Fair Value (Tables)

12 Months Ended

Dec. 31, 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 December 31, 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 December 31, 2021
Cash equivalents	$	141,394	$	-	$	-	$	141,394
Investments in securities:
Common stocks		16,210		-		-		16,210
Actively managed semi-transparent ETFs		9,599		-		-		9,599
Open-end Funds		5,995		-		-		5,995
Closed-end Funds		534		-		-		534
Other		6		-		-		6
Total investments in securities		32,344		-		-		32,344
Total assets at fair value	$	173,738	$	-	$	-	$	173,738

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 short-term investments in U.S. Treasury Bills as of December 31, 2021 and 2020 (in thousands):

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

At December 31, 2021 and 2020, the 5.875% senior notes due June 1, 2021 (“Senior Notes”) and the Subordinated Notes were recorded at face value, net of amortized issuance costs, as follows (in thousands) on the consolidated statements of financial condition:

	December 31, 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		50,990		50,990		-		-
Total	$	50,990	$	50,990	$	24,215	$	24,554