Fair Value (Tables)

9 Months Ended

Sep. 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 September 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 September 30, 2021
Cash equivalents	$	152,243	$	-	$	-	$	152,243
Investments in securities:
Common stocks		17,687		-		-		17,687
Open-end Funds		6,018		-		-		6,018
Actively managed semi-transparent ETFs		5,320		-		-		5,320
Closed-end Funds		529		-		-		529
Other		7		-		-		7
Total investments in securities		29,561		-		-		29,561
Total assets at fair value	$	181,804	$	-	$	-	$	181,804

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 September 30, 2021 and December 31, 2020 (in thousands):

	September 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 September 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:

	September 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			52,102			52,102			-			-
Total		$	52,102		$	52,102		$	24,215		$	24,554