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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 43,177,918 $ 43,085,548 $ 36,870,762
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 1,224,475 1,289,315 1,377,610
Share-based compensation 11,821,490 11,691,890 10,660,673
(Increase) decrease in accounts receivable (2,154,437) (3,393,686) 3,107,409
Change in current income taxes 70,146 (157,317) (2,265,287)
Change in deferred income taxes 1,672,382 2,783,768 (4,526,654)
Gain on sale of High Yield-Focused Advisory Contracts 0 0 (6,813,579)
Net (gain) loss on investments (8,080,147) (16,536,677) 24,471,894
Net change in securities held by Consolidated Funds (35,809,404) (10,930,911) (14,039,687)
Increase (decrease) in accrued incentive compensation 2,000,000 (2,600,000) (4,647,548)
Increase (decrease) in deferred compensation 3,041,923 5,342,180 (6,603,304)
Other changes in assets and liabilities (365,494) 4,095,014 1,890,346
Net cash provided by operating activities 16,598,852 34,669,124 39,482,635
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (1,363,440) (21,705) (101,454)
Purchase of Company sponsored investments (15,125,376) (19,469,955) (7,606,958)
Proceeds from sale of Company sponsored investments 47,000,808 15,286,036 6,928,704
Proceeds From Sale Of Nonfinancial Assets 0 0 6,813,579
Net cash provided by (used in) investing activities 30,511,992 (4,205,624) 6,033,871
CASH FLOWS FROM FINANCING ACTIVITIES:      
Value of shares withheld related to employee tax withholding obligations (6,275,907) (5,131,262) (3,436,678)
Payment of dividends (16,530,676) (17,676,364) (30,696,907)
Repurchase of common shares 245,819 10,350,857 9,461,710
Repurchase of common shares (30,244,638) (34,619,944) (38,726,007)
Proceeds received under employee stock purchase plan 327,283 409,790 526,285
Net cash used in financing activities (52,478,119) (46,666,923) (62,871,597)
CASH AND CASH EQUIVALENTS      
Net change during the year (5,367,275) (16,203,423) (17,355,091)
At beginning of year 46,991,879 63,195,302 80,550,393
At end of year 41,624,604 46,991,879 63,195,302
Supplemental information related to cash activities      
Income taxes paid 14,090,545 12,863,429 20,879,724
Supplemental information related to non-cash activities      
Operating lease right-of-use asset addition, net of lease incentives 3,173,981 0 0
Lease incentives included in property and equipment 2,837,175 0 0
Common shares issued as incentive compensation $ 0 $ 0 $ 487,870