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Consolidated Statements of Cash Flows (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 22,250,694 $ 45,230,053
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 750,524 892,463
Share-based compensation 5,728,435 6,724,201
Decrease (increase) in accounts receivable 2,352,406 (4,067,885)
Change in current income taxes 3,016,015 (1,352,069)
Change in deferred income taxes 713,277 (922,277)
Net losses (gains) on investments 7,542,988 (17,465,565)
Net change in securities held by Consolidated Funds 3,033,304 10,149,201
Decrease in accrued incentive compensation (3,983,248) (4,756,871)
Increase (decrease) in deferred compensation (1,688,130) 6,028,924
Other changes in assets and liabilities (1,514,223) (388,751)
Net cash provided by operating activities 38,202,042 40,071,424
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (1,733,656) (609,836)
Purchase of Company sponsored investments (12,353,841) (10,955,556)
Proceeds from sale of Company-sponsored investments 24,781,251 43,245,298
Net cash on deconsolidation of Company sponsored investments 0 (22,723,853)
Net cash provided by investing activities 10,693,754 8,956,053
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of shares withheld related to employee tax withholding (1,574,307) (1,039,631)
Net subscriptions (redemptions) received from redeemable noncontrolling interest holders (4,097,088) 8,934,897
Repurchase of common stock (18,646,982) (23,239,061)
Net cash used in financing activities (24,318,377) (15,343,795)
CASH AND CASH EQUIVALENTS    
Net change during the period 24,577,419 33,683,682
At beginning of period 93,176,253 84,430,059
At end of period 117,753,672 118,113,741
Supplemental cash flow information:    
Income taxes paid 5,699,767 16,641,951
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)