Fair Value (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022

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, 2022
Cash equivalents	$	133,351	$	-	$	-	$	133,351
Investments in securities:
Common stocks		18,425		-		-		18,425
Actively managed semi-transparent ETFs		12,498		-		-		12,498
Open-end funds		4,958		-		-		4,958
Closed-end funds		7,489		-		-		7,489
Other		2		-		-		2
Total investments in securities		43,372		-		-		43,372
Total assets at fair value	$	176,723	$	-	$	-	$	176,723

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

Financial Assets and Liabilities Disclosed But Not Carried at Fair Value

At June 30, 2022 and December 31, 2021, the 2-year subordinated notes (“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, 2022				December 31, 2021
	Carrying Value		Fair Value Level 2		Carrying Value		Fair Value Level 2
Subordinated Notes	$	33,691	$	33,691	$	50,990	$	50,990
Total	$	33,691	$	33,691	$	50,990	$	50,990