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Consolidated Statements of Cash Flows (unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 11,110,111 $ 33,713,416
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 507,737 569,896
Share-based compensation 3,635,931 4,597,331
Decrease (increase) in accounts receivable 3,230,897 (3,094,071)
Change in current income taxes 5,903,671 (513,313)
Change in deferred income taxes (794,862) (823,883)
Net losses (gains) on investments 12,135,645 (16,091,598)
Net change in securities held by Consolidated Funds 169,476 17,041,017
Decrease in accrued incentive compensation (10,265,331) (12,078,871)
Increase (decrease) in deferred compensation (3,649,491) 5,672,279
Other changes in assets and liabilities (285,183) (182,455)
Net cash provided by operating activities 21,698,601 28,809,748
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (864,508) (131,734)
Purchase of Company sponsored investments (11,879,416) (5,973,680)
Proceeds from sale of Company-sponsored investments 24,662,847 35,729,336
Net cash on deconsolidation of Company sponsored investments 0 (22,723,853)
Net cash provided by investing activities 11,918,923 6,900,069
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of shares withheld related to employee tax withholding (1,483,030) (602,000)
Net subscriptions (redemptions) received from redeemable noncontrolling interest holders (1,986,415) 8,396,769
Repurchase of common stock (11,984,473) (15,659,626)
Net cash used in financing activities (15,453,918) (7,864,857)
CASH AND CASH EQUIVALENTS    
Net change during the period 18,163,606 27,844,960
At beginning of period 93,176,253 84,430,059
At end of period 111,339,859 112,275,019
Supplemental cash flow information:    
Income taxes paid 438,440 11,641,951
Supplemental disclosure of non-cash transactions:    
Common stock issued as incentive compensation 3,396,359 3,655,296
Net redemptions of ETF shares for marketable securities $ 0 $ (3,244,940)