Fair Value (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2021

Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2021
Cash equivalents	$	117,723	$	-	$	-	$	117,723
Investments in securities:
Common stocks		21,647		-		-		21,647
Open-end Funds		6,235		-		-		6,235
Actively managed semi-transparent ETFs		5,326		-		-		5,326
Closed-end Funds		528		-		-		528
Other		7		-		-		7
Total investments in securities		33,743		-		-		33,743
Total assets at fair value	$	151,466	$	-	$	-	$	151,466

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020

Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2020
Cash equivalents	$	32,661	$	-	$	-	$	32,661
Investments in securities:
Common stocks		19,099		-		-		19,099
Open-end Funds		6,128		-		-		6,128
Closed-end Funds		618		-		-		618
Total investments in securities		25,845		-		-		25,845
Total assets at fair value	$	58,506	$	-	$	-	$	58,506
Liabilities
Securities sold, not yet purchased:
Trading - Common stocks	$	799	$	-	$	-	$	799
Total securities sold, not yet purchased	$	799	$	-	$	-	$	799

Financial Assets and Liabilities Disclosed But Not Carried at Fair Value

The following table presents the carrying value and fair value of the Company’s investments in debt securities that are held-to-maturity and consisted of the following as of June 30, 2021 and December 31, 2020 (in thousands):

	June 30, 2021				December 31, 2020
	Carrying Value		Fair Value Level 1		Carrying Value		Fair Value Level 1
U.S. Treasury Bills	$	-	$	-	$	64,988	$	64,994
Total	$	-	$	-	$	64,988	$	64,994

At June 30, 2021 and December 31, 2020, the Senior Notes and Subordinated Notes were recorded at face value, net of amortized issuance costs, as follows (in thousands) on the Condensed Consolidated Statements of Financial Condition:

	June 30, 2021				December 31, 2020
	Carrying Value		Fair Value Level 2		Carrying Value		Fair Value Level 2
5.875% Senior Notes	$	-	$	-	$	24,215	$	24,554
Subordinated Notes		52,178		52,178		-		-
Total	$	52,178	$	52,178	$	24,215	$	24,554