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 March 31, 2015, December 31, 2014 and March 31, 2014 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 March 31, 2015 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		March 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2015
Cash equivalents	$	331,419	$	-	$	-	$	331,419
Investments in partnerships		-		21,243		-		21,243
Investments in securities:
AFS - Common stocks		37,954		-		-		37,954
AFS - Mutual funds		1,288		-		-		1,288
Trading - Gov't obligations		9,998		-		-		9,998
Trading - Common stocks		104,071		180		939		105,190
Trading - Mutual funds		3,596		-		-		3,596
Trading - Other		355		128		279		762
Total investments in securities		157,262		308		1,218		158,788
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		77,663		-		-		77,663
AFS - Mutual Funds		3,297		-		-		3,297
Trading - Mutual funds		39,871		-		-		39,871
Total investments in sponsored
registered investment companies		120,831		-		-		120,831
Total investments		278,093		21,551		1,218		300,862
Total assets at fair value	$	609,512	$	21,551	$	1,218	$	632,281
Liabilities
Trading - Common stocks	$	8,530	$	-	$	-	$	8,530
Trading - Other		-		39		-		39
Securities sold, not yet purchased	$	8,530	$	39	$	-	$	8,569

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2014 (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)		2014
Cash equivalents	$	297,971	$	-	$	-	$	297,971
Investments in partnerships		-		23,803		-		23,803
Investments in securities:
AFS - Common stocks		38,942		-		-		38,942
AFS - Mutual funds		1,368		-		-		1,368
Trading - Gov't obligations		18,996		-		-		18,996
Trading - Common stocks		193,735		1		1,293		195,029
Trading - Mutual funds		3,498		-		-		3,498
Trading - Other		513		897		294		1,704
Total investments in securities		257,052		898		1,587		259,537
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		36,323		-		-		36,323
AFS - Mutual Funds		3,213		-		-		3,213
Trading - Mutual funds		1		-		-		1
Total investments in sponsored
registered investment companies		39,537		-		-		39,537
Total investments		296,589		24,701		1,587		322,877
Total assets at fair value	$	594,560	$	24,701	$	1,587	$	620,848
Liabilities
Trading - Common stocks	$	9,960	$	-	$	-	$	9,960
Trading - Other		-		635		-		635
Securities sold, not yet purchased	$	9,960	$	635	$	-	$	10,595

Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2014 (in thousands)

	Quoted Prices in Active		Significant Other		Significant		Balance as of
	Markets for Identical		Observable		Unobservable		March 31,
Assets	Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		2014
Cash equivalents	$	242,917	$	-	$	-	$	242,917
Investments in partnerships		-		24,080		-		24,080
Investments in securities:
AFS - Common stocks		41,538		-		-		41,538
AFS - Mutual funds		1,448		-		-		1,448
Trading - Gov't obligations		25,999		-		-		25,999
Trading - Common stocks		140,575		1		700		141,276
Trading - Mutual funds		23,404		-		-		23,404
Trading - Other		253		212		284		749
Total investments in securities		233,217		213		984		234,414
Investments in sponsored registered investment companies:
AFS - Closed-end Funds		38,980		-		-		38,980
AFS - Mutual Funds		3,441		-		-		3,441
Trading - Mutual funds		12		-		-		12
Total investments in sponsored
registered investment companies		42,433		-		-		42,433
Total investments		275,650		24,293		984		300,927
Total assets at fair value	$	518,567	$	24,293	$	984	$	543,844
Liabilities
Trading - Common stocks	$	10,469	$	-	$	-	$	10,469
Trading - Other		-		319		-		319
Securities sold, not yet purchased	$	10,469	$	319	$	-	$	10,788

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 March 31, 2015 (in thousands)

							Total
							Unrealized
							Gains or		Total
			Total Realized and				(Losses)		Realized
	December 31,		Unrealized Gains or				Included in		and							Transfers
	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	$	1,293	$	1	$	-	$	-	$	1	$	3	$	(358	)	$	-	$	939
Trading - Other		294		62		-		-		62		5		(82	)		-		279
Total	$	1,587	$	63	$	-	$	-	$	63		8	$	(440	)	$	-	$	1,218

There were securities with a value of $0.4 million that were transferred out of Level 3 as a result of the deconsolidation of an offshore fund during the first quarter of 2015 which are reflected in sales above. There were no transfers between Levels 1 or 2 during the three months ended March 31, 2015.

Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2014 (in thousands)

							Total
							Unrealized
							Gains or		Total
			Total Realized and				(Losses)		Realized
	December 31,		Unrealized Gains or				Included in		and						Transfers
	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	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	700
Trading - Other		284		-		-		-		-		-		-		-		284
Total	$	984	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	984

There were no transfers between any Levels during the three months ended March 31, 2014.