^NMI_Z3+6S6-;_\ ME,\8?]=;3_TF6MF@04444 %%%% !1110 4444 %%%% !1110 4444 %%%% ! M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% $?PO_ .07KO\ MV';O_P!"%=M7$_"__D%Z[_V';O\ ]"%=M0,**** "BBB@ HHHH **** "BBB M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH * M*** "BBB@ HHHH **** "BBB@#S2W_Y*9XP_ZZVG_I,M;-8UO_R4SQA_UUM/ M_29:V:!!1110 5XO\8_#"Q7P- M>T5S\NG:G>Z_?KJ%CI[Z/>6HM6(NW:4J-_)C,07G?C&[C&ZX:WA'F3,92JEB!DXSU/059T[X<:EH'PNU+PUIDEI=WFHF:)Y[FX=$BB; M<%QA&)P"#MP!EFY]9-.\(^,=/^% \,65]I^G:C D-[;W$CAT+EFSF,%#@X! M&[\*T;7O)-7\/W&FQVVI:;$LH"7)DAE5@ M"OSE%*]1GY>/>N;A^,LA\+R:]>>'Q#:6^J?V=RG .]1Y8W=>AQVZ]M7 MP_X%O?#OCW5=-O-ADO) 7=QA@I$1X'8 MGKZ"J&@^ _$FF>%/%VF7/]E-/KLLLL#1WG'6H:?*UU MU_/3\+E1?OQ;\O\ @D-AX['A3X;>$+FPT5[FRU%UM%2;4,RQ$DXY\O#]#_=Q MP,8Z=/I/CN.\U[Q#I.HV/V.?0D665XY?-62,KNR/E4@X[8_&N2O?AQXHN/ ? MAC0D.D"?1+P7,DANY=L@4DJ!^ZSSN.?3 ZYXU]'\-:YHOCCQ/XHU4:4EGJ=N M/D2YDD,7EK@;@8AN! Y]/>KF]9/U_P"!^IG!/EBNNG_!*P^*]_-!H5W;>'8! M9:]=-;64L^HLCA@VT&15A;;D^A;WQ7I3,$0O(0JJ,L2> *^?M%?QCH"V.NS> M"=*NM+B<202P73$ 2$?-!$TQ6-FST6,'GH*]TUK3$US0+[3)9'A2]MWA9T^\ M@92,C\Z):1TW*5G+R/)?&6N6U[X]MAJB0WOAS6K VNFW5P2((+C<095.#@YQ M\X'3&#CFO0?">J,LDOAIK75)9=%BC@GU*[$?ESMM!!!#EB64ANG ZX-<=I?P MM\1R>&6\)^)M4TN[T&-BUM+' [74?<;22%3J>N_@D=*Z7X?>&/$?A6TET[6M M5L[ZQB*)A,X. /,8^@& !D]/FP,4122:_K_AU=_TA/77^OZT+?Q \-Z; MXF\.?9-3MXW9IX8HY]@,D.^5%8HQ'RDC\Z\YTC57\-Q:A\-_B)'#=0+ [:3= MW*!HYE )1>>A!'R]P1CTKU?Q'!JUS9PQ:+;V.63[7./ ]GX[\.+::BB07\0WV]PAW>3)CD9P"RGH>!GK@'%*-NNU]?\_D6G MM"".!^%:OB70-8UG6-%^RW\,>D6TC-J%FY8?: M1CY1P/F /\)P#WS7%W7A&[\$_ [Q5IEY/!.K-+-#)$3RC%0 P(&#QVS4SDU" M4NNMA07PKT_7_@'1V'Q&DDN?#@U;1Q96OB*(&SF2Z\TI)M!V.NP8SG@@G/<# MM3T76;1?C!XK%U:RVT]G91M-C7J6LL%O= ME_,!3@]^PQOBEX,U[QM%IUKI(TZ*" MSN%N3+'=!T[0;=[/ M5)/L\'D3B$0,",CRPF,?,#P1WX];/AOQY!K2Z^M_:C3Y- N'BNL3>8A5<_.& MVKQ\IXQ67XM\*^)/$>O>%M3@ATJ$Z-,;B:)[V0[V++\JD0],*.2!R>G&3'X6 M\!ZM9WGBX>(!8?9/$CNY%I'ZY[=*->5]]?TM^H_=T^7ZW_0 MUO#GC6\\0W%A-'X?GBTK4HY)+:]67?L"''[Y=H$>[MAFS775R/@3P_KWA70( M]#O[BQN;6T9Q;749?S'0DD*R$ *03U#-QQCO6KX7MM?M-',?BN^MKZ_\UR); M:/8NS/RC&!S^'Y]:IVOH0K]39HHHJ2@HHHH C^%__(+UW_L.W?\ Z$*[:N)^ M%_\ R"]=_P"P[=_^A"NVH&%%%% !1110 4444 %%%% !1110 4444 %%%% ! M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %% M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444 M4 %%%% !1110!YI;_P#)3/&'_76T_P#29:V:QK?_ )*9XP_ZZVG_ *3+6S0( M**** "BBB@ HHHH **** "BBB@ HZ]:*\\U_P;X<@\4>%HQH>GR?:;Z?[0TE MJC-/_H\K?.2/F^;GGN!1NPZ'5KHWAO2]3BNDT[2K.^N'V13""..65\$X!P"3 M@$X'8&MBN5N%TSPUJ6@:/9Z#&UM=WLI@E C6.RD,;N2B]03A@, GGL98_$ M]_6'7&[>#CG&*8GH=!#6X;8PZJ<="/2I:X+PW=RZ8FK:?X?T^UN+DZU<$6S2M!'%'QERRQOMY MZ @9YQTJUJWCV>PU&:VL="O-2^QNL=W]F@N'.XA6*Q%(61R W\3ISZ=:E.Z7 MFE^0^K]7^9V=%*M0OO$5YIEGH$VVRGA6:6:X5/W4@)\P#G.,9VD@XSG! MP#MZ7<7MWIZRZG8?8+@NX: 3"7 #$*=PXY !QVSBF*Y?06MOX,^(UQJ-C!';:7JUXFG7<42!4BF,2/#)@# RS M.I]V!J3Q):6_B'X@>'7OX8[K3X+^>TCAE4/'*RV\C.Y4\'#J%YZ&-O6A+F2_ MK^NGWE/2_P#7]=?N.]L--L=*M!:Z79V]E;J21#;Q+&@)ZG"@"K->;%)/ &N: MIJNEPX\-"Z6._P!/MX\+9#R8S]HC0=@2=ZCMSVKI/#.FZ+'JVKZEH]G8H;F9 M"MS;1(/,1H8WR&4<@D[OZMJ MVC7=IJ$%JFF7)N#'):F4RDHR$;@Z[1M=NQYP>V#EV/@K5-+U]Y=,\4W-OH_:Z M-[#I9'F1L,/!(/.^=#\I&3E<9'/(LW/@G61K\NI:+XMGTF.^,;ZC;16:2)-( MJA2\?F%O*)4 ?Q=!G.*[2BA:6MT#'1CO075F\\DSE&1F=_-7.0Y/3.>3Z];65K?26<;6TDK&.-&+%60#[P/]XUL5E2_P#(X6O_ %XS?^C( MZ #^R]1_Z#]W_P!^(?\ XBC^R]1_Z#]W_P!^(?\ XBM6B@#*_LO4?^@_=_\ M?B'_ .(H_LO4?^@_=_\ ?B'_ .(K5HH RO[+U'_H/W?_ 'XA_P#B*/[+U'_H M/W?_ 'XA_P#B*U:* ,K^R]1_Z#]W_P!^(?\ XBC^R]1_Z#]W_P!^(?\ XBM6 MB@#*_LO4?^@_=_\ ?B'_ .(H_LO4?^@_=_\ ?B'_ .(K5HH RO[+U'_H/W?_ M 'XA_P#B*/[+U'_H/W?_ 'XA_P#B*U:* ,K^R]1_Z#]W_P!^(?\ XBC^R]1_ MZ#]W_P!^(?\ XBM6B@#*_LO4?^@_=_\ ?B'_ .(H_LO4?^@_=_\ ?B'_ .(K M5HH RO[+U'_H/W?_ 'XA_P#B*/[+U'_H/W?_ 'XA_P#B*U:* ,K^R]1_Z#]W M_P!^(?\ XBC^R]1_Z#]W_P!^(?\ XBM6B@#*_LO4?^@_=_\ ?B'_ .(H_LO4 M?^@_=_\ ?B'_ .(K5HH RO[+U'_H/W?_ 'XA_P#B*/[+U'_H/W?_ 'XA_P#B M*U:* ,[0;F:[T6&:ZD,LI+AG( )PY X Z"M&LKPS_R+\'^_)_Z,:M6@ HHH MH **** /-+?_ )*9XP_ZZVG_ *3+6S7+ZAJ\.A?$KQ0VH6NI;+I[5H9+?3;B M=' @4'YHT8<'BIO^$XTG_GWUG_P1WG_QJ@1T5%<[_P )QI/_ #[ZS_X([S_X MU1_PG&D_\^^L_P#@CO/_ (U0!T5%<[_PG&D_\^^L_P#@CO/_ (U1_P )QI/_ M #[ZS_X([S_XU0!T5%<[_P )QI/_ #[ZS_X([S_XU1_PG&D_\^^L_P#@CO/_ M (U0!T5%<[_PG&D_\^^L_P#@CO/_ (U1_P )QI/_ #[ZS_X([S_XU0!T5%<[ M_P )QI/_ #[ZS_X([S_XU1_PG&D_\^^L_P#@CO/_ (U0!T5%<[_PG&D_\^^L M_P#@CO/_ (U1_P )QI/_ #[ZS_X([S_XU0!T5%<[_P )QI/_ #[ZS_X([S_X MU1_PG&D_\^^L_P#@CO/_ (U0!T5%<[_PG&D_\^^L_P#@CO/_ (U1_P )QI/_ M #[ZS_X([S_XU0!T5%)BC$$':X!&?<5W% PHH MHH **** ,:Z-[=>(I+2WU&6TBCM8Y<1QQMEB[@YW*>RBI/[+U'_H/W?_ 'XA M_P#B*(_^1QN?^O"+_P!&25JT 97]EZC_ -!^[_[\0_\ Q%']EZC_ -!^[_[\ M0_\ Q%:M% &5_9>H_P#0?N_^_$/_ ,11_9>H_P#0?N_^_$/_ ,16K10!E?V7 MJ/\ T'[O_OQ#_P#$4?V7J/\ T'[O_OQ#_P#$5JT4 97]EZC_ -!^[_[\0_\ MQ%']EZC_ -!^[_[\0_\ Q%:M% &5_9>H_P#0?N_^_$/_ ,11_9>H_P#0?N_^ M_$/_ ,16K10!E?V7J/\ T'[O_OQ#_P#$4?V7J/\ T'[O_OQ#_P#$5JT4 97] MEZC_ -!^[_[\0_\ Q%']EZC_ -!^[_[\0_\ Q%:M% &5_9>H_P#0?N_^_$/_ M ,11_9>H_P#0?N_^_$/_ ,16K10!E?V7J/\ T'[O_OQ#_P#$4?V7J/\ T'[O M_OQ#_P#$5JT4 97]EZC_ -!^[_[\0_\ Q%']EZC_ -!^[_[\0_\ Q%:M% &5 M_9>H_P#0?N_^_$/_ ,11_9>H_P#0?N_^_$/_ ,16K10!D2:;J*1L_P#;UV=H M)QY$/_Q%6M&N);O0K"XN&WRS6\;NV ,L5!)P*LS_ /'M+_N'^54O#O\ R+&F M?]>D7_H H T:*** "LJ7_D<+7_KQF_\ 1D=:M94O_(X6O_7C-_Z,CH U:*** M "O//B9;:K976GZ_X=O+]+S3]]S-91WDH@O88AN>(Q;MFXJ6P<9SMKT.L#58 M-=E\3Z=-8V6FRZ; &$\D]Z\\_M%9K738 M;R4PQV%M(&)0,L;$X=V.,<@*,C%/N_#'BK4K72K?4K71[JSAL3:W6GOJ$WD> M9P!-@0XG&W/[N0 @8.?FH;>KCUM^3T_*_G]Z-+1OTO^FOY_+[GJ?\+(TB6Y MTJWL+/5+Z;5[ W]FL%H<2)\N%WMA0QW#J<+U8J""6GXF:,MGI,[VFJ!M4NI; M-(ELVD:&:+>'1RF5R"A "DYZC(!(Q_#GA'Q7H]YX4-S!H\D&AZ7)I\K1W\NY MRVP!E!@Q_P L@>2/OD?PY:KIG@SQA9QZ2DUKH9%EK]SJTA74YCE)C)\@_P!' MZCSCSQG:.F[C1VYK+:_X7_RU)UY==[?C9_J;&N>+O#^J^"-;'B32-46UM9A8 MZCIQBW3*Q"L 6A2#Q5^]\?6-GK.I:/:Z3J]]>Z9;1W$L<%L%# M(V[E7D95. AYS@]%+$$#G-1\&>+;O3_&MO!;Z*K>(;I)K9GU"7$2K&B?.!!U MQ&#@?WB,\9.HNA^*CXFUO59+'1PNH:3#9QQKJ4IVRQ^83D_9_NDRL,\GY0(M.\4:4-1T=KA[9F*!I[66 DCK@2*I([9&1D$9X->57 M^F>+]"L/"NE:%I4=]KVC:8UO!@Y&.*U?*[\NW_ ?Z^9.J MMGW[V8BO6"-#YTZ%2HV;SLR2000C';76> M&==NM0FNM+O-.U%9]*VV]QJ-Q'$D-U*%4EH]KDD$$-]T 9P<$8KD;CX>^(KO M0=8\,W,NF/87VI37]KK GE6[M7>3S5;R0N&=7R PE48QQU!ZSPE:>(].L8[# M7XM+V6Z%1=6<\CO=MN_UCHZ#8QZM\SY9CR.\1^&S_K_AM5YZ=ARWT_K_ (?\ M->YB>-K77M-\26&M^$+BZGNECEDN])ENI&@OHDV HB,2L12&]L M@,QR7# !;A1T#8!#?WN#U',ZI?D-Z_U_7]?(=IWQ#L-1U"T@&F:I!;W\$L]A M>R0HT=XD>"=BH[2 E3D!T4D=L\5!9?$[2[ZVL+U=,U6'3+ZY^R#49X$2*&;> MR!'!?>,L N[:5!8*2#D#&T;P1XFM?$FA:QJ<6CSWUAYL=[J!O9I9[Q9%P6&Z M(>6 0=QHV_QF\,3Z3J5]BYSI@1IX(&ANF".<*^^"22,+D$$ MEQMQSC(S%>>!_$.J_P#"6)-/8Z:VIWT%_IEU;3M.\,L C$9D1HU&"8E) )ZD M"-3T[Q#-X:DOKH+%!'9-/%"JY!,CNRNQ;C 4*!U.3V2V^2_K M[_N*EY';:/JXUB*X<6%[9B&8Q#[9#L\T;0PD3DY4AASU!R" 016A45J9VM(3 M>1QQ7!0>:D4A=5;'(#$*2,]R!GT%2U3)04444AF5X9_Y%^#_ 'Y/_1C5JUE> M&?\ D7X/]^3_ -&-6K0 4444 %%%% !1110 4444 %%%% !1110 4444 %%% M% !1110 4444 %%%% '.^%?^0EXG/_48/_I/!715SOA3_C^\2'UUA_\ T3#7 M14 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111 M0!E1_P#(XW/_ %X1?^C)*U:RH_\ D<;G_KPB_P#1DE:M !1110 4444 (PW* M0A#R,3AD.X9/56 MKTML[3M )QP"<5P-_P"$O$/B'P[?VNI+IVD:FE\-0TJ]L;M[GR)PV06#PI@ M?*>NX,W [I7Y[^7ZK_@V!ZQM_6S_ .!1K;VMW) M"EQ-!Y99W\MAO 9RFTY&4;/4BH/&VO7%Q\1=/T"R>\GCN+62* V5_):107XP MZB>5",_N\MY?SG&#Y9R#6Q=>&]>MO%OARZT>VTV;3='MY;>1[F]DCGF\T('? M:L++N!3=][YB3]WK6))\./$=UX4F\*W-QIB6Z:A)?V6O)+*;NWD,QE5_(V@; MP69=PE P>AZ$TT\K_G_P;KY=ANS7K_7^2?J]#:O;Z3Q5X7URRGMM>TN725DC M&I).+3SYXT.7C,,I++GG##;G@C((%+1];OK_ $74/"7C2>6+7K2T,\5W:3/; M?VA .5GC:-@RL#@.H/!]C6M;67C!?"-QIES8:%]I%L8(VAOY@D[-PTC$PDQ\ M9;;^\+$\L,9*>)/!4GC#PG:PZCY6E:]9*7LKVRF:7[)+C'#%4+(PP&4J 0<= M@:4[V=NMOUU7;^EOJG'>-^E_TT?]>?D]S18(=)\+VP\ZZECCMQ*\EU<27$C< M;B2[DL>_&>.@XKD/"\3^+_"Z>,O$5_JZ_;%:XM;/3;RXB2V@5FV*(H&!E7:Q2)4;'(.!@UQ>@^'/%'@>&32/#BZ9J^@JQ>RBU M"\EMI[/YD@4%I6D\M,1N6&9"-QV_=!QS@;.H:%K=CXTE\1^&UL;LWMI':WEG?7#P M#]VS&.1)%C!!)'N M&Y6RC,K*PY!5B.".H(K8KGO#NBWUMJVJ:WK2VL>H:EY2&"T;W5[I+: ,$!8$L['HB*,EV/95! M)[ U>K@=>R?CEX6&HG_0AIUV;(,<*;O*@_5O++8[XW8[TNJ7?_*X=&SI=-\6 M:1JEXEG;SSPWD@9DM;RTFM9F5<9<1RJK%>0-V,9XSFMFL[5S:V\'V^=[2&XM M8Y6MY[M]B1G82:%+>PW.I:=''$LZ. MBDPQJ(I3%^\(Q* 3A2&(.27UM_6S?Z#L_P"ODOU/4JHV6JI=K=M+;7-DMKN]>U;P9=#4->FBN;/Q9#9^9801PJ\?VF%5&U@YP MN[(!)R1\VX<55GS\GR_&*_5$.2LG_6TG^AZ_65'XBM)?%LOAU8KD7D-H+MI& MA*Q%"VW"L?O'/ID#USQ7 >._$>OZ!;:H^D:Y>W4^BVD4WE6]I ZM@9=KQWC5 M5R-N$B97VMN"D;W5[I+: ,$!8$L['HB*,EV/95!)[ U4TWQ9I&J7B6=O//#>2!F2UO+2:U MF95QEQ'*JL5Y W8QGC.:YK7LGXY>%AJ)_P!"&G79L@QPIN\J#]6\LMCOC=CO M76:S+9V-J=4N85EFLHY9(!G#L1&2RKZDJIX]L]JGFM'G?G^!5FYT73M3,((B-[:)-Y><9QN!QG Z>E7+*QM-,LHK/3;6&TM81MC@@C$: M(/0*.!7G\&M^(;>S\*^(%U@ZC;:]+!#UO%Y,'G)N#PE%#_(1R'=\J3T.# M68FO^,D\,#6)_$,#3V_B$Z;Y*:>BPS1M>>1\X)+_ "@@J%=3Q\Q;.1:3YN7K M>WSNO\T3=6YOZMK_ ),]:HKS/6M<\2:/:>.;.UUOS[G2=,AU"UN[NTC8Q;UE M+(%0("!Y7REMQ&>=V,&^VJZ]HNN:*U[K*7MMK%K,9HKB***.RDCA\P2*R@-Y M?!#!BW4$$=*F]KW_ *W_ ,BK?U]W^9WM%>5Z-XC\32>(H+(:M/)9;/P%?:GKC3_\ "1PF&YA2 MUB1$)MFE653MSYFY1GG80>$%5RNU_P"MVOT)NOZ]$_U/3Y8H[B%X9XUEBD4J MZ.H*L#P00>HJII6B:5H5JUMH>F6>FP,_F-%9VZPJ6P!N(4 9P!S[5PMGJ.O( M;WPI>^([U_$ U-!#>BWM@WV-@9!(J"+9C8DB$LI^<=0"!7HZ@J@!8L0,%CC) M]^*7G_7?^O,?6W]=C#D\9:/'XG'A]C?_ -I$!A&NF7)3:2!O\P1[-F3C=NV@ M\$U8\0^)=,\+:=]OUJ2XBM=VUI(;26<)_O>6K;1VR<#/%9$O_)9+;_L R_\ MH]*C^)ES%+\.O$$$;[I(8$\P ?=RP(&?7'./<>M3?W%+U_!M?H*_O-=K?DG^ MIU%A>Q:C8QW=NLZ1RC*BXMW@<7DP-<+\&2S>";HWK M*VKG5;S^U#G+?:!,P^;O]P)C/;';%6M6_P"OZ_X;N/[-W_6_^1VNF:K8:U8B M\TF\AO+5F95F@<,C%3@X(X.""*MU7M(+2W\];)8UW3,\H0_\M&Y8GT)SG\<] MZL4@,KPS_P B_!_OR?\ HQJU:RO#/_(OP?[\G_HQJU: "BBB@ HHHH **** M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH YWPG_ ,?7B(^NL2?^ MBXZZ*N=\)?Z[Q ?76)O_ $!*Z*@ HHHH **** "BBB@ HHHH **** "BBB@ MHHHH **** "BBB@ HHHH **** ,J/_D<;G_KPB_]&25JUE1_\CC<_P#7A%_Z M,DK5H **** "BBB@#!T?QIHVO7]Y9Z:;]I['/VE9M,N8?+. =I+Q@;L,"%ZD M'(&*DT#Q9I/B:2Z32&O'-F_ES_:+">W"/W7,J+EAW Y&1GK7*Z-;^(9O'7C, MZ%JFF6<(U"$.EYILERS-]EBY#+/'@8[8/UJAI6N7_AGPAK]S/+;S7TOBAK1K MA(3'$C2RQQF387) &[."QZ#FE%W:7E^-TOU"?N[=_P +-_H>F7MW'I]A/=SK M*T<$;2.L,32.0!DX502Q]@,U6T/6;?Q!X=L=9LTE2WOK=+B-95 <*PR 0"1G MGL37,0W>LZ1XQE\/W^I3ZS8W>E2WD5S27D*1M+B,1*$02*RY)DR25/ XP3D4E=-KY?\ MDU_R!Z/^O*WYG767C:SU+0I-5T_3=5N(H[\V#0K:$3!A*(RYC)!5 3N.<$*" M2.,5T=>1V.HZUHG@ZZGT^_ACE_X3)[>ZJT5YQXJ\67=GK'EW/B&+PW;#2EO+!I%B*ZC<$MOB;S 20N(_D MC*N?,.#TQ!J_BGQ5IVB:)?:H+NV:>S\^\?2]+$JVDK#*BYMV9Y1"HSN:-@1D"AZ;_ -;_ .0M]OZV_P STZL'6O&>C>']4MM.U-KX75V#]G2WTRYN!*0" M2%:.-@2 "2,Y Y(Q6MI\XNM,M;A9DN!+"CB6/[LF0#N'L>MKW,0L+RVW_ M +YK260)C^$#&?;D_CSZ&L;P#W$LEY*GF):6=K+=3[,XWF.)68)GC<1C/ M&]=Q#!:17MS) L:W$VUI]I^9L#"DCZ#&?;VI M=$^Z3^_4;T;78L4444""BBB@".?_ (]I?]P_RJEX=_Y%C3/^O2+_ - %79_^ M/:7_ '#_ "JEX=_Y%C3/^O2+_P! % &C1110 5E2_P#(X6O_ %XS?^C(ZU:R MI?\ D<+7_KQF_P#1D= &K6?K>@Z9XBT_[%K-HES"'$B9)5HW'1T=2&1AV92" M/6M"BC<#$M?!^C6L?:(7@D?4+R:\?RGQO0-,[%5; RH(!P,]!68W@3 M1-&C74-+T[4+N^LK:2&U0ZG-*Y1@!Y0\Z7:5RJD*QVJ1D8/-==12>J&M#A/A MQX*@TCPQHDVK:7=6FKV-HL+0W-Z9HX9 NQGBC61XD+<_,H#$,V?O$5K1?#_P MY#I=_IXM;J2VU"=;FX$VH7$C&52&$BNTA9&R =RD'@>E=+15RDY.[)2LK',7 MWPZ\,:D]RUW93L+N!8+F-+^X1+A57:ID17"NP'1V!88!SD U:M/!NC6.O1:S M;QWGV^*W%LLDFH7$@\O'W2K.5.<9)()+?,>>:W:*F['TL9^MZ#IGB+3_ +%K M-HES"'$B9)5HW'1T=2&1AV92"/6H=*\,Z9H]P;BU6ZFN"I03WM[-=R(IP2JO M,[%5)520" 2!GH*UJ*-@W,#2_ _A_1KH3Z;9/#M=Y(H3&CI)TPPZ@;0W?VTI_:]WDS;MV_=YN[.[YNOWOFZ\UU5% M ;G#^,/!D']@>)+S0=/O[W6]6T]K(H-1G%=111J(Y/PS9:GJFM/XG\4:!;: M+J0MS906Z7*W,BQ;RQ9I%4#YCC"C. .N20-'1/#\&D:OK-_#;);/J=P)9!'< MR2B4A<>80V C$<%5XPHY/;;HH_K]?S!ZN_\ 78YR^\!Z'J.N2:O<'5$OY$\L MS6^L7<.$Z[0$E 5&?^1?@_WY/_1C5JT %%%% !1110 4444 %%%% !1110 4444 %%%% !11 M10 45RA\1ZD?'LND1BS:"+ -GY;?:6C,1<7._=M\O>/*V[>O.[/RT_P1XBO_ M !%9S3WSVG]?U_7D=117&ZA MKGBG2SJ$,\-G=2+#%/;S6=C-+Y"M+L97B5R\I5?F!4H7P?E7%;6A:GJ&IV5D M]]9BTG^RI)>QD']W*R@^6/0C.3GIE1SDX%JK_P!?UH#T=OZ_K^F;%%<9-Q$2!679PN2YW ;A\IYJG;>+;O3]0O8?%* M11>1;VCI#86TL\GFRB0.@";FD ,9(*J,+U'!-']?U_7Z"N=3;VD%KYOV:)8_ M.D,LFT8W.>K'WX%35BCQAH9,.+WY9[<7,3^3)M="ADX;;@G8I;;]X#&1R,WM M-U:RU>Q^UV$QDA#%&+(R,C#[RLK %6!X((!!!!P0:-AERBL7P]K%UJ3WT.HQ M113V\P:,1@C=!(H:-B"3S@E3ZLC8 Z52T[4M=O-1\46TEUIRC3YQ#8LMD_R[ MH5E!D_>_/CS ,+LSM)XS@#T5_*XTK['3T5S&E^-=-F:/3KV\:758_P!W$F[G2/3X+W[7#IEP(YEE)"A% MVDY.!ASM M[2*WMY?#NO1)YJ+N.)OM,BL6!8@8W<'.,I=:M[**V/V!+)7BN M'_>(IR%,6 BA,?*1DG<>F.36O!>C>(-4MM1U-;\W5J"('M]3N;<19!!*K'(H M!(8@D#)'!.*WJ* V.=3P)H:6M[!C47^WHD=Q+)JUT\SHA)5!*TA=5^9OE! . M3G.:AM/ASX=LH[2*%-2:WLVC:"VFUF\E@0QD%/W3RE"%(& 1@8%=111>SN!B MZOX1T;6]1BU"]MYH[Z*,Q+=V=W+:S>63G89(F5BN>=I)&>:OZ;I=II-K]GL8 MBBD[G=Y&DDD; &YW8EG; W,2>!5NBC8-PHHHH **** (Y_^/:7_ '#_ "JE MX=_Y%C3/^O2+_P! %79_^/:7_'?^18TS_KTB_] % &C1110 5E:A9Z M@=7@OM.^S,8X'A99V9?O,IR, _W:U:* ,K?XA_YXZ9_W]D_^)HW^(?\ GCIG M_?V3_P")K5HH RM_B'_GCIG_ ']D_P#B:-_B'_GCIG_?V3_XFM6B@#*W^(?^ M>.F?]_9/_B:-_B'_ )XZ9_W]D_\ B:U:* ,K?XA_YXZ9_P!_9/\ XFC?XA_Y MXZ9_W]D_^)K5HH RM_B'_GCIG_?V3_XFC?XA_P">.F?]_9/_ (FM6B@#*W^( M?^>.F?\ ?V3_ .)HW^(?^>.F?]_9/_B:U:* ,K?XA_YXZ9_W]D_^)HW^(?\ MGCIG_?V3_P")K5HH RM_B'_GCIG_ ']D_P#B:-_B'_GCIG_?V3_XFM6B@#*W M^(?^>.F?]_9/_B:-_B'_ )XZ9_W]D_\ B:U:* ,EG\0A21!II(' \Z3G_P = MK&T_Q5JUUJ']G7MI9:9J7)6UNY74R@?Q1L 5IZ38:S9FUU2U MCN8Q!'(/N.: *V_Q#_P \=,_[^R?_ !-&_P 0_P#/'3/^_LG_ ,36 M9Y6O^&?^/=I=?TM>L4C#[9"/]EC@2@>APWN:V=(UO3].F?]_9/_ (FC?XA_YXZ9_P!_9/\ XFM6B@"CHUG+ MI^DQ6UP4,BERVPDCEB>I ]:O444 %%%% !1110 4444 %%%% !1110 4444 M%%%% !1110!S4WA2>?Q8NJR:C&UNDC2Q1FV_TB%FB$;*DV[Y8B &*;,EN=W: MF>'O"M_H4L\QU.UGGF$$3NMB8Q)'$" SCS#NF((!DR!A5&WBNHHH!ZG/Z)I' MB*QN+R75]$HQ/R@YF?*J. H"YY))))-;5?!2ZEJ.CW2WBHVG M2^:[20;Y)&WHY9&W#RV8IM)PDU;P_J=O8SW M420W<=U:-<1RA"2C*%D0JXW,,Y((QD<"LK5O VJ7^H7<\.NVXAN$MXV@N[%Y M5F2(2 K-MF3S%8RDE1M' !!&0>UHI6TL'F<-IWP_O+&UL(&U>S/V73Q8R21: M;L:=%C9$#9D*L@W%MCAQGIMR:U+?PYJEIX/N-(MM5M4NIBP68VJS75GK5C'$^II?)%)IKN458!!Y>X3C/R@'=C MKVJO8_#^]LM)CLFU6PN5&EP6$@N-+WI(89&=&*&7H0[!ESD\$,N*[FBG=_UY M*P^9_P!?>4M&L9M,T:UL[J[:\FA3:\[[LN?^!,S8[#^TX6KJ]ND)6= MV4@JS'/ /]X4N_Q#_P \=,_[^R?_ !-:M% &5O\ $/\ SQTS_O[)_P#$TUYM M>BC:25-+1%!9F::0 =23MINK>)K73KL6%K%)J.J.,I8VV"X!Z,Y/"+_ +3$ M>V:I1^'+S6I%N?&$Z3H"&CTNW)^S1G_;SS*?K\OHM %.R\3>(=;N]F@V.GSV M:,/,U"2218''<1\ N?\ : VCU/2MW?XA_P">.F?]_9/_ (FM155$"(H55& M, "EH RM_B'_ )XZ9_W]D_\ B:-_B'_GCIG_ ']D_P#B:U:* ,K?XA_YXZ9_ MW]D_^)HW^(?^>.F?]_9/_B:U:* ,K?XA_P">.F?]_9/_ (FC?XA_YXZ9_P!_ M9/\ XFM6B@#*W^(?^>.F?]_9/_B:-_B'_GCIG_?V3_XFM6B@#*W^(?\ GCIG M_?V3_P")HW^(?^>.F?\ ?V3_ .)K5HH RM_B'_GCIG_?V3_XFC?XA_YXZ9_W M]D_^)K5HH RM_B'_ )XZ9_W]D_\ B:-_B'_GCIG_ ']D_P#B:U:* ,K?XA_Y MXZ9_W]D_^)HW^(?^>.F?]_9/_B:U:* ,K?XA_P">.F?]_9/_ (FC?XA_YXZ9 M_P!_9/\ XFM6B@#(?_A('1E,.FX88.)I/_B:NZ5:O8Z/9VDI5G@@2-BO0D*! MQ^56J* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ M HHHH **** "L?5_#-GJEPM[$\EAJ48Q'?6IVR#V;LZ_[+ BMBB@#F/[?U'P M^?+\6P*UJ.%U>T0^5CUE3DQGWY7W%=)#-%%YM-G>[\(W*Z=(QW264@+6DQSDDH.8V/]Y,>X- '245@Z=XIBEO M4TW6K9])U-^$@G8%)S_TRDZ/].&]16]0 4444 %%%% !1110 4444 %%%% ! M1110 4444 %%%% !1110 4444 %%%% &%X4NI[NSU%KF5Y2FJ7<2%SG:BS,% M4>P Q6[7.^"_^09J)]=8OO\ TH>NBH **** "BBB@ HHHH **** "BBB@ HH MHH **** "BBB@ HHHH **** "BBN%+9=3ND;;+P'J3Z#DU@^?KGB?'V,2Z%I38S M<2*!=SK_ +"GB(>[9;V%6M-\+QQ7J:GK=RVK:HOW9I5 C@]HH^B?7ECW-;U M%#2=%L-#M3!IMN(@QW2.26>5O[SL>6/N:OT44 %%%% !1110 4444 %%%% ! M1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %% M%% !1110 4444 %%%% !1110 4444 %4=6UFRT2T6XU!Y0KN(T2&!YI)&P3A M8XP68X!)P#@ D\ FKU8'B.5M/U#3-6>VNKFVM6E29+2W>>1=ZX5A&@+,,C;P M#C?D\ D)C1H:EKFF:1H4NLZC>Q0:=%&)7N2&(!<#:I(1R 2"=K8!P:YK44FL_A#J6ER6EX][%I+PF" M"TDE)>2,A43:IWX) .W('? K3N])L=3O=-U>"TN1J#Q 132":,0)M/SO$< . M%D<+N7<"Y' W572X:B7.L:I%KFDW5G_ &?;P(UO92"V MDBV9,B!=S$^;A5C?S$POS[>JFJ6E:D(O!,&B3:'J$5[ING^5/$=/E\N)HXBN M8I-FV7)&%$98G<.!SB)-I-KM]^_Y?KN"^))_UM;^O([6TNH;ZR@N[5]\$\:R MQO@C.0WFL1:GH0MX/$EJL5E%;RQK97CHRFR;!" +#&5FV@[\ MR%NZ*O.E:2:R(]';S-??R[SRN8KM!.F^/YB74F-=JL-LZMGYL3 D2-JXKGY5 M_6O_ Q$6^12EV.]\1/H\>C2-XC2%[#>JN)HBZ@E@ < '&">O;KD 9I][>6' MA?0);N[:=+&RCW2,J2W#(@[X 9B!WZX ST%8_BF.\UN^CT#3G2WW6\DMQ->Z M7-<6[(RF/R]RM&NXAV.-^1C[O.1%9F[\3_#*\TZYCNDU!K*6PF:YM9+8RR^6 M4WJ)%'RMD,",CG&<@UGT;-(VYDGMU-L:_8M+IT86\W:DI>WS83@8 W?.=F(C MCL^TUH23+$T88.3(VU=J,V#@GG X''4X'3U%<#X@U>;6/!E\FEV&OVUW9:?* M3ML;B"99S'MC2,@ R-N[Q[EP.3@C.>LES)K5K80MXJDM6U9?,EEBODW0RV;! MR7P %\W' P(SC 6J?6Q,=4F_/\%<]/CD2:-9(G5T895E.01Z@TZO+?"UO?:; M'X1M8%U]$BM(X+FVFCNE17&[S"SN&3 8#Y6"94+Y;EZ[>#(TD+_ 'D#LNX> MAP1D>W2GVMK;V5K';6<$=O!$NU(HE"JH] !TKDI/'=S]HNHH-$>0QV@NK=3* M^^88B_Y9B,NR@R\M$)0-I!PQ"GBG\*_VXT8$7D-,$AD6?3BAZ*[$M=C6HKE? NK&]M;ZREEOY9+.?HXQA, M#I5.PL,:3XQCFO-28"]E",=2N"\2B)'41MOW(,L3A2/3VHL[V\K_ )?YBOMY MNWY_Y';45Q,7BS4K9IK%]$C6*![BTAE?5'=IGBB,BDDQE@&48+$E@W9A\U5+ M;QMJ]K!/=RZ3 ^EQVUF\7^G2/)$DD>YFE8Q'&!G+LVW(!9E!9@:;^GX[ G=V MZZ_A;_,]!HJ*TF-S9PSE0IEC5RJN' R,X##@_4=:EIM6=@3NKA1112&%%%% M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 % M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44 M44 %%%% !4%Q>VMH\2W5S# TS;8Q)(%+GT&>IJ>H+VQM=2LY+2_MX[FWD&'B ME4,K?@: )Z*YO)TV[E_>1CTBE/;_9?_OH5J:/XAT_6C)' M:N\5U#_K[.X7RYH?]Y#SCW&0>QH U**** "J6L7LFGZ3/=0A6>,# <9') _K M5VLKQ/\ \BW=?1?_ $(4 '_%0^NF?E)1_P 5#ZZ9^4E:M% &5_Q4/KIGY24? M\5#ZZ9^4E:M% &5_Q4/KIGY24?\ %0^NF?E)6K10!E?\5#ZZ9^4E'_%0^NF? ME)6K10!E?\5#ZZ9^4E'_ !4/KIGY25JT4 97_%0^NF?E)1_Q4/KIGY25JT4 M:;5 C+;%P23D*#\S?WCF/3/#FGZ/:Q6]@ M;Q8HIWN%$E_/*2[9W;B[DL#N)VG(SSC/-3ZKK-AHEG]IU.Y6",G:H/+2-V55 M'+'V )J33[QK^S6X:SN+/<>([E0KX]2 3CZ'GU H#<<;&W-M/!M8).6,FUV! M);K\P.1^!X[55N/#^FW6J6FHS6[?:+,;8=DKHF.<;D!"OC)*[@=I)(P:TJ* M,>_\*Z1J6I"_NH9Q.0JR>1=RPI.J]%E1&"RCDC#AA@D=":JWO@30;^XNIYXK MU9KN;SYGAU.YB)?9Y?!20;1LP"HP" ,C@5T5%%M+ <_%X&T&&,HD%WM\I8@& MU"X;:%QAER_RO\J_.,-P.:MR>&]-ET>'2RMTMK#(LJ[+V9)&<-NW-('#N2W) MW$Y/)S6K10'2Q0_L6R_M_P#MG$XO?(%N2+J41E 20#%NV$Y8\E<\]:K7/A72 M+O6#J"*UMHK>W01Q1($1%Z*H& *DHHHW **** " MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ** M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH MH **** "BBB@ HHHH *S-8\/:?K?EO=1M'7-"?\ 9<<_AT/<5IT4 M LL0ZC_:3_OD5T%C?VFI6<=WI]Q%%E6[DU'P[&&]Z .@K*\3_\ MBW=?1?\ T(51MO%+6=TECXJMAI=T[;8KC=NM;@_[$G\)/]UL'TS5[Q/_ ,BW M=?1?_0A0!JT444 %97B=+MO#-^^G:C/IUS%"TL=Q D;LI4$XQ(K*0<8/&<=" M.M:M97B9[M?#5\FGZ?/J-S+"T4=O \:,2P(SF1E4 9R><^@-3*_*[%1MS*YA M^ /$UWJ'ANY@\3S)_;.BR-!J4FT*'P-R3 !70AN!CJ.U9G@[Q'JEUJ?BC5 M_%.LO;Z;83J+>Q:*)(H(7B25"QV>89,. 1NQDD8Z4ZX\)ZIJ/B;3=8M+?^S; M74;5;3Q!9711I'CB.Z(@QNREB3\C^HXI/:>*7_P"$U^R>%)D?5)XY[,WL MEI(DBI'%&R[?-8!\(S)N&W(7=CI5.]V_+\?^#NNQ$%[MG_7_ W7[SJ#\1?" MR6-Y=76IM9)8O&EQ'?6LUM*A<90>5(BN=W., YP<=#4R>//#+_;B=5CB2QMU MNII9HWCC,+$@2H[ +(A(QN0L,X&>17G&I>&O$TT?BH0>&=9NQKNGVL2/?:A: MR2>9&\F_>/.V)G<"%C^0 G 4_+70:S!X@N?&%SJ%MX5U-[6;P\]B,7%H")G. M\*09^WW2>F>F1S4SO&]M=']]F_S5OF4M_N_-7_!_@=3IOCCP[JU];VFGZCYL MEU T\#F&18Y57&\+(RA&9<@8-9FF>,O".E:(M\WBL75EJ&HS)!=7E MQO#2;SN2,X'[I#D _="X.<W M:#Y0P++(JG:5.0V,'L32:7XPT'5[X6-IJ"QWY!86-W&]MW&H^'M4&GW]M;_9)8)+=WE>+Y0402%BQ)#*I7YMN#@D O\ MAWXANM:\:W=YK^E>(;/4KFR2WCEO=!;3[5HXV9MHS+*3(2[')8# P .%O .K:U;&-9;2'>!W.!6/H/C."S^R0ZO MJ&JWL.L2@:-<76F-YUVNP,Q*P1!449R-ZH.])U:#1Y-=T MBWLYX7LX)HEDAG?&)@LK(C?(&3.[(#MV)SC>"](\3^$+EK"[T*XU'3 S#1WC MOX6.FP.V?)FWE3\O'S)YN%&T9Q\Q'5^O^;_X>_;?6PY>7]?\,=9XX754\*7E MWH&K2:;>V<33QE8HY$E*C(20.C':?]G!]ZPD\67GB+P+K2QW4WA_Q-HL3B^M MXDC=H954LI D5@T3XRK8Y'0@@UTGB[[8_A:]@TW3;C4;BXB:)(;=XE8;@1N) MD=5P/KGVKG/&G@^\\26,>O:"LFD>(5M6@>&9D_TF!A\UO-M8J>I*D,0K=/<&S:9TCR?WDOD1[8UX M(#$*#M/H:DO/'7ARRU&33WU(7%]'"L[6MG#)(-9O=8LK/2;F>SOM(^SV\]A<0V^Z;]Y\MRY=92BDJ55,J=[A@V>([2[U M/3?'NFN?#UW#SHR)@.K2",CCG#^F,TKW=G_6DG^GXDR]V.GE M^,9.*XN+PUKND_\(BD M6C27C6^M7.IWYM9XA':B<3?(/,=6;:9A]T1@M565[+^MOZ\Q_P!?G_7S/0-( M\<>'->NX;?1M32\>?S?*:*-S&_E-M?#XVG!Z<\CD9'-;]$?_HQZ;K'B2STF9+4+)>:C*"8;&U7?*_OCHJ_[38'O M0!K,P52S$ 9)/:N;E\2W.L2O:^#X$N]I*2:E-D6L)'7!',K>R\>K"FC0-0\ M0-YOBV54M"VLEM>0QS MP2#:\A!ZUQNMZ!?:%I$PT.]WZ8Q02:?=DN(AO',3]5Q_=.1Z8KMZRO M$_\ R+=U]%_]"% &K1110 4444 %%%<9\2=6O+*QT72]/N);.37-6AT^2[B. M'AC;+.5/\+$*5!'(W9'(%'5)==/O#1)M]/T.SHKSCQ;H_AGP1IME>:;X9N8& M^V6ZF[T40Q2L_G($29FEC:578@'<6'\1P0#6M%XUU2Z\2WVDVOA>X7[ ]L;B M2XO(DVPRYW2#;N4E<$[=V2 W0[0QH&QV-%<2/B#,MOINL2Z0G_"-ZI<1P6U_ M'=[IE\QML;R0[ %1F(&0[$;ERHY CO?B!J-EX5UG5GT2U:71]1-G<0#4&VL@ MV_.K^5R?G7Y2H[_-ZG6W]=/\T*]OZ]?\F=;JVD66MZ>UEJ<)EA9E<;79&1E( M*LKJ0RL" 0P((/0U7TGPY8:+-)+:2:A*[KM)O=2N+O:/]GSG;;GOC&<#/2L& MY\::U)K6MZ7HOA;[3/I$<+[/.VPY'*[AG!XSS79ZIIECJ.C3V&H65O=6;QX:WFB5XR!R/E(QP0 M"/I4MVBY=O\ A_U*M[R7?_.WZ%VBN*^$6F6&G?"W0FT^RM[5KFSCEG:&)4,K M[0-S$#YFXZGFLZQM;?QW\1O$T'B:"*^TW0)8+6RTVX7?#O:+>\SQGY78[\*2 M#M .,$DU;7O6)V6IZ-7+ZA;:'IOB:\\1O;ZG/J-G8EIWMYYY$6,#B,0A]A)P M2%"GD;C@D$Z&C^&K+0=0NYM,W06UQ'$BV:D^5!LW?ZM>>SBV31_;8!/ [I\K\9*9&0' P<'J,D9VMC0KE(5GN;;PQ826TEM>VO MEW%S#(58VZ)&R'?FQD*V.KK25KNW?^O\OD1&]E?L%%%%2,**** M .6U:VU:]\8&WTN]CL(GL$^T7.S?*H\Q\",'Y03_ 'CG'I6QI&A6&B1.MC$? M-E.Z:XE8O+,W]YW/)/\ D5&G_(XS?]>$?_HQZU: "BBB@ HHHH **** "BBB M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH * M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ K* M\3_\BW=?1?\ T(5JUE>)_P#D6[KZ+_Z$* -6BBB@ HHHH *Q_%'AC3_%VA2: M7JGG)&S+)'-;R;)8)%.4D1NS \C]01Q6Q10!Q=SX.\0ZQ96FG>)/$UI?6%O< M0W#M!I1@N9FB<.FZ3SF0?,J[L1C(R!MSD:6F^'+^T\8ZSJ]UJ-K<6FIQ1Q_9 M$LV1XQ'D+^\,I#<,V?E&>,8Q@]%10!Q.G_#Z:TL;;1+G5DNO#=CTZS\1+9:;K5P+IT^P"2:*7Y, MXD+[2A\OH4SS][M7>44?U^7^2#^OZ^\\PT^2YOOB=XGTW0/%5C%>):6<<_GP M)<2L$5U=PJ.FUP6&3@J"1\M=/H^DW>AZ]9:7IFH3'0K'2T@^PRV1(#@X647/ M\3D#!3G'4XR,]110M/Z]?\Q6.7\5>&M9UW5M(N]+UFQL(]+N/M217&G/<&27 M8ZYPNE>"_%&F>%K/PY_PE&FMIUO"EN[QZ-(D\D0P&&\W)4% MAD9V<9Z5IZCX3NT\2/KWA?5(]*OKF-8KV.XM3<6]VJ@A"R!T8.N[N(S])LM0MDDEUC45OKJ7&[R8?(AC Z!(RS$>I+,Q)[@84:%%% !111 M0 4444 %%%% &4G_ ".,W_7A'_Z,>M6LI/\ D<9O^O"/_P!&/6K0 4444 %% M%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 444 M4 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% ! M1110 4444 %9WB"WFNM"N8;:,RRL!M0$ G# ]ZT:* ,K^V+O_H ZA_WU#_\ M%T?VQ=_] '4/^^H?_BZU:* ,K^V+O_H ZA_WU#_\71_;%W_T =0_[ZA_^+K5 MHH RO[8N_P#H ZA_WU#_ /%T?VQ=_P#0!U#_ +ZA_P#BZU:* ,K^V+O_ * . MH?\ ?4/_ ,71_;%W_P! '4/^^H?_ (NM6B@#*_MB[_Z .H?]]0__ !=']L7? M_0!U#_OJ'_XNM6B@#*_MB[_Z .H?]]0__%T?VQ=_] '4/^^H?_BZU:* ,K^V M+O\ Z .H?]]0_P#Q=']L7?\ T =0_P"^H?\ XNM6B@#*_MB[_P"@#J'_ 'U# M_P#%T?VQ=_\ 0!U#_OJ'_P"+K5HH RO[8N_^@#J'_?4/_P 71_;%W_T =0_[ MZA_^+K5HH RO[8N_^@#J'_?4/_Q=']L7?_0!U#_OJ'_XNM6B@#*_MB[_ .@# MJ'_?4/\ \71_;%W_ - '4/\ OJ'_ .+K5HH RO[8N_\ H ZA_P!]0_\ Q='] ML7?_ $ =0_[ZA_\ BZU:* ,:P-U<^(9KR>PGM(C:I$OG%"6(=B?NL?45LT44 M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1 M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%% M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1 -110 4444 %%%% '_V0$! end XML 18 R1.htm IDEA: XBRL DOCUMENT v3.20.2
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2020
Aug. 10, 2020
Document and Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2020  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q2  
Entity Registrant Name Manning & Napier, Inc.  
Entity Central Index Key 0001524223  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   16,275,359
XML 19 R2.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Assets    
Cash and cash equivalents $ 40,577 $ 67,088
Accounts receivable 11,373 10,182
Investment securities 24,169 90,467
Prepaid expenses and other assets 13,158 5,607
Total current assets 89,277 173,344
Property and equipment, net 3,658 4,565
Operating lease right-of-use assets 17,082 18,795
Net deferred tax assets, non-current 21,671 20,668
Goodwill 4,829 4,829
Other long-term assets 3,740 4,010
Total assets 140,257 226,211
Liabilities    
Accounts payable 1,239 1,614
Accrued expenses and other liabilities 25,067 26,201
Deferred revenue 10,777 10,759
Total current liabilities 37,083 38,574
Operating lease liabilities, non-current 17,420 18,753
Amounts payable under tax receivable agreement, non-current 15,497 17,246
Other long-term liabilities 1,165 2,017
Total liabilities 71,165 76,590
Commitments and contingencies (Note 9)
Shareholders’ equity    
Class A common stock, $0.01 par value; 300,000,000 shares authorized; and 16,275,359 and 15,956,526 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively 163 160
Additional paid-in capital 112,300 198,516
Retained deficit (36,407) (38,478)
Accumulated other comprehensive loss (112) (50)
Total shareholders’ equity 75,944 160,148
Noncontrolling interests (6,852) (10,527)
Total shareholders’ equity and noncontrolling interests 69,092 149,621
Total liabilities, shareholders’ equity and noncontrolling interests $ 140,257 $ 226,211
XML 20 R3.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Financial Condition (Parenthetical) - $ / shares
Jun. 30, 2020
Dec. 31, 2019
Statement of Financial Position [Abstract]    
Common stock, par value (dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (shares) 300,000,000 300,000,000
Common stock, shares issued (shares) 16,275,359 15,956,526
Common stock, shares outstanding (shares) 16,275,359 15,956,526
XML 21 R4.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Revenues $ 30,346 $ 34,294 $ 61,455 $ 69,091
Expenses        
Compensation and related costs 17,379 20,161 36,642 41,609
Distribution, servicing and custody expenses 2,425 3,019 5,238 6,777
Other operating costs 7,489 8,639 14,586 16,946
Total operating expenses 27,293 31,819 56,466 65,332
Operating income 3,053 2,475 4,989 3,759
Non-operating income (loss)        
Interest expense (3) (10) (5) (13)
Interest and dividend income 363 837 720 1,646
Change in liability under tax receivable agreement 914 0 (1,936) 195
Net gains (losses) on investments 1,416 248 (416) 1,122
Total non-operating income (loss) 2,690 1,075 (1,637) 2,950
Income (loss) before provision for (benefit from) income taxes 5,743 3,550 3,352 6,709
Provision for (benefit from) income taxes 1,460 331 (1,766) 573
Net income attributable to controlling and noncontrolling interests 4,283 3,219 5,118 6,136
Less: net income (loss) attributable to noncontrolling interests 2,737 2,805 2,714 5,161
Net income attributable to Manning & Napier, Inc. $ 1,546 $ 414 $ 2,404 $ 975
Net income per share available to Class A common stock        
Basic (in dollars per share) $ 0.09 $ 0.03 $ 0.15 $ 0.07
Diluted (in dollars per share) $ 0.06 $ 0.03 $ 0.06 $ 0.06
Weighted average shares of Class A common stock outstanding        
Basic (in shares) 16,132,667 15,267,762 15,972,809 15,098,454
Diluted (in shares) 46,296,214 15,613,939 61,851,067 78,317,986
Wealth Management        
Revenues        
Revenues $ 13,740 $ 16,209 $ 28,040 $ 32,678
Institutional and Intermediary        
Revenues        
Revenues 12,142 12,932 24,273 26,166
Distribution and shareholder servicing        
Revenues        
Revenues 2,303 2,566 4,693 5,190
Custodial services        
Revenues        
Revenues 1,463 1,750 3,062 3,495
Other revenue        
Revenues        
Revenues $ 698 $ 837 $ 1,387 $ 1,562
XML 22 R5.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Statement of Comprehensive Income [Abstract]        
Net income attributable to controlling and noncontrolling interests $ 4,283 $ 3,219 $ 5,118 $ 6,136
Net unrealized holding gains (losses) on investment securities, net of tax 179 116 (249) 232
Reclassification adjustment for net realized gains on investment securities included in net income (141) 8 (174) (6)
Comprehensive income 4,321 3,343 4,695 6,362
Less: Comprehensive income attributable to noncontrolling interests 2,753 2,907 2,353 5,344
Comprehensive income attributable to Manning & Napier, Inc. $ 1,568 $ 436 $ 2,342 $ 1,018
XML 23 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Shareholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Class A common stock
Additional Paid in Capital
Retained Deficit
Accumulated Other Comprehensive Income (Loss)
Non Controlling Interests
Beginning balance, Shares at Dec. 31, 2018   15,310,958        
Beginning balance at Dec. 31, 2018 $ 146,243 $ 153 $ 198,604 $ (38,865) $ (77) $ (13,572)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 6,136     975   5,161
Distributions to noncontrolling interests (2,419)         (2,419)
Net changes in unrealized investment securities gains or losses 232       43 189
Common stock issued under equity compensation plan, net of forfeitures (in shares)   309,637        
Common stock issued under equity compensation plan, net of forfeitures 0 $ 3 (3)      
Shares withheld to satisfy tax withholding requirements related to equity awards vested (78)   (15)     (63)
Equity-based compensation 2,150   402     1,748
Dividends declared on Class A common stock (558)     (558)    
Impact of changes in ownership of Manning & Napier Group, LLC (3,052)   (684)     (2,368)
Ending balance, Shares at Jun. 30, 2019   15,620,595        
Ending balance at Jun. 30, 2019 148,730 $ 156 198,304 (38,372) (34) (11,324)
Beginning balance, Shares at Mar. 31, 2019   15,684,573        
Beginning balance at Mar. 31, 2019 148,908 $ 157 198,811 (38,516) (56) (11,488)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 3,219     414   2,805
Distributions to noncontrolling interests (798)         (798)
Net changes in unrealized investment securities gains or losses 116       22 94
Common stock issued under equity compensation plan, net of forfeitures (in shares)   (63,978)        
Common stock issued under equity compensation plan, net of forfeitures 0 $ (1) 1      
Shares withheld to satisfy tax withholding requirements related to equity awards vested (78)   (15)     (63)
Equity-based compensation 685   130     555
Dividends declared on Class A common stock (270)     (270)    
Impact of changes in ownership of Manning & Napier Group, LLC (3,052)   (623)     (2,429)
Ending balance, Shares at Jun. 30, 2019   15,620,595        
Ending balance at Jun. 30, 2019 148,730 $ 156 198,304 (38,372) (34) (11,324)
Beginning balance, Shares at Dec. 31, 2019   15,956,526        
Beginning balance at Dec. 31, 2019 149,621 $ 160 198,516 (38,478) (50) (10,527)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 5,118     2,404   2,714
Net changes in unrealized investment securities gains or losses (249)       (62) (187)
Common stock issued under equity compensation plan, net of forfeitures (in shares)   318,833        
Common stock issued under equity compensation plan, net of forfeitures 0 $ 3 (3)      
Shares withheld to satisfy tax withholding requirements related to equity awards vested (2)   0     (2)
Equity-based compensation 2,115   522     1,593
Dividends declared on Class A common stock (333)     (333)    
Impact of changes in ownership of Manning & Napier Group, LLC (90,784)   (90,341)     (443)
Deferred tax impacts from transactions with shareholders (Note 12) 3,606   3,606      
Ending balance, Shares at Jun. 30, 2020   16,275,359        
Ending balance at Jun. 30, 2020 69,092 $ 163 112,300 (36,407) (112) (6,852)
Beginning balance, Shares at Mar. 31, 2020   16,275,359        
Beginning balance at Mar. 31, 2020 150,979 $ 163 198,722 (37,953) (134) (9,819)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 4,283     1,546   2,737
Net changes in unrealized investment securities gains or losses 179       22 157
Equity-based compensation 830   271     559
Impact of changes in ownership of Manning & Napier Group, LLC (90,785)   (90,299)     (486)
Deferred tax impacts from transactions with shareholders (Note 12) 3,606   3,606      
Ending balance, Shares at Jun. 30, 2020   16,275,359        
Ending balance at Jun. 30, 2020 $ 69,092 $ 163 $ 112,300 $ (36,407) $ (112) $ (6,852)
XML 24 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Class A common stock      
Cash dividends declared per share of Class A common stock $ 0.02 $ 0.02 $ 0.04
XML 25 R8.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income attributable to controlling and noncontrolling interests $ 5,118 $ 6,136
Adjustment to reconcile net income to net cash provided by operating activities:    
Equity-based compensation 2,115 2,150
Depreciation and amortization 796 796
Change in amounts payable under tax receivable agreement 1,936 (195)
Impairment of long-lived assets 553 0
Gain on sale of intangible assets (21) (116)
Net (gains) losses on investment securities 416 (1,122)
Deferred income taxes (1,853) 410
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:    
Accounts receivable (1,191) (788)
Prepaid expenses and other assets (2,708) (645)
Other long-term assets 1,574 1,211
Accounts payable (375) (121)
Accrued expenses and other liabilities (4,705) (5,535)
Deferred revenue 18 1,198
Other long-term liabilities (2,163) (1,327)
Net cash provided by (used) in operating activities (490) 2,052
Cash flows from investing activities:    
Purchase of property and equipment (204) (1,084)
Sale of investments 69,531 4,734
Purchase of investments (20,298) (55,863)
Sale of intangible assets 21 116
Proceeds from maturity of investments 16,400 54,054
Net cash provided by investing activities 65,450 1,957
Cash flows from financing activities:    
Distributions to noncontrolling interests 0 (2,419)
Dividends paid on Class A common stock (645) (620)
Payment of shares withheld to satisfy withholding requirements (2) (78)
Payment of capital lease obligations (41) (61)
Purchase of Class A units of Manning & Napier Group, LLC (90,783) (3,052)
Net cash used in financing activities (91,471) (6,230)
Net decrease in cash and cash equivalents, including cash classified within current assets held for sale (26,511) (2,221)
Less: increase in cash classified within current assets held for sale 0 196
Net decrease in cash and cash equivalents, including cash classified within current assets held for sale (26,511) (2,417)
Cash and cash equivalents:    
Beginning of period 67,088 59,586
End of period $ 40,577 $ 57,169
XML 26 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Organization and Nature of the Business
 6 Months Ended
Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Nature of the Business
Organization and Nature of the Business
Manning & Napier, Inc. ("Manning & Napier" or the "Company") provides a broad range of investment solutions through separately managed accounts, mutual funds, and collective investment trust funds, as well as a variety of consultative services that complement its investment process. Founded in 1970, the Company offers equity, fixed income and alternative strategies, as well as a range of blended asset portfolios, including life cycle funds. Headquartered in Fairport, New York, the Company serves a diversified client base of high-net-worth individuals and institutions, including 401(k) plans, pension plans, Taft-Hartley plans, endowments and foundations.
The Company was incorporated in 2011 as a Delaware corporation, and is the sole managing member of Manning & Napier Group, LLC and its subsidiaries (“Manning & Napier Group”), a holding company for the investment management businesses conducted by its operating subsidiaries. The diagram below depicts the Company's organizational structure as of June 30, 2020. Manning & Napier Group completed the redemption of 60,012,419 of its Class A units held by M&N Group Holdings, LLC ("M&N Group Holdings") and Manning & Napier Capital Company, LLC ("MNCC") on May 11, 2020 with payment made from its cash, cash equivalents and proceeds from the sale of investment securities. Subsequent to the redemption, the Class A units were retired and as a result, the Company's ownership of Manning & Napier Group increased from 19.5% to 88.2%. Refer to Note 4 for further discussion.
a63020ownershipgraphic.jpg 
(1)
The consolidated operating subsidiaries of Manning & Napier Group include Manning & Napier Advisors, LLC ("MNA"), Manning & Napier Investor Services, Inc., Exeter Trust Company and Rainier Investment Management, LLC ("Rainier").
XML 27 R10.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
Critical Accounting Policies
The Company's critical accounting policies and estimates are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2019. The Company believes that the disclosures herein are adequate so that the information presented is not misleading; however, these financial statements should be read in conjunction with the financial statements and the notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. The financial data for the interim periods may not necessarily be indicative of results for future interim periods or for the full year.
Basis of Presentation
The accompanying unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and related rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting and include all adjustments, consisting only of normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim period.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates or assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from these estimates or assumptions.
Summary of Presentation Changes
As of January 1, 2020, the Company revised its presentation of investment management revenue within its consolidated statements of operations. Investment management revenue, previously presented by investment vehicle, has been disaggregated to present investment management revenue by sales channel. Concurrently, the Company revised the presentation of assets under management ("AUM") activity previously reported by investment vehicle to present this activity by sales channel.
Amounts for the comparative prior periods have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported net income and do not represent a restatement of any previously published financial results.
Principles of Consolidation
The Company consolidates all majority-owned subsidiaries. In addition, as of June 30, 2020, Manning & Napier holds an economic interest of approximately 88.2% in Manning & Napier Group and, as managing member, controls all of the business and affairs of Manning & Napier Group. As a result, the Company consolidates the financial results of Manning & Napier Group and records a noncontrolling interest on its consolidated statements of financial condition with respect to the remaining economic interest in Manning & Napier Group held by Manning & Napier Group Holdings and MNCC.
All material intercompany transactions have been eliminated in consolidation.
In accordance with Accounting Standards Update ("ASU") 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis, the determination of whether a company is required to consolidate an entity is based on, among other things, an entity’s purpose and design, a company’s ability to direct the activities of the entity that most significantly impact the entity’s economic performance, and whether a company is obligated to absorb losses or receive benefits that could potentially be significant to the entity. The standard also requires ongoing assessments of whether a company is the primary beneficiary of a variable interest entity (“VIE”). When utilizing the voting interest entity ("VOE") model, controlling financial interest is generally defined as majority ownership of voting interests.
The Company provides seed capital to its investment teams to develop new strategies and services for its clients. The original seed investment may be held in a separately managed account, comprised solely of the Company's investments or within a mutual fund, where the Company's investments may represent all or only a portion of the total equity investment in the mutual fund. Pursuant to U.S. GAAP, the Company evaluates its investments in mutual funds on a regular basis and consolidates such mutual funds for which it holds a controlling financial interest. When no longer deemed to hold a controlling financial interest, the Company would deconsolidate the fund and classify the remaining investment as either an equity method investment, equity investments, at fair value, or as trading securities, as applicable. As of June 30, 2020 and December 31, 2019, the Company did not have investments classified as an equity method investment.
The Company serves as the investment adviser for Manning & Napier Fund, Inc. series of mutual funds (the “Fund”), Exeter Trust Company Collective Investment Trusts (“CIT”) and Rainier Multiple Investment Trust. The Fund, CIT and Rainier Multiple Investment Trust are legal entities, the business and affairs of which are managed by their respective boards of directors. As a result, each of these entities is a VOE. The Company holds, in limited cases, direct investments in a mutual fund (which are made on the same terms as are available to other investors) and consolidates each of these entities where it has a controlling financial interest or a majority voting interest. The Company's investments in the Fund amounted to approximately $1.9 million as of June 30, 2020 and $3.2 million as of December 31, 2019. As of June 30, 2020 and December 31, 2019, the Company did not have a controlling financial interest in any mutual fund.
Revenue
Investment Management: Investment management fees are computed as a percentage of AUM. The Company's performance obligation is a series of services that form part of a single performance obligation satisfied over time.
Separately managed accounts are paid in advance, typically for a semi-annual or quarterly period, or in arrears, typically for a monthly or quarterly period. When investment management fees are paid in advance, the Company defers the revenue as a contract liability and recognizes it over the applicable period. When investment management fees are paid in arrears, the Company estimates revenue and records a contract asset (accrued accounts receivable) based on AUM as of the most recent month end date.
Mutual funds and collective investment trust investment management revenue is calculated and earned daily based on AUM. Revenue is presented net of cash rebates and fees waived pursuant to contractual expense limitations of the funds. The Company also has agreements with third parties who provide recordkeeping and administrative services for employee benefit plans participating in the collective investment trusts. The Company is acting as an agent on behalf of the employee benefit plan sponsors, therefore, investment management revenue is recorded net of fees paid to third party service providers.
Distribution and shareholder servicing: The Company receives distribution and servicing fees for providing services to its affiliated mutual funds. Revenue is computed and earned daily based on a percentage of AUM. The performance obligation is a series of services that form part of a single performance obligation satisfied over time. The Company has agreements with third parties who provide distribution and administrative services for its mutual funds. The agreements are evaluated to determine whether revenue should be reported gross or net of payments to third-party service providers. The Company controls the services provided and acts as a principal in the relationship. Therefore, distribution and shareholder servicing revenue is recorded gross of fees paid to third parties.
Custodial services: Custodial service fees are calculated as a percentage of the client’s market value with additional fees charged for certain transactions. For the safeguarding and administrative services that are subject to a percentage of market value fee, the Company's performance obligation is a series of services that form part of a single performance obligation satisfied over time. Revenue for transactions assigned a stand-alone selling price is recognized in the period in which the transaction is executed. Custodial service fees are billed monthly in arrears. The Company has agreements with third parties who provide safeguarding, recordkeeping and administrative services for their clients. The Company controls the services provided and acts as a principal in the relationship. Therefore, custodial service revenue is recorded gross of fees paid to third parties.
Cash and Cash Equivalents
The Company generally considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are primarily held in operating accounts at major financial institutions and also in money market securities. Cash equivalents are stated at cost, which approximates market value due to the short-term maturity of these investments. The fair value of cash equivalents has been classified as Level 1 in accordance with the fair value hierarchy.
Investment Securities
Investment securities are classified as either trading, equity method investments or available-for-sale and are carried at fair value. Fair value is determined based on quoted market prices in active markets for identical or similar instruments.
Investment securities classified as equity investments, at fair value consist of equity securities and investments in mutual funds for which the Company provides advisory services. Realized and unrealized gains and losses on equity investments, at fair value or trading securities, as applicable, are recorded in net gains (losses) on investments in the consolidated statements of operations. At June 30, 2020, equity investments, at fair value consist of investments held by the Company to provide initial cash seeding for product development purposes and investments to hedge economic exposure to market movements on its deferred compensation plan.
Investment securities classified as available-for-sale consist of U.S. Treasury notes, corporate bonds and other short-term investments. Unrealized gains and losses on available-for-sale securities are excluded from earnings and are reported, net of deferred income tax, as a separate component of accumulated other comprehensive income in shareholders’ equity until realized. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other-than-temporary. If impairment is determined to be other-than-temporary, the carrying value of the security will be written down to fair value and the loss will be recognized in earnings. Realized gains and losses on sales of available-for-sale securities are computed on a specific identification basis and are recorded in net gains (losses) on investments in the consolidated statements of operations.
Property and Equipment
Property and equipment is presented net of accumulated depreciation of approximately $12.0 million and $11.4 million as of June 30, 2020 and December 31, 2019, respectively.
Goodwill and Intangible Assets
Goodwill represents the excess cost over the fair value of the identifiable net assets of acquired companies. Identifiable intangible assets generally represent the cost of client relationships and investment management agreements acquired as well as trademarks. Goodwill and indefinite-lived assets are tested for impairment annually or more frequently if events or circumstances indicate that the carrying value may not be recoverable. Intangible assets subject to amortization are tested for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. Goodwill and intangible assets require significant management estimate and judgment, including the valuation and expected life determination in connection with the initial purchase price allocation and the ongoing evaluation for impairment.
Leases
The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, accrued expenses and other liabilities and operating lease liabilities, non-current on its consolidated statements of financial condition. Finance leases are included in other long-term assets, accrued expenses and other liabilities, and other long-term liabilities on its consolidated statements of financial condition.
ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate, for each identified lease, is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term. The operating lease ROU asset is reduced for any lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
The Company has lease agreements with lease and non-lease components, which are combined for all classes of underlying assets.
Impairment of Long-Lived Assets
The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. During the three months ended June 30, 2020, a downturn in the commercial real estate market indicated that an asset group, including previously vacated office space, may not be recoverable. The Company assessed recoverability of the asset group by comparing the undiscounted future net cash flows expected to result from the asset group to its carrying value. The carrying value exceeded the undiscounted future net cash flows of the asset, and an impairment loss of approximately $0.6 million was recognized during the three months ended June 30, 2020 as the difference between the net book value and the fair value of the asset group.
Operating Segments
The Company operates in one segment, the investment management industry.
Recent Accounting Pronouncements
In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements that currently exist in U.S. GAAP for capitalizing implementation costs incurred to develop or obtain internal-use software. Under the new standard, implementation costs are deferred and presented in the same financial statement caption on the consolidated statements of financial condition as a prepayment of related arrangement fees. The deferred costs are recognized over the term of the arrangement in the same financial statement caption in the consolidated statements of operations as the related fees of the arrangement. The Company adopted the provisions of this guidance using the prospective adoption approach, which does not require the restatement of prior years. The adoption of this ASU did not have a material impact on the Company's statement of operations as requirements under the standard are generally consistent with its previous accounting for cloud computing arrangements, with the primary difference being the classification of certain information in its statements of financial condition and related disclosures.
As of June 30, 2020, the Company had a total of approximately $3.5 million of capitalized implementation costs for hosting arrangements within prepaid expenses and other assets on its statements of financial condition, with no amounts in accumulated amortization and no amortization expense recognized during the six months ended June 30, 2020. At December 31, 2019, approximately $0.4 million of these costs were capitalized within property and equipment, net. The hosting arrangements that are service contracts include internal and external costs related to various technology additions in support of the Company's business. Amortization costs are recorded on a straight-line basis over the term of the hosting arrangement agreement.
In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. The ASU requires goodwill impairments to be measured on the basis of the fair value of the reporting unit relative to the reporting unit's carrying amount rather than on the basis of the implied amount of goodwill relative to the goodwill balance of the reporting unit. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.
XML 28 R11.htm IDEA: XBRL DOCUMENT v3.20.2
Revenue
 6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenue
Revenue
Disaggregated Revenue
The following table represents the Company’s wealth management and institutional and intermediary investment management revenue by investment portfolio during the three and six months ended June 30, 2020 and 2019:
 
 
Three months ended June 30, 2020
 
Three months ended June 30, 2019
 
 
Wealth Management
 
Institutional and Intermediary
 
Total
 
Wealth Management
 
Institutional and Intermediary
 
Total
 
 
(in thousands)
Blended Asset
 
$
12,148

 
$
7,486

 
$
19,634

 
$
13,186

 
$
7,607

 
$
20,793

Equity
 
1,470

 
4,345

 
5,815

 
2,819

 
4,894

 
7,713

Fixed Income
 
122

 
311

 
433

 
204

 
431

 
635

Total
 
$
13,740

 
$
12,142

 
$
25,882

 
$
16,209

 
$
12,932

 
$
29,141


 
 
Six months ended June 30, 2020
 
Six months ended June 30, 2019
 
 
Wealth Management
 
Institutional and Intermediary
 
Total
 
Wealth Management
 
Institutional and Intermediary
 
Total
 
 
(in thousands)
Blended Asset
 
$
24,090


$
15,672


$
39,762

 
$
26,684

 
$
15,435

 
$
42,119

Equity
 
3,635


7,964


11,599

 
5,580

 
9,851

 
15,431

Fixed Income
 
315


637


952

 
414

 
880

 
1,294

Total
 
$
28,040


$
24,273


$
52,313

 
$
32,678

 
$
26,166

 
$
58,844



Accounts Receivable
Accounts receivable as of June 30, 2020 and December 31, 2019 consisted of the following:
 
 
June 30, 2020
 
December 31, 2019
 
 
(in thousands)
Accounts receivable - third parties
 
$
6,163

 
$
5,778

Accounts receivable - affiliated mutual funds and collective investment trusts
 
5,210

 
4,404

Total accounts receivable
 
$
11,373

 
$
10,182


Accounts receivable represents the Company's unconditional rights to consideration arising from its performance under separately managed account, mutual fund and collective investment trust, distribution and shareholder servicing, and custodial service contracts. Accounts receivable balances do not include an allowance for doubtful accounts nor has any significant bad debt expense attributable to accounts receivable been recorded during the three and six months ended June 30, 2020 or 2019.
Advisory and Distribution Agreements
The Company earns investment advisory fees, distribution fees and administrative service fees under agreements with affiliated mutual funds and collective investment trusts. Fees earned for advisory and distribution services provided were approximately $8.5 million and $17.4 million for the three and six months ended June 30, 2020, and approximately $10.2 million and $21.3 million for the three and six months ended June 30, 2019, which represents greater than 25% of revenue in each period. The following provides amounts due from affiliated mutual funds and collective investment trusts reported within accounts receivable in the consolidated statements of financial condition as of June 30, 2020 and December 31, 2019:
 
 
June 30, 2020
 
December 31, 2019
 
 
(in thousands)
Affiliated mutual funds
 
$
4,020

 
$
3,164

Affiliated collective investment trusts
 
1,190

 
1,240

Accounts receivable - affiliated mutual funds and collective investment trusts
 
$
5,210

 
$
4,404



Contract assets and liabilities
Accrued accounts receivable: Accrued accounts receivable represents the Company's contract asset for revenue that has been recognized in advance of billing separately managed account contracts. Consideration for the period billed in arrears is dependent on the client’s AUM on a future billing date and therefore conditional as of the reporting period end. During the six months ended June 30, 2020, revenue was increased by less than $0.1 million for changes in transaction price. Accrued accounts receivable of approximately $0.3 million is reported within prepaid expenses and other assets in the consolidated statements of financial condition for both June 30, 2020 and December 31, 2019.
Deferred revenue: Deferred revenue is recorded when consideration is received or unconditionally due in advance of providing services to the Company's customer. Revenue recognized during the six months ended June 30, 2020 that was included in deferred revenue at the beginning of the period was approximately $10.6 million.
Costs to obtain a contract: Under compensation plans in effect for periods prior to January 1, 2020, certain incremental first year commissions directly associated with new customer contracts were capitalized and amortized on a straight-line basis over an estimated customer contract period of 3 to 7 years. The total net asset as of June 30, 2020 and December 31, 2019 was approximately $0.9 million and $1.0 million, respectively. The related amortization expense, which is included in compensation and related costs, totaled approximately $0.1 million and $0.2 million for three and six months ended June 30, 2020 and 2019, respectively. An impairment loss is recorded for contract acquisition costs related to client contracts that cancel during the period. These impairment losses totaled less than $0.1 million for both the three and six months ended June 30, 2020 and 2019.
XML 29 R12.htm IDEA: XBRL DOCUMENT v3.20.2
Noncontrolling Interests
 6 Months Ended
Jun. 30, 2020
Noncontrolling Interest [Abstract]  
Noncontrolling Interests
Noncontrolling Interests
Manning & Napier holds an economic interest of approximately 88.2% in Manning & Napier Group, and as managing member controls all of the business and affairs of Manning & Napier Group. As a result, the Company consolidates the financial results of Manning & Napier Group and records a noncontrolling interest on its consolidated statements of financial condition with respect to the remaining approximately 11.8% economic interest in Manning & Napier Group held by M&N Group Holdings and MNCC. Net income attributable to noncontrolling interests on the statements of operations represents the portion of earnings attributable to the economic interest in Manning & Napier Group held by the noncontrolling interests.
The following table provides a reconciliation from “Income (loss) before provision for (benefit from) income taxes” to “Net income attributable to Manning & Napier, Inc.”:
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands)
Income (loss) before provision for (benefit from) income taxes
 
$
5,743

 
$
3,550

 
$
3,352

 
$
6,709

Less: income (loss) before provision for (benefit from) income taxes of Manning & Napier, Inc. (1)
 
901

 
(10
)
 
(1,965
)
 
181

Income before provision for (benefit from) income taxes, as adjusted
 
4,842

 
3,560

 
5,317

 
6,528

Controlling interest percentage (2)
 
44.5
%
 
18.8
%
 
42.3
%
 
18.7
%
Net income attributable to controlling interest
 
2,154

 
669

 
2,247

 
1,221

Plus: income (loss) before provision for (benefit from) income taxes of Manning & Napier, Inc. (1)
 
901

 
(10
)
 
(1,965
)
 
181

Income (loss) before provision for (benefit from) income taxes attributable to Manning & Napier, Inc.
 
3,055

 
659

 
282

 
1,402

Less: provision for (benefit from) income taxes of Manning & Napier, Inc.(3)
 
1,509

 
245

 
(2,122
)
 
427

Net income attributable to Manning & Napier, Inc.
 
$
1,546

 
$
414

 
$
2,404

 
$
975

________________________
(1)
Manning & Napier, Inc. incurs certain income or expenses that are only attributable to it and are therefore excluded from the net income attributable to noncontrolling interests.
(2)
Income before provision for (benefit from) income taxes is allocated to the controlling interest based on the percentage of units of Manning & Napier Group held by Manning & Napier, Inc. The amount represents the Company's weighted ownership of Manning & Napier Group's income for the respective periods and anticipates a closing of the books pursuant to Internal Revenue Code Section 1377.
(3)
The consolidated provision for (benefit from) income taxes is equal to the sum of (i) the provision for (benefit from) income taxes for entities other than Manning & Napier, Inc. and (ii) the provision for (benefit from) income taxes of Manning & Napier, Inc. which includes all U.S. federal and state income taxes. The consolidated provision for (benefit from) income taxes was a provision of $1.5 million and $0.3 million for the three months ended June 30, 2020 and 2019, respectively, and a benefit of $1.8 million and provision of $0.6 million for the six months ended June 30, 2020 and 2019, respectively.

As of June 30, 2020, a total of 2,021,781 units of Manning & Napier Group were held by the noncontrolling interests. Pursuant to the terms of the exchange agreement entered into at the time of the Company's initial public offering ("Exchange Agreement"), such units may be tendered for exchange. For any units exchanged, the Company will (i) pay an amount of cash equal to the number of units exchanged multiplied by the value of one share of the Company's Class A common stock less a market discount and expected expenses, or, at the Company's election, (ii) issue shares of the Company's Class A common stock on a one-for-one basis, subject to customary adjustments. As the Company receives units of Manning & Napier Group that are exchanged, the Company's ownership of Manning & Napier Group will increase.
The Company received notice that a total of 60,012,419 Class A units, including 59,957,419 units held by William Manning, who was previously the Chairman of the Company's Board of Directors, were tendered for either cash or shares of the Company's Class A common stock pursuant to the terms of the Exchange Agreement. The independent directors, on behalf of the Company, decided to settle the exchange utilizing approximately $90.8 million in cash, including approximately $90.7 million paid to Mr. Manning, pursuant to the terms of the Exchange Agreement. Manning & Napier Group completed the redemption on May 11, 2020 with payment made from its cash, cash equivalents and proceeds from the sale of investment securities. Subsequent to the redemption the Class A units were retired and as a result, the Company's ownership of Manning & Napier Group increased from 19.5% to 88.2%.
During the six months ended June 30, 2020, Class A common stock was issued under the Company's 2011 Equity Compensation Plan (the "Equity Plan") for which Manning & Napier, Inc. acquired an equivalent number of Class A units of Manning & Napier Group.
The following is the impact to the Company's equity ownership interest in Manning & Napier Group for the six months ended June 30, 2020:
 
Manning & Napier Group Class A Units Held
 
 
 

Manning & Napier
 
 
Noncontrolling Interests
 
Total
 
Manning & Napier Ownership %
As of December 31, 2019
14,750,221

 
62,034,200

 
76,784,421

 
19.2%
Class A Units issued
318,833

 
—

 
318,833

 
0.3%
Class A Units exchanged
—

 
(60,012,419
)
 
(60,012,419
)
 
68.7%
As of June 30, 2020
15,069,054

 
2,021,781

 
17,090,835

 
88.2%

Manning & Napier, as managing member controls all of the business and affairs of Manning & Napier Group prior to and subsequent to the redemption that was completed during the second quarter of 2020. Since the Company continues to have a controlling interest in Manning & Napier Group, the aforementioned changes in ownership of Manning & Napier Group were accounted for as equity transactions under ASC 810, Consolidation. Additional paid-in capital and noncontrolling interests in the consolidated statements of financial position are adjusted to reallocate the Company's historical equity to reflect the change in ownership of Manning & Napier Group.
At June 30, 2020 and December 31, 2019, the Company had recorded a liability of $19.5 million and $17.5 million, respectively, representing the estimated payments due to the selling unit holders under the tax receivable agreement ("TRA") entered into between Manning & Napier and the other holders of Class A Units of Manning & Napier Group. Of these amounts, approximately $4.0 million and $0.3 million were included in accrued expenses and other liabilities at June 30, 2020 and December 31, 2019, respectively. The Company made no payments pursuant to the TRA during either of the six months ended June 30, 2020 and 2019. Refer to Note 12 for further discussion surrounding the amounts payable under the TRA.
Obligations pursuant to the TRA are obligations of Manning & Napier. They do not impact the noncontrolling interests. These obligations are not income tax obligations. Furthermore, the TRA has no impact on the allocation of the provision for income taxes to the Company’s net income.
XML 30 R13.htm IDEA: XBRL DOCUMENT v3.20.2
Investment Securities
 6 Months Ended
Jun. 30, 2020
Investments [Abstract]  
Investment Securities
Investment Securities
The following represents the Company’s investment securities holdings as of June 30, 2020 and December 31, 2019:
 
 
June 30, 2020
 
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
 
(in thousands)
Available-for-sale securities
 
 
 
 
 
 
 
 
U.S. Treasury notes
 
$
8,538

 
$
11

 
$
(12
)
 
$
8,537

Fixed income securities
 
8,360

 
—

 
(145
)
 
8,215

 
 
 
 
 
 
 
 
16,752

Equity investments, at fair value
 
 
 
 
 
 
 
 
Equity securities
 
 
 
 
 
 
 
5,558

Mutual funds
 
 
 
 
 
 
 
1,859

 
 
 
 
 
 
 
 
7,417

Total investment securities
 
 
 
 
 
 
 
$
24,169

 
 
December 31, 2019
 
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
 
(in thousands)
Available-for-sale securities
 
 
 
 
 
 
 
 
U.S. Treasury notes
 
$
33,908

 
$
193

 
$
—

 
$
34,101

Fixed income securities
 
35,148

 
—

 
(91
)
 
35,057

Short-term investments
 
12,119

 
—

 
—

 
12,119

 
 
 
 
 
 
 
 
81,277

Equity investments, at fair value
 
 
 
 
 
 
 
 
Equity securities
 
 
 
 
 
 
 
6,038

Mutual funds
 
 
 
 
 
 
 
3,152

 
 
 
 
 
 
 
 
9,190

Total investment securities
 
 
 
 
 
 
 
$
90,467


Investment securities are classified as either equity investments or available-for-sale and are carried at fair value. Fair value is determined based on quoted market prices in active markets for identical or similar instruments.
Investment securities classified as equity investments, at fair value consist of equity securities and investments in mutual funds for which the Company provides advisory services. At June 30, 2020 and December 31, 2019, equity investments, at fair value consist of investments held by the Company to provide initial cash seeding for product development purposes and investments in mutual funds to hedge economic exposure to market movements on its deferred compensation plan. The Company recognized approximately $0.6 million of net unrealized losses and $1.1 million of net unrealized gains related to investments classified as equity investments, at fair value during the six months ended June 30, 2020 and 2019, respectively.
Investment securities classified as available-for-sale consist of U.S. Treasury notes, corporate bonds and other short-term investments to optimize cash management opportunities and for compliance with certain regulatory requirements. As of June 30, 2020 and December 31, 2019, approximately $0.6 million of these securities was considered restricted. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other-than-temporary. No other-than-temporary impairment charges have been recognized by the Company during the six months ended June 30, 2020 and 2019.
XML 31 R14.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Fair Value Measurements
Fair value is defined as the price that the Company would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A fair value hierarchy is applied that gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).
The following three-tier fair value hierarchy prioritizes the inputs used in measuring fair value:
•Level 1—observable inputs such as quoted prices in active markets for identical securities;
•
Level 2—other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, prepayment rates, credit risk, etc.); and
•
Level 3—significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments).
The following table summarizes the hierarchy of inputs used to derive the fair value of the Company’s assets as of June 30, 2020 and December 31, 2019: 
 
 
June 30, 2020
 
 
Level 1
 
Level 2
 
Level 3
 
Totals
 
 
(in thousands)
Equity securities
 
$
5,558

 
$
—

 
$
—

 
$
5,558

Fixed income securities
 
—

 
8,215

 
—

 
8,215

Mutual funds
 
1,859

 
—

 
—

 
1,859

U.S. Treasury notes
 
—

 
8,537

 
—

 
8,537

Total assets at fair value
 
$
7,417

 
$
16,752

 
$
—

 
$
24,169

 
 
December 31, 2019
 
 
Level 1
 
Level 2
 
Level 3
 
Totals
 
 
(in thousands)
Equity securities
 
$
6,038

 
$
—

 
$
—

 
$
6,038

Fixed income securities
 
—

 
35,057

 
—

 
35,057

Mutual funds
 
3,152

 
—

 
—

 
3,152

U.S. Treasury notes
 
—

 
34,101

 
—

 
34,101

Short-term investments
 
—

 
12,119

 
—

 
12,119

Total assets at fair value
 
$
9,190

 
$
81,277

 
$
—

 
$
90,467



Short-term investments consists of U.S. Treasury bills.
Valuations of investments in fixed income securities, U.S. Treasury notes and U.S. Treasury bills can generally be obtained through independent pricing services. For most bond types, the pricing service utilizes matrix pricing, which considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type and current day trade information, as well as dealer supplied prices. These valuations are categorized as Level 2 in the hierarchy.
The Company’s policy is to recognize transfers in and transfers out of the valuation levels as of the beginning of the reporting period. There were no transfers between valuation levels during the six months ended June 30, 2020.
XML 32 R15.htm IDEA: XBRL DOCUMENT v3.20.2
Accrued Expenses and Other Liabilities
 6 Months Ended
Jun. 30, 2020
Accounts Payable and Accrued Liabilities [Abstract]  
Accrued Expenses and Other Liabilities
Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities as of June 30, 2020 and December 31, 2019 consisted of the following:
 
 
June 30, 2020
 
December 31, 2019
 
 
(in thousands)
Accrued bonus and sales commissions
 
$
11,699

 
$
14,825

Accrued payroll and benefits
 
2,333

 
4,415

Accrued sub-transfer agent fees
 
407

 
420

Dividends payable on Class A common stock
 
—

 
312

Amounts payable under tax receivable agreement
 
3,960

 
275

Short-term operating lease liabilities
 
2,899

 
2,682

Other accruals and liabilities
 
3,769

 
3,272

Total accrued expenses and other liabilities
 
$
25,067

 
$
26,201
XML 33 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Leases
 6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Leases
Leases
Leases
The Company has operating and finance leases for office space and certain equipment. For these leases, the office space or equipment is an explicitly identified asset within the contract. The Company has determined that it has obtained substantially all of the economic benefits from the use of the underlying asset and directs how and for what purpose the asset is used during the term of the contract.
The Company's leases have remaining lease terms ranging between approximately 1 year and 8 years. The Company's lease term on certain of its multi-year office space leases, including its headquarters, include options for the Company to extend those leases for periods ranging from an additional five to 10 years. In addition, the Company has the option to reduce a portion of its square footage at certain times throughout the term of the lease for its headquarters. The Company determined it is not reasonably certain at this time it will exercise the options to extend these leases or will exercise the options to reduce its square footage; therefore, the payment amounts related to these lease term extensions and contraction options have been excluded from determining its ROU asset and lease liability.
Certain of the Company's operating leases for office space include variable lease payments, including non-lease components (such as utilities and operating expenses) that vary based on actual expenses and are adjusted on an annual basis. The Company concluded that these variable lease payments are in substance fixed payments and included the estimated variable payments in its determination of ROU assets and lease liabilities.
Changes in the lease terms, including renewal options and options to reduce its square footage, incremental borrowing rates, and/or variable lease payments, and the corresponding impact to the ROU assets and lease liabilities, are recognized in the period incurred.
Certain of the Company's operating leases have been subleased for which the Company will receive cash totaling approximately $3.6 million over the remaining term of such leases. The lease terms for the three subleased operating leases end in 2021, 2027 and 2028.
The components of lease expense for the three and six months ended June 30, 2020 and 2019 were as follows:
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands)
Finance lease expense
 
 
 
 
 
 
 
 
Amortization of right-of-use assets
 
$
23

 
$
30

 
$
48

 
$
59

Interest on lease liabilities
 
2

 
2

 
4

 
5

Operating lease expense
 
1,428

 
934

 
2,220

 
1,857

Short-term lease expense
 
1

 
4

 
2

 
8

Variable lease expense
 
72

 
65

 
147

 
111

Sublease income
 
(161
)
 
(174
)
 
(327
)
 
(297
)
Total lease expense
 
$
1,365

 
$
861

 
$
2,094

 
$
1,743


Supplemental cash flow information related to leases for the three and six months ended June 30, 2020 and 2019 were as follows:
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
 
 
 
 
 
 
 
 
Operating cash flows from finance leases
 
$
2

 
$
3

 
$
5

 
$
5

Finance cash flows from finance leases
 
$
24

 
$
33

 
$
51

 
61

Operating cash flows from operating leases
 
$
940

 
$
1,159

 
$
1,660

 
1,953

 
 
 
 
 
 
 
 
 
Right-of-use assets obtained in exchange for new lease obligations:
 
 
 
 
 
 
 
 
Finance leases
 
$
—

 
$
15

 
$
—

 
175

Operating leases
 
$
—

 
$
862

 
$
136

 
$
862


Supplemental balance sheet information related to leases as of June 30, 2020 was as follows:
(in thousands, except lease term and discount rate)
 
June 30, 2020
Finance Leases
 
 
Finance lease right-of-use assets (1)
 
$
156

 
 
 
Accrued expenses and other liabilities
 
$
71

Other long-term liabilities
 
94

Total finance lease liabilities
 
$
165

 
 
 
Operating Leases
 
 
Operating lease right-of-use assets
 
$
17,082

 
 
 
Accrued expenses and other liabilities
 
$
2,899

Operating lease liabilities, non-current
 
17,420

Total operating lease liabilities
 
$
20,319

 
 
 
Weighted average remaining lease term
 
 
Finance leases
 
2.62 years

Operating leases
 
6.96 years

Weighted average discount rate
 
 
Finance leases
 
4.92
%
Operating leases
 
5.13
%
_______________________
(1)
Amounts included in other long-term assets within the consolidated statements of financial condition.

Maturities of lease liabilities were as follows:
Twelve month period ending June 30,
 
Finance Leases
 
Operating Leases
 
 
(in thousands)
2021
 
$
80

 
$
3,868

2022
 
55

 
3,599

2023
 
28

 
3,389

2024
 
13

 
3,135

2025
 
—

 
2,986

Thereafter
 
—

 
7,188

Total lease payments
 
176

 
24,165

Less imputed interest
 
(11
)
 
(3,846
)
Total lease liabilities
 
$
165

 
$
20,319
XML 34 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Commitments and Contingencies
The Company may from time to time enter into agreements that contain certain representations and warranties and which provide general indemnifications. The Company may also serve as a guarantor of such obligations. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Company expects any risk of liability associated with such guarantees to be remote.
Regulation
As an investment adviser to a variety of investment products, the Company and its affiliated broker-dealer are subject to routine reviews and inspections by the SEC and the Financial Industry Regulatory Authority, Inc. Additionally, the Company could be subject to non-routine reviews and inspections by the National Futures Association and U.S. Commodity Futures Trading Commission in regards to the Company’s de minimis exposure to commodity interest investments in the mutual funds and collective investment trust vehicles it operates. From time to time the Company may also be subject to claims, or be involved in various legal proceedings, arising in the ordinary course of its business and other contingencies. The Company does not believe that the outcome of any of these reviews, inspections or other legal proceedings will have a material impact on its consolidated financial statements; however, litigation is subject to many uncertainties, and the outcome of individual litigated matters is difficult to predict. The Company will establish accruals for matters that are probable, can be reasonably estimated, and may take into account any related insurance recoveries to the extent of such recoveries. As of June 30, 2020 and December 31, 2019, the Company has not accrued for any such claims, legal proceedings, or other contingencies.
XML 35 R18.htm IDEA: XBRL DOCUMENT v3.20.2
Earnings per Common Share
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Earnings per Common Share
Earnings per Common Share
Basic earnings per share (“basic EPS”) is computed using the two-class method to determine net income available to Class A common stock. The two-class method includes an earnings allocation formula that determines earnings per share for each participating security according to dividends declared and undistributed earnings for the period. The Company's restricted Class A common shares granted under the Equity Plan have non-forfeitable dividend rights during their vesting period and are therefore considered participating securities under the two-class method. Under the two-class method, the Company's net income available to Class A common stock is reduced by the amount allocated to the unvested restricted Class A common stock. Basic EPS is calculated by dividing net income available to Class A common stock by the weighted average number of common shares outstanding during the period.
Diluted earnings per share (“diluted EPS”) is computed under the more dilutive of either the treasury method or the two-class method. For the diluted calculation, the weighted average number of common shares outstanding during the period is increased by the assumed conversion into Class A common stock of unvested restricted stock units, unvested restricted stock awards, and outstanding stock options (collectively, "outstanding equity awards"), as well as the exchangeable Class A units of Manning & Napier Group, to the extent that such conversion would dilute earnings per share.
The following is a reconciliation of the income and share data used in the basic and diluted EPS computations for the three and six months ended June 30, 2020 and 2019 under the two-class method:
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands, except share data)
Net income attributable to controlling and noncontrolling interests
 
$
4,283

 
$
3,219

 
$
5,118

 
$
6,136

Less: net income (loss) attributable to noncontrolling interests
 
2,737

 
2,805

 
2,714

 
5,161

Net income attributable to Manning & Napier, Inc.
 
$
1,546

 
$
414

 
$
2,404

 
$
975

Less: allocation to participating securities
 
13

 
(33
)
 
27

 
(43
)
Net income available to Class A common stock
 
$
1,533

 
$
447

 
$
2,377

 
$
1,018

 
 
 
 
 
 
 
 
 
Weighted average shares of Class A common stock outstanding - basic
 
16,132,667

 
15,267,762

 
15,972,809

 
15,098,454

Dilutive effect of outstanding equity awards
 
1,762,681

 
346,177

 
660,725

 
305,895

Dilutive effect of exchangeable Class A Units
 
28,400,866

 
—

 
45,217,533

 
62,913,637

Weighted average shares of Class A common stock outstanding - diluted
 
46,296,214

 
15,613,939

 
61,851,067

 
78,317,986

Net income available to Class A common stock per share - basic
 
$
0.09

 
$
0.03

 
$
0.15

 
$
0.07

Net income available to Class A common stock per share - diluted
 
$
0.06

 
$
0.03

 
$
0.06

 
$
0.06


For the three and six months ended June 30, 2020 and 2019, 3,000,000 unvested performance-based stock options were excluded from the calculation of diluted EPS because the associated market condition had not yet been achieved.
For the three and six months ended June 30, 2020, 179,133 and 408,481, respectively, unvested equity awards were excluded from the calculation of diluted EPS because the effect would have been anti-dilutive. For the three and six months ended June 30, 2019, 961,060 and 1,211,060, respectively, unvested equity awards were excluded from the calculation of diluted EPS because the effect would have been anti-dilutive.
XML 36 R19.htm IDEA: XBRL DOCUMENT v3.20.2
Equity Based Compensation
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Equity Based Compensation
Equity-Based Compensation
The Equity Plan was adopted by the Company's board of directors and approved by shareholders prior to the consummation of the Company's 2011 initial public offering. Under the Equity Plan, a total of 13,142,813 equity interests are authorized for issuance, and may be issued in the form of Class A common stock, restricted stock units, stock options, units of Manning & Napier Group, or certain classes of membership interests in the Company which may convert into units of Manning & Napier Group. At June 30, 2020, a total of 3,098,104 equity interests were available for issuance pursuant to the Equity Plan.
The following table summarizes activity related to awards of restricted stock and restricted stock units (collectively, "stock awards") under the Equity Plan for the six months ended June 30, 2020:
 
 
Stock Awards
 
Weighted Average Grant Date Fair Value
Outstanding at January 1, 2020
 
1,037,901

 
$
4.30

Granted
 
2,997,940

 
$
1.58

Vested
 
(444,165
)
 
$
4.55

Forfeited
 
(2,667
)
 
$
1.67

Outstanding at June 30, 2020
 
3,589,009

 
$
2.00


The weighted average fair value of stock awards granted during the six months ended June 30, 2020 was $1.58, based on the closing sale price of the Company's Class A common stock as reported on the New York Stock Exchange on the date of grant, and, if not entitled to dividends or dividend equivalents during the vesting period, reduced by the present value of such amounts expected to be paid on the underlying shares during the requisite service period.
For the three and six months ended June 30, 2020, the Company recorded approximately $0.7 million and $1.8 million, respectively, of compensation expense related to stock awards under the Equity Plan. For the three and six months ended June 30, 2019, the Company recorded approximately $0.5 million and $1.9 million, respectively, of compensation expense related to stock awards under the Equity Plan. The aggregate intrinsic value of stock awards that vested during the six months ended June 30, 2020 and 2019 was approximately $0.9 million and $1.3 million, respectively. As of June 30, 2020, there was unrecognized compensation expense of approximately $5.6 million related to stock awards, which the Company expects to recognize over a weighted average period of approximately 3.4 years.
In connection with the vesting of restricted stock units during the six months ended June 30, 2020, the Company withheld a total of 2,832 shares of Class A common stock to satisfy less than $0.1 million of employee income tax withholding requirements. These net share settlements had the effect of shares repurchased and retired by the Company, as they reduced the total number of Class A common shares outstanding.
A summary of activity under the Equity Plan related to stock option awards during the six months ended June 30, 2020 is presented below:
 
 
Stock Option Awards
 
Weighted Average Exercise Price
 
Weighted Average Contractual Term
(years)
 
Aggregate
Intrinsic
 Value
 (in thousands)
Outstanding at January 1, 2020
 
3,500,000

 
$
2.01

 
 
 
 
Granted
 
—

 
$
—

 
 
 
 
Exercised
 
—

 
$
—

 
 
 
 
Forfeited
 
—

 
$
—

 
 
 
 
Outstanding at June 30, 2020
 
3,500,000

 
$
2.01

 
4.1
 
$
2,975

Exercisable at June 30, 2020
 
166,666

 
$
2.01

 
3.5
 
$
142


For the three and six month periods ended June 30, 2020, the Company recorded approximately $0.1 million and $0.3 million, respectively, of compensation expense related to stock options under the Equity Plan. For both of the three and six month periods ended June 30, 2019, the Company recorded approximately $0.2 million of compensation expense related to stock options under the Equity Plan. As of June 30, 2020, there was unrecognized compensation expense of approximately $0.6 million related to stock options, which the Company expects to recognize over a weighted average period of approximately 1.0 year.
XML 37 R20.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes
 6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
The Company is comprised of entities that have elected to be treated as either a limited liability company ("LLC") or a “C-Corporation". As such, the entities functioning as LLCs are not liable for or able to benefit from U.S. federal and most state income taxes on their earnings, and earnings (losses) will be included in the personal income tax returns of each entity’s unit holders. The entities functioning as C-Corporations are liable for or able to benefit from U.S. federal and state and local income taxes on their earnings and losses, respectively.
On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") which includes, among other things, the ability to carryback net operating losses from 2018, 2019 and 2020 to prior years. As of December 31, 2019, the Company had approximately $12.1 million net operating losses available to offset future taxable income for federal income tax purposes and approximately $6.1 million for state income tax purposes. The Company expects to carryback net operating losses generated in 2018, 2019 and, if applicable, 2020 to prior years and claim refunds when the federal corporate tax rate was 34% compared to the current statutory rates of 21%. During the first quarter of 2020, the Company recognized an income tax benefit of approximately $3.3 million, related to the favorable rate applied to its net operating losses. During the second quarter of 2020, the Company reduced its benefit by approximately $1.2 million primarily due to a decrease in the Company's estimated 2020 net operating loss. As a result, the Company increased its deferred tax asset during the six months ended June 30, 2020 related to the TRA by approximately $2.3 million, resulting in a $1.9 million increase of the liability, representing 85% of the applicable cash savings.
During the three months ended June 30, 2020, the Company completed the redemption and subsequent retirement of 60,012,419 Class A units, resulting in the Company's ownership of Manning & Napier Group increasing from 19.5% to 88.2% (Refer to Note 4). The Company recognized a deferred tax asset of approximately $1.1 million, resulting from an increased share of Manning & Napier Group's deferred tax assets. Additionally, as a result of Manning & Napier Group's redemption of its Class A units during the three months ended June 30, 2020 and Manning & Napier Group's election under Section 754 of the Internal Revenue Code, the Company expects to benefit from depreciation and amortization deductions resulting from increases in the tax basis of tangible and intangible assets of Manning & Napier Group. Those deductions allocated to the Company will be taken into account in reporting the Company's taxable income resulting in the recognition of a deferred tax asset of approximately $2.5 million. The aggregate $3.6 million of deferred tax assets recognized during the three months ended June 30, 2020 resulting from the redemption were recorded within the Company's consolidated statements of shareholder's equity.
The Company’s income tax provision (benefit) and effective tax rate were as follows: 
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands)
Income before provision for (benefit from) income taxes
 
$
5,743

 
$
3,550

 
$
3,352

 
$
6,709

Effective tax rate
 
25.4
%
 
9.3
%
 
(52.7
)%
 
8.5
%
Provision for (benefit from) income taxes
 
1,460

 
331

 
(1,766
)
 
573

Provision for (benefit from) income taxes at statutory rate
 
1,206

 
746

 
704

 
1,409

Difference between tax at effective vs. statutory rate
 
$
254

 
$
(415
)
 
$
(2,470
)
 
$
(836
)

For both the three and six months ended June 30, 2020 and 2019, the difference between the Company’s recorded provision (benefit) and the provision that would result from applying the U.S. statutory rate of 21% includes the benefit resulting from the fact that a significant portion of the Company’s operations include a series of flow-through entities which are generally not subject to federal and most state income taxes. Accordingly, a portion of the Company’s earnings are not subject to corporate level taxes. For the six months ended June 30, 2020, the income tax benefit also includes the impact from the enactment of the CARES Act, which resulted in the recognition of an income tax benefit based on the ability to carry back net operating losses to prior years.
A state is currently auditing the Company's 2016, 2017 and 2018 corporate tax returns. The audit is expected to be completed in 2020. As of June 30, 2020, the audit is in process and the state is collecting and evaluating the data for which the Company has not recorded a liability for uncertain tax positions under ASC 740. The Company believes any potential increases to this liability, which could be up to approximately $1.3 million, would not result in a material change to its financial position.
XML 38 R21.htm IDEA: XBRL DOCUMENT v3.20.2
Related Party Transactions
 6 Months Ended
Jun. 30, 2020
Related Party Transactions [Abstract]  
Related Party Transactions
Related Party Transactions
Transactions with noncontrolling members
From time to time, the Company may be asked to provide certain services, including accounting, legal and other administrative functions for the noncontrolling members of Manning & Napier Group. While immaterial, the Company has not received any reimbursement for such services.
The Company manages the personal funds of certain of the Company's executive officers and directors and/or their affiliated entities. Pursuant to the respective investment management agreements, in some instances the Company may waive or reduce its regular advisory fees for these accounts. The aggregate value of the fees earned and the value of fees waived was less than $0.1 million for each of the six months ended June 30, 2020 and 2019.
Manning & Napier Group completed the redemption of 60,012,419 Class A units held by the noncontrolling members of Manning & Napier Group, including 59,957,419 units held by William Manning, who was previously the Chairman of the Company's Board of Directors on May 11, 2020. The independent directors, on behalf of the Company, decided to settle the exchange utilizing approximately $90.8 million in cash, including approximately $90.7 million paid to Mr. Manning with payment made from its cash, cash equivalents and proceeds from the sale of investment securities. See Note 4 for additional details.
Affiliated fund transactions
The Company earns investment advisory fees, distribution fees and administrative service fees under agreements with affiliated mutual funds and collective investment trusts. Fees earned for advisory and distribution services provided were approximately $8.5 million and $17.4 million for the three and six months ended June 30, 2020, and approximately $10.2 million and $21.3 million for the three and six months ended June 30, 2019. Fees earned for administrative services provided were approximately $0.4 million and $0.8 million for the three and six months ended June 30, 2020, and approximately $0.5 million and $1.1 million for the three and six months ended June 30, 2019. See Note 3 for disclosure of amounts due from affiliated mutual funds and collective investment trusts.
The Company incurs certain expenses on behalf of the collective investment trusts and has contractually agreed to limit its fees and reimburse expenses to limit operating expenses incurred by certain affiliated fund series. The aggregate value of fees waived and expenses reimbursed to, or incurred for, affiliated mutual funds and collective investment trusts were approximately $1.3 million and $2.5 million for the three and six months ended June 30, 2020 and 2019. As of June 30, 2020 the Company had recorded a receivable of approximately $0.2 million for expenses paid on behalf of an affiliated mutual fund. These expenses are reimbursable to the Company under an agreement with the affiliated mutual fund, and are included within other long-term assets on the consolidated statements of financial condition.
XML 39 R22.htm IDEA: XBRL DOCUMENT v3.20.2
Subsequent Events
 6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
Distribution
Subsequent to June 30, 2020, the Board of Directors approved a $1.5 million distribution from Manning & Napier Group to Manning & Napier and the noncontrolling interests of Manning & Napier Group, of which approximately $0.2 million was paid to the noncontrolling members of Manning & Napier Group.
XML 40 R23.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and related rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting and include all adjustments, consisting only of normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim period.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates or assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from these estimates or assumptions.
Summary of Presentation Changes
As of January 1, 2020, the Company revised its presentation of investment management revenue within its consolidated statements of operations. Investment management revenue, previously presented by investment vehicle, has been disaggregated to present investment management revenue by sales channel. Concurrently, the Company revised the presentation of assets under management ("AUM") activity previously reported by investment vehicle to present this activity by sales channel.
Amounts for the comparative prior periods have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported net income and do not represent a restatement of any previously published financial results.
Principles of Consolidation
Principles of Consolidation
The Company consolidates all majority-owned subsidiaries. In addition, as of June 30, 2020, Manning & Napier holds an economic interest of approximately 88.2% in Manning & Napier Group and, as managing member, controls all of the business and affairs of Manning & Napier Group. As a result, the Company consolidates the financial results of Manning & Napier Group and records a noncontrolling interest on its consolidated statements of financial condition with respect to the remaining economic interest in Manning & Napier Group held by Manning & Napier Group Holdings and MNCC.
All material intercompany transactions have been eliminated in consolidation.
In accordance with Accounting Standards Update ("ASU") 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis, the determination of whether a company is required to consolidate an entity is based on, among other things, an entity’s purpose and design, a company’s ability to direct the activities of the entity that most significantly impact the entity’s economic performance, and whether a company is obligated to absorb losses or receive benefits that could potentially be significant to the entity. The standard also requires ongoing assessments of whether a company is the primary beneficiary of a variable interest entity (“VIE”). When utilizing the voting interest entity ("VOE") model, controlling financial interest is generally defined as majority ownership of voting interests.
The Company provides seed capital to its investment teams to develop new strategies and services for its clients. The original seed investment may be held in a separately managed account, comprised solely of the Company's investments or within a mutual fund, where the Company's investments may represent all or only a portion of the total equity investment in the mutual fund. Pursuant to U.S. GAAP, the Company evaluates its investments in mutual funds on a regular basis and consolidates such mutual funds for which it holds a controlling financial interest. When no longer deemed to hold a controlling financial interest, the Company would deconsolidate the fund and classify the remaining investment as either an equity method investment, equity investments, at fair value, or as trading securities, as applicable. As of June 30, 2020 and December 31, 2019, the Company did not have investments classified as an equity method investment.
The Company serves as the investment adviser for Manning & Napier Fund, Inc. series of mutual funds (the “Fund”), Exeter Trust Company Collective Investment Trusts (“CIT”) and Rainier Multiple Investment Trust. The Fund, CIT and Rainier Multiple Investment Trust are legal entities, the business and affairs of which are managed by their respective boards of directors. As a result, each of these entities is a VOE. The Company holds, in limited cases, direct investments in a mutual fund (which are made on the same terms as are available to other investors) and consolidates each of these entities where it has a controlling financial interest or a majority voting interest. The Company's investments in the Fund amounted to approximately $1.9 million as of June 30, 2020 and $3.2 million as of December 31, 2019. As of June 30, 2020 and December 31, 2019, the Company did not have a controlling financial interest in any mutual fund.
Revenue
Revenue
Investment Management: Investment management fees are computed as a percentage of AUM. The Company's performance obligation is a series of services that form part of a single performance obligation satisfied over time.
Separately managed accounts are paid in advance, typically for a semi-annual or quarterly period, or in arrears, typically for a monthly or quarterly period. When investment management fees are paid in advance, the Company defers the revenue as a contract liability and recognizes it over the applicable period. When investment management fees are paid in arrears, the Company estimates revenue and records a contract asset (accrued accounts receivable) based on AUM as of the most recent month end date.
Mutual funds and collective investment trust investment management revenue is calculated and earned daily based on AUM. Revenue is presented net of cash rebates and fees waived pursuant to contractual expense limitations of the funds. The Company also has agreements with third parties who provide recordkeeping and administrative services for employee benefit plans participating in the collective investment trusts. The Company is acting as an agent on behalf of the employee benefit plan sponsors, therefore, investment management revenue is recorded net of fees paid to third party service providers.
Distribution and shareholder servicing: The Company receives distribution and servicing fees for providing services to its affiliated mutual funds. Revenue is computed and earned daily based on a percentage of AUM. The performance obligation is a series of services that form part of a single performance obligation satisfied over time. The Company has agreements with third parties who provide distribution and administrative services for its mutual funds. The agreements are evaluated to determine whether revenue should be reported gross or net of payments to third-party service providers. The Company controls the services provided and acts as a principal in the relationship. Therefore, distribution and shareholder servicing revenue is recorded gross of fees paid to third parties.
Custodial services: Custodial service fees are calculated as a percentage of the client’s market value with additional fees charged for certain transactions. For the safeguarding and administrative services that are subject to a percentage of market value fee, the Company's performance obligation is a series of services that form part of a single performance obligation satisfied over time. Revenue for transactions assigned a stand-alone selling price is recognized in the period in which the transaction is executed. Custodial service fees are billed monthly in arrears. The Company has agreements with third parties who provide safeguarding, recordkeeping and administrative services for their clients. The Company controls the services provided and acts as a principal in the relationship. Therefore, custodial service revenue is recorded gross of fees paid to third parties.
Cash and Cash Equivalents
Cash and Cash Equivalents
The Company generally considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are primarily held in operating accounts at major financial institutions and also in money market securities. Cash equivalents are stated at cost, which approximates market value due to the short-term maturity of these investments. The fair value of cash equivalents has been classified as Level 1 in accordance with the fair value hierarchy.
Investment Securities
Investment Securities
Investment securities are classified as either trading, equity method investments or available-for-sale and are carried at fair value. Fair value is determined based on quoted market prices in active markets for identical or similar instruments.
Investment securities classified as equity investments, at fair value consist of equity securities and investments in mutual funds for which the Company provides advisory services. Realized and unrealized gains and losses on equity investments, at fair value or trading securities, as applicable, are recorded in net gains (losses) on investments in the consolidated statements of operations. At June 30, 2020, equity investments, at fair value consist of investments held by the Company to provide initial cash seeding for product development purposes and investments to hedge economic exposure to market movements on its deferred compensation plan.
Investment securities classified as available-for-sale consist of U.S. Treasury notes, corporate bonds and other short-term investments. Unrealized gains and losses on available-for-sale securities are excluded from earnings and are reported, net of deferred income tax, as a separate component of accumulated other comprehensive income in shareholders’ equity until realized. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other-than-temporary. If impairment is determined to be other-than-temporary, the carrying value of the security will be written down to fair value and the loss will be recognized in earnings. Realized gains and losses on sales of available-for-sale securities are computed on a specific identification basis and are recorded in net gains (losses) on investments in the consolidated statements of operations.
Property and Equipment
Property and Equipment
Property and equipment is presented net of accumulated depreciation of approximately $12.0 million and $11.4 million as of June 30, 2020 and December 31, 2019, respectively.
Goodwill and Intangible Assets
Goodwill and Intangible Assets
Goodwill represents the excess cost over the fair value of the identifiable net assets of acquired companies. Identifiable intangible assets generally represent the cost of client relationships and investment management agreements acquired as well as trademarks. Goodwill and indefinite-lived assets are tested for impairment annually or more frequently if events or circumstances indicate that the carrying value may not be recoverable. Intangible assets subject to amortization are tested for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. Goodwill and intangible assets require significant management estimate and judgment, including the valuation and expected life determination in connection with the initial purchase price allocation and the ongoing evaluation for impairment.
Leases
Leases
The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, accrued expenses and other liabilities and operating lease liabilities, non-current on its consolidated statements of financial condition. Finance leases are included in other long-term assets, accrued expenses and other liabilities, and other long-term liabilities on its consolidated statements of financial condition.
ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate, for each identified lease, is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term. The operating lease ROU asset is reduced for any lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
The Company has lease agreements with lease and non-lease components, which are combined for all classes of underlying assets.
Impairment of Long-Lived Assets
The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. During the three months ended June 30, 2020, a downturn in the commercial real estate market indicated that an asset group, including previously vacated office space, may not be recoverable. The Company assessed recoverability of the asset group by comparing the undiscounted future net cash flows expected to result from the asset group to its carrying value. The carrying value exceeded the undiscounted future net cash flows of the asset, and an impairment loss of approximately $0.6 million was recognized during the three months ended June 30, 2020 as the difference between the net book value and the fair value of the asset group.
Operating Segments
Operating Segments
The Company operates in one segment, the investment management industry.
Recently Adopted Accounting Pronouncements
Recent Accounting Pronouncements
In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements that currently exist in U.S. GAAP for capitalizing implementation costs incurred to develop or obtain internal-use software. Under the new standard, implementation costs are deferred and presented in the same financial statement caption on the consolidated statements of financial condition as a prepayment of related arrangement fees. The deferred costs are recognized over the term of the arrangement in the same financial statement caption in the consolidated statements of operations as the related fees of the arrangement. The Company adopted the provisions of this guidance using the prospective adoption approach, which does not require the restatement of prior years. The adoption of this ASU did not have a material impact on the Company's statement of operations as requirements under the standard are generally consistent with its previous accounting for cloud computing arrangements, with the primary difference being the classification of certain information in its statements of financial condition and related disclosures.
As of June 30, 2020, the Company had a total of approximately $3.5 million of capitalized implementation costs for hosting arrangements within prepaid expenses and other assets on its statements of financial condition, with no amounts in accumulated amortization and no amortization expense recognized during the six months ended June 30, 2020. At December 31, 2019, approximately $0.4 million of these costs were capitalized within property and equipment, net. The hosting arrangements that are service contracts include internal and external costs related to various technology additions in support of the Company's business. Amortization costs are recorded on a straight-line basis over the term of the hosting arrangement agreement.
In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. The ASU requires goodwill impairments to be measured on the basis of the fair value of the reporting unit relative to the reporting unit's carrying amount rather than on the basis of the implied amount of goodwill relative to the goodwill balance of the reporting unit. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.
XML 41 R24.htm IDEA: XBRL DOCUMENT v3.20.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table represents the Company’s wealth management and institutional and intermediary investment management revenue by investment portfolio during the three and six months ended June 30, 2020 and 2019:
 
 
Three months ended June 30, 2020
 
Three months ended June 30, 2019
 
 
Wealth Management
 
Institutional and Intermediary
 
Total
 
Wealth Management
 
Institutional and Intermediary
 
Total
 
 
(in thousands)
Blended Asset
 
$
12,148

 
$
7,486

 
$
19,634

 
$
13,186

 
$
7,607

 
$
20,793

Equity
 
1,470

 
4,345

 
5,815

 
2,819

 
4,894

 
7,713

Fixed Income
 
122

 
311

 
433

 
204

 
431

 
635

Total
 
$
13,740

 
$
12,142

 
$
25,882

 
$
16,209

 
$
12,932

 
$
29,141


 
 
Six months ended June 30, 2020
 
Six months ended June 30, 2019
 
 
Wealth Management
 
Institutional and Intermediary
 
Total
 
Wealth Management
 
Institutional and Intermediary
 
Total
 
 
(in thousands)
Blended Asset
 
$
24,090


$
15,672


$
39,762

 
$
26,684

 
$
15,435

 
$
42,119

Equity
 
3,635


7,964


11,599

 
5,580

 
9,851

 
15,431

Fixed Income
 
315


637


952

 
414

 
880

 
1,294

Total
 
$
28,040


$
24,273


$
52,313

 
$
32,678

 
$
26,166

 
$
58,844
Schedule of Accounts Receivable
Accounts receivable as of June 30, 2020 and December 31, 2019 consisted of the following:
 
 
June 30, 2020
 
December 31, 2019
 
 
(in thousands)
Accounts receivable - third parties
 
$
6,163

 
$
5,778

Accounts receivable - affiliated mutual funds and collective investment trusts
 
5,210

 
4,404

Total accounts receivable
 
$
11,373

 
$
10,182

The following provides amounts due from affiliated mutual funds and collective investment trusts reported within accounts receivable in the consolidated statements of financial condition as of June 30, 2020 and December 31, 2019:
 
 
June 30, 2020
 
December 31, 2019
 
 
(in thousands)
Affiliated mutual funds
 
$
4,020

 
$
3,164

Affiliated collective investment trusts
 
1,190

 
1,240

Accounts receivable - affiliated mutual funds and collective investment trusts
 
$
5,210

 
$
4,404
XML 42 R25.htm IDEA: XBRL DOCUMENT v3.20.2
Noncontrolling Interests (Tables)
 6 Months Ended
Jun. 30, 2020
Noncontrolling Interest [Abstract]  
Reconciliation from Income Before Provision for Income Taxes to Net Income Attributable to Manning & Napier, Inc.
The following table provides a reconciliation from “Income (loss) before provision for (benefit from) income taxes” to “Net income attributable to Manning & Napier, Inc.”:
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands)
Income (loss) before provision for (benefit from) income taxes
 
$
5,743

 
$
3,550

 
$
3,352

 
$
6,709

Less: income (loss) before provision for (benefit from) income taxes of Manning & Napier, Inc. (1)
 
901

 
(10
)
 
(1,965
)
 
181

Income before provision for (benefit from) income taxes, as adjusted
 
4,842

 
3,560

 
5,317

 
6,528

Controlling interest percentage (2)
 
44.5
%
 
18.8
%
 
42.3
%
 
18.7
%
Net income attributable to controlling interest
 
2,154

 
669

 
2,247

 
1,221

Plus: income (loss) before provision for (benefit from) income taxes of Manning & Napier, Inc. (1)
 
901

 
(10
)
 
(1,965
)
 
181

Income (loss) before provision for (benefit from) income taxes attributable to Manning & Napier, Inc.
 
3,055

 
659

 
282

 
1,402

Less: provision for (benefit from) income taxes of Manning & Napier, Inc.(3)
 
1,509

 
245

 
(2,122
)
 
427

Net income attributable to Manning & Napier, Inc.
 
$
1,546

 
$
414

 
$
2,404

 
$
975

________________________
(1)
Manning & Napier, Inc. incurs certain income or expenses that are only attributable to it and are therefore excluded from the net income attributable to noncontrolling interests.
(2)
Income before provision for (benefit from) income taxes is allocated to the controlling interest based on the percentage of units of Manning & Napier Group held by Manning & Napier, Inc. The amount represents the Company's weighted ownership of Manning & Napier Group's income for the respective periods and anticipates a closing of the books pursuant to Internal Revenue Code Section 1377.
(3)
The consolidated provision for (benefit from) income taxes is equal to the sum of (i) the provision for (benefit from) income taxes for entities other than Manning & Napier, Inc. and (ii) the provision for (benefit from) income taxes of Manning & Napier, Inc. which includes all U.S. federal and state income taxes. The consolidated provision for (benefit from) income taxes was a provision of $1.5 million and $0.3 million for the three months ended June 30, 2020 and 2019, respectively, and a benefit of $1.8 million and provision of $0.6 million for the six months ended June 30, 2020 and 2019, respectively
Impact to the Company's ownership interest in Manning & Napier Group
The following is the impact to the Company's equity ownership interest in Manning & Napier Group for the six months ended June 30, 2020:
 
Manning & Napier Group Class A Units Held
 
 
 

Manning & Napier
 
 
Noncontrolling Interests
 
Total
 
Manning & Napier Ownership %
As of December 31, 2019
14,750,221

 
62,034,200

 
76,784,421

 
19.2%
Class A Units issued
318,833

 
—

 
318,833

 
0.3%
Class A Units exchanged
—

 
(60,012,419
)
 
(60,012,419
)
 
68.7%
As of June 30, 2020
15,069,054

 
2,021,781

 
17,090,835

 
88.2%
XML 43 R26.htm IDEA: XBRL DOCUMENT v3.20.2
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2020
Investments [Abstract]  
Company's Investment Securities Holdings
The following represents the Company’s investment securities holdings as of June 30, 2020 and December 31, 2019:
 
 
June 30, 2020
 
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
 
(in thousands)
Available-for-sale securities
 
 
 
 
 
 
 
 
U.S. Treasury notes
 
$
8,538

 
$
11

 
$
(12
)
 
$
8,537

Fixed income securities
 
8,360

 
—

 
(145
)
 
8,215

 
 
 
 
 
 
 
 
16,752

Equity investments, at fair value
 
 
 
 
 
 
 
 
Equity securities
 
 
 
 
 
 
 
5,558

Mutual funds
 
 
 
 
 
 
 
1,859

 
 
 
 
 
 
 
 
7,417

Total investment securities
 
 
 
 
 
 
 
$
24,169

 
 
December 31, 2019
 
 
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
 
(in thousands)
Available-for-sale securities
 
 
 
 
 
 
 
 
U.S. Treasury notes
 
$
33,908

 
$
193

 
$
—

 
$
34,101

Fixed income securities
 
35,148

 
—

 
(91
)
 
35,057

Short-term investments
 
12,119

 
—

 
—

 
12,119

 
 
 
 
 
 
 
 
81,277

Equity investments, at fair value
 
 
 
 
 
 
 
 
Equity securities
 
 
 
 
 
 
 
6,038

Mutual funds
 
 
 
 
 
 
 
3,152

 
 
 
 
 
 
 
 
9,190

Total investment securities
 
 
 
 
 
 
 
$
90,467
XML 44 R27.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Hierarchy of Inputs Used to Derive the Fair Value of Company's Financial Instruments
The following table summarizes the hierarchy of inputs used to derive the fair value of the Company’s assets as of June 30, 2020 and December 31, 2019: 
 
 
June 30, 2020
 
 
Level 1
 
Level 2
 
Level 3
 
Totals
 
 
(in thousands)
Equity securities
 
$
5,558

 
$
—

 
$
—

 
$
5,558

Fixed income securities
 
—

 
8,215

 
—

 
8,215

Mutual funds
 
1,859

 
—

 
—

 
1,859

U.S. Treasury notes
 
—

 
8,537

 
—

 
8,537

Total assets at fair value
 
$
7,417

 
$
16,752

 
$
—

 
$
24,169

 
 
December 31, 2019
 
 
Level 1
 
Level 2
 
Level 3
 
Totals
 
 
(in thousands)
Equity securities
 
$
6,038

 
$
—

 
$
—

 
$
6,038

Fixed income securities
 
—

 
35,057

 
—

 
35,057

Mutual funds
 
3,152

 
—

 
—

 
3,152

U.S. Treasury notes
 
—

 
34,101

 
—

 
34,101

Short-term investments
 
—

 
12,119

 
—

 
12,119

Total assets at fair value
 
$
9,190

 
$
81,277

 
$
—

 
$
90,467
XML 45 R28.htm IDEA: XBRL DOCUMENT v3.20.2
Accrued Expenses and Other Liabilities (Tables)
 6 Months Ended
Jun. 30, 2020
Accounts Payable and Accrued Liabilities [Abstract]  
Accrued expenses, liabilities and severance costs
Accrued expenses and other liabilities as of June 30, 2020 and December 31, 2019 consisted of the following:
 
 
June 30, 2020
 
December 31, 2019
 
 
(in thousands)
Accrued bonus and sales commissions
 
$
11,699

 
$
14,825

Accrued payroll and benefits
 
2,333

 
4,415

Accrued sub-transfer agent fees
 
407

 
420

Dividends payable on Class A common stock
 
—

 
312

Amounts payable under tax receivable agreement
 
3,960

 
275

Short-term operating lease liabilities
 
2,899

 
2,682

Other accruals and liabilities
 
3,769

 
3,272

Total accrued expenses and other liabilities
 
$
25,067

 
$
26,201
XML 46 R29.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Components of Lease Expense, and Supplemental Cash Flow Information Related to Leases
The components of lease expense for the three and six months ended June 30, 2020 and 2019 were as follows:
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands)
Finance lease expense
 
 
 
 
 
 
 
 
Amortization of right-of-use assets
 
$
23

 
$
30

 
$
48

 
$
59

Interest on lease liabilities
 
2

 
2

 
4

 
5

Operating lease expense
 
1,428

 
934

 
2,220

 
1,857

Short-term lease expense
 
1

 
4

 
2

 
8

Variable lease expense
 
72

 
65

 
147

 
111

Sublease income
 
(161
)
 
(174
)
 
(327
)
 
(297
)
Total lease expense
 
$
1,365

 
$
861

 
$
2,094

 
$
1,743


Supplemental cash flow information related to leases for the three and six months ended June 30, 2020 and 2019 were as follows:
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
 
 
 
 
 
 
 
 
Operating cash flows from finance leases
 
$
2

 
$
3

 
$
5

 
$
5

Finance cash flows from finance leases
 
$
24

 
$
33

 
$
51

 
61

Operating cash flows from operating leases
 
$
940

 
$
1,159

 
$
1,660

 
1,953

 
 
 
 
 
 
 
 
 
Right-of-use assets obtained in exchange for new lease obligations:
 
 
 
 
 
 
 
 
Finance leases
 
$
—

 
$
15

 
$
—

 
175

Operating leases
 
$
—

 
$
862

 
$
136

 
$
862
Supplemental Balance Sheet Information Related to Leases
Supplemental balance sheet information related to leases as of June 30, 2020 was as follows:
(in thousands, except lease term and discount rate)
 
June 30, 2020
Finance Leases
 
 
Finance lease right-of-use assets (1)
 
$
156

 
 
 
Accrued expenses and other liabilities
 
$
71

Other long-term liabilities
 
94

Total finance lease liabilities
 
$
165

 
 
 
Operating Leases
 
 
Operating lease right-of-use assets
 
$
17,082

 
 
 
Accrued expenses and other liabilities
 
$
2,899

Operating lease liabilities, non-current
 
17,420

Total operating lease liabilities
 
$
20,319

 
 
 
Weighted average remaining lease term
 
 
Finance leases
 
2.62 years

Operating leases
 
6.96 years

Weighted average discount rate
 
 
Finance leases
 
4.92
%
Operating leases
 
5.13
%
_______________________
(1)
Amounts included in other long-term assets within the consolidated statements of financial condition.
Lessee, Operating Lease, Liability, Maturity
Maturities of lease liabilities were as follows:
Twelve month period ending June 30,
 
Finance Leases
 
Operating Leases
 
 
(in thousands)
2021
 
$
80

 
$
3,868

2022
 
55

 
3,599

2023
 
28

 
3,389

2024
 
13

 
3,135

2025
 
—

 
2,986

Thereafter
 
—

 
7,188

Total lease payments
 
176

 
24,165

Less imputed interest
 
(11
)
 
(3,846
)
Total lease liabilities
 
$
165

 
$
20,319
Finance Lease, Liability, Maturity
Maturities of lease liabilities were as follows:
Twelve month period ending June 30,
 
Finance Leases
 
Operating Leases
 
 
(in thousands)
2021
 
$
80

 
$
3,868

2022
 
55

 
3,599

2023
 
28

 
3,389

2024
 
13

 
3,135

2025
 
—

 
2,986

Thereafter
 
—

 
7,188

Total lease payments
 
176

 
24,165

Less imputed interest
 
(11
)
 
(3,846
)
Total lease liabilities
 
$
165

 
$
20,319
XML 47 R30.htm IDEA: XBRL DOCUMENT v3.20.2
Earnings per Common Share (Tables)
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Calculation of basic and diluted earnings per share
The following is a reconciliation of the income and share data used in the basic and diluted EPS computations for the three and six months ended June 30, 2020 and 2019 under the two-class method:
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands, except share data)
Net income attributable to controlling and noncontrolling interests
 
$
4,283

 
$
3,219

 
$
5,118

 
$
6,136

Less: net income (loss) attributable to noncontrolling interests
 
2,737

 
2,805

 
2,714

 
5,161

Net income attributable to Manning & Napier, Inc.
 
$
1,546

 
$
414

 
$
2,404

 
$
975

Less: allocation to participating securities
 
13

 
(33
)
 
27

 
(43
)
Net income available to Class A common stock
 
$
1,533

 
$
447

 
$
2,377

 
$
1,018

 
 
 
 
 
 
 
 
 
Weighted average shares of Class A common stock outstanding - basic
 
16,132,667

 
15,267,762

 
15,972,809

 
15,098,454

Dilutive effect of outstanding equity awards
 
1,762,681

 
346,177

 
660,725

 
305,895

Dilutive effect of exchangeable Class A Units
 
28,400,866

 
—

 
45,217,533

 
62,913,637

Weighted average shares of Class A common stock outstanding - diluted
 
46,296,214

 
15,613,939

 
61,851,067

 
78,317,986

Net income available to Class A common stock per share - basic
 
$
0.09

 
$
0.03

 
$
0.15

 
$
0.07

Net income available to Class A common stock per share - diluted
 
$
0.06

 
$
0.03

 
$
0.06

 
$
0.06
XML 48 R31.htm IDEA: XBRL DOCUMENT v3.20.2
Equity Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
The following table summarizes activity related to awards of restricted stock and restricted stock units (collectively, "stock awards") under the Equity Plan for the six months ended June 30, 2020:
 
 
Stock Awards
 
Weighted Average Grant Date Fair Value
Outstanding at January 1, 2020
 
1,037,901

 
$
4.30

Granted
 
2,997,940

 
$
1.58

Vested
 
(444,165
)
 
$
4.55

Forfeited
 
(2,667
)
 
$
1.67

Outstanding at June 30, 2020
 
3,589,009

 
$
2.00
Share-based Compensation, Stock Options, Activity
A summary of activity under the Equity Plan related to stock option awards during the six months ended June 30, 2020 is presented below:
 
 
Stock Option Awards
 
Weighted Average Exercise Price
 
Weighted Average Contractual Term
(years)
 
Aggregate
Intrinsic
 Value
 (in thousands)
Outstanding at January 1, 2020
 
3,500,000

 
$
2.01

 
 
 
 
Granted
 
—

 
$
—

 
 
 
 
Exercised
 
—

 
$
—

 
 
 
 
Forfeited
 
—

 
$
—

 
 
 
 
Outstanding at June 30, 2020
 
3,500,000

 
$
2.01

 
4.1
 
$
2,975

Exercisable at June 30, 2020
 
166,666

 
$
2.01

 
3.5
 
$
142
XML 49 R32.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Income Tax Provision and Effective Tax Rate
The Company’s income tax provision (benefit) and effective tax rate were as follows: 
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2020
 
2019
 
2020
 
2019
 
 
(in thousands)
Income before provision for (benefit from) income taxes
 
$
5,743

 
$
3,550

 
$
3,352

 
$
6,709

Effective tax rate
 
25.4
%
 
9.3
%
 
(52.7
)%
 
8.5
%
Provision for (benefit from) income taxes
 
1,460

 
331

 
(1,766
)
 
573

Provision for (benefit from) income taxes at statutory rate
 
1,206

 
746

 
704

 
1,409

Difference between tax at effective vs. statutory rate
 
$
254

 
$
(415
)
 
$
(2,470
)
 
$
(836
)
XML 50 R33.htm IDEA: XBRL DOCUMENT v3.20.2
Organization and Nature of the Business (Details) - shares
 3 Months Ended 6 Months Ended
Mar. 31, 2020
Jun. 30, 2020
Other Ownership Interests [Line Items]    
Outside ownership interest in limited liability and limited partnership companies   0.10%
Majority Outside Ownership Interest in limited liability and limited partnership companies   11.70%
Manning & Napier, Inc.    
Other Ownership Interests [Line Items]    
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest 19.50% 88.20%
Class A Units | Manning And Napier Group Holding LLC    
Other Ownership Interests [Line Items]    
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Shares   60,012,419
XML 51 R34.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2020
USD ($)
Mar. 31, 2020
Jun. 30, 2020
USD ($)
Segment
Jun. 30, 2019
USD ($)
Dec. 31, 2019
USD ($)
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]          
Accumulated depreciation $ 12,000,000   $ 12,000,000   $ 11,400,000
Impairment of long-lived assets 600,000   $ 553,000 $ 0  
Number of segments | Segment     1    
Capitalized computer software, accumulated amortization 0   $ 0    
Capitalized computer software amortization     0    
Managed Mutual Funds and Managed Mutual Consolidated Funds | Manning & Napier Fund          
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]          
Mutual Funds, at fair value 1,900,000   $ 1,900,000   3,200,000
Manning & Napier, Inc.          
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]          
Percentage of economic interest in Manning & Napier Group held by Manning & Napier, Inc (percent)   19.50% 88.20%    
Prepaid Expenses and Other Current Assets          
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]          
Capitalized computer software, gross $ 3,500,000   $ 3,500,000    
Property, Plant and Equipment          
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]          
Capitalized computer software, gross         $ 400,000
XML 52 R35.htm IDEA: XBRL DOCUMENT v3.20.2
Revenue (Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Disaggregation of Revenue [Line Items]        
Revenues $ 30,346 $ 34,294 $ 61,455 $ 69,091
Wealth Management        
Disaggregation of Revenue [Line Items]        
Revenues 13,740 16,209 28,040 32,678
Wealth Management | Blended Asset        
Disaggregation of Revenue [Line Items]        
Revenues 12,148 13,186 24,090 26,684
Wealth Management | Equity        
Disaggregation of Revenue [Line Items]        
Revenues 1,470 2,819 3,635 5,580
Wealth Management | Fixed Income        
Disaggregation of Revenue [Line Items]        
Revenues 122 204 315 414
Institutional and Intermediary        
Disaggregation of Revenue [Line Items]        
Revenues 12,142 12,932 24,273 26,166
Institutional and Intermediary | Blended Asset        
Disaggregation of Revenue [Line Items]        
Revenues 7,486 7,607 15,672 15,435
Institutional and Intermediary | Equity        
Disaggregation of Revenue [Line Items]        
Revenues 4,345 4,894 7,964 9,851
Institutional and Intermediary | Fixed Income        
Disaggregation of Revenue [Line Items]        
Revenues 311 431 637 880
Management Fees        
Disaggregation of Revenue [Line Items]        
Revenues 25,882 29,141 52,313 58,844
Management Fees | Blended Asset        
Disaggregation of Revenue [Line Items]        
Revenues 19,634 20,793 39,762 42,119
Management Fees | Equity        
Disaggregation of Revenue [Line Items]        
Revenues 5,815 7,713 11,599 15,431
Management Fees | Fixed Income        
Disaggregation of Revenue [Line Items]        
Revenues $ 433 $ 635 $ 952 $ 1,294
XML 53 R36.htm IDEA: XBRL DOCUMENT v3.20.2
Revenue (Schedule of Accounts Receivable) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]    
Accounts receivable $ 11,373 $ 10,182
Accounts receivable - third parties    
Disaggregation of Revenue [Line Items]    
Accounts receivable 6,163 5,778
Accounts receivable - affiliated mutual funds and collective investment trusts    
Disaggregation of Revenue [Line Items]    
Accounts receivable 5,210 4,404
Affiliated mutual funds    
Disaggregation of Revenue [Line Items]    
Accounts receivable 4,020 3,164
Affiliated collective investment trusts    
Disaggregation of Revenue [Line Items]    
Accounts receivable $ 1,190 $ 1,240
XML 54 R37.htm IDEA: XBRL DOCUMENT v3.20.2
Revenue (Additional Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Revenue [Line Items]          
Revenues $ 30,346 $ 34,294 $ 61,455 $ 69,091  
Contract with Customer, Asset, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price     100    
Accrued Accounts Receivable         $ 300
Contract with Customer, Liability, Revenue Recognized     10,600    
Capitalized Contract Cost, Net 900   900   $ 1,000
Capitalized Contract Cost, Amortization 100 100 200 200  
Advisory Related Services          
Revenue [Line Items]          
Revenues 8,500 10,200 17,400 21,300  
Wealth Management          
Revenue [Line Items]          
Revenues 13,740 16,209 $ 28,040 32,678  
Minimum | Wealth Management          
Revenue [Line Items]          
Customer Contract Period     3 years    
Maximum          
Revenue [Line Items]          
Capitalized Contract Cost, Impairment Loss $ 100 $ 100 $ 100 $ 100  
Maximum | Wealth Management          
Revenue [Line Items]          
Customer Contract Period     7 years    
Revenue Benchmark | Minimum | Advisory Related Services          
Revenue [Line Items]          
Concentration Risk, Percentage 25.00% 25.00% 25.00% 25.00%  
XML 55 R38.htm IDEA: XBRL DOCUMENT v3.20.2
Noncontrolling Interests (Textual) (Detail) - USD ($)
 3 Months Ended 6 Months Ended
May 11, 2020
Mar. 31, 2020
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Noncontrolling Interest [Line Items]          
Payments for Repurchase of Redeemable Noncontrolling Interest     $ 90,783,000 $ 3,052,000  
Estimated payments due to selling unit holders     19,500,000   $ 17,500,000
Amounts payable under tax receivable agreement     3,960,000   $ 275,000
Payment pursuant to tax receivable agreement     $ 0 $ 0  
Manning & Napier Group, LLC          
Noncontrolling Interest [Line Items]          
Payments for Repurchase of Redeemable Noncontrolling Interest $ 90,800,000        
Manning And Napier Group Holding LLC          
Noncontrolling Interest [Line Items]          
Percentage of economic interest in Manning & Napier Group held by MN Group Holdings, MNCC and the other members of Manning & Napier Group (percent)     11.80%    
Class A Units | Manning & Napier Group, LLC          
Noncontrolling Interest [Line Items]          
Noncontrolling Interest, Shares Held by Noncontrolling Owners 60,012,419   2,021,781   62,034,200
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Shares     (60,012,419)    
Class A Units | Manning And Napier Group Holding LLC          
Noncontrolling Interest [Line Items]          
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Shares     60,012,419    
Accrued expenses and other liabilities          
Noncontrolling Interest [Line Items]          
Estimated payments due to selling unit holders         $ 4,000,000
Manning & Napier, Inc.          
Noncontrolling Interest [Line Items]          
Percentage of economic interest in Manning & Napier Group held by Manning & Napier, Inc (percent)   19.50% 88.20%    
Manning & Napier, Inc. | Class A Units          
Noncontrolling Interest [Line Items]          
Percentage of economic interest in Manning & Napier Group held by Manning & Napier, Inc (percent)     88.20%   19.20%
Majority Shareholder | Manning & Napier Group, LLC          
Noncontrolling Interest [Line Items]          
Payments for Repurchase of Redeemable Noncontrolling Interest $ 90,700,000        
Majority Shareholder | Class A Units | Manning And Napier Group Holding LLC          
Noncontrolling Interest [Line Items]          
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Shares 59,957,419        
XML 56 R39.htm IDEA: XBRL DOCUMENT v3.20.2
Noncontrolling Interests (Reconciliation of Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Noncontrolling Interest [Abstract]        
Income (loss) before provision for (benefit from) income taxes $ 5,743 $ 3,550 $ 3,352 $ 6,709
Less: gain (loss) before provision for income taxes of Manning & Napier, Inc. 901 (10) (1,965) 181
Income before provision for (benefit from) income taxes, as adjusted $ 4,842 $ 3,560 $ 5,317 $ 6,528
Controlling interest percentage 44.50% 18.80% 42.30% 18.70%
Net income attributable to controlling interest $ 2,154 $ 669 $ 2,247 $ 1,221
Plus: gain (loss) before provision for income taxes of Manning & Napier, Inc. 901 (10) (1,965) 181
Income (loss) before provision for (benefit from) income taxes attributable to Manning & Napier, Inc. 3,055 659 282 1,402
Less: provision for income taxes of Manning & Napier, Inc. 1,509 245 (2,122) 427
Net income attributable to Manning & Napier, Inc. 1,546 414 2,404 975
Provision for (benefit from) income taxes $ 1,460 $ 331 $ (1,766) $ 573
XML 57 R40.htm IDEA: XBRL DOCUMENT v3.20.2
Noncontrolling Interests (Summary of Equity Ownership Interest) (Details) - Class A Units - shares
 6 Months Ended
May 11, 2020
Jun. 30, 2020
Manning & Napier Group, LLC    
Noncontrolling Interest [Line Items]    
Noncontrolling Interest, Shares Held by Parent, beginning balance   14,750,221
Noncontrolling Interest, Shares Held by Parent, Issued   318,833
Noncontrolling Interest, Shares Held by Parent, Exchanged   0
Noncontrolling Interest, Shares Held by Parent, ending balance   15,069,054
Noncontrolling Interest, Shared Held by Noncontrolling Owners, beginning balance   62,034,200
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Shares   (60,012,419)
Noncontrolling Interest, Shared Held by Noncontrolling Owners, ending balance 60,012,419 2,021,781
Noncontrolling Interest, Shares, Beginning Balance   76,784,421
Noncontrolling Interest, Shares Total, Issued   318,833
Noncontrolling Interest, Shares Total, Exchanged   (60,012,419)
Noncontrolling Interest, Shares, Ending Balance   17,090,835
Manning & Napier, Inc.    
Noncontrolling Interest [Line Items]    
Noncontrolling interest ownership percentage by Parent, beginning balance   19.20%
Noncontrolling Interest, Ownership Percentage by Parent, Issued   0.30%
Noncontrolling Interest, Ownership Percentage by Parent, Exchanged   68.70%
Noncontrolling interest ownership percentage by Parent, ending balance   88.20%
XML 58 R41.htm IDEA: XBRL DOCUMENT v3.20.2
Investment Securities (Company's Investment Securities Holdings) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Investment Holdings [Line Items]    
Fair Value $ 16,752 $ 81,277
Equity investments, at fair value 7,417 9,190
Total investment securities 24,169 90,467
U.S. Treasury notes    
Investment Holdings [Line Items]    
Cost 8,538 33,908
Unrealized Gains 11 193
Unrealized Losses (12) 0
Fair Value 8,537 34,101
Fixed income securities    
Investment Holdings [Line Items]    
Cost 8,360 35,148
Unrealized Gains 0 0
Unrealized Losses (145) (91)
Fair Value 8,215 35,057
Short-term investments    
Investment Holdings [Line Items]    
Cost   12,119
Unrealized Gains   0
Unrealized Losses   0
Fair Value   12,119
Equity securities    
Investment Holdings [Line Items]    
Equity investments, at fair value 5,558 6,038
Manning & Napier Fund | Mutual funds    
Investment Holdings [Line Items]    
Equity investments, at fair value $ 1,859 $ 3,152
XML 59 R42.htm IDEA: XBRL DOCUMENT v3.20.2
Investment Securities (Textual) (Details) - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Investments [Abstract]      
Recognized net unrealized gains (loss) on equity securities at fair value $ (600,000) $ 1,100,000  
Available-for-sale Securities, Restricted 600,000   $ 600,000
Other than temporary impairment losses $ 0 $ 0  
XML 60 R43.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities, at fair value $ 16,752 $ 81,277
Total assets at fair value 24,169 90,467
Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual Funds, at fair value 5,558 6,038
Fixed income securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities, at fair value 8,215 35,057
Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual Funds, at fair value 1,859 3,152
U.S. Treasury notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities, at fair value 8,537 34,101
Short-term investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities, at fair value   12,119
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets at fair value 7,417 9,190
Level 1 | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual Funds, at fair value 5,558 6,038
Level 1 | Fixed income securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities, at fair value 0 0
Level 1 | Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual Funds, at fair value 1,859 3,152
Level 1 | U.S. Treasury notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities, at fair value 0 0
Level 1 | Short-term investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities, at fair value   0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets at fair value 16,752 81,277
Level 2 | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual Funds, at fair value 0 0
Level 2 | Fixed income securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities, at fair value 8,215 35,057
Level 2 | Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual Funds, at fair value 0 0
Level 2 | U.S. Treasury notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities, at fair value 8,537 34,101
Level 2 | Short-term investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities, at fair value   12,119
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets at fair value 0 0
Level 3 | Equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual Funds, at fair value 0 0
Level 3 | Fixed income securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities, at fair value 0 0
Level 3 | Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual Funds, at fair value 0 0
Level 3 | U.S. Treasury notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities, at fair value $ 0 0
Level 3 | Short-term investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities, at fair value   $ 0
XML 61 R44.htm IDEA: XBRL DOCUMENT v3.20.2
Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Accounts Payable and Accrued Liabilities [Abstract]    
Accrued bonus and sales commissions $ 11,699 $ 14,825
Accrued payroll and benefits 2,333 4,415
Accrued sub-transfer agent fees 407 420
Dividends payable on Class A common stock 0 312
Amounts payable under tax receivable agreement 3,960 275
Short-term operating lease liabilities 2,899 2,682
Other accruals and liabilities 3,769 3,272
Total accrued expenses and other liabilities $ 25,067 $ 26,201
XML 62 R45.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Additional Information) (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2020
USD ($)
Lessee, Lease, Description [Line Items]  
Sublease income expected $ 3.6
Minimum  
Lessee, Lease, Description [Line Items]  
Lessee remaining lease term 1 year
Extension term 5 years
Maximum  
Lessee, Lease, Description [Line Items]  
Lessee remaining lease term 8 years
Extension term 10 years
XML 63 R46.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Components of Lease Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Finance lease expense        
Amortization of right-of-use assets $ 23 $ 30 $ 48 $ 59
Interest on lease liabilities 2 2 4 5
Operating lease expense 1,428 934 2,220 1,857
Short-term lease expense 1 4 2 8
Variable lease expense 72 65 147 111
Sublease income (161) (174) (327) (297)
Total lease expense $ 1,365 $ 861 $ 2,094 $ 1,743
XML 64 R47.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Supplemental Cash Flow Information related to Leases) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Leases [Abstract]        
Operating cash flows from finance leases $ 2 $ 3 $ 5 $ 5
Finance cash flows from finance leases 24 33 51 61
Operating cash flows from operating leases 940 1,159 1,660 1,953
Right-of-use assets obtained in exchange for finance lease obligations 0 15 0 175
Right-of-use assets obtained in exchange for operating lease obligations $ 0 $ 862 $ 136 $ 862
XML 65 R48.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Supplemental Balance Sheet Information Related to Leases) (Details) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Leases [Abstract]    
Finance lease right-of-use assets $ 156  
Accrued expenses and other liabilities 71  
Other long-term liabilities 94  
Total finance lease liabilities 165  
Operating lease right-of-use assets 17,082 $ 18,795
Accrued expenses and other liabilities 2,899 2,682
Operating lease liabilities, non-current 17,420 $ 18,753
Total operating lease liabilities $ 20,319  
Finance Lease, Weighted Average Remaining Lease Term 2 years 7 months 12 days  
Operating Lease, Weighted Average Remaining Lease Term 6 years 11 months 15 days  
Finance Lease, Weighted Average Discount Rate, Percent 4.92%  
Operating Lease, Weighted Average Discount Rate, Percent 5.13%  
XML 66 R49.htm IDEA: XBRL DOCUMENT v3.20.2
Leases (Maturities of Lease Liabilities) (Details)
$ in Thousands
Jun. 30, 2020
USD ($)
Finance Leases  
2021 $ 80
2022 55
2023 28
2024 13
2025 0
Thereafter 0
Total lease payments 176
Less imputed interest (11)
Total lease liabilities 165
Operating Leases  
2021 3,868
2022 3,599
2023 3,389
2024 3,135
2025 2,986
Thereafter 7,188
Total lease payments 24,165
Less imputed interest (3,846)
Total lease liabilities $ 20,319
XML 67 R50.htm IDEA: XBRL DOCUMENT v3.20.2
Earnings per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Net income attributable to controlling and noncontrolling interests $ 4,283 $ 3,219 $ 5,118 $ 6,136
Less: net income (loss) attributable to noncontrolling interests 2,737 2,805 2,714 5,161
Net income attributable to Manning & Napier, Inc. 1,546 414 2,404 975
Less: allocation to participating securities 13 (33) 27 (43)
Net income available to Class A common stock $ 1,533 $ 447 $ 2,377 $ 1,018
Weighted average shares of Class A common stock outstanding - basic (in shares) 16,132,667 15,267,762 15,972,809 15,098,454
Dilutive effect from unvested equity awards (in shares) 1,762,681 346,177 660,725 305,895
Dilutive effect of exchangeable Class A Units (in shares) 28,400,866 0 45,217,533 62,913,637
Weighted average shares of Class A common stock outstanding - diluted (in shares) 46,296,214 15,613,939 61,851,067 78,317,986
Net income available to Class A common stock per share - basic (in dollars per share) $ 0.09 $ 0.03 $ 0.15 $ 0.07
Net income available to Class A common stock per share - diluted (in dollars per share) $ 0.06 $ 0.03 $ 0.06 $ 0.06
Antidilutive securities excluded from computation of earnings per share (in shares) 179,133 961,060 408,481 1,211,060
Employee Stock Option        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share (in shares) 3,000,000 3,000,000 3,000,000 3,000,000
XML 68 R51.htm IDEA: XBRL DOCUMENT v3.20.2
Equity Based Compensation (Textual) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Granted, weighted average grant date fair value (dollars per share)     $ 1.58  
Aggregate intrinsic value vested     $ 900 $ 1,300
Tax withholding (in shares)     2,832  
Payment of shares withheld to satisfy withholding requirements     $ (2) (78)
Employee Stock Option        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 100 $ 200 $ 300 200
Weighted average period of unrecognized compensation expense (years)     1 year  
Compensation not yet recognized $ 600   $ 600  
2011 Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of shares authorized 13,142,813   13,142,813  
Shares available for issuance (in shares) 3,098,104   3,098,104  
Share-based compensation expense $ 700 $ 500 $ 1,800 $ 1,900
Unrecognized compensation expense related to unvested awards $ 5,600   $ 5,600  
Weighted average period of unrecognized compensation expense (years)     3 years 5 months  
Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Payment of shares withheld to satisfy withholding requirements     $ (100)  
XML 69 R52.htm IDEA: XBRL DOCUMENT v3.20.2
Equity Based Compensation (Restricted Stock Awards) (Details)
 6 Months Ended
Jun. 30, 2020
$ / shares
shares
Stock Units  
Stock unit awards, beginning balance (shares) | shares 1,037,901
Granted (shares) | shares 2,997,940
Vested (shares) | shares (444,165)
Forfeited (shares) | shares (2,667)
Stock unit awards, ending balance (shares) | shares 3,589,009
Weighted Average Grant Date Fair Value  
Stock unit awards, beginning balance, weighted average grant date fair value (dollars per share) | $ / shares $ 4.30
Granted, weighted average grant date fair value (dollars per share) | $ / shares 1.58
Vested, weighted average grant date fair value (dollars per share) | $ / shares 4.55
Forfeited, weighted average grant date fair value (dollars per share) | $ / shares 1.67
Stock unit awards, ending balance, weighted average grant date fair value (dollars per share) | $ / shares $ 2.00
XML 70 R53.htm IDEA: XBRL DOCUMENT v3.20.2
Equity Based Compensation (Stock Option Activity) (Details)
$ / shares in Units, $ in Thousands
 6 Months Ended
Jun. 30, 2020
USD ($)
$ / shares
shares
Stock Option Awards  
Outstanding at January 1, 2020 (in shares) | shares 3,500,000
Granted (in shares) | shares 0
Vested (in shares) | shares 0
Forfeited (in shares) | shares 0
Outstanding at June 30, 2020 (in shares) | shares 3,500,000
Weighted Average Exercise Price  
Outstanding at January 1, 2020 (in USD per share) | $ / shares $ 2.01
Granted (in USD per share) | $ / shares 0.00
Vested (in USD per share) | $ / shares 0.00
Forfeited (in USD per share) | $ / shares 0.00
Outstanding at March, 31, 2020 (in USD per share) | $ / shares $ 2.01
Weighted Average Contractual Term (years) 4 years 1 month 6 days
Aggregate Intrinsic Value (in thousands) | $ $ 2,975
Exercisable at June 30, 2020 (in shares) | shares 166,666
Exercisable at June 30, 2020 (in USD per share) | $ / shares $ 2.01
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term 3 years 6 months 1 day
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ $ 142
XML 71 R54.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Operating Loss Carryforwards [Line Items]            
Effect of change in enacted tax rate $ (1,200) $ 3,300        
Deferred tax asset period increase (decrease) 2,300          
Change in amounts payable under tax receivable agreement (914)   $ 0 $ 1,936 $ (195)  
Increase in unrecognized tax benefits is reasonably possible 1,300     1,300    
Deferred tax assets investment in subsidiaries 1,100     1,100    
Deferred tax assets, accelerated deprecation 2,500     2,500    
Initial establishment of deferred tax balances $ 3,606     $ 3,606    
Domestic Tax Authority            
Operating Loss Carryforwards [Line Items]            
Operating loss carryforwards           $ 12,100
State and Local Jurisdiction            
Operating Loss Carryforwards [Line Items]            
Operating loss carryforwards           $ 6,100
Class A Units | Manning And Napier Group Holding LLC            
Operating Loss Carryforwards [Line Items]            
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Shares       (60,012,419)    
Manning & Napier, Inc.            
Operating Loss Carryforwards [Line Items]            
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest   19.50%   88.20%    
XML 72 R55.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Income Tax Disclosure [Abstract]        
Income before provision for (benefit from) income taxes $ 5,743 $ 3,550 $ 3,352 $ 6,709
Effective tax rate 25.40% 9.30% (52.70%) 8.50%
Provision for (benefit from) income taxes $ 1,460 $ 331 $ (1,766) $ 573
Provision for (benefit from) income taxes at statutory rate 1,206 746 704 1,409
Difference between tax at effective vs. statutory rate $ 254 $ (415) $ (2,470) $ (836)
XML 73 R56.htm IDEA: XBRL DOCUMENT v3.20.2
Related Party Transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 11, 2020
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Related Party Transaction [Line Items]            
Payments for Repurchase of Redeemable Noncontrolling Interest       $ 90,783 $ 3,052  
Revenues   $ 30,346 $ 34,294 61,455 69,091  
Executive Officer            
Related Party Transaction [Line Items]            
Fees earned from related parties       100 100  
Advisory fees waived       100 100  
Accounts receivable - affiliated mutual funds and collective investment trusts            
Related Party Transaction [Line Items]            
Due from affiliate, current   200   200    
Affiliated collective investment trusts            
Related Party Transaction [Line Items]            
Advisory fees waived   1,300   2,500    
Advisory Related Services            
Related Party Transaction [Line Items]            
Revenues   8,500 10,200 17,400 21,300  
Advisory And Distribution Services | Accounts receivable - affiliated mutual funds and collective investment trusts | Affiliated Entity            
Related Party Transaction [Line Items]            
Fees earned from related parties         21,300  
Administrative Service | Accounts receivable - affiliated mutual funds and collective investment trusts | Affiliated Entity            
Related Party Transaction [Line Items]            
Fees earned from related parties   $ 400 $ 500 $ 800 $ 1,100  
Manning & Napier Group, LLC            
Related Party Transaction [Line Items]            
Payments for Repurchase of Redeemable Noncontrolling Interest $ 90,800          
Manning & Napier Group, LLC | Majority Shareholder            
Related Party Transaction [Line Items]            
Payments for Repurchase of Redeemable Noncontrolling Interest $ 90,700          
Class A Units | Manning & Napier Group, LLC            
Related Party Transaction [Line Items]            
Noncontrolling Interest, Shares Held by Noncontrolling Owners 60,012,419 2,021,781   2,021,781   62,034,200
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Shares       60,012,419    
Class A Units | Manning And Napier Group Holding LLC            
Related Party Transaction [Line Items]            
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Shares       (60,012,419)    
Class A Units | Manning And Napier Group Holding LLC | Majority Shareholder            
Related Party Transaction [Line Items]            
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Shares (59,957,419)          
XML 74 R57.htm IDEA: XBRL DOCUMENT v3.20.2
Subsequent Events (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Aug. 14, 2020
Jun. 30, 2019
Jun. 30, 2019
Subsequent Event [Line Items]      
Distributions to noncontrolling interests   $ 798 $ 2,419
Subsequent Event      
Subsequent Event [Line Items]      
Distributions to noncontrolling interests $ 1,500    
Payments to noncontrolling interests $ 200    
XML 75 R9999.htm IDEA: XBRL DOCUMENT v3.20.2
Label Element Value
Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption $ 76,000
Noncontrolling Interest [Member]  
Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption 0
Retained Earnings [Member]  
Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption $ 76,000
EXCEL 76 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 77 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 78 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 79 FilingSummary.xml IDEA: XBRL DOCUMENT 3.20.2 html 241 378 1 false 51 0 false 5 false false R1.htm 0001000 - Document - Document and Entity Information Sheet http://www.manning-napier.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 1001000 - Statement - Consolidated Statements of Financial Condition Sheet http://www.manning-napier.com/role/ConsolidatedStatementsOfFinancialCondition Consolidated Statements of Financial Condition Statements 2 false false R3.htm 1001501 - Statement - Consolidated Statements of Financial Condition (Parenthetical) Sheet http://www.manning-napier.com/role/ConsolidatedStatementsOfFinancialConditionParenthetical Consolidated Statements of Financial Condition (Parenthetical) Statements 3 false false R4.htm 1002000 - Statement - Consolidated Statements of Operations Sheet http://www.manning-napier.com/role/ConsolidatedStatementsOfOperations Consolidated Statements of Operations Statements 4 false false R5.htm 1003000 - Statement - Consolidated Statements of Comprehensive Income Sheet http://www.manning-napier.com/role/ConsolidatedStatementsOfComprehensiveIncome Consolidated Statements of Comprehensive Income Statements 5 false false R6.htm 1004000 - Statement - Consolidated Statements of Shareholders' Equity Sheet http://www.manning-napier.com/role/ConsolidatedStatementsOfShareholdersEquity Consolidated Statements of Shareholders' Equity Statements 6 false false R7.htm 1004001 - Statement - Consolidated Statements of Shareholders' Equity (Parenthetical) Sheet http://www.manning-napier.com/role/ConsolidatedStatementsOfShareholdersEquityParenthetical Consolidated Statements of Shareholders' Equity (Parenthetical) Statements 7 false false R8.htm 1005000 - Statement - Consolidated Statements of Cash Flows Sheet http://www.manning-napier.com/role/ConsolidatedStatementsOfCashFlows Consolidated Statements of Cash Flows Statements 8 false false R9.htm 2101100 - Disclosure - Organization and Nature of the Business Sheet http://www.manning-napier.com/role/OrganizationAndNatureOfBusiness Organization and Nature of the Business Notes 9 false false R10.htm 2102100 - Disclosure - Summary of Significant Accounting Policies Sheet http://www.manning-napier.com/role/SummaryOfSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 10 false false R11.htm 2103100 - Disclosure - Revenue Sheet http://www.manning-napier.com/role/Revenue Revenue Notes 11 false false R12.htm 2104100 - Disclosure - Noncontrolling Interests Sheet http://www.manning-napier.com/role/NoncontrollingInterests Noncontrolling Interests Notes 12 false false R13.htm 2105100 - Disclosure - Investment Securities Sheet http://www.manning-napier.com/role/InvestmentSecurities Investment Securities Notes 13 false false R14.htm 2107100 - Disclosure - Fair Value Measurements Sheet http://www.manning-napier.com/role/FairValueMeasurements Fair Value Measurements Notes 14 false false R15.htm 2108100 - Disclosure - Accrued Expenses and Other Liabilities Sheet http://www.manning-napier.com/role/AccruedExpensesAndOtherLiabilities Accrued Expenses and Other Liabilities Notes 15 false false R16.htm 2108100 - Disclosure - Leases Sheet http://www.manning-napier.com/role/Leases Leases Notes 16 false false R17.htm 2110100 - Disclosure - Commitments and Contingencies Sheet http://www.manning-napier.com/role/CommitmentsAndContingencies Commitments and Contingencies Notes 17 false false R18.htm 2111100 - Disclosure - Earnings per Common Share Sheet http://www.manning-napier.com/role/EarningsPerCommonShare Earnings per Common Share Notes 18 false false R19.htm 2112100 - Disclosure - Equity Based Compensation Sheet http://www.manning-napier.com/role/EquityBasedCompensation Equity Based Compensation Notes 19 false false R20.htm 2113100 - Disclosure - Income Taxes Sheet http://www.manning-napier.com/role/IncomeTaxes Income Taxes Notes 20 false false R21.htm 2114100 - Disclosure - Related Party Transactions Sheet http://www.manning-napier.com/role/RelatedPartyTransactions Related Party Transactions Notes 21 false false R22.htm 2115100 - Disclosure - Subsequent Events Sheet http://www.manning-napier.com/role/SubsequentEvents Subsequent Events Notes 22 false false R23.htm 2202201 - Disclosure - Summary of Significant Accounting Policies (Policies) Sheet http://www.manning-napier.com/role/SummaryOfSignificantAccountingPoliciesPolicies Summary of Significant Accounting Policies (Policies) Policies http://www.manning-napier.com/role/SummaryOfSignificantAccountingPolicies 23 false false R24.htm 2303301 - Disclosure - Revenue (Tables) Sheet http://www.manning-napier.com/role/RevenueTables Revenue (Tables) Tables http://www.manning-napier.com/role/Revenue 24 false false R25.htm 2304301 - Disclosure - Noncontrolling Interests (Tables) Sheet http://www.manning-napier.com/role/NoncontrollingInterestsTables Noncontrolling Interests (Tables) Tables http://www.manning-napier.com/role/NoncontrollingInterests 25 false false R26.htm 2305301 - Disclosure - Investment Securities (Tables) Sheet http://www.manning-napier.com/role/InvestmentSecuritiesTables Investment Securities (Tables) Tables http://www.manning-napier.com/role/InvestmentSecurities 26 false false R27.htm 2307301 - Disclosure - Fair Value Measurements (Tables) Sheet http://www.manning-napier.com/role/FairValueMeasurementsTables Fair Value Measurements (Tables) Tables http://www.manning-napier.com/role/FairValueMeasurements 27 false false R28.htm 2308301 - Disclosure - Accrued Expenses and Other Liabilities (Tables) Sheet http://www.manning-napier.com/role/AccruedExpensesAndOtherLiabilitiesTables Accrued Expenses and Other Liabilities (Tables) Tables http://www.manning-napier.com/role/AccruedExpensesAndOtherLiabilities 28 false false R29.htm 2308301 - Disclosure - Leases (Tables) Sheet http://www.manning-napier.com/role/LeasesTables Leases (Tables) Tables http://www.manning-napier.com/role/Leases 29 false false R30.htm 2311301 - Disclosure - Earnings per Common Share (Tables) Sheet http://www.manning-napier.com/role/EarningsPerCommonShareTables Earnings per Common Share (Tables) Tables http://www.manning-napier.com/role/EarningsPerCommonShare 30 false false R31.htm 2312301 - Disclosure - Equity Based Compensation (Tables) Sheet http://www.manning-napier.com/role/EquityBasedCompensationTables Equity Based Compensation (Tables) Tables http://www.manning-napier.com/role/EquityBasedCompensation 31 false false R32.htm 2313301 - Disclosure - Income Taxes (Tables) Sheet http://www.manning-napier.com/role/IncomeTaxesTables Income Taxes (Tables) Tables http://www.manning-napier.com/role/IncomeTaxes 32 false false R33.htm 2401401 - Disclosure - Organization and Nature of the Business (Details) Sheet http://www.manning-napier.com/role/OrganizationAndNatureOfBusinessDetails Organization and Nature of the Business (Details) Details http://www.manning-napier.com/role/OrganizationAndNatureOfBusiness 33 false false R34.htm 2402402 - Disclosure - Summary of Significant Accounting Policies (Details) Sheet http://www.manning-napier.com/role/SummaryOfSignificantAccountingPoliciesDetails Summary of Significant Accounting Policies (Details) Details http://www.manning-napier.com/role/SummaryOfSignificantAccountingPoliciesPolicies 34 false false R35.htm 2403402 - Disclosure - Revenue (Disaggregation of Revenue) (Details) Sheet http://www.manning-napier.com/role/RevenueDisaggregationOfRevenueDetails Revenue (Disaggregation of Revenue) (Details) Details http://www.manning-napier.com/role/RevenueTables 35 false false R36.htm 2403403 - Disclosure - Revenue (Schedule of Accounts Receivable) (Details) Sheet http://www.manning-napier.com/role/RevenueScheduleOfAccountsReceivableDetails Revenue (Schedule of Accounts Receivable) (Details) Details http://www.manning-napier.com/role/RevenueTables 36 false false R37.htm 2403404 - Disclosure - Revenue (Additional Information) (Details) Sheet http://www.manning-napier.com/role/RevenueAdditionalInformationDetails Revenue (Additional Information) (Details) Details http://www.manning-napier.com/role/RevenueTables 37 false false R38.htm 2404402 - Disclosure - Noncontrolling Interests (Textual) (Detail) Sheet http://www.manning-napier.com/role/NoncontrollingInterestsTextualDetail Noncontrolling Interests (Textual) (Detail) Details http://www.manning-napier.com/role/NoncontrollingInterestsTables 38 false false R39.htm 2404403 - Disclosure - Noncontrolling Interests (Reconciliation of Income) (Details) Sheet http://www.manning-napier.com/role/NoncontrollingInterestsReconciliationOfIncomeDetails Noncontrolling Interests (Reconciliation of Income) (Details) Details http://www.manning-napier.com/role/NoncontrollingInterestsTables 39 false false R40.htm 2404404 - Disclosure - Noncontrolling Interests (Summary of Equity Ownership Interest) (Details) Sheet http://www.manning-napier.com/role/NoncontrollingInterestsSummaryOfEquityOwnershipInterestDetails Noncontrolling Interests (Summary of Equity Ownership Interest) (Details) Details http://www.manning-napier.com/role/NoncontrollingInterestsTables 40 false false R41.htm 2405402 - Disclosure - Investment Securities (Company's Investment Securities Holdings) (Details) Sheet http://www.manning-napier.com/role/InvestmentSecuritiesCompanysInvestmentSecuritiesHoldingsDetails Investment Securities (Company's Investment Securities Holdings) (Details) Details http://www.manning-napier.com/role/InvestmentSecuritiesTables 41 false false R42.htm 2405403 - Disclosure - Investment Securities (Textual) (Details) Sheet http://www.manning-napier.com/role/InvestmentSecuritiesTextualDetails Investment Securities (Textual) (Details) Details http://www.manning-napier.com/role/InvestmentSecuritiesTables 42 false false R43.htm 2407402 - Disclosure - Fair Value Measurements (Details) Sheet http://www.manning-napier.com/role/FairValueMeasurementsDetails Fair Value Measurements (Details) Details http://www.manning-napier.com/role/FairValueMeasurementsTables 43 false false R44.htm 2408402 - Disclosure - Accrued Expenses and Other Liabilities (Details) Sheet http://www.manning-napier.com/role/AccruedExpensesAndOtherLiabilitiesDetails Accrued Expenses and Other Liabilities (Details) Details http://www.manning-napier.com/role/AccruedExpensesAndOtherLiabilitiesTables 44 false false R45.htm 2408402 - Disclosure - Leases (Additional Information) (Details) Sheet http://www.manning-napier.com/role/LeasesAdditionalInformationDetails Leases (Additional Information) (Details) Details http://www.manning-napier.com/role/LeasesTables 45 false false R46.htm 2408403 - Disclosure - Leases (Components of Lease Expense) (Details) Sheet http://www.manning-napier.com/role/LeasesComponentsOfLeaseExpenseDetails Leases (Components of Lease Expense) (Details) Details http://www.manning-napier.com/role/LeasesTables 46 false false R47.htm 2408404 - Disclosure - Leases (Supplemental Cash Flow Information related to Leases) (Details) Sheet http://www.manning-napier.com/role/LeasesSupplementalCashFlowInformationRelatedToLeasesDetails Leases (Supplemental Cash Flow Information related to Leases) (Details) Details http://www.manning-napier.com/role/LeasesTables 47 false false R48.htm 2408405 - Disclosure - Leases (Supplemental Balance Sheet Information Related to Leases) (Details) Sheet http://www.manning-napier.com/role/LeasesSupplementalBalanceSheetInformationRelatedToLeasesDetails Leases (Supplemental Balance Sheet Information Related to Leases) (Details) Details http://www.manning-napier.com/role/LeasesTables 48 false false R49.htm 2408406 - Disclosure - Leases (Maturities of Lease Liabilities) (Details) Sheet http://www.manning-napier.com/role/LeasesMaturitiesOfLeaseLiabilitiesDetails Leases (Maturities of Lease Liabilities) (Details) Details http://www.manning-napier.com/role/LeasesTables 49 false false R50.htm 2411402 - Disclosure - Earnings per Common Share (Details) Sheet http://www.manning-napier.com/role/EarningsPerCommonShareDetails Earnings per Common Share (Details) Details http://www.manning-napier.com/role/EarningsPerCommonShareTables 50 false false R51.htm 2412402 - Disclosure - Equity Based Compensation (Textual) (Details) Sheet http://www.manning-napier.com/role/EquityBasedCompensationTextualDetails Equity Based Compensation (Textual) (Details) Details http://www.manning-napier.com/role/EquityBasedCompensationTables 51 false false R52.htm 2412403 - Disclosure - Equity Based Compensation (Restricted Stock Awards) (Details) Sheet http://www.manning-napier.com/role/EquityBasedCompensationRestrictedStockAwardsDetails Equity Based Compensation (Restricted Stock Awards) (Details) Details http://www.manning-napier.com/role/EquityBasedCompensationTables 52 false false R53.htm 2412404 - Disclosure - Equity Based Compensation (Stock Option Activity) (Details) Sheet http://www.manning-napier.com/role/EquityBasedCompensationStockOptionActivityDetails Equity Based Compensation (Stock Option Activity) (Details) Details http://www.manning-napier.com/role/EquityBasedCompensationTables 53 false false R54.htm 2413402 - Disclosure - Income Taxes - Narrative (Details) Sheet http://www.manning-napier.com/role/IncomeTaxesNarrativeDetails Income Taxes - Narrative (Details) Details 54 false false R55.htm 2413403 - Disclosure - Income Taxes (Details) Sheet http://www.manning-napier.com/role/IncomeTaxesDetails Income Taxes (Details) Details http://www.manning-napier.com/role/IncomeTaxesTables 55 false false R56.htm 2414401 - Disclosure - Related Party Transactions (Details) Sheet http://www.manning-napier.com/role/RelatedPartyTransactionsDetails Related Party Transactions (Details) Details http://www.manning-napier.com/role/RelatedPartyTransactions 56 false false R57.htm 2415401 - Disclosure - Subsequent Events (Details) Sheet http://www.manning-napier.com/role/SubsequentEventsDetails Subsequent Events (Details) Details http://www.manning-napier.com/role/SubsequentEvents 57 false false R9999.htm Uncategorized Items - mn-20200630.xml Sheet http://xbrl.sec.gov/role/uncategorizedFacts Uncategorized Items - mn-20200630.xml Cover 58 false false All Reports Book All Reports mn-20200630.xml mn-20200630.xsd mn-20200630_cal.xml mn-20200630_def.xml mn-20200630_lab.xml mn-20200630_pre.xml a63020ownershipgraphic.jpg http://fasb.org/us-gaap/2019-01-31 http://fasb.org/srt/2019-01-31 http://xbrl.sec.gov/dei/2019-01-31 true true ZIP 82 0001524223-20-000036-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001524223-20-000036-xbrl.zip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end