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Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary of Reclassifications to Conform to the Current Year's Consolidated Financial Statement Presentation

The following table summarizes these revisions, which had no effect on previously reported net income:

		Three Months Ended June 30, 2021				Six Months Ended June 30, 2021
Operating Revenues:
Advisory fees (previously reported)		$	75,997			$	147,613
Amounts collected on behalf of third parties			(1,828	)			(3,402	)
Advisory fees (as corrected)		$	74,169			$	144,211
Total revenues (previously reported)		$	77,603			$	150,433
Amounts collected on behalf of third parties			(1,828	)			(3,402	)
Total revenues (as corrected)		$	75,775			$	147,031
Operating Expenses:
Fund management and administration (previously reported)		$	16,195			$	31,716
Amounts collected on behalf of third parties			(1,828	)			(3,402	)
Fund management and administration (as corrected)		$	14,367			$	28,314
Total operating expenses (previously reported)		$	53,918			$	108,141
Amounts collected on behalf of third parties			(1,828	)			(3,402	)
Total operating expenses (as corrected)		$	52,090			$	104,739

Summary of Revisions to Consolidated Statements of Operations Due to Immaterial Correction of Error

The following table summarizes these reclassifications for the six months ended June 30, 2021:

		Six Months Ended June 30, 2021
Consolidated Statements of Cash Flows:
Cash Flows from Operating Activities
Net cash used in operating activities (previously reported)		$	(2,217	)
Reclassification of net cash flows from securities purchases and sales			24,607
Net cash provided by operating activities (currently reported)		$	22,390
Cash Flows from Investing Activities
Net cash used in investing activities (previously reported)		$	(5,846	)
Reclassification of purchases of securities owned, at fair value			(29,819	)
Reclassification of proceeds from the sale of securities owned, at fair value			5,212
Net cash used in investing activities (currently reported)		$	(30,453	)

Schedule of Estimated Useful Lives of Related Assets

Depreciation and amortization is provided for using the straight-line method over the estimated useful lives of the related assets as follows:

Equipment			3 to 5 years
Internally-developed software			3 years

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Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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