C. Fair Value

The following tables present information about the Company's assets and liabilities by major categories measured at fair value on a recurring basis as of September 30, 2014, December 31, 2013 and September 30, 2013 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of September 30, 2014 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		September 30,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2014
Cash equivalents	$	358,210	$	-	$	-	$	358,210
Investments in partnerships		-		24,094		-		24,094
Investments in securities:
AFS - Common stocks		36,380		-		-		36,380
AFS - Mutual funds		1,389		-		-		1,389
Trading - Gov't obligations		20,999		-		-		20,999
Trading - Common stocks		190,215		-		724		190,939
Trading - Mutual funds		3,373		-		-		3,373
Trading - Other		453		803		294		1,550
Total investments in securities		252,809		803		1,018		254,630
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		36,142		-		-		36,142
AFS - Mutual Funds		3,377		-		-		3,377
Trading - Mutual funds		1		-		-		1
Total investments in sponsored
registered investment companies		39,520		-		-		39,520
Total investments		292,329		24,897		1,018		318,244
Total assets at fair value	$	650,539	$	24,897	$	1,018	$	676,454
Liabilities
Trading - Common stocks	$	13,514	$	-	$	-	$	13,514
Trading - Other		-		666		-		666
Securities sold, not yet purchased	$	13,514	$	666	$	-	$	14,180

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2013 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		December 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2013
Cash equivalents	$	209,913	$	-	$	-	$	209,913
Investments in partnerships		-		25,253		-		25,253
Investments in securities:
AFS - Common stocks		43,046		-		-		43,046
AFS - Mutual funds		1,687		-		-		1,687
Trading - Gov't obligations		37,994		-		-		37,994
Trading - Common stocks		123,927		7		700		124,634
Trading - Mutual funds		23,285		-		-		23,285
Trading - Other		23		275		284		582
Total investments in securities		229,962		282		984		231,228
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		40,624		-		-		40,624
AFS - Mutual Funds		3,408		-		-		3,408
Trading - Mutual funds		10		-		-		10
Total investments in sponsored
registered investment companies		44,042		-		-		44,042
Total investments		274,004		25,535		984		300,523
Total assets at fair value	$	483,917	$	25,535	$	984	$	510,436
Liabilities
Trading - Common stocks	$	6,023	$	-	$	-	$	6,023
Trading - Other		-		155		-		155
Securities sold, not yet purchased	$	6,023	$	155	$	-	$	6,178

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of September 30, 2013 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		September 30,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2013
Cash equivalents	$	244,144	$	-	$	-	$	244,144
Investments in partnerships		-		23,146		-		23,146
Investments in securities:
AFS - Common stocks		36,297		-		-		36,297
AFS - Mutual funds		1,575		-		-		1,575
Trading - Gov't obligations		21,000		-		-		21,000
Trading - Common stocks		165,776		-		667		166,443
Trading - Mutual funds		12,010		-		-		12,010
Trading - Other		32		104		283		419
Total investments in securities		236,690		104		950		237,744
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		40,272		-		-		40,272
AFS - Mutual Funds		3,404		-		-		3,404
Trading - Mutual funds		12		-		-		12
Total investments in sponsored
registered investment companies		43,688		-		-		43,688
Total investments		280,378		23,250		950		304,578
Total assets at fair value	$	524,522	$	23,250	$	950	$	548,722
Liabilities
Trading - Common stocks	$	7,003	$	-	$	-	$	7,003
Trading - Other		-		722		-		722
Securities sold, not yet purchased	$	7,003	$	722	$	-	$	7,725

The following tables present additional information about assets by major categories measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2014 (in thousands)

							Total
							Unrealized
							Gains or		Total
			Total Realized and				(Losses)		Realized
	June		Unrealized Gains or				Included in		and						Transfers
	30, 2014		(Losses) in Income				Other		Unrealized						In and/or
	Beginning				AFS		Comprehensive		Gains or						(Out) of		Ending
Asset	Balance		Trading		Investments		Income		(Losses)		Purchases		Sales		Level 3		Balance
Financial
instruments owned:

Trading - Common stocks	$	716	$	8	$	-	$	-	$	8	$	-	$	-	$	-	$	724
Trading - Other		294		-		-		-		-		-		-		-		294
Total	$	1,010	$	8	$	-	$	-	$	8		-	$	-	$	-	$	1,018

There were no transfers between any Levels during the three months ended September 30, 2014.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended September 30, 2013 (in thousands)

								Total
								Unrealized
								Gains or		Total
			Total Realized and					(Losses)		Realized
	June		Unrealized Gains or					Included in		and							Transfers
	30, 2013		(Losses) in Income					Other		Unrealized							In and/or
	Beginning					AFS		Comprehensive		Gains or							(Out) of		Ending
Asset	Balance		Trading			Investments		Income		(Losses)			Purchases		Sales		Level 3		Balance
Financial
instruments owned:
Trading - Common stocks	$	669	$	(2	)	$	-	$	-	$	(2	)	$	-	$	-	$	-	$	667
Trading - Other		284		(1	)		-		-		(1	)		-		-		-		283
Total	$	953	$	(3	)	$	-	$	-	$	(3	)	$	-	$	-	$	-	$	950

There were no transfers between any Levels during the three months ended September 30, 2013.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2014 (in thousands)

							Total
							Unrealized
							Gains or		Total
			Total Realized and				(Losses)		Realized
	December		Unrealized Gains or				Included in		and						Transfers
	31, 2013		(Losses) in Income				Other		Unrealized						In and/or
	Beginning				AFS		Comprehensive		Gains or						(Out) of		Ending
Asset	Balance		Trading		Investments		Income		(Losses)		Purchases		Sales		Level 3		Balance
Financial
instruments owned:

Trading - Common stocks	$	700	$	24	$	-	$	-	$	24	$	-	$	-	$	-	$	724
Trading - Other		284		-		-		-		-		10		-		-		294
Total	$	984	$	24	$	-	$	-	$	24		10	$	-	$	-	$	1,018

There were no transfers between any Levels during the nine months ended September 30, 2014.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Nine Months Ended September 30, 2013 (in thousands)

								Total
								Unrealized
								Gains or		Total
			Total Realized and					(Losses)		Realized
	December		Unrealized Gains or					Included in		and								Transfers
	31, 2012		(Losses) in Income					Other		Unrealized								In and/or
	Beginning					AFS		Comprehensive		Gains or								(Out) of		Ending
Asset	Balance		Trading			Investments		Income		(Losses)			Purchases		Sales			Level 3		Balance
Financial
instruments owned:
Trading - Common stocks	$	675	$	(8	)	$	-	$	-	$	(8	)	$	-	$	-		$	-	$	667
Trading - Other		362		(3	)		-		-		(3	)		3		(79	)		-		283
Total	$	1,037	$	(11	)	$	-	$	-	$	(11	)	$	3	$	(79	)	$	-	$	950

There were no transfers between any Levels during the nine months ended September 30, 2013.