Fair Value (Tables)
 12 Months Ended
Dec. 31, 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 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
  

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 short-term investments in U.S. Treasury Bills as of December 31, 2021 and 2020 (in thousands):

 
December 31, 2021
    
December 31, 2020
  
   
Carrying
Value
    
Fair Value
Level 1
    
Carrying
Value (1)
    
Fair Value
Level 1
  
U.S. Treasury Bills
  
$
-
    
$
-
    
$
64,988
    
$
64,994
  
Total
  
$
-
    
$
-
    
$
64,988
    
$
64,994
  

At December 31, 2021 and 2020, the 5.875% senior notes due June 1, 2021 (“Senior Notes”) and the Subordinated Notes were recorded at face value, net of amortized issuance costs, as follows (in thousands) on the consolidated statements of financial condition:

 
December 31, 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
    
50,990
      
50,990
      
-
      
-
  
Total
  
$
50,990
    
$
50,990
    
$
24,215
    
$
24,554