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Consolidated Statements of Cash Flows (unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 9,490,780 $ 31,889,151
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 715,629 577,706
Share-based compensation 5,252,317 3,268,734
Decrease (increase) in accounts receivable 1,236,111 (4,889,865)
Change in current income taxes (3,007,825) 460,963
Change in deferred income taxes (3,480,304) 1,365,779
Net losses (gains) on investments 26,202,205 (10,647,261)
Net change in securities held by Consolidated Funds (11,708,223) (14,055,138)
Decrease in accrued incentive compensation (19,895,874) (9,671,157)
Increase (decrease) in deferred compensation (8,069,988) 1,638,388
Other changes in assets and liabilities 3,730,692 2,889,156
Net cash provided by operating activities 465,520 2,826,456
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (22,913) (662,714)
Purchase of Company sponsored investments (2,980,351) (12,433,151)
Proceeds from sale of Company sponsored investments 4,479,062 4,566,647
Net cash provided by (used in) investing activities 1,475,798 (8,529,218)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of shares withheld related to employee tax withholding (1,781,410) (687,583)
Payment of dividends (9,528,917) (6,343,500)
Net subscriptions received from redeemable noncontrolling interest holders 8,595,911 3,531,713
Repurchases of common stock (21,699,248) (1,928,651)
Proceeds received under employee stock purchase plan 424,435 413,635
Net cash used in financing activities (23,989,229) (5,014,386)
CASH AND CASH EQUIVALENTS    
Net change during the period (22,047,911) (10,717,148)
At beginning of period 80,550,393 98,478,202
At end of period 58,502,482 87,761,054
Supplemental cash flow information:    
Income taxes paid 11,051,770 9,123,643
Supplemental disclosure of non-cash transactions:    
Common stock issued as incentive compensation 487,870 529,806
Charitable donation of corporate investments $ 0 $ 366,555