Consolidated Statements of Cash Flows (unaudited) - USD ($)	9 Months Ended
Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 29,472,589	$ 19,863,180
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	972,416	1,046,949
Share-based compensation	8,980,313	8,040,241
(Increase) decrease in accounts receivable	(5,268,228)	1,108,806
Change in current income taxes	494,715	(2,460,635)
Change in deferred income taxes	888,205	(4,997,424)
Gain on sale of high yield-focused advisory contracts	0	(6,813,579)
Net (gains) losses on investments	(6,194,268)	35,007,945
Net change in securities held by Consolidated Funds	(10,930,911)	(17,490,298)
Decrease in accrued incentive compensation	(11,292,276)	(12,487,267)
Increase (decrease) in deferred compensation	1,610,284	(9,121,625)
Other changes in assets and liabilities	2,898,329	4,496,050
Net cash provided by operating activities	11,631,168	16,192,343
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(21,705)	(22,912)
Purchase of Company sponsored investments	(6,626,384)	(5,167,583)
Proceeds from sale of Company sponsored investments	4,799,073	6,838,001
Proceeds from sale of high yield-focused advisory contracts	0	6,813,579
Net cash (used in) provided by investing activities	(1,849,016)	8,461,085
CASH FLOWS FROM FINANCING ACTIVITIES:
Value of shares withheld related to employee tax withholding	(4,977,863)	(2,580,328)
Payment of dividends	(13,418,596)	(14,114,862)
Net subscriptions received from redeemable noncontrolling interest holders	10,350,857	9,859,318
Repurchases of common stock	(19,565,763)	(35,670,493)
Proceeds received under employee stock purchase plan	375,306	492,317
Net cash used in financing activities	(27,236,059)	(42,014,048)
CASH AND CASH EQUIVALENTS
Net change during the period	(17,453,907)	(17,360,620)
At beginning of period	63,195,302	80,550,393
At end of period	45,741,395	63,189,773
Supplemental cash flow information:
Income taxes paid	9,955,929	16,463,770
Supplemental disclosure of non-cash transactions:
Common stock issued as incentive compensation	$ 0	$ 487,870

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