CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021		Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 62,212		$ 38,970
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	857		694
Accretion of discounts and amortization of premiums	(35)		53
Stock based compensation expense	3,022		3,071
Deferred income taxes	345		7,621
Foreign currency translation loss	(16)		(23)
Unrealized (gains) / losses on securities	(8,149)		8,329
Net realized losses on securities	3,992		1,482
Impairment charge on intangible asset	0		589
(Increase) decrease in assets:
Investments in securities	1,073		2,802
Investment advisory fees receivable	4,609		17,099
Receivable from brokers	1,204		(4,699)
Receivable from affiliates	1,572		535
Income taxes receivable	59		(1,840)
Other assets	(1,637)		(1,360)
Increase (decrease) in liabilities:
Payable to brokers	74		0
Income taxes payable	(1,496)		(395)
Compensation payable	26,224		(32,183)
Payable to affiliates	(3,393)		(3,688)
Accrued expenses and other liabilities	(461)		617
Total adjustments	27,844		(1,296)
Net cash provided by operating activities	90,056		37,674
Cash flows from investing activities:
Purchases of securities	(4,895)		(105,598)
Proceeds from sales and maturities of securities	67,360		7,157
Return of capital on securities	1,127		18
Net cash provided by/ (used in) investing activities	63,592		(98,423)
Cash flows from financing activities:
Maturity of 5.875% ten year notes due 6/1/21	(24,225)		0
Dividends paid	(2,135)		(1,595)
Purchase of treasury stock	(7,798)		(3,355)
Repayment of principal portion of lease liability	(193)		(160)
Repurchase of 2-year puttable note due 6/15/23	(10)
Net cash used in financing activities	(34,361)		(5,110)
Effect of exchange rates on cash and cash equivalents	3		5
Net increase / (decrease) in cash and cash equivalents	119,290		(65,854)
Cash and cash equivalents, beginning of period	33,325	[1]	86,136
Cash and cash equivalents, end of period	152,615	[1]	20,282
Supplemental disclosures of cash flow information:
Cash paid for interest	1,600		1,597
Cash paid for taxes	$ 27,092		$ 12,373

[1] Includes U.S. Treasury Bills with maturities of three months or less when purchased of $138 million and $15 million at September 30, 2021 and December 31, 2020, respectively.