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What changed 10-Q
Item 3. Quantitative and Qualitative Disclosures About Market Risk
2021-07-29 compared with 2021-05-06 · 1 added, 1 removed, 7 unchanged (22% of the section changed)
1 unchanged sentence
Our exposure to market risk is directly related to our role as investment adviser for the separate accounts we manage and the funds for which we act as sub-investment adviser.
−Removed: Most of our revenue for the three months ended March 31, 2021 and 2020 was derived from advisory fees, which are typically based on the market value of assets under management.
+Added: Most of our revenue for the three and six months ended June 30, 2021 and 2020 was derived from advisory fees, which are typically based on the market value of assets under management.
Accordingly, a decline in the prices of securities would cause our revenue and income to decline due to a decrease in the value of the assets we manage.
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.