Fair Value (Tables)

3 Months Ended

Mar. 31, 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 March 31, 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 March 31, 2022
Cash equivalents	$	143,983	$	-	$	-	$	143,983
Investments in securities:
Common stocks		15,261		-		-		15,261
Actively managed semi-transparent ETFs		16,539		-		-		16,539
Open-end funds		5,664		-		-		5,664
Closed-end funds		514		-		-		514
Other		4		-		-		4
Total investments in securities		37,982		-		-		37,982
Total assets at fair value	$	181,965	$	-	$	-	$	181,965

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 March 31, 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:

	March 31, 2022				December 31, 2021
	Carrying Value		Fair Value Level 2		Carrying Value		Fair Value Level 2
Subordinated Notes	$	50,935	$	50,935	$	50,990	$	50,990
Total	$	50,935	$	50,935	$	50,990	$	50,990