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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 43,085,548 $ 36,870,762 $ 75,589,539
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 1,289,315 1,377,610 1,281,420
Share-based compensation 11,691,890 10,660,673 7,415,170
Increase (decrease) in accounts receivable (3,393,686) 3,107,409 (2,666,551)
Change in current income taxes (157,317) (2,265,287) 1,058,278
Change in deferred income taxes 2,783,768 (4,526,654) (1,410,106)
Gain on sale of High Yield-Focused Advisory Contracts 0 (6,813,579) (9,000,000)
Net loss (gain) on investments (16,536,677) 24,471,894 (10,878,658)
Net change in securities held by Consolidated Funds (10,930,911) (14,039,687) (50,430,607)
Increase (decrease) in accrued incentive compensation (2,600,000) (4,647,548) 9,365,224
Increase (decrease) in deferred compensation 5,342,180 (6,603,304) 4,106,342
Other changes in assets and liabilities 4,095,014 1,890,346 1,882,186
Net cash provided by operating activities 34,669,124 39,482,635 26,312,237
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (21,705) (101,454) (1,104,981)
Purchase of Company sponsored investments (19,469,955) (7,606,958) (21,395,411)
Proceeds from sale of Company sponsored investments 15,286,036 6,928,704 40,764,891
Proceeds From Sale Of Nonfinancial Assets 0 6,813,579 9,000,000
Net cash provided by (used in) investing activities (4,205,624) 6,033,871 27,264,499
CASH FLOWS FROM FINANCING ACTIVITIES:      
Value of shares withheld related to employee tax withholding obligations (5,131,262) (3,436,678) (1,625,413)
Payment of dividends (17,676,364) (30,696,907) (72,960,976)
Repurchase of common shares 10,350,857 9,461,710 10,298,891
Repurchase of common shares (34,619,944) (38,726,007) (7,820,315)
Proceeds received under employee stock purchase plan 409,790 526,285 603,268
Net cash used in financing activities (46,666,923) (62,871,597) (71,504,545)
CASH AND CASH EQUIVALENTS      
Net change during the year (16,203,423) (17,355,091) (17,927,809)
At beginning of year 63,195,302 80,550,393 98,478,202
At end of year 46,991,879 63,195,302 80,550,393
Supplemental cash flow information:      
Income taxes paid 12,863,429 20,879,724 26,401,643
Supplemental disclosure of non-cash transactions:      
Common stock issued as incentive compensation 0 487,870 529,806
Charitable donation of corporate investments $ 0 $ 0 $ 366,555