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Consolidated Statements of Cash Flows (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 35,786,366 $ 29,472,589
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 934,742 972,416
Share-based compensation 9,026,666 8,980,313
Increase in accounts receivable (2,759,125) (5,268,228)
Change in current income taxes (1,000,345) 494,715
Change in deferred income taxes 2,944,390 888,205
Net gains on investments (15,658,032) (6,194,268)
Net change in securities held by Consolidated Fund 0 (10,930,911)
Decrease in accrued incentive compensation (6,835,102) (11,292,276)
Increase in deferred compensation 2,837,692 1,610,284
Other changes in assets and liabilities 162,487 2,898,329
Net cash provided by operating activities 25,439,739 11,631,168
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (406,400) (21,705)
Purchase of Company sponsored investments (10,451,525) (6,626,384)
Proceeds from sale of Company sponsored investments 10,584,536 4,799,073
Net cash used in investing activities (273,389) (1,849,016)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Value of common shares withheld related to employee tax withholding (4,583,042) (4,977,863)
Payment of dividends (12,473,236) (13,418,596)
Net subscriptions received from redeemable noncontrolling interest holders 0 10,350,857
Repurchases of common shares (21,701,201) (19,565,763)
Proceeds received under employee stock purchase plan 315,022 375,306
Net cash used in financing activities (38,442,457) (27,236,059)
CASH AND CASH EQUIVALENTS    
Net change during the period (13,276,107) (17,453,907)
At beginning of period 46,991,879 63,195,302
At end of period 33,715,772 45,741,395
Supplemental information related to cash activities:    
Operating lease right-of-use asset addition, net of lease incentives 3,173,981 0
Lease incentives included in property and equipment 2,837,175 0
Income taxes paid $ 11,302,545 $ 9,955,929