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Consolidated Statements of Cash Flows (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) $ 14,262,613 $ (2,528,368)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 218,731 265,084
Share-based compensation 1,481,578 2,433,317
Decrease (increase) in accounts receivable (1,911,973) 3,873,142
Change in current income taxes 3,904,225 3,297,343
Change in deferred income taxes 1,004,084 (2,691,713)
Net (gains) losses on investments (5,205,321) 23,246,116
Net change in securities held by Consolidated Funds (11,456,604) (589,071)
Decrease in accrued incentive compensation (19,634,038) (15,799,928)
Increase (decrease) in deferred compensation 127,135 (7,475,032)
Other changes in assets and liabilities 1,549,065 (2,039,894)
Net cash (used in) provided by operating activities (15,660,505) 1,990,996
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (413,441) (115,218)
Purchase of Company sponsored investments (1,890,082) (10,948,903)
Proceeds from sale of Company sponsored investments 3,891,396 23,209,972
Net cash provided by investing activities 1,587,873 12,145,851
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of shares withheld related to employee tax withholding (258,088) (252,968)
Payment of dividends (3,147,890) 0
Net subscriptions (redemptions) received from redeemable noncontrolling interest holders 738,711 (565,998)
Repurchase of common stock (1,893,146) (9,182,577)
Proceeds received under employee stock purchase plan 342,528 0
Net cash used in financing activities (4,217,885) (10,001,543)
CASH AND CASH EQUIVALENTS    
Net change during the period (18,290,517) 4,135,304
At beginning of period 98,478,202 93,176,253
At end of period 80,187,685 97,311,557
Supplemental cash flow information:    
Income taxes paid 24,653 0
Supplemental disclosure of non-cash transactions:    
Common stock issued as incentive compensation 529,806 3,396,359
Charitable donation of corporate investments $ 366,555 $ 0