QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
(Exact name of Registrant as specified in its charter)
|
||
|
|
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
One Corporate Center, Rye, NY 10580
|
|
(
|
(Address of principle executive offices)(Zip Code)
|
|
Registrant’s telephone number, including area code
|
|
|
|
N/A
|
(Former name, former address and former fiscal year, if changed since last report)
|
Title of each class
|
Trading Symbol
|
Name of each exchange on which registered
|
||
|
|
|
Large accelerated filer ☐
|
|
|
Non-accelerated filer ☐
|
Smaller reporting company
|
Emerging growth company
|
Class
|
Outstanding at July 31, 2022
|
|
Class A Common Stock, $0.001 par value
|
(Including 402,200 restricted stock awards)
|
|
Class B Common Stock, $0.001 par value
|
|
|
In addition, there are 371,300 phantom restricted stock awards outstanding as of July 31, 2022.
|
INDEX
|
||
PART I.
|
FINANCIAL INFORMATION
|
Page
|
Item 1.
|
Unaudited Condensed Consolidated Financial Statements
|
|
Condensed Consolidated Statements of Financial Condition as of June 30, 2022 (unaudited) and December 31, 2021
|
3
|
|
Condensed Consolidated Statements of Income for the three and six months ended June 30, 2022 and 2021 (unaudited)
|
4
|
|
Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2022 and 2021 (unaudited)
|
5
|
|
Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2022 and 2021 (unaudited)
|
6
|
|
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (unaudited)
|
7
|
|
Notes to Condensed Consolidated Financial Statements (unaudited)
|
8
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
18
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
27
|
Item 4.
|
Controls and Procedures
|
28
|
PART II.
|
OTHER INFORMATION *
|
|
Item 1.
|
Legal Proceedings
|
28
|
Item 1A.
|
Risk Factors
|
28
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
29
|
Item 6.
|
Exhibits
|
29
|
Signature
|
29
|
June 30,
|
December 31, | |||||||
2022
|
2021
|
|||||||
ASSETS
|
||||||||
Cash and cash equivalents (a)
|
$
|
|
$
|
|
||||
Investments in equity securities, at fair value
|
|
|
||||||
Investment advisory fees receivable
|
|
|
||||||
Deferred tax asset and income tax receivable
|
|
|
||||||
Receivable from brokers
|
|
|
||||||
Finance lease
|
|
|
||||||
Goodwill and identifiable intangible assets
|
|
|
||||||
Receivable from affiliates
|
|
|
||||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Compensation payable
|
$
|
|
$
|
|
||||
Lease liability obligations
|
|
|
||||||
Income taxes payable
|
|
|
||||||
Payable to affiliates
|
|
|
||||||
Payable for investments purchased
|
|
|
||||||
Accrued expenses and other liabilities
|
|
|
||||||
Sub-total
|
|
|
||||||
Subordinated Notes (net of issuance costs of $
|
|
|
||||||
Total liabilities
|
|
|
||||||
Commitments and contingencies (Note 10)
|
||||||||
Stockholders' Equity
|
||||||||
Class A Common Stock, $
|
|
|
||||||
Class B Common Stock, $
|
|
|
||||||
Additional paid-in capital
|
|
|
||||||
Retained earnings
|
|
|
||||||
Accumulated other comprehensive loss
|
(
|
)
|
(
|
)
|
||||
Treasury stock, at cost (
|
(
|
)
|
(
|
)
|
||||
Total stockholders' equity
|
|
|
||||||
Total liabilities and stockholders' equity
|
$
|
|
$
|
|
(a) |
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Revenues:
|
||||||||||||||||
Investment advisory and incentive fees
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Distribution fees and other income
|
|
|
|
|
||||||||||||
Total revenues
|
|
|
|
|
||||||||||||
Expenses:
|
||||||||||||||||
Compensation
|
|
|
|
|
||||||||||||
Management fee
|
|
|
|
|
||||||||||||
Distribution costs
|
|
|
|
|
||||||||||||
Other operating expenses
|
|
|
|
|
||||||||||||
Total expenses
|
|
|
|
|
||||||||||||
Operating income
|
|
|
|
|
||||||||||||
Non-operating income / (loss)
|
||||||||||||||||
Gain / (loss) from investments, net
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Interest and dividend income
|
|
|
|
|
||||||||||||
Interest expense
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Total non-operating income / (loss)
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Income before income taxes
|
|
|
|
|
||||||||||||
Provision for income taxes
|
|
|
|
|
||||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Diluted
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
|
|
|
|
||||||||||||
Diluted
|
|
|
|
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Other comprehensive income / (loss):
|
||||||||||||||||
Foreign currency translation gain / (loss)
|
(
|
)
|
|
(
|
)
|
|
||||||||||
Total comprehensive income
|
$
|
|
$
|
|
$
|
|
$
|
|
Accumulated
|
||||||||||||||||||||||||
Additional
|
Other
|
|||||||||||||||||||||||
Common
|
Paid-in
|
Retained
|
Comprehensive
|
Treasury
|
||||||||||||||||||||
Stock
|
Capital
|
Earnings
|
Loss
|
Stock
|
Total
|
|||||||||||||||||||
Balance at December 31, 2021
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
||||||||||
Net income
|
|
|
|
|
|
|
||||||||||||||||||
Foreign currency translation
|
|
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||
Dividends declared ($
|
|
|
(
|
)
|
|
|
(
|
)
|
||||||||||||||||
Stock based compensation expense
|
|
|
|
|
|
|
||||||||||||||||||
Purchases of treasury stock
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||
Balance at March 31, 2022
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
||||||||||
Net income
|
|
|
|
|
|
|
||||||||||||||||||
Foreign currency translation
|
|
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||
Dividends declared ($
|
|
|
(
|
)
|
|
|
(
|
)
|
||||||||||||||||
Stock based compensation expense
|
|
|
|
|
|
|
||||||||||||||||||
Purchases of treasury stock
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||
Balance at June 30, 2022
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
Accumulated
|
||||||||||||||||||||||||
Additional
|
Other
|
|||||||||||||||||||||||
Common
|
Paid-in
|
Retained
|
Comprehensive
|
Treasury
|
||||||||||||||||||||
Stock
|
Capital
|
Earnings
|
Loss
|
Stock
|
Total
|
|||||||||||||||||||
Balance at December 31, 2020
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
||||||||||
Net income
|
|
|
|
|
|
|
||||||||||||||||||
Foreign currency translation
|
|
|
|
|
|
|
||||||||||||||||||
Dividends declared ($
|
|
|
(
|
)
|
|
|
(
|
)
|
||||||||||||||||
Stock based compensation expense
|
|
|
|
|
|
|
||||||||||||||||||
Purchases of treasury stock
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||
Balance at March 31, 2021
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
||||||||||
Net income
|
|
|
|
|
|
|
||||||||||||||||||
Foreign currency translation
|
|
|
|
|
|
|
||||||||||||||||||
Dividends declared ($
|
|
|
(
|
)
|
|
|
(
|
)
|
||||||||||||||||
Stock based compensation expense
|
|
|
|
|
|
|
||||||||||||||||||
Purchases of treasury stock
|
|
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||||
Balance at June 30, 2021
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|
Six Months Ended
|
|||||||
|
June 30,
|
|||||||
|
2022 |
2021
|
||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
|
|
||||||
Accretion of discounts and amortization of premiums
|
(
|
)
|
(
|
)
|
||||
Stock based compensation expense
|
|
|
||||||
Deferred income taxes
|
(
|
)
|
|
|||||
Foreign currency translation income / (loss)
|
(
|
)
|
|
|||||
Net unrealized (gains) / losses on securities
|
|
(
|
)
|
|||||
Net realized losses on securities
|
|
|
||||||
(Increase) decrease in assets:
|
||||||||
Investments in securities
|
(
|
)
|
(
|
)
|
||||
Investment advisory fees receivable
|
|
|
||||||
Income taxes receivable
|
(
|
)
|
|
|||||
Receivable from brokers
|
|
|
||||||
Receivable from affiliates
|
|
|
||||||
Other assets
|
(
|
)
|
(
|
)
|
||||
Increase (decrease) in liabilities:
|
||||||||
Compensation payable
|
|
|
||||||
Income taxes payable
|
(
|
)
|
(
|
)
|
||||
Payable to affiliates
|
(
|
)
|
(
|
)
|
||||
Payable for investments purchased
|
(
|
)
|
|
|||||
Accrued expenses and other liabilities
|
(
|
)
|
(
|
)
|
||||
Total adjustments
|
(
|
)
|
|
|||||
Net cash provided by operating activities
|
|
|
||||||
Cash flows from investing activities:
|
||||||||
Purchases of securities held for investment
|
(
|
)
|
(
|
)
|
||||
Proceeds from sales and maturities of securities
|
|
|
||||||
Net cash provided by/ (used in) investing activities
|
(
|
)
|
|
|||||
Cash flows from financing activities:
|
||||||||
Repurchases of
|
( |
) | ||||||
Maturity of
|
( |
) | ||||||
Dividends paid
|
(
|
)
|
(
|
)
|
||||
Purchases of treasury stock
|
(
|
)
|
(
|
)
|
||||
Repayment of principal portion of lease liability
|
(
|
)
|
(
|
)
|
||||
Net cash used in financing activities
|
(
|
)
|
(
|
)
|
||||
Effect of exchange rates on cash and cash equivalents
|
|
(
|
)
|
|||||
Net increase / (decrease) in cash and cash equivalents
|
(
|
)
|
|
|||||
Cash and cash equivalents, beginning of period
|
|
|
||||||
Cash and cash equivalents, end of period
|
$
|
|
$
|
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for interest
|
$
|
|
$
|
|
||||
Cash paid for taxes
|
$
|
|
$
|
|
Three Months Ended June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Investment advisory and incentive fees:
|
||||||||||||||||
Open-end Funds
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Closed-end Funds
|
|
|
|
|
||||||||||||
Sub-advisory accounts
|
|
|
|
|
||||||||||||
Institutional & Private Wealth Management
|
|
|
|
|
||||||||||||
SICAVs
|
|
|
|
|
||||||||||||
Performance-based
|
|
|
|
|
||||||||||||
Total investment advisory and incentive fees | ||||||||||||||||
Distribution fees and other income
|
|
|
|
|
||||||||||||
Total revenues
|
$
|
|
$
|
|
$
|
|
$
|
|
June 30,
2022
|
December 31, 2021
|
|||||||||||||||
Cost
|
Fair Value
|
Cost
|
Fair Value
|
|||||||||||||
Investments in equity securities:
|
||||||||||||||||
Common stocks
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Actively managed semi-transparent ETFs
|
||||||||||||||||
Open-end funds
|
|
|
|
|
||||||||||||
Closed-end funds
|
|
|
|
|
||||||||||||
Other
|
|
|
|
|
||||||||||||
Total investments in equity securities
|
$
|
|
$
|
|
$
|
|
$
|
|
-
|
Level 1 - the valuation methodology utilizes quoted prices (unadjusted) in active markets for identical assets or liabilities
at the reporting date. Level 1 assets include cash equivalents, government obligations, mutual funds, closed-end funds, and listed equities.
|
-
|
Level 2 - the valuation methodology utilizes inputs other than quoted prices included in Level 1 that are observable for the
asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities that are not active, and inputs other
than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly-quoted intervals.
|
-
|
Level 3 - the valuation methodology utilizes unobservable inputs for the asset or liability, and includes situations where
there is little, if any, market activity for the asset or liability.
|
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
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Investments in securities:
|
||||||||||||||||
Common stocks
|
|
|
|
|
||||||||||||
Actively managed semi-transparent ETFs
|
|
|
|
|
||||||||||||
Open-end funds
|
|
|
|
|
||||||||||||
Closed-end funds
|
|
|
|
|
||||||||||||
Other
|
|
|
|
|
||||||||||||
Total investments in securities
|
|
|
|
|
||||||||||||
Total assets at fair value
|
$
|
|
$
|
|
$
|
|
$
|
|
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
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Investments in securities:
|
||||||||||||||||
Common stocks
|
|
|
|
|
||||||||||||
Actively managed semi-transparent ETFs
|
||||||||||||||||
Open-end funds
|
|
|
|
|
||||||||||||
Closed-end funds
|
|
|
|
|
||||||||||||
Other
|
||||||||||||||||
Total investments in securities
|
|
|
|
|
||||||||||||
Total assets at fair value
|
$
|
|
$
|
|
$
|
|
$
|
|
June 30, 2022
|
December 31, 2021
|
|||||||||||||||
Carrying
Value
|
Fair Value
Level 2
|
Carrying
Value
|
Fair Value
Level 2
|
|||||||||||||
Subordinated Notes
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
Three Months Ended June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Basic:
|
||||||||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Weighted average shares outstanding
|
|
|
|
|
||||||||||||
Basic net income per share
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Diluted:
|
||||||||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Weighted average shares outstanding
|
|
|
|
|
||||||||||||
Restricted stock awards
|
|
|
|
|
||||||||||||
Total
|
|
|
|
|
||||||||||||
Diluted net income per share
|
$
|
|
$
|
|
$
|
|
$
|
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Finance lease cost - interest expense
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Finance lease cost - amortization of right-of-use asset
|
|
|
|
|
||||||||||||
Operating lease cost
|
|
|
|
|
||||||||||||
Sublease income
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Total lease cost
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Other information:
|
||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities
|
||||||||||||||||
Operating cash flows from finance lease
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Operating cash flows from operating leases
|
|
|
|
|
||||||||||||
Financing cash flows from finance lease
|
|
|
|
|
||||||||||||
Total cash paid for amounts included in the measurement of lease liabilities
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Weighted average remaining lease term—finance lease (years)
|
|
|
|
|
||||||||||||
Weighted average remaining lease term—operating leases (years)
|
|
|
|
|
||||||||||||
Weighted average discount rate—finance lease
|
|
%
|
|
%
|
|
%
|
|
%
|
||||||||
Weighted average discount rate—operating leases
|
|
%
|
|
%
|
|
%
|
|
%
|
Year ending December 31,
|
Finance Leases
|
Operating Leases
|
Total Leases
|
|||||||||
2022 (excluding the three months ended
June 30, 2022)
|
$
|
|
$
|
|
$
|
|
||||||
2023
|
|
|
|
|||||||||
2024
|
|
|
|
|||||||||
2025
|
|
|
|
|||||||||
2026
|
|
|
|
|||||||||
Thereafter
|
|
|
|
|||||||||
Total lease payments
|
$
|
|
$
|
|
$
|
|
||||||
Less imputed interest
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Total lease liabilities
|
$
|
|
$
|
|
$
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Equities:
|
||||||||||||||||
Mutual Funds
|
||||||||||||||||
Beginning of period assets
|
$
|
9,824
|
$
|
9,825
|
$
|
10,249
|
$
|
9,541
|
||||||||
Inflows
|
230
|
251
|
556
|
548
|
||||||||||||
Outflows
|
(394
|
)
|
(405
|
)
|
(790
|
)
|
(958
|
)
|
||||||||
Net inflows (outflows)
|
(164
|
)
|
(154
|
)
|
(234
|
)
|
(410
|
)
|
||||||||
Market appreciation (depreciation)
|
(1,302
|
)
|
539
|
(1,653
|
)
|
1,083
|
||||||||||
Fund distributions, net of reinvestment
|
(4
|
)
|
(4
|
)
|
(8
|
)
|
(8
|
)
|
||||||||
Total increase (decrease)
|
(1,470
|
)
|
381
|
(1,895
|
)
|
665
|
||||||||||
End of period assets
|
$
|
8,354
|
$
|
10,206
|
$
|
8,354
|
$
|
10,206
|
||||||||
Percentage of total assets under management
|
29.1
|
%
|
29.5
|
%
|
29.1
|
%
|
29.5
|
%
|
||||||||
Average assets under management
|
$
|
9,071
|
$
|
10,209
|
$
|
9,392
|
$
|
9,981
|
||||||||
Closed-end Funds
|
||||||||||||||||
Beginning of period assets
|
$
|
8,097
|
$
|
8,100
|
$
|
8,656
|
$
|
7,773
|
||||||||
Inflows
|
59
|
43
|
95
|
43
|
||||||||||||
Outflows
|
(12
|
)
|
(5
|
)
|
(257
|
)
|
(22
|
)
|
||||||||
Net inflows (outflows)
|
47
|
38
|
(162
|
)
|
21
|
|||||||||||
Market appreciation (depreciation)
|
(981
|
)
|
483
|
(1,192
|
)
|
947
|
||||||||||
Fund distributions, net of reinvestment
|
(127
|
)
|
(122
|
)
|
(266
|
)
|
(242
|
)
|
||||||||
Total increase (decrease)
|
(1,061
|
)
|
399
|
(1,620
|
)
|
726
|
||||||||||
End of period assets
|
$
|
7,036
|
$
|
8,499
|
$
|
7,036
|
$
|
8,499
|
||||||||
Percentage of total assets under management
|
24.5
|
%
|
24.5
|
%
|
24.5
|
%
|
24.5
|
%
|
||||||||
Average assets under management
|
$
|
7,611
|
$
|
8,464
|
$
|
7,891
|
$
|
8,233
|
||||||||
Institutional & PWM
|
||||||||||||||||
Beginning of period assets
|
$
|
12,674
|
$
|
13,145
|
$
|
13,497
|
$
|
12,371
|
||||||||
Inflows
|
61
|
137
|
188
|
264
|
||||||||||||
Outflows
|
(297
|
)
|
(360
|
)
|
(684
|
)
|
(1,190
|
)
|
||||||||
Net inflows (outflows)
|
(236
|
)
|
(223
|
)
|
(496
|
)
|
(926
|
)
|
||||||||
Market appreciation (depreciation)
|
(1,869
|
)
|
668
|
(2,432
|
)
|
2,145
|
||||||||||
Total increase (decrease)
|
(2,105
|
)
|
445
|
(2,928
|
)
|
1,219
|
||||||||||
End of period assets (a)
|
$
|
10,569
|
$
|
13,590
|
$
|
10,569
|
$
|
13,590
|
||||||||
Percentage of total assets under management
|
36.8
|
%
|
39.2
|
%
|
36.8
|
%
|
39.2
|
%
|
||||||||
Average assets under management
|
$
|
11,702
|
$
|
13,616
|
$
|
12,262
|
$
|
13,178
|
||||||||
SICAV
|
||||||||||||||||
Beginning of period assets
|
$
|
879
|
$
|
582
|
$
|
831
|
$
|
474
|
||||||||
Inflows
|
169
|
102
|
365
|
292
|
||||||||||||
Outflows
|
(90
|
)
|
(37
|
)
|
(223
|
)
|
(115
|
)
|
||||||||
Net inflows (outflows)
|
79
|
65
|
142
|
177
|
||||||||||||
Market appreciation (depreciation)
|
(72
|
)
|
18
|
(87
|
)
|
14
|
||||||||||
Total increase (decrease)
|
7
|
83
|
55
|
191
|
||||||||||||
End of period assets
|
$
|
886
|
$
|
665
|
$
|
886
|
$
|
665
|
||||||||
Percentage of total assets under management
|
3.1
|
%
|
1.9
|
%
|
3.1
|
%
|
1.9
|
%
|
||||||||
Average assets under management
|
$
|
910
|
$
|
633
|
$
|
881
|
$
|
579
|
||||||||
Total Equities
|
||||||||||||||||
Beginning of period assets
|
$
|
31,474
|
$
|
31,652
|
$
|
33,233
|
$
|
30,159
|
||||||||
Inflows
|
519
|
533
|
1,204
|
1,147
|
||||||||||||
Outflows
|
(793
|
)
|
(807
|
)
|
(1,954
|
)
|
(2,285
|
)
|
||||||||
Net inflows (outflows)
|
(274
|
)
|
(274
|
)
|
(750
|
)
|
(1,138
|
)
|
||||||||
Market appreciation (depreciation)
|
(4,224
|
)
|
1,708
|
(5,364
|
)
|
4,189
|
||||||||||
Fund distributions, net of reinvestment
|
(131 | ) | (126 | ) | (274 | ) | (250 | ) | ||||||||
Total increase (decrease)
|
(4,629
|
)
|
1,308
|
(6,388
|
)
|
2,801
|
||||||||||
End of period assets
|
$
|
26,845
|
$
|
32,960
|
$
|
26,845
|
$
|
32,960
|
||||||||
Percentage of total assets under management
|
93.5
|
%
|
95.2
|
%
|
93.5
|
%
|
95.2
|
%
|
||||||||
Average assets under management
|
$
|
29,294
|
$
|
32,922
|
$
|
30,426
|
$
|
31,971
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Fixed Income:
|
||||||||||||||||
100% U.S. Treasury fund
|
||||||||||||||||
Beginning of period assets
|
$
|
1,872
|
$
|
1,725
|
$
|
1,717
|
$
|
2,370
|
||||||||
Inflows
|
1,036
|
640
|
2,003
|
1,304
|
||||||||||||
Outflows
|
(1,074
|
)
|
(732
|
)
|
(1,886
|
)
|
(2,041
|
)
|
||||||||
Net inflows (outflows)
|
(38
|
)
|
(92
|
)
|
117
|
(737
|
)
|
|||||||||
Market appreciation (depreciation)
|
2
|
-
|
2
|
-
|
||||||||||||
Total increase (decrease)
|
(36
|
)
|
(92
|
)
|
119
|
(737
|
)
|
|||||||||
End of period assets
|
$
|
1,836
|
$
|
1,633
|
$
|
1,836
|
$
|
1,633
|
||||||||
Percentage of total assets under management
|
6.4
|
%
|
4.7
|
%
|
6.4
|
%
|
4.7
|
%
|
||||||||
Average assets under management
|
$
|
1,936
|
$
|
1,649
|
$
|
1,810
|
$
|
1,992
|
||||||||
Institutional & PWM
|
||||||||||||||||
Beginning of period assets
|
$
|
32
|
$
|
32
|
$
|
32
|
$
|
32
|
||||||||
Inflows
|
-
|
-
|
-
|
-
|
||||||||||||
Outflows
|
-
|
-
|
-
|
-
|
||||||||||||
Net inflows (outflows)
|
-
|
-
|
-
|
-
|
||||||||||||
Market appreciation (depreciation)
|
-
|
-
|
-
|
-
|
||||||||||||
Total increase (decrease)
|
-
|
-
|
-
|
-
|
||||||||||||
End of period assets
|
$
|
32
|
$
|
32
|
$
|
32
|
$
|
32
|
||||||||
Percentage of total assets under management
|
0.1
|
%
|
0.1
|
%
|
0.1
|
%
|
0.1
|
%
|
||||||||
Average assets under management
|
$
|
32
|
$
|
32
|
$
|
32
|
$
|
32
|
||||||||
Total Fixed Income
|
||||||||||||||||
Beginning of period assets
|
$
|
1,904
|
$
|
1,757
|
$
|
1,749
|
$
|
2,402
|
||||||||
Inflows
|
1,036
|
640
|
2,003
|
1,304
|
||||||||||||
Outflows
|
(1,074
|
)
|
(732
|
)
|
(1,886
|
)
|
(2,041
|
)
|
||||||||
Net inflows (outflows)
|
(38
|
)
|
(92
|
)
|
117
|
(737
|
)
|
|||||||||
Market appreciation (depreciation)
|
2
|
-
|
2
|
-
|
||||||||||||
Total increase (decrease)
|
(36
|
)
|
(92
|
)
|
119
|
(737
|
)
|
|||||||||
End of period assets
|
$
|
1,868
|
$
|
1,665
|
$
|
1,868
|
$
|
1,665
|
||||||||
Percentage of total assets under management
|
6.5
|
%
|
4.8
|
%
|
6.5
|
%
|
4.8
|
%
|
||||||||
Average assets under management
|
$
|
1,968
|
$
|
1,681
|
$
|
1,842
|
$
|
2,024
|
||||||||
Total AUM
|
||||||||||||||||
Beginning of period assets
|
$
|
33,378
|
$
|
33,409
|
$
|
34,982
|
$
|
32,561
|
||||||||
Inflows
|
1,555
|
1,173
|
3,207
|
2,451
|
||||||||||||
Outflows
|
(1,867
|
)
|
(1,539
|
)
|
(3,840
|
)
|
(4,326
|
)
|
||||||||
Net inflows (outflows)
|
(312
|
)
|
(366
|
)
|
(633
|
)
|
(1,875
|
)
|
||||||||
Market appreciation (depreciation)
|
(4,222
|
)
|
1,708
|
(5,362
|
)
|
4,189
|
||||||||||
Fund distributions, net of reinvestment
|
(131
|
)
|
(126
|
)
|
(274
|
)
|
(250
|
)
|
||||||||
Total increase (decrease)
|
(4,665
|
)
|
1,216
|
(6,269
|
)
|
2,064
|
||||||||||
End of period assets
|
$
|
28,713
|
$
|
34,625
|
$
|
28,713
|
$
|
34,625
|
||||||||
Average assets under management
|
$
|
31,262
|
$
|
34,603
|
$
|
32,268
|
$
|
33,995
|
Funds
|
Institutional &
PWM
|
SICAV
|
Total
|
|||||||||||||
Value
|
$
|
8,767
|
$
|
10,045
|
$
|
14
|
$
|
18,826
|
||||||||
Utilities
|
2,522
|
-
|
-
|
2,522
|
||||||||||||
Growth
|
934
|
278
|
-
|
1,212
|
||||||||||||
Sector-focused
|
621
|
-
|
-
|
621
|
||||||||||||
100% U.S. Treasury Fund
|
1,836
|
-
|
-
|
1,836
|
||||||||||||
Gold and Natural Resources
|
1,084
|
49
|
-
|
1,133
|
||||||||||||
Event-driven
|
1,030
|
176
|
866
|
2,072
|
||||||||||||
Convertibles
|
432
|
53
|
6
|
491
|
||||||||||||
Total
|
$
|
17,226
|
$
|
10,601
|
$
|
886
|
$
|
28,713
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Revenues
|
||||||||||||||||
Investment advisory and incentive fees
|
$
|
60,248
|
$
|
68,885
|
$
|
124,010
|
$
|
130,355
|
||||||||
Distribution fees and other income
|
5,355
|
6,739
|
11,216
|
13,197
|
||||||||||||
Total revenues
|
65,603
|
75,624
|
135,226
|
143,552
|
||||||||||||
Expenses
|
||||||||||||||||
Compensation
|
24,215
|
31,298
|
53,273
|
61,980
|
||||||||||||
Management fee
|
365
|
3,035
|
1,677
|
5,552
|
||||||||||||
Distribution costs
|
6,672
|
7,771
|
13,817
|
14,742
|
||||||||||||
Other operating expenses
|
6,086
|
8,671
|
12,233
|
13,975
|
||||||||||||
Total expenses
|
37,338
|
50,775
|
81,000
|
96,249
|
||||||||||||
Operating income
|
28,265
|
24,849
|
54,226
|
47,303
|
||||||||||||
Non-operating income / (loss)
|
||||||||||||||||
Gain / (loss) from investments, net
|
(4,383
|
)
|
2,986
|
(7,205
|
)
|
3,666
|
||||||||||
Interest and dividend income
|
416
|
102
|
644
|
287
|
||||||||||||
Interest expense
|
(771
|
)
|
(625
|
)
|
(1,587
|
)
|
(1,287
|
)
|
||||||||
Total non-operating income / (loss)
|
(4,738
|
)
|
2,463
|
(8,148
|
)
|
2,666
|
||||||||||
Income before income taxes
|
23,527
|
27,312
|
46,078
|
49,969
|
||||||||||||
Provision for income taxes
|
6,241
|
10,211
|
11,338
|
16,918
|
||||||||||||
Net income
|
$
|
17,286
|
$
|
17,101
|
$
|
34,740
|
$
|
33,051
|
||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
$
|
0.66
|
$
|
0.65
|
$
|
1.33
|
$
|
1.25
|
||||||||
Diluted
|
$
|
0.66
|
$
|
0.64
|
$
|
1.32
|
$
|
1.24
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
Revenues, U.S. GAAP basis
|
$
|
65,603
|
$
|
75,624
|
$
|
135,226
|
$
|
143,552
|
||||||||
Operating income, U.S. GAAP basis
|
28,265
|
24,849
|
54,226
|
47,303
|
||||||||||||
Add back: management fee expense
|
365
|
3,035
|
1,677
|
5,552
|
||||||||||||
Operating income before management fee
|
$
|
28,630
|
$
|
27,884
|
$
|
55,903
|
$
|
52,855
|
||||||||
Operating margin
|
43.1
|
%
|
32.9
|
%
|
40.1
|
%
|
33.0
|
%
|
||||||||
Operating margin before management fee
|
43.6
|
%
|
36.9
|
%
|
41.3
|
%
|
36.8
|
%
|
|
Six months ended June 30, | |||||||
|
2022
|
2021
|
||||||
Cash flows provided by/(used in) activities :
|
||||||||
Operating activities
|
$
|
31,444
|
$
|
54,328
|
||||
Investing activities
|
(13,088
|
)
|
61,840
|
|||||
Financing activities
|
(26,504
|
)
|
(31,296
|
)
|
||||
Net increase / (decrease) in cash and cash equivalents from activities
|
(8,148
|
)
|
84,872
|
|||||
Effect of exchange rates on cash and cash equivalents
|
11
|
(3
|
)
|
|||||
Net increase in cash and cash equivalents
|
(8,137
|
)
|
84,869
|
|||||
Cash and cash equivalents, beginning of period
|
142,027
|
33,325
|
||||||
Cash and cash equivalents, end of period
|
$
|
133,890
|
$
|
118,194
|
||||
Short-term investments in U.S. Treasury Bills
|
-
|
-
|
||||||
Cash, cash equivalents, short-term investments in U.S. Treasury Bills,
|
||||||||
and investments in fixed maturity securities
|
$
|
133,890
|
$
|
118,194
|
(unaudited)
|
Fair Value
|
Fair Value
assuming
10% decrease in
equity prices
|
Fair Value
assuming
10% increase in
equity prices
|
|||||||||
At June 30, 2022:
|
||||||||||||
Equity price sensitive investments, at fair value
|
$
|
43,372
|
$
|
39,035
|
$
|
47,709
|
||||||
At December 31, 2021:
|
||||||||||||
Equity price sensitive investments, at fair value
|
$
|
32,344
|
$
|
29,110
|
$
|
35,578
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Total Number of | Maximum | |||||||||||||||
Total | Shares Purchased as | Number of Shares | ||||||||||||||
Number of | Average | Part of Publicly | That May Yet Be | |||||||||||||
Shares | Price Paid Per | Announced Plans | Purchased Under | |||||||||||||
Period
|
Purchased (1)
|
Share
|
or Programs (1)
|
the Plans or Programs
|
||||||||||||
4/01/22 - 4/30/22
|
79,906
|
$
|
20.83
|
79,906
|
1,953,136
|
|||||||||||
5/01/22 - 5/31/22
|
71,409
|
20.65
|
71,409
|
1,881,727
|
||||||||||||
6/01/22 - 6/30/22
|
32,282
|
20.09
|
32,282
|
1,849,445
|
||||||||||||
Totals
|
183,597
|
$
|
20.63
|
183,597
|
(1)
|
On trade date basis.
|
ITEM 6.
|
EXHIBITS
|
Certification of CEO pursuant to Rule 13a-14(a).
|
Certification of PFO pursuant to Rule 13a-14(a).
|
Certification of CEO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
Certification of PFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.
|
101.INS
|
Inline XBRL Instance Document
|
|
|
|
|
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
104
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
|
By: /s/ Kieran Caterina
|
||
|
Name: Kieran Caterina | |
|
Title: Principal Financial Officer | |
|
||
|
Date: August 2, 2022 |