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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 66,693 $ 102,546 $ 50,684
Adjustments to reconcile net income to net cash provided by operating activities:      
Advisory fees received in gold and other precious metals (53,452) (49,400) (57,290)
Loss on extinguishment of debt 30,632 9,721
Stock-based compensation 20,691 16,190 10,385
(Gains)/losses on financial instruments owned, at fair value (4,851) 517 16,516
Imputed interest on payable to GBH 2,635 297
Amortization of issuance costs—convertible notes 1,893 1,817 2,592
Depreciation and amortization 1,752 872 262
Amortization of right of use asset 1,304 1,285 963
Losses on investments 1,135 242
Deferred income taxes (398) (481) (1,296)
Gain on revaluation of deferred consideration—gold payments (61,953) (27,765)
Impairments 7,942
Contractual gold payments 6,069 17,108
Other (1,984)
Changes in operating assets and liabilities:      
Accounts receivable (9,036) (6,212) (720)
Prepaid expenses (107) (518) (808)
Gold and other precious metals 52,640 42,150 41,847
Other assets (247) 281 (309)
Fund management and administration payable 1,290 5,837 3,723
Compensation and benefits payable 1,937 1,209 4,485
Income taxes payable (3,126) 2,260 (2,308)
Operating lease liabilities (1,320) (1,284) (965)
Accounts payable and other liabilities 3,396 6,213 (33)
Net cash provided by operating activities 113,461 85,600 55,087
Cash flows from investing activities:      
Purchase of financial instruments owned, at fair value (69,439) (57,364) (67,734)
Cash paid—software development (2,336) (2,149)
Purchase of investments (674) (11,228) (21,863)
Purchase of fixed assets (141) (113) (220)
Cash paid—acquisition of Securrency Transfers, Inc. (net of cash acquired) (985)
Proceeds from the sale of financial instruments owned, at fair value 48,126 123,564 52,115
Proceeds from exiting investments 565 28,818
Proceeds from held-to-maturity securities maturing or called prior to maturity 24 29 45
Proceeds from receipt of contingent consideration related to the sale of Canadian ETF business 1,477
Net cash (used in)/provided by investing activities (23,875) 82,049 (37,657)
Cash flows from financing activities:      
Repurchase of Series A Preferred Stock (143,812)
Repurchase and maturity of convertible notes (132,713) (184,272)
Shares repurchased (62,870) (3,570) (3,418)
Dividends paid (19,002) (20,144) (19,362)
Cash paid to GBH (14,804)
Issuance costs—convertible notes (7,667) (3,548)
Repurchase costs—Series A Preferred Stock (132)
Proceeds from the issuance of convertible notes (Note 10) 345,000 130,000
Termination of deferred consideration—gold payments (50,005)
Repurchase of Series C Preferred Stock (40,000)
Issuance costs—Series C Preferred Stock (97)
Net cash used in financing activities (36,000) (171,636) (22,780)
(Decrease)/increase in cash flow due to changes in foreign exchange rate (1,700) 1,191 (3,258)
Net increase/(decrease) in cash and cash equivalents 51,886 (2,796) (8,608)
Cash, cash equivalents and restricted cash—beginning of year 129,305 132,101 140,709
Cash, cash equivalents and restricted cash—end of year 181,191 129,305 132,101
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 32,218 16,156 12,500
Cash paid for interest $ 12,350 $ 10,709 $ 12,313