in light of the dynamics created by covid-19 and its impact on the global supply chain and banks , oil , travel and leisure , we could experience higher volatility in short term returns of our funds . incentive fees generally consist of an incentive allocation on the absolute gain in a portfolio or a fee of 20 % of the economic profit , as defined in the agreements governing the investment vehicle or account . we recognize such revenue only when the measurement period has been completed or at the time of an investor redemption . institutional research services revenues consist of brokerage commissions derived from securities transactions executed on an agency basis or direct payments from institutional clients . commission revenues vary directly with the perceived value of the research provided , as well as account execution activity and new account generation . compensation includes variable and fixed compensation and related expenses paid to officers , portfolio managers , sales , trading , research and all other professional staff . variable compensation paid to sales personnel and portfolio management and may represent up to 55 % of revenues . management fee expense is incentive-based and entirely variable compensation in the amount of 10 % of adjusted aggregate pre-tax profits which is paid to the executive chairman or his designees for his services as executive chairman pursuant to an employment agreement . other operating expenses include general and administrative operating costs and clearing charges and fees incurred by our brokerage operations . other income and expense includes net gains and losses from investments ( which include both realized and unrealized gains and losses from securities and equity in earnings of investments in partnerships ) , interest and dividend income , and interest expense . net gains and losses from investments are derived from our proprietary investment portfolio consisting of various public and private investments and from consolidated investment funds . net income/ ( loss ) attributable to noncontrolling interests represents the share of net income attributable to third-party limited partners of certain partnerships and offshore funds we consolidate . please refer to notes a and e in our consolidated financial statements included elsewhere in this report . consolidated statements of financial condition we ended 2019 with approximately $ 938 million in cash and investments , net of securities sold , not yet purchased of $ 16 million . this includes $ 349 million of cash and cash equivalents ; $ 29 million of short-term u.s. treasury obligations ; $ 255 million of securities , net of securities sold , not yet purchased , including shares of gamco and valu with market values of $ 57 million and $ 9 million , respectively ; and $ 305 million invested in affiliated and third-party funds and partnerships , including investments in affiliated closed end funds which have a value of $ 100 million and more limited liquidity . our financial resources provide flexibility to pursue strategic objectives that may include acquisitions , lift-outs , seeding new investment strategies , and co-investing , as well as shareholder compensation in the form of share repurchases and dividends . 15 index total shareholders ' equity was $ 897 million or $ 39.93 per share as of december 31 , 2019 , compared to $ 866 million or $ 38.36 per share as of the prior year-end . these shareholders ' equity per share calculations are a non-gaap measurement calculated by dividing the total equity by the number of common shares outstanding . the increase in equity from the end of 2018 was largely attributable to investment income for the year . our primary goal is to use our liquid resources to opportunistically and strategically grow book value and net income . while this goal is a priority , if opportunities are not present with what we consider a margin of safety , we will consider alternatives to return capital to our shareholders , including stock repurchases and dividends . assets under management highlights we reported assets under management as follows ( dollars in millions ) : replace_table_token_3_th ( a ) includes $ 259 million and $ 214 million of proprietary capital , respectively . changes in our aum during 2019 were as follows ( dollars in millions ) : replace_table_token_4_th the majority of our aum has calendar year-end measurement periods , and our incentive fees are primarily recognized in the fourth quarter . operating results for the year ended december 31 , 2019 as compared to the year ended december 31 , 2018 revenues total revenues were $ 31.3 million for the year ended december 31 , 2019 , $ 8.5 million higher than total revenues of $ 22.8 million for the year ended december 31 , 2018. total revenues by type were as follows ( dollars in thousands ) : replace_table_token_5_th 16 index investment advisory and incentive fees : we earn advisory fees based on our aum . investment advisory fees are directly influenced by the amount of average aum and the fee rates applicable to various accounts . advisory fees were $ 10.9 million for 2019 compared to $ 10.2 million for 2018 , an increase of $ 0.7 million . this increase is a result of the increase in average aum over the period . incentive fees are directly related to the gains generated for our clients ' accounts . we earn a percentage , usually 20 % , of such gains . incentive fees were $ 11.2 million in 2019 , up $ 7.0 million from $ 4.2 million in 2018 , due to higher investment performance . story_separator_special_tag unrealized gains and losses and realized gains and losses from covers of securities sold , not yet purchased transactions are included in net gain/ ( loss ) from investments on the consolidated statements of income . consolidation the company assesses all entities with which it is involved for consolidation on a case by case basis depending on the specific facts and circumstances surrounding each entity . pursuant to accounting guidance , the company first evaluates whether it holds a variable interest in an entity . the company considers all economic interests , including proportionate interests through related parties , to determine if such interests are to be considered a variable interest . fees paid to the company that are customary and commensurate with the level of services provided from entities in which the company does not hold other economic interests in the entity are not considered as a variable interest . for any entity where the company has determined that it does hold a variable interest , the company performs an assessment to determine whether it qualifies as a variable interest entity ( “ vie ” ) . the granting of substantive kick-out rights is a key consideration in determining whether a limited partnership or similar entity is a vie and whether or not that entity should be consolidated . the company evaluates consolidation on a case by case basis those vies in which substantive kick-out rights have been granted to the unaffiliated investors to either dissolve the fund or remove the general partner . under the variable interest entity model , the company consolidates those entities where it is determined that the company is the primary beneficiary of the entity . the company is determined to be the primary beneficiary when it has a controlling financial interest in the vie , which is defined as possessing both ( a ) the power to direct the activities of the vie that most significantly impact the vie 's economic performance and ( b ) the obligation to absorb losses of the vie or the right to receive benefits from the vie that could potentially be significant to the vie . if the company alone is not considered to have a controlling financial interest in the vie but the company and its related parties under common control in the aggregate have a controlling financial interest in the vie , the company will be deemed to be the primary beneficiary if it is the party that is most closely associated with the vie . when the company and its related parties not under common control in the aggregate have a controlling financial interest in a vie , the company would be deemed to be the primary beneficiary if substantially all the activities of the entity are performed on behalf of the company . 20 index the company determines whether it is the primary beneficiary of a vie at the time it becomes initially involved with the vie and reconsiders that conclusion as required . investments and redemptions ( either by the company , related parties of the company or third parties ) or amendments to the governing documents of the respective entity may affect an entity 's status as a vie or the determination of the primary beneficiary . entities that do not qualify as vies are assessed for consolidation as voting interest entities ( “ voes ” ) under the voting interest model . the company evaluates whether the entity should be evaluated under the guidance for partnerships and similar entities , or corporations , and consolidates those entities it controls through a majority voting interest or other means . if the company is the general partner or managing member it generally will not be required to consolidate a voe . the company records noncontrolling interests in consolidated investment partnerships for which the company 's ownership is less than 100 % . see note e , investment partnerships and variable interest entities in the consolidated financial statements for additional information . investments in partnerships and affiliates the company is general partner or co-general partner of various affiliated entities . we also have investments in unaffiliated partnerships , offshore funds and other entities ( collectively , “ investments in partnerships and affiliates ” ) . the company accounts for its investments in partnerships and affiliates under the equity method . substantially all the company 's equity method investees are entities that record their underlying investments at fair value and included in investments in partnerships . therefore , under the equity method of accounting , the company 's share of the investee 's underlying net income predominantly represents fair value adjustments in the investments held by the equity method investees . the company 's share of the investee 's underlying net income or loss is based upon the most currently available information and is recorded as net gain/ ( loss ) from investments on the consolidated statements of income . capital contributions are recorded as an increase in investments when paid , and withdrawals and distributions are recorded as reductions of the investments when received . depending on the terms of the investment , the company may be restricted as to the timing and amounts of withdrawals . income taxes for purposes of the preparation of the consolidated financial statements , the provision for income taxes is computed using the asset and liability method , which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements . under this method deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts on the consolidated financial statements using the statutory tax rates in effect for the year when the reported amount of the asset or liability is expected to be recovered or settled , respectively . the effect on deferred tax assets and liabilities of a change in

liquidity and capital resources our principal assets consist of cash and cash equivalents ; short-term treasury securities ; marketable securities , primarily equities , including 2.9 million shares of gamco stock ; and interests in affiliated and third-party funds and partnerships . although investment partnerships may be subject to restrictions as to the timing of distributions , the underlying investments of such investment partnerships are generally liquid , and the valuations of these products reflect that underlying liquidity . summary cash flow data is as follows ( in thousands ) : replace_table_token_6_th we require relatively low levels of capital expenditures and have a highly variable cost structure where costs increase and decrease based on the level of revenues we receive . our revenues , in turn , are highly correlated to the level of aum and to its investment performance . we anticipate that our available liquid assets should be sufficient to meet our cash requirements as we build out our operating business . at december 31 , 2019 , we had cash and cash equivalents of $ 348.6 million and $ 588.6 million of investments net of securities sold , not yet purchased of $ 16.4 million . of these amounts , $ 13.1 million and $ 31.8 million , respectively , were held by consolidated investment funds and may not be readily available for the company to access . net cash used by operating activities was $ 44.3 million in 2019. the net income adjusted for noncash items , primarily unrealized gains on securities , deferred income taxes and exchange offers , was $ 21.2 million along with a decrease in net receivables/payables of $ 12.9 million . this was more than offset , however , by increases in investments in securities and net contributions to investment partnerships of $ 78.4 million . 18 index net cash provided by operations was $ 77.0 million in 2018. the net loss adjusted for noncash items , primarily unrealized losses on securities , deferred income taxes and exchange offers , was $ 9.0 million .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources our principal assets consist of cash and cash equivalents ; short-term treasury securities ; marketable securities , primarily equities , including 2.9 million shares of gamco stock ; and interests in affiliated and third-party funds and partnerships . although investment partnerships may be subject to restrictions as to the timing of distributions , the underlying investments of such investment partnerships are generally liquid , and the valuations of these products reflect that underlying liquidity . summary cash flow data is as follows ( in thousands ) : replace_table_token_6_th we require relatively low levels of capital expenditures and have a highly variable cost structure where costs increase and decrease based on the level of revenues we receive . our revenues , in turn , are highly correlated to the level of aum and to its investment performance . we anticipate that our available liquid assets should be sufficient to meet our cash requirements as we build out our operating business . at december 31 , 2019 , we had cash and cash equivalents of $ 348.6 million and $ 588.6 million of investments net of securities sold , not yet purchased of $ 16.4 million . of these amounts , $ 13.1 million and $ 31.8 million , respectively , were held by consolidated investment funds and may not be readily available for the company to access . net cash used by operating activities was $ 44.3 million in 2019. the net income adjusted for noncash items , primarily unrealized gains on securities , deferred income taxes and exchange offers , was $ 21.2 million along with a decrease in net receivables/payables of $ 12.9 million . this was more than offset , however , by increases in investments in securities and net contributions to investment partnerships of $ 78.4 million . 18 index net cash provided by operations was $ 77.0 million in 2018. the net loss adjusted for noncash items , primarily unrealized losses on securities , deferred income taxes and exchange offers , was $ 9.0 million .
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 Suspicious Activity Report : in light of the dynamics created by covid-19 and its impact on the global supply chain and banks , oil , travel and leisure , we could experience higher volatility in short term returns of our funds . incentive fees generally consist of an incentive allocation on the absolute gain in a portfolio or a fee of 20 % of the economic profit , as defined in the agreements governing the investment vehicle or account . we recognize such revenue only when the measurement period has been completed or at the time of an investor redemption . institutional research services revenues consist of brokerage commissions derived from securities transactions executed on an agency basis or direct payments from institutional clients . commission revenues vary directly with the perceived value of the research provided , as well as account execution activity and new account generation . compensation includes variable and fixed compensation and related expenses paid to officers , portfolio managers , sales , trading , research and all other professional staff . variable compensation paid to sales personnel and portfolio management and may represent up to 55 % of revenues . management fee expense is incentive-based and entirely variable compensation in the amount of 10 % of adjusted aggregate pre-tax profits which is paid to the executive chairman or his designees for his services as executive chairman pursuant to an employment agreement . other operating expenses include general and administrative operating costs and clearing charges and fees incurred by our brokerage operations . other income and expense includes net gains and losses from investments ( which include both realized and unrealized gains and losses from securities and equity in earnings of investments in partnerships ) , interest and dividend income , and interest expense . net gains and losses from investments are derived from our proprietary investment portfolio consisting of various public and private investments and from consolidated investment funds . net income/ ( loss ) attributable to noncontrolling interests represents the share of net income attributable to third-party limited partners of certain partnerships and offshore funds we consolidate . please refer to notes a and e in our consolidated financial statements included elsewhere in this report . consolidated statements of financial condition we ended 2019 with approximately $ 938 million in cash and investments , net of securities sold , not yet purchased of $ 16 million . this includes $ 349 million of cash and cash equivalents ; $ 29 million of short-term u.s. treasury obligations ; $ 255 million of securities , net of securities sold , not yet purchased , including shares of gamco and valu with market values of $ 57 million and $ 9 million , respectively ; and $ 305 million invested in affiliated and third-party funds and partnerships , including investments in affiliated closed end funds which have a value of $ 100 million and more limited liquidity . our financial resources provide flexibility to pursue strategic objectives that may include acquisitions , lift-outs , seeding new investment strategies , and co-investing , as well as shareholder compensation in the form of share repurchases and dividends . 15 index total shareholders ' equity was $ 897 million or $ 39.93 per share as of december 31 , 2019 , compared to $ 866 million or $ 38.36 per share as of the prior year-end . these shareholders ' equity per share calculations are a non-gaap measurement calculated by dividing the total equity by the number of common shares outstanding . the increase in equity from the end of 2018 was largely attributable to investment income for the year . our primary goal is to use our liquid resources to opportunistically and strategically grow book value and net income . while this goal is a priority , if opportunities are not present with what we consider a margin of safety , we will consider alternatives to return capital to our shareholders , including stock repurchases and dividends . assets under management highlights we reported assets under management as follows ( dollars in millions ) : replace_table_token_3_th ( a ) includes $ 259 million and $ 214 million of proprietary capital , respectively . changes in our aum during 2019 were as follows ( dollars in millions ) : replace_table_token_4_th the majority of our aum has calendar year-end measurement periods , and our incentive fees are primarily recognized in the fourth quarter . operating results for the year ended december 31 , 2019 as compared to the year ended december 31 , 2018 revenues total revenues were $ 31.3 million for the year ended december 31 , 2019 , $ 8.5 million higher than total revenues of $ 22.8 million for the year ended december 31 , 2018. total revenues by type were as follows ( dollars in thousands ) : replace_table_token_5_th 16 index investment advisory and incentive fees : we earn advisory fees based on our aum . investment advisory fees are directly influenced by the amount of average aum and the fee rates applicable to various accounts . advisory fees were $ 10.9 million for 2019 compared to $ 10.2 million for 2018 , an increase of $ 0.7 million . this increase is a result of the increase in average aum over the period . incentive fees are directly related to the gains generated for our clients ' accounts . we earn a percentage , usually 20 % , of such gains . incentive fees were $ 11.2 million in 2019 , up $ 7.0 million from $ 4.2 million in 2018 , due to higher investment performance . story_separator_special_tag unrealized gains and losses and realized gains and losses from covers of securities sold , not yet purchased transactions are included in net gain/ ( loss ) from investments on the consolidated statements of income . consolidation the company assesses all entities with which it is involved for consolidation on a case by case basis depending on the specific facts and circumstances surrounding each entity . pursuant to accounting guidance , the company first evaluates whether it holds a variable interest in an entity . the company considers all economic interests , including proportionate interests through related parties , to determine if such interests are to be considered a variable interest . fees paid to the company that are customary and commensurate with the level of services provided from entities in which the company does not hold other economic interests in the entity are not considered as a variable interest . for any entity where the company has determined that it does hold a variable interest , the company performs an assessment to determine whether it qualifies as a variable interest entity ( “ vie ” ) . the granting of substantive kick-out rights is a key consideration in determining whether a limited partnership or similar entity is a vie and whether or not that entity should be consolidated . the company evaluates consolidation on a case by case basis those vies in which substantive kick-out rights have been granted to the unaffiliated investors to either dissolve the fund or remove the general partner . under the variable interest entity model , the company consolidates those entities where it is determined that the company is the primary beneficiary of the entity . the company is determined to be the primary beneficiary when it has a controlling financial interest in the vie , which is defined as possessing both ( a ) the power to direct the activities of the vie that most significantly impact the vie 's economic performance and ( b ) the obligation to absorb losses of the vie or the right to receive benefits from the vie that could potentially be significant to the vie . if the company alone is not considered to have a controlling financial interest in the vie but the company and its related parties under common control in the aggregate have a controlling financial interest in the vie , the company will be deemed to be the primary beneficiary if it is the party that is most closely associated with the vie . when the company and its related parties not under common control in the aggregate have a controlling financial interest in a vie , the company would be deemed to be the primary beneficiary if substantially all the activities of the entity are performed on behalf of the company . 20 index the company determines whether it is the primary beneficiary of a vie at the time it becomes initially involved with the vie and reconsiders that conclusion as required . investments and redemptions ( either by the company , related parties of the company or third parties ) or amendments to the governing documents of the respective entity may affect an entity 's status as a vie or the determination of the primary beneficiary . entities that do not qualify as vies are assessed for consolidation as voting interest entities ( “ voes ” ) under the voting interest model . the company evaluates whether the entity should be evaluated under the guidance for partnerships and similar entities , or corporations , and consolidates those entities it controls through a majority voting interest or other means . if the company is the general partner or managing member it generally will not be required to consolidate a voe . the company records noncontrolling interests in consolidated investment partnerships for which the company 's ownership is less than 100 % . see note e , investment partnerships and variable interest entities in the consolidated financial statements for additional information . investments in partnerships and affiliates the company is general partner or co-general partner of various affiliated entities . we also have investments in unaffiliated partnerships , offshore funds and other entities ( collectively , “ investments in partnerships and affiliates ” ) . the company accounts for its investments in partnerships and affiliates under the equity method . substantially all the company 's equity method investees are entities that record their underlying investments at fair value and included in investments in partnerships . therefore , under the equity method of accounting , the company 's share of the investee 's underlying net income predominantly represents fair value adjustments in the investments held by the equity method investees . the company 's share of the investee 's underlying net income or loss is based upon the most currently available information and is recorded as net gain/ ( loss ) from investments on the consolidated statements of income . capital contributions are recorded as an increase in investments when paid , and withdrawals and distributions are recorded as reductions of the investments when received . depending on the terms of the investment , the company may be restricted as to the timing and amounts of withdrawals . income taxes for purposes of the preparation of the consolidated financial statements , the provision for income taxes is computed using the asset and liability method , which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements . under this method deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and the reported amounts on the consolidated financial statements using the statutory tax rates in effect for the year when the reported amount of the asset or liability is expected to be recovered or settled , respectively . the effect on deferred tax assets and liabilities of a change in

